Company Registration No. 03502051 (England and Wales)
IMARINE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
IMARINE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IMARINE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
19,822
Current assets
Stocks
-
51,083
Debtors
101,255
38,099
Cash at bank and in hand
32,260
62,055
133,515
151,237
Creditors: amounts falling due within one year
6,941
(26,991)
Net current assets
140,456
124,246
Total assets less current liabilities
140,456
144,068
Provisions for liabilities
-
(3,722)
140,456
140,346
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
140,356
140,246
Shareholders' funds
140,456
140,346
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 13 July 2016
Mr T Goodman
Mrs C Goodman
Director
Director
Company Registration No. 03502051
IMARINE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
33% on cost
Fixtures, fittings & equipment
15% on reducing balance
1.5
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
The company ceased to trade on the 1 September 2015 when the trade and assets were sold to a third party.
IMARINE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
109,310
59,097
168,407
Additions
-
107
107
Disposals
(109,310)
(59,204)
(168,514)
At 31 March 2016
-
-
-
Depreciation
At 1 April 2015
109,310
39,276
148,586
On disposals
(109,310)
(40,537)
(149,847)
Charge for the year
-
1,261
1,261
At 31 March 2016
-
-
-
Net book value
At 31 March 2016
-
-
-
At 31 March 2015
-
19,822
19,822
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
4
Transactions with directors