Leask Marine Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: SC292116 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

Leask Marine Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

D W Leask

Mrs K R Leask

SECRETARY:

D W Leask

REGISTERED OFFICE:

6 Crowness Road

Hatston Industrial Estate

Kirkwall

Orkney

KW15 1RG

REGISTERED NUMBER:

SC292116 (Scotland)

ACCOUNTANTS:

Foubister & Bain

4 Broad Street

Kirkwall

Orkney

KW15 1NX

FIXED ASSETS

20,000

Intangible assets

2

14,296

4,088,962

Tangible assets

3

6,245,746

4,108,962

6,260,042

CURRENT ASSETS

928,208

Debtors

800,634

1,355,033

Cash at bank and in hand

140,968

2,283,241

941,602

CREDITORS

1,120,237

Amounts falling due within one year

4

663,201

1,163,004

NET CURRENT ASSETS

278,401

5,271,966

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,538,443

CREDITORS

1,862,971

Amounts falling due after more than one year

4

2,871,090

3,408,995

NET ASSETS

3,667,353

CAPITAL AND RESERVES

1,000

Called up share capital

5

1,000

50,588

Share Premium

50,588

3,357,407

Profit and Loss Account

3,615,765

3,408,995

SHAREHOLDERS' FUNDS

3,667,353

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 10 June 2016 and were signed on its behalf by:

D W Leask - 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible Assets have been stated at cost. Depreciation is provided on the following reducing balance basis (unless

otherwise stated) to write off the cost of these assets over their estimated useful lives.

Vessels 7% (Straight Line)

Plant & Machinery 20%

Motor Vehicles 25%

Deferred tax

Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date.

Due to continued investment no liability is expected to arise within the foreseeable future.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

34,000

Additions

1,440

At 31 March 2016

35,440

AMORTISATION

At 1 April 2015

14,000

Amortisation for year

7,144

At 31 March 2016

21,144

NET BOOK VALUE

At 31 March 2016

14,296

At 31 March 2015

20,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

5,490,191

Additions

2,636,057

Disposals

(124,235

)

At 31 March 2016

8,002,013

DEPRECIATION

At 1 April 2015

1,401,229

Charge for year

368,620

Eliminated on disposal

(13,582

)

At 31 March 2016

1,756,267

NET BOOK VALUE

At 31 March 2016

6,245,746

At 31 March 2015

4,088,962

4.

CREDITORS

Creditors include an amount of £ 3,286,490 (2015 - £ 2,077,571 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

1,143,290

930,771

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000