Zero Carbon Marine Limited - Period Ending 2014-12-31

Registration number: 06575468

Zero Carbon Marine Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Zero Carbon Marine Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Zero Carbon Marine Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Zero Carbon Marine Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Zero Carbon Marine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Zero Carbon Marine Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zero Carbon Marine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Zero Carbon Marine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Zero Carbon Marine Limited. You consider that Zero Carbon Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Zero Carbon Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Glover Stanbury & Co
Chartered Accountants
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

19 June 2015

Page 1

Zero Carbon Marine Limited
(Registration number: 06575468)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					1,308			642
Current assets
Debtors					213,022			212,545
Cash at bank and in hand					45,549			36,589
					258,571			249,134
Creditors: Amounts falling due within one year					(49,742)			(49,799)
Net current assets					208,829			199,335
Total assets less current liabilities					210,137			199,977
Provisions for liabilities					(262)			(128)
Net assets					209,875			199,849
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					209,873			199,847
Shareholders' funds					209,875			199,849

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved and authorised for issue by the Board on 19 June 2015 and signed on its behalf by:

P J Crone Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Zero Carbon Marine Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line balance basis
Fixtures and fittings	20% straight line balance basis

Work in progress is valued at selling price.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rated and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Zero Carbon Marine Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		3,716			3,716
Additions		1,319			1,319
Disposals		(1,145)			(1,145)
At 31 December 2014		3,890			3,890
Depreciation
At 1 January 2014		3,074			3,074
Charge for the year		653			653
Eliminated on disposals		(1,145)			(1,145)
At 31 December 2014		2,582			2,582
Net book value
At 31 December 2014		1,308			1,308
At 31 December 2013		642			642

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4