Orkney Marine Oil Company Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC276310 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2015

for

Orkney Marine Oil Company Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

K I Budge

S T Dennison

M Foulis

L Grieve

I S Harcus

J D Harcus

R A P Hutchison

C Richings

SECRETARY:

F Matheson

REGISTERED OFFICE:

4 Ferry Terminal Building

Kirkwall Pier

Kirkwall

Orkney

KW15 1HU

REGISTERED NUMBER:

SC276310 (Scotland)

ACCOUNTANTS:

Foubister & Bain

4 Broad Street

Kirkwall

Orkney

KW15 1NX

FIXED ASSETS

360

Tangible assets

2

240

CURRENT ASSETS

29,417

Stocks

21,858

86,505

Debtors

34,606

57,152

Cash at bank and in hand

27,185

173,074

83,649

CREDITORS

109,221

Amounts falling due within one year

31,505

63,853

NET CURRENT ASSETS

52,144

64,213

TOTAL ASSETS LESS CURRENT LIABILITIES

52,384

RESERVES

64,213

Profit and Loss Account

52,384

64,213

52,384

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 16 August 2016 and were signed on its behalf by:

L Grieve - 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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

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 is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2014

and 30 November 2015

611

DEPRECIATION

At 1 December 2014

251

Charge for year

120

At 30 November 2015

371

NET BOOK VALUE

At 30 November 2015

240

At 30 November 2014

360