KNAB_LTD - Accounts

KNAB LTD. - Company Information

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Company Registration No. SC296644 (Scotland)

KNAB LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

KNAB LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

KNAB LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Intangible assets

10,124

25,677

Investments

15,163

13,738

25,287

39,415

Current assets

Debtors

864

2,868

Cash at bank and in hand

86,705

5,340

87,569

8,208

Creditors: amounts falling due within one year

(144,264)

(72,792)

Net current liabilities

(56,695)

(64,584)

Total assets less current liabilities

(31,408)

(25,169)

Capital and reserves

Called up share capital

100

Profit and loss account

(31,508)

(25,269)

Shareholders' deficit

(31,408)

(25,169)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 September 2015

Lisa Milne

Director

Company Registration No. SC296644

KNAB LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

At 31 December 2014, the company had a shareholders' deficit of £31,408 including a loan from the directors of £59,348 (2013 - £58,542). The directors have agreed that they will provide funds to meet the liabilities of the company as and when they fall due. In particular, the directors will not seek repayment of the amount due to them until all other creditors have been met. The financial statements have therefore been prepared on a going concern basis.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised at the point of invoice.

1.3

Fishing Licence and Quota

Fishing licence and quota is written off in equal annual instalments over its estimated useful economic life.

1.4

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.5

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

KNAB LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2014

- 3 -

Fixed assets

Intangible assets

Investments

Total

Cost

At 1 January 2014

27,906

13,738

41,644

Additions

50,621

1,425

52,046

Disposals

(67,277)

At 31 December 2014

11,250

15,163

26,413

Depreciation

At 1 January 2014

2,229

On disposals

(1,666)

Charge for the year

563

At 31 December 2014

1,126

Net book value

At 31 December 2014

10,124

15,163

25,287

At 31 December 2013

25,677

13,738

39,415

Holdings of more than 20%

The comapny holds investments in the following undertakings:

Partnership

Country of registration or

Shares held

incorporation

Class

Participating interests

MB Comet

Scotland

Partnership

50.00

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary A shares of £1 each

100