Orkney Sea Charters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC533745 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Orkney Sea Charters Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G D Summers

Mrs L J Summers

REGISTERED OFFICE:

Gairth

Corston

Harray

Orkney

KW17 2LQ

REGISTERED NUMBER:

SC533745 (Scotland)

ACCOUNTANTS:

Orcadia

Chartered Accountants

1 - 3 East Road

Kirkwall

Orkney

KW15 1HZ

BANKERS:

Bank of Scotland

56 Albert Street

Kirkwall

Orkney

KW15 1HJ

FIXED ASSETS

36,797

Tangible assets

4

27,597

CURRENT ASSETS

331

Debtors

443

314

Cash at bank

89

645

532

CREDITORS

19,681

Amounts falling due within one year

31,696

(19,036

)

NET CURRENT LIABILITIES

(31,164

)

17,761

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,567

)

CAPITAL AND RESERVES

100

Called up share capital

100

17,661

Retained earnings

5

(3,667

)

17,761

SHAREHOLDERS' FUNDS

(3,567

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 November 2019 and were signed on its behalf by:

G D Summers - Director

1.	STATUTORY INFORMATION

Orkney Sea Charters Limited is a private company, limited by shares , registered in Scotland. 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

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

value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

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 balance sheet date.

Deferred tax

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

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

63,341

DEPRECIATION

At 1 April 2018

26,544

Charge for year

9,200

At 31 March 2019

35,744

NET BOOK VALUE

At 31 March 2019

27,597

At 31 March 2018

36,797

5.

RESERVES

Retained

earnings

£

At 1 April 2018

17,661

Deficit for the year

(21,328

)

At 31 March 2019

(3,667

)