Company Registration No. 06145377 (England and Wales)
SHIPS AND OIL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
SHIPS AND OIL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
SHIPS AND OIL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,683
2,245
Current assets
Stocks
10,313
10,855
Debtors
1,398
8,626
Cash at bank and in hand
9,325
9,731
21,036
29,212
Creditors: amounts falling due within one year
(2,830)
(6,540)
Net current assets
18,206
22,672
Total assets less current liabilities
19,889
24,917
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
19,887
24,915
Shareholders' funds
19,889
24,917
For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 5 August 2015
Mr V R Gibson
Director
Company Registration No. 06145377
SHIPS AND OIL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
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).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% straight line
Fixtures, fittings & equipment
15% reducing balance
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014 & at 31 March 2015
9,526
Depreciation
At 1 April 2014
7,281
Charge for the year
562
At 31 March 2015
7,843
Net book value
At 31 March 2015
1,683
At 31 March 2014
2,245
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
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