Inverlane Marine Services Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC249179 (Scotland)

Abbreviated Accounts For The Period 1 June 2014 to 30 June 2015

for

Inverlane Marine Services Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

S L Shanks

REGISTERED OFFICE:

5 Oswald Sreet

Glasgow

G1 4QR

REGISTERED NUMBER:

SC249179 (Scotland)

ACCOUNTANTS:

Robb Ferguson

Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

-

212,777

-

212,777

CURRENT ASSETS

Stocks

-

117,937

Debtors

84,514

54,186

Cash at bank and in hand

20,929

10,663

105,443

182,786

CREDITORS

Amounts falling due within one year

4

13,822

335,411

NET CURRENT ASSETS/(LIABILITIES)

91,621

(152,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

91,621

60,152

CAPITAL AND RESERVES

Called up share capital

5

10

10

Profit and loss account

91,611

60,142

SHAREHOLDERS' FUNDS

91,621

60,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 31 March 2016 and were signed by:

S L Shanks - Director

1.	ACCOUNTING POLICIES

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 good, excluding value added tax. Turnover from the sale of goods is

recognised when the goods are physically delivered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant & machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax

rates that are expected to apply when the timing difference reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be

recovered.

Deferred tax assets and liabilities are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

102,627

Disposals

(102,627

)

At 30 June 2015

-

AMORTISATION

At 1 June 2014

102,627

Eliminated on disposal

(102,627

)

At 30 June 2015

-

NET BOOK VALUE

At 30 June 2015

-

At 31 May 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

369,920

Disposals

(369,920

)

At 30 June 2015

-

DEPRECIATION

At 1 June 2014

157,143

Charge for period

6,445

Eliminated on disposal

(163,588

)

At 30 June 2015

-

NET BOOK VALUE

At 30 June 2015

-

At 31 May 2014

212,777

4.

CREDITORS

Creditors include an amount of £ 0 (2014 - £ 35,944 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

10

Ordinary shares

£1

10

10