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

REGISTERED NUMBER: 08052178 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Silverlining Marine Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

J M Boddington

T J Boddington

Registered office:

114-120 Northgate Street

Chester

CH1 2HT

Registered number:

08052178 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Current assets

Debtors

4

3,456,525

2,170,934

Cash at bank

167,093

2,027,170

3,623,618

4,198,104

Creditors

Amounts falling due within one year

5

3,134,639

3,725,248

Net current assets

488,979

472,856

Total assets less current liabilities

488,979

472,856

Capital and reserves

Called up share capital

1

1

Retained earnings

488,978

472,855

488,979

472,856

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2020 and were signed on its behalf by:

J M Boddington - Director

1.	Statutory information

Silverlining 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

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

discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of

ownership have transferred to the buyer, usually on despatch of the goods; the amount of

revenue can be measured reliably; it is probable that the associated economic benefits will

flow to the entity and the costs incurred or to be incurred in respect of the transactions can

be measured reliably.

Profit is recognised on long-term contracts if the final outcome can be assessed with

reasonable certainty, by including in the profit and loss account turnover and related costs as

contract activity advances.

Long term contracts

Amounts recoverable on long term contracts are included in debtors and are stated at the

net sales value of the work done after provisions for contingencies and anticipated future

losses on contracts, less amounts received as progress payments on account. Excess

progress payments are included in creditors as payments received on account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement

of Income and Retained Earnings, 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.

Debtors: amounts falling due within one year

31/7/19

31/7/18

£

£

Trade debtors

215,250

110,874

Amounts owed by group undertakings

2,926,366

1,821,523

Amounts recoverable on

contracts

25,117

31,437

Other debtors

289,792

207,100

3,456,525

2,170,934

5.

Creditors: amounts falling due within one year

31/7/19

31/7/18

£

£

Payments on account

543,360

2,156,176

Trade creditors

55,317

70,162

Amounts owed to group undertakings

2,300,864

1,283,069

Taxation and social security

4,167

36,616

Other creditors

230,931

179,225

3,134,639

3,725,248