Walker Subsea Engineering Ltd - Limited company - abbreviated

REGISTERED NUMBER: 07632755 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st March 2015

for

WALKER SUBSEA ENGINEERING LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Accountants' Report

5

DIRECTORS:

V Walker

Mrs A Walker

REGISTERED OFFICE:

12 Nunwick Way

Haydon Grange

Newcastle upon Tyne

Tyne and Wear

NE7 7GB

REGISTERED NUMBER:

07632755 (England and Wales)

ACCOUNTANTS:

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

FIXED ASSETS

Tangible assets

2

2,136

3,730

CURRENT ASSETS

Debtors

52,860

25,952

Cash at bank and in hand

910

10,232

53,770

36,184

CREDITORS

Amounts falling due within one year

42,226

20,187

NET CURRENT ASSETS

11,544

15,997

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,680

19,727

PROVISIONS FOR LIABILITIES

427

746

NET ASSETS

13,253

18,981

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

13,153

18,881

SHAREHOLDERS' FUNDS

13,253

18,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26th November 2015 and were signed on its behalf by:

Mrs A Walker - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the going concern basis of accounting.

Accounting convention

The financial statements 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 net invoiced sales of services, excluding value added tax, except in respect of service contracts where

turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Deferred tax

Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items

for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing

differences. The company has not adopted a policy of discounting deferred tax assets and liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2014

and 31st March 2015

6,376

DEPRECIATION

At 1st April 2014

2,646

Charge for year

1,594

At 31st March 2015

4,240

NET BOOK VALUE

At 31st March 2015

2,136

At 31st March 2014

3,730

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/15

31/3/14

value:

£

10,000

Ordinary

1p

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2015 and 31st March 2014:

31/3/15

31/3/14

£

V Walker and Mrs A Walker

Balance outstanding at start of year

9,996

-

Amounts advanced

22,121

53,016

Amounts repaid

(9,996

)

(43,020

)

Balance outstanding at end of year

22,121

9,996

Interest has been charged at 3.25% per annum and the loan is repayable upon demand.

5.	ULTIMATE CONTROLLING PARTY

The company is under the control of V Walker, a director.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements, from which the unaudited abbreviated accounts (set out on pages two to four) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Walker Subsea Engineering Ltd for the year ended 31st March 2015 which comprise the Profit and Loss Account, the

Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given

us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of Walker Subsea Engineering Ltd, as a body, in accordance with the terms of our engagement letter dated 9th October 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Walker Subsea Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of Walker Subsea Engineering Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Walker Subsea Engineering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Walker Subsea Engineering Ltd. You consider that Walker Subsea Engineering Ltd 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 financial statements of Walker Subsea Engineering Ltd. 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 financial statements.