Marine Power Systems Ltd - Limited company - abbreviated - 11.6
Marine Power Systems Ltd - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| MARINE POWER SYSTEMS LTD |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Abbreviated Balance Sheet | 3 |
| Notes to the Abbreviated Accounts | 4 |
| MARINE POWER SYSTEMS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| MARINE POWER SYSTEMS LTD |
| The following reproduces the text of the report prepared for the directors in respect of the company's |
| annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on |
| pages three to five) have been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Marine Power Systems Ltd for the year ended 30 April 2014 which comprise the |
| Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records |
| and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we |
| are subject to its ethical and other professional requirements which are detailed at |
| icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Marine Power Systems Ltd, as a body, in accordance |
| with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial |
| statements of Marine Power Systems Ltd and state those matters that we have agreed to state to the Board |
| of Directors of Marine Power Systems Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at |
| icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to |
| anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Marine Power Systems Ltd has kept adequate accounting records and to prepare |
| statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss |
| of Marine Power Systems Ltd. You consider that Marine Power Systems Ltd is exempt from the statutory |
| audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Marine Power |
| Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or |
| information and explanations you have given to us and we do not, therefore, express any opinion on the |
| statutory financial statements. |
| Chartered Accountants |
| 27 January 2015 |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| ABBREVIATED BALANCE SHEET |
| 30 APRIL 2014 |
| 2014 | 2013 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Share premium |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors on behalf by: |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| 1. | ACCOUNTING POLICIES |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance |
| with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Grants |
| When the conditions of grants are met, the revenue element is credited to the profit and loss account |
| as the related expenditure is incurred. |
| Patent costs |
| Costs incurred on patents are written off in the year in which it is incurred. |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 May 2013 |
| and 30 April 2014 |
| DEPRECIATION |
| At 1 May 2013 |
| and 30 April 2014 |
| NET BOOK VALUE |
| At 30 April 2014 |
| At 30 April 2013 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| NIL | Ordinary A | £1 |
| NIL | Ordinary B | £1 |
| Ordinary A. | 10p |
| Ordinary B. | 10p |
| 22,324 | 22,324 |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2014 |
| 3. | CALLED UP SHARE CAPITAL - continued |
| During the year the company sub-divided 22,324 ordinary shares of £1 each into 223,240 ordinary |
| shares of 10p each. |
| On the 19/05/2014 the company issued 46,740 ordinary 10p shares for £775,000 of which £600,000 |
| was received before the year end and has been included in other creditors. |
| 4. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 April 2014 and |
| 30 April 2013: |
| 2014 | 2013 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Balance outstanding at end of year | ( |
) |
| 5. | RELATED PARTY DISCLOSURES |
| During the year the company paid consultancy fees to G Stockman, a director of the company, totalling |
| £16,500. |