Golden Lion Pilotage and Marine Services Company Limited 30/09/2018 iXBRL

Golden Lion Pilotage and Marine Services Company Limited 30/09/2018 iXBRL

GOLDEN LION PILOTAGE AND MARINE SERVICES COMPANY LIMITED - Company Information

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Company registration number: SC110062
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Unaudited filleted financial statements
30 September 2018
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Directors and other information
Directors Stewart Lee
Clive B Scott
Secretary Clive B Scott
Company number SC110062
Registered office 16-18 Weir Street
Falkirk
FK1 1RA
Accountants Barrie Scott & Co.
16-18 Weir Street
Falkirk
FK1 1RA
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Golden Lion Pilotage and Marine Services Company Limited
Year ended 30 September 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Lion Pilotage and Marine Services Company Limited for the year ended 30 September 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http:\\www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Golden Lion Pilotage and Marine Services Company Limited, as a body, in accordance with the terms of our engagement letter . Our work has been undertaken solely to prepare for your approval the financial statements of Golden Lion Pilotage and Marine Services Company Limited and state those matters that we have agreed to state to the board of directors of Golden Lion Pilotage and Marine Services Company Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Golden Lion Pilotage and Marine Services Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Golden Lion Pilotage and Marine Services Company Limited 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 profit of Golden Lion Pilotage and Marine Services Company Limited. You consider that Golden Lion Pilotage and Marine Services Company Limited 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 Golden Lion Pilotage and Marine Services Company Limited. 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.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
13 March 2019
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Statement of financial position
30 September 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 6 4,477 -
_______ _______
4,477 -
Current assets
Debtors 7 222,884 242,435
Cash at bank and in hand 27,947 61,840
_______ _______
250,831 304,275
Creditors: amounts falling due
within one year 8 ( 248,772) ( 302,827)
_______ _______
Net current assets 2,059 1,448
_______ _______
Total assets less current liabilities 6,536 1,448
Provisions for liabilities ( 851) -
_______ _______
Net assets 5,685 1,448
_______ _______
Capital and reserves
Profit and loss account 5,685 1,448
_______ _______
Members funds 5,685 1,448
_______ _______
For the year ending 30 September 2018 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 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 05 March 2019 , and are signed on behalf of the board by:
Stewart Lee
Director
Company registration number: SC110062
Golden Lion Pilotage and Marine Services Company Limited
Company limited by guarantee
Notes to the financial statements
Year ended 30 September 2018
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 16-18 Weir Street, Falkirk, FK1 1RA.
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.
Turnover
Turnover represents the net invoiced charges for marine pilot services and simulator training services.Revenue is recognised when the service has been provided.
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 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.
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:
Fittings fixtures and equipment - 3 years 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where is is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Limited by guarantee
The company is incorporated as a company limited by guarantee of its members, not having share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he/she is a member or within one year after he/she ceases to be a member, for payment of the debts and liabilities of the company contracted before he/she ceased to be a member, and of the costs, charges and expenses of winding up and for such amount as may be required, not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 October 2017 - -
Additions 6,715 6,715
_______ _______
At 30 September 2018 6,715 6,715
_______ _______
Depreciation
At 1 October 2017 - -
Charge for the year 2,238 2,238
_______ _______
At 30 September 2018 2,238 2,238
_______ _______
Carrying amount
At 30 September 2018 4,477 4,477
_______ _______
At 30 September 2017 - -
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 205,664 229,225
Other debtors 17,220 13,210
_______ _______
222,884 242,435
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 201,009 237,420
Corporation tax 7 6
Social security and other taxes 820 1,123
Other creditors 46,936 64,278
_______ _______
248,772 302,827
_______ _______