North West Marine Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: SC265230 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

NORTH WEST MARINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Antony James Ratcliffe

Nicola Jane Ratcliffe

SECRETARY:

Nicola Jane Ratcliffe

REGISTERED OFFICE:

7E Glengallan Road

OBAN

Argyll

PA34 4HG

REGISTERED NUMBER:

SC265230 (Scotland)

ACCOUNTANTS:

R A Clement Associates

5 Argyll Square

Oban

Argyll

PA34 4AZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,060,826

1,132,220

1,060,826

1,132,220

CURRENT ASSETS

Stocks

6

262,520

186,800

Debtors

7

190,732

240,501

Cash at bank and in hand

3,470

289

456,722

427,590

CREDITORS

Amounts falling due within one year

8

683,223

917,256

NET CURRENT LIABILITIES

(226,501

)

(489,666

)

TOTAL ASSETS LESS CURRENT LIABILITIES

834,325

642,554

CREDITORS

Amounts falling due after more than one year

9

434,610

450,277

NET ASSETS

399,715

192,277

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

11

21,400

22,292

Retained earnings

377,315

168,985

SHAREHOLDERS' FUNDS

399,715

192,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 May 2017 and were signed on its behalf by:

Antony James Ratcliffe - Director

1.	STATUTORY INFORMATION

North West Marine Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Boats

-

4% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

30,000

AMORTISATION

At 1 April 2016

and 31 March 2017

30,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Boats

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

1,131,061

741,169

29,426

43,597

1,945,253

Additions

-

10,595

-

-

10,595

At 31 March 2017

1,131,061

751,764

29,426

43,597

1,955,848

DEPRECIATION

At 1 April 2016

294,968

462,666

24,388

31,011

813,033

Charge for year

34,217

43,365

1,260

3,147

81,989

At 31 March 2017

329,185

506,031

25,648

34,158

895,022

NET BOOK VALUE

At 31 March 2017

801,876

245,733

3,778

9,439

1,060,826

At 31 March 2016

836,093

278,503

5,038

12,586

1,132,220

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

Boats

vehicles

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

43,920

8,516

52,436

DEPRECIATION

At 1 April 2016

5,063

2,129

7,192

Charge for year

1,554

1,597

3,151

At 31 March 2017

6,617

3,726

10,343

NET BOOK VALUE

At 31 March 2017

37,303

4,790

42,093

At 31 March 2016

38,857

6,387

45,244

6.

STOCKS

2017

2016

£

£

Stocks

108,228

80,228

Work-in-progress

154,292

106,572

262,520

186,800

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

131,435

145,992

Other debtors

-

28,000

Prepayments and accrued income

59,297

66,509

190,732

240,501

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

119,959

180,539

Other loan

67,079

91,165

Hire purchase contracts

9,826

11,284

Trade creditors

326,115

523,951

Social security and other taxes

22,180

43,119

VAT

89,868

35,885

Directors' current accounts

40,101

16,536

Accrued expenses

8,095

14,777

683,223

917,256

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

129,567

72,496

Bank loans more 5 yr by instal

157,205

151,769

Other loans - 2-5 years

141,499

188,579

Hire purchase contracts

732

10,558

Deferred government grants

5,607

26,875

434,610

450,277

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

157,205

151,769

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

90,967

163,657

Bank loans

315,764

241,147

406,731

404,804

The above debts together with any sums that may become due, are secured by The Bank of Scotland, in the way

of a floating charge over all the assets of the Company.

11.

RESERVES

Revaluation

reserve

£

At 1 April 2016

22,292

Revaluation written down

(892

)

At 31 March 2017

21,400

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Antony James Ratcliffe.