Sub-Surface Technologies Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: SC268816 (Scotland)

Sub-Surface Technologies Limited

Financial Statements

for the Year Ended 31st December 2016

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Directors:

R Frater

W J Courtney

R Vickars

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Registered number:

SC268816 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

2,970

3,960

Current assets

Stocks

129,315

165,996

Debtors

5

28,449

74,129

Cash at bank

29,642

31,164

187,406

271,289

Creditors

Amounts falling due within one year

6

281,370

456,648

Net current liabilities

(93,964

)

(185,359

)

Total assets less current liabilities

(90,994

)

(181,399

)

Provisions for liabilities

-

737

Net liabilities

(90,994

)

(182,136

)

Capital and reserves

Called up share capital

3,000

3,000

Retained earnings

(93,994

)

(185,136

)

Shareholders' funds

(90,994

)

(182,136

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 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 16th May 2017 and were signed on its behalf by:

R Vickars - Director

1.	Statutory information

Sub-Surface Technologies 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.

Changes in accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out

below.

The financial statements for the year ended 31st December 2016 are the first financial statements that

comply with FRS 102 Section 1A for small entities. The date of transition is 1st January 2015.

There has been no impact to the financial statements on the transition date.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. Cost includes a

relevant proportion of overheads according to the stage of manufacture.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors and directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Income Statement.

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.

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.

Going concern

At the year end the company had net liabilities on the balance sheet of £90,994. The future of the

company is dependent on the continuing support of the directors through their various loan accounts,

and they have agreed they will not seek repayment of their loans at this time.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably.

3.	Employees and directors

The average number of employees during the year was 1 .

4.	Tangible fixed assets

Plant and

Office

machinery

equipment

Totals

£

£

£

Cost

At 1st January 2016

and 31st December 2016

22,034

2,380

24,414

Depreciation

At 1st January 2016

18,624

1,830

20,454

Charge for year

852

138

990

At 31st December 2016

19,476

1,968

21,444

Net book value

At 31st December 2016

2,558

412

2,970

At 31st December 2015

3,410

550

3,960

5.

Debtors: amounts falling due within one year

2016

2015

£

£

Trade debtors

28,449

74,129

6.

Creditors: amounts falling due within one year

2016

2015

£

£

Trade creditors

60,085

145,927

Taxation and social security

12,858

11,662

Other creditors

208,427

299,059

281,370

456,648