Mobile Marine Engineers Limited 31/05/2018 iXBRL

Mobile Marine Engineers Limited 31/05/2018 iXBRL

MOBILE MARINE ENGINEERS LIMITED - Company Information

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Company registration number: 04503574
Mobile Marine Engineers Limited
Unaudited filleted financial statements
31 May 2018
MOBILE MARINE ENGINEERS LIMITED
Contents
Statement of financial position
Notes to the financial statements
MOBILE MARINE ENGINEERS LIMITED
STATEMENT OF FINANCIAL POSITION
31 MAY 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 37,159 24,898
_______ _______
37,159 24,898
Current assets
Stocks 119,766 143,890
Debtors 6 109,516 106,010
Cash at bank and in hand 107,743 104,864
_______ _______
337,025 354,764
Creditors: amounts falling due
within one year 7 ( 111,612) ( 188,148)
_______ _______
Net current assets 225,413 166,616
_______ _______
Total assets less current liabilities 262,572 191,514
Provisions for liabilities ( 6,342) ( 4,731)
_______ _______
Net assets 256,230 186,783
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 256,130 186,683
_______ _______
Shareholders funds 256,230 186,783
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 February 2019 , and are signed on behalf of the board by:
Mr G Stephens
Director
Company registration number: 04503574
MOBILE MARINE ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, 42-44 New Street, Honiton, Devon, EX14 1BJ.
Principal activity
The principal activity of the company during the year was that of marine engineers.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2017: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 October 2017 31,300 3,316 19,430 3,915 57,961
Additions 16,617 - 3,995 - 20,612
_______ _______ _______ _______ _______
At 31 May 2018 47,917 3,316 23,425 3,915 78,573
_______ _______ _______ _______ _______
Depreciation
At 1 October 2017 15,551 2,988 11,234 3,290 33,063
Charge for the year 4,854 82 3,048 367 8,351
_______ _______ _______ _______ _______
At 31 May 2018 20,405 3,070 14,282 3,657 41,414
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2018 27,512 246 9,143 258 37,159
_______ _______ _______ _______ _______
At 31 May 2017 15,749 328 8,196 625 24,898
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 50,752 67,341
Other debtors 58,764 38,669
_______ _______
109,516 106,010
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 54,286 132,037
Accruals and deferred income 4,515 2,935
Social security and other taxes 52,811 53,176
_______ _______
111,612 188,148
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 October 2017 Loans to / (from) the director Amounts repaid Balance at 31 May 2018
£ £ £ £
Director 37,911 21,258 ( 5,884) 53,285
_______ _______ _______ _______
Loans to / (from) director at 1 October 2016 Loans to / (from) the director Amounts repaid Balance at 31 May 2017
£ £ £ £
Director 18,951 37,960 ( 19,000) 37,911
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.