Smart Subsea Solutions Ltd - Period Ending 2015-03-31

Registration number: SC394492

Smart Subsea Solutions Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Lime Blue Accountancy Ltd
8 Albert Street
Aberdeen
AB25 1XQ

Smart Subsea Solutions Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Smart Subsea Solutions Ltd
(Registration number: SC394492)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					6,141			2,119
Current assets
Debtors					26,374			14,714
Cash at bank and in hand					130,131			135,140
					156,505			149,854
Creditors: Amounts falling due within one year					(31,054)			(38,802)
Net current assets					125,451			111,052
Total assets less current liabilities					131,592			113,171
Provisions for liabilities					(1,228)			(538)
Net assets					130,364			112,633
Capital and reserves
Called up share capital		3			5			5
Capital redemption reserve					-			(66,420)
Profit and loss account					130,359			179,048
Shareholders' funds					130,364			112,633

For the year ending 31 March 2015 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 director acknowledges his 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 by the director on 18 November 2015

.........................................
BW Hodder
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Smart Subsea Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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).

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
Motor vehicles	33% on cost
Office equipment	33% on cost

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 rates 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 2

Smart Subsea Solutions Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		6,558			6,558
Additions		8,048			8,048
At 31 March 2015		14,606			14,606
Depreciation
At 1 April 2014		4,439			4,439
Charge for the year		4,026			4,026
At 31 March 2015		8,465			8,465
Net book value
At 31 March 2015		6,141			6,141
At 31 March 2014		2,119			2,119

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		5			5			5			5

Page 3