Marine Power Systems Ltd - Accounts to registrar - small 17.2
Marine Power Systems Ltd - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| MARINE POWER SYSTEMS LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| MARINE POWER SYSTEMS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Langdon House |
| Langdon Road |
| SA1 Swansea Waterfront |
| Swansea |
| SA1 8QY |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| BALANCE SHEET |
| 30 APRIL 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 behalf by: |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| 1. | STATUTORY INFORMATION |
| Marine Power Systems Ltd is a |
| 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 |
| Tangible fixed assets |
| Plant and machinery etc | - |
| 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, where transactions or events that result in an obligation to pay more tax in the |
| future or a right to pay less tax in the future have occurred at the balance sheet date. |
| A net deferred tax asset is recognised only when, on the basis of all available evidence, it can be |
| regarded as more likely than not that there will be suitable taxable profits against which to recover |
| carried forward tax losses and/or from which the future reversal of underlying timing differences can be |
| deducted. |
| Deferred tax is measured at the average tax rates that are expected to apply in the periods in which |
| timing differences are expected to reverse, based on tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
| 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. |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| 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. |
| Grants |
| When the conditions of grants are met, the revenue element is credited to the profit and loss account |
| as the related expenditure is incurred. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Patent costs |
| Costs incurred on patents are written off in the year in which it is incurred. |
| Operating lease |
| Operating lease payments are recognised as an expense in the profit and loss account over the lease |
| term on a straight-line basis. |
| Short term creditors |
| Short term creditors are measured at transaction price. |
| Provision for liabilities |
| Provisions are recognised when the company has a present obligation (legal and constructive) from a |
| past event that will probably result in a transfer of funds to a third party and the amount due to settle |
| the obligation can be measured or estimated reliably. |
| Functional and Presentation Currency |
| The company's functional currency is pounds sterling. |
| Going Concern |
| The company continues to adopt the going concern basis in preparing its financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| MARINE POWER SYSTEMS LTD (REGISTERED NUMBER: 06669123) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 May 2016 |
| Additions |
| At 30 April 2017 |
| DEPRECIATION |
| At 1 May 2016 |
| Charge for year |
| At 30 April 2017 |
| NET BOOK VALUE |
| At 30 April 2017 |
| At 30 April 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 7. | ULTIMATE CONTROLLING PARTY |
| There is considered by the directors to be no ultimate controlling party of Marine Power Systems Ltd. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| MARINE POWER SYSTEMS LTD |
| The following reproduces the text of the report prepared for the directors and members in respect of |
| the company's annual unaudited financial statements. In accordance with the Companies Act 2006, |
| the company is only required to file a Balance Sheet. Readers are cautioned that the Income |
| Statement and certain other primary statements and the Report of the Directors are not required to be |
| filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
| the financial statements of Marine Power Systems Ltd for the year ended 30 April 2017 which comprise the |
| Income Statement, Balance Sheet and the related notes from the company's accounting records and from |
| information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Marine Power Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Marine Power Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Marine Power Systems Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marine Power Systems Ltd Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Marine Power Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Marine Power Systems Ltd. You consider that Marine Power Systems Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Marine Power Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Langdon House |
| Langdon Road |
| SA1 Swansea Waterfront |
| Swansea |
| SA1 8QY |