Neptune Sonar Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02525414 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

FOR

NEPTUNE SONAR LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A J Wood

Mrs W L Fisk

REGISTERED OFFICE:

Kelk Lake

Kelk

Driffield

East Yorkshire

YO25 8HL

REGISTERED NUMBER:

02525414 (England and Wales)

ACCOUNTANTS:

Jackson Robson Licence

Chartered Accountants

33-35 Exchange Street

Driffield

East Yorkshire

YO25 6LL

BANKERS:

Nat West Bank plc

2 King Street

Bridlington

East Yorkshire

YO15 2DB

FIXED ASSETS

Tangible assets

2

205,033

222,189

CURRENT ASSETS

Stocks

291,111

249,305

Debtors

1,186,093

1,437,294

Cash at bank and in hand

260,357

68,091

1,737,561

1,754,690

CREDITORS

Amounts falling due within one year

515,458

531,046

NET CURRENT ASSETS

1,222,103

1,223,644

TOTAL ASSETS LESS CURRENT LIABILITIES

1,427,136

1,445,833

CREDITORS

Amounts falling due after more than one year

(87,109

)

(125,600

)

PROVISIONS FOR LIABILITIES

(18,173

)

(24,520

)

NET ASSETS

1,321,854

1,295,713

CAPITAL AND RESERVES

Called up share capital

3

3,000

3,000

Profit and loss account

1,318,854

1,292,713

SHAREHOLDERS' FUNDS

1,321,854

1,295,713

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 February 2015 and were signed on its behalf by:

A J Wood - Director

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

33% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

512,772

Additions

40,283

At 30 September 2014

553,055

DEPRECIATION

At 1 October 2013

290,583

Charge for year

57,439

At 30 September 2014

348,022

NET BOOK VALUE

At 30 September 2014

205,033

At 30 September 2013

222,189

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

1,000

Ordinary "B" shares

£1

1,000

1,000

1,000

Ordinary "C" shares

£1

1,000

1,000

3,000

3,000

4.	ULTIMATE PARENT COMPANY

Neptune Sonar ( Yorkshire ) Limited is regarded by the directors as being the company's ultimate parent company.