Broadland Marine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05748769 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Broadland Marine Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G S Travis

Mr W S Farnell FCCA

REGISTERED OFFICE:

Evolution House

Iceni Court

Delft Way

Norwich

Norfolk

NR6 6BB

REGISTERED NUMBER:

05748769 (England and Wales)

ACCOUNTANTS:

Farnell Clarke Limited

Evolution House

Delft Way

Norwich Airport

Norwich

Norfolk

NR6 6BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

84

131

84

131

CURRENT ASSETS

Inventories

6

65

65

Debtors

7

4,504

5,483

Cash at bank

7,208

7,787

11,777

13,335

CREDITORS

Amounts falling due within one year

8

11,241

12,777

NET CURRENT ASSETS

536

558

TOTAL ASSETS LESS CURRENT LIABILITIES

620

689

PROVISIONS FOR LIABILITIES

-

25

NET ASSETS

620

664

CAPITAL AND RESERVES

Called up share capital

9

500

500

Retained earnings

120

164

SHAREHOLDERS' FUNDS

620

664

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 November 2019 and were signed on its behalf by:

Mr G S Travis - Director

1.	STATUTORY INFORMATION

Broadland Marine Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 March 2018

and 28 February 2019

18,500

AMORTISATION

At 1 March 2018

and 28 February 2019

18,500

NET BOOK VALUE

At 28 February 2019

-

At 28 February 2018

-

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2018

and 28 February 2019

2,733

2,149

4,882

DEPRECIATION

At 1 March 2018

2,702

2,049

4,751

Charge for year

8

39

47

At 28 February 2019

2,710

2,088

4,798

NET BOOK VALUE

At 28 February 2019

23

61

84

At 28 February 2018

31

100

131

6.	INVENTORIES

28.2.19

28.2.18

£

£

Payments on account

65

65

7.

DEBTORS

28.2.19

28.2.18

£

£

Amounts falling due within one year:

Other debtors

500

500

Directors' current accounts

2,119

3,103

Prepayments

82

77

2,701

3,680

Amounts falling due after more than one year:

H Daniels loan account

1,803

1,803

Aggregate amounts

4,504

5,483

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade creditors

37

247

Client accounts

5,920

3,750

Tax

4,158

6,096

Social security and other taxes

107

-

VAT

1,019

2,684

11,241

12,777

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

500

Ordinary

£1.00

500

500

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2019 and

28 February 2018:

28.2.19

28.2.18

£

£

Mr G S Travis

Balance outstanding at start of year

3,103

14

Amounts advanced

-

3,089

Amounts repaid

(3,103

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,103

The loan to Mr G Travis was repaid on 20 November 2018 in full.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £17,750 (2018 - £27,000) were paid to the directors .

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G S Travis.