JPG Subsea Engineering Limited - Period Ending 2016-05-31

REGISTRATION NUMBER: 08401909

JPG Subsea Engineering Limited

Unaudited Abbreviated Accounts for the Year Ended 31 May 2016

Blu Sky Chartered Accountants
17 Northumberland Square
North Shields
Tyne and Wear
NE30 1PX

JPG Subsea Engineering Limited
 

Contents of the Abbreviated Accounts
for the Year Ended 31 May 2016

Company Information	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3

JPG Subsea Engineering Limited
 

Company Information
for the Year Ended 31 May 2016

Directors

Mr. J Grieve

Registered office

Flat E Priors Terrace 9 Priors Terrace North Shields Tyne and Wear NE30 4BE

Registered Number

08401909

Accountants

Blu Sky Chartered Accountants 17 Northumberland Square North Shields Tyne and Wear NE30 1PX

Page 1

JPG Subsea Engineering Limited
 

(Registration number: 08401909 )
Abbreviated Balance Sheet
as at 31 May 2016

	Note	2016  £	2015  £
FIXED ASSETS
Tangible assets	2	-	578
CURRENT ASSETS
Debtors		206	14,554
Cash at bank and in hand		41,131	72,020
		41,337	86,574
CREDITORS Amounts falling due within one year		(8,642)	(28,840)
Net current assets		32,695	57,734
Total assets less current liabilities		32,695	58,312
CREDITORS Amounts falling due after more than one year		(8,703)	(703)
Net assets		23,992	57,609
CAPITAL AND RESERVES
Called up share capital	3	100	100
Profit and loss account		23,892	57,509
Shareholders funds		23,992	57,609

For the year ending 31 May 2016 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 director acknowledges 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 the 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 24 January 2017

.........................................
Mr. J Grieve
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

JPG Subsea Engineering Limited
 

Notes to the Abbreviated Accounts
for the Year Ended 31 May 2016

1

Accounting policies

Going concern

The director believes that the trade in the current year is sustainable into the foreseeable future and agree that the initial funding provided by the director, will not be withdrawn in the near future.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.

Turnover is recognised when goods and services are physically delivered to the customer.

Delivered goods/services not invoiced at the year end are included in accrued income. Invoiced goods and services are included in debtors. Where customers pay in advance for goods and services, the amount is recorded as deferred income until the goods and services have been delivered.

Revenue recognition

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Computer Equipment	33% Straight Line

Compound instruments

Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.

The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.

The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

Page 3

JPG Subsea Engineering Limited
 

Notes to the Abbreviated Accounts
for the Year Ended 31 May 2016

2

Fixed assets

	Tangible assets £	Total £
Cost
At 1 June 2015	1,849	1,849
At 31 May 2016	1,849	1,849
Depreciation
At 1 June 2015	1,271	1,271
Charge for the year	578	578
At 31 May 2016	1,849	1,849
Net book value
At 31 May 2016	-	-
At 31 May 2015	578	578

3

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary of £1 each	100.00	100.00	100.00	100.00

4

Related party transactions

5

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 4