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

REGISTERED NUMBER: SC292116 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Leask Marine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Leask

Mrs K R Leask

SECRETARY:

D W Leask

REGISTERED OFFICE:

6 Crowness Road

Hatston Industrial Estate

Kirkwall

Orkney

KW15 1RG

REGISTERED NUMBER:

SC292116 (Scotland)

FIXED ASSETS

1,008

Intangible assets

4

864

5,583,552

Tangible assets

5

9,115,384

5,584,560

9,116,248

CURRENT ASSETS

1,192,624

Debtors

6

2,237,642

482,341

Cash at bank and in hand

124,357

1,674,965

2,361,999

CREDITORS

1,143,808

Amounts falling due within one year

7

1,649,057

531,157

NET CURRENT ASSETS

712,942

6,115,717

TOTAL ASSETS LESS CURRENT LIABILITIES

9,829,190

CREDITORS

2,368,294

Amounts falling due after more than one year

8

2,239,676

3,747,423

NET ASSETS

7,589,514

CAPITAL AND RESERVES

1,000

Called up share capital

1,000

50,588

Share Premium

50,588

-

Revaluation Reserve

10

3,495,563

3,695,835

Retained earnings

4,042,363

3,747,423

7,589,514

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.

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 4 October 2019 and were signed on its behalf by:

D W Leask - Director

1.	STATUTORY INFORMATION

Leask Marine 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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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 ten years.

Tangible fixed assets

Tangible Assets have been stated at cost, subject to an open market review for fair value in the current year..

Depreciation is provided on the following reducing balance basis (unless otherwise stated) to write off the cost of

these assets over their estimated useful lives.

Vessels 7% (Straight Line)

Plant & Machinery 20%

Motor Vehicles 25%

No depreciation is provided on land and buildings.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of

its financial instruments. Financial instruments are recognised in the company's balance sheet when the company

becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the

net amounts presented in the financial statements, when there is a legally enforceable right to set off the

recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are

not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

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.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2018 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Totals

Goodwill

assets

£

£

£

COST

At 1 April 2018

and 31 March 2019

35,440

34,000

1,440

AMORTISATION

At 1 April 2018

34,432

34,000

432

Charge for year

144

-

144

At 31 March 2019

34,576

34,000

576

NET BOOK VALUE

At 31 March 2019

864

-

864

At 31 March 2018

1,008

-

1,008

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Property

machinery

Totals

& Vessels

etc

£

£

£

COST OR VALUATION

At 1 April 2018

7,771,258

6,666,405

1,104,853

Additions

630,237

280,975

349,262

Revaluations

3,495,563

2,003,260

1,492,303

At 31 March 2019

11,897,058

8,950,640

2,946,418

DEPRECIATION

At 1 April 2018

2,187,706

1,578,991

608,715

Charge for year

593,968

444,968

149,000

At 31 March 2019

2,781,674

2,023,959

757,715

NET BOOK VALUE

At 31 March 2019

9,115,384

6,926,681

2,188,703

At 31 March 2018

5,583,552

5,087,414

496,138

Included in cost or valuation of land and buildings is freehold land of £ 396,582 (2018 - £ 396,582 ) which is not

depreciated.

If the vessels and plant had not been revalued they would have been included at the following amounts:-

2019 2018

£ £

Cost 8,004,913 7.374,676

Depreciation 2,781,674 2,187,706

_________ _________

Net value of vessels & plant 5,223,239 5,186,970

_________ _________

The revaluations were carried out on 31 March 2019 on an open market basis by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

2,237,642

1,192,624

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

442,859

464,207

Trade creditors

324,700

531,706

Taxation

531,338

123,239

Other creditors

350,160

24,656

1,649,057

1,143,808

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

2,239,676

2,368,294

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

936,634

850,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

2,682,535

2,832,501

The bank loans are secured by a bond and floating charge over the whole assets of the company.

10.

RESERVES

Revaluation

Reserve

£

Revaluation

3,495,563

At 31 March 2019

3,495,563