Abbreviated Company Accounts - SCANDINAVIAN UNDERWRITERS AGENCY LIMITED

SCANDINAVIAN UNDERWRITERS AGENCY LIMITED - Company Information

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Registered Number 03412586

SCANDINAVIAN UNDERWRITERS AGENCY LIMITED

Abbreviated Accounts

31 December 2015

SCANDINAVIAN UNDERWRITERS AGENCY LIMITED Registered Number 03412586

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Fixed assets
Tangible assets	2	23,444	29,493
		23,444	29,493
Current assets
Stocks		70,654	58,041
Debtors		131,476	132,536
Cash at bank and in hand		145,026	120,310
		347,156	310,887
Creditors: amounts falling due within one year		(38,904)	(32,848)
Net current assets (liabilities)		308,252	278,039
Total assets less current liabilities		331,696	307,532
Provisions for liabilities		(4,700)	-
Total net assets (liabilities)		326,996	307,532
Capital and reserves
Called up share capital	3	5,000	5,000
Profit and loss account		321,996	302,532
Shareholders' funds		326,996	307,532

For the year ending 31 December 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 directors acknowledge their 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 Board on 9 September 2016

And signed on their behalf by:
C J Kerby, Director

SCANDINAVIAN UNDERWRITERS AGENCY LIMITED Registered Number 03412586

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover is derived from the principal activity of marine surveying and consultancy.

Turnover represents net invoiced sales of services rendered excluding value added tax.

In line with Financial Reporting Standard 102, Revenue Recognition income has been recognised when the company obtains the right to consideration in exchange for its performance.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33.3% per annum straight line
Motor vehicles - 25% per annum straight line

Valuation information and policy
Work in progress
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 profit or loss 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 profit or loss in the period to which they relate.

Going concern
The director has considered the financial position of the company and believe it is well placed to manage its business risks successfully. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of preparation in preparing the financial statements.

Other accounting policies
PENSION SCHEMES

The company operates a defined contribution pension scheme, the pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £6,828 (2014 - £6,828).

Contributions totalling £nil (2014 - £nil) were payable to the scheme at the end of the year.

2Tangible fixed assets

	£
Cost
At 1 January 2015	49,916
Additions	2,857
Disposals	(3,346)
Revaluations	-
Transfers	-
At 31 December 2015	49,427
Depreciation
At 1 January 2015	20,423
Charge for the year	8,604
On disposals	(3,044)
At 31 December 2015	25,983
Net book values
At 31 December 2015	23,444
At 31 December 2014	29,493

3Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
4,990 A Ordinary shares of £1 each	4,990	4,990
10 B Ordinary shares of £1 each	10	10