Sealworks (UK) Limited - Period Ending 2014-02-28

Registration number: 03719371

Sealworks (UK) Limited

Unaudited Abbreviated Accounts

FOR THE Year Ended 28 February 2014
 

Sealworks (UK) Limited
Contents

			Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Sealworks (UK) Limited
(Registration number: 03719371)
Abbreviated Balance Sheet at 28 February 2014

		Note			28 February 2014 £			28 February 2013 £
Fixed assets
Tangible fixed assets					5,182			5,390
Current assets
Stocks					13,941			154
Debtors					245,722			151,425
Investments					273,333			270,774
Cash at bank and in hand					143,800			280,993
					676,796			703,346
Creditors: Amounts falling due within one year					(155,400)			(155,314)
Net current assets					521,396			548,032
Total assets less current liabilities					526,578			553,422
Provisions for liabilities					(828)			(823)
Net assets					525,750			552,599
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					525,650			552,499
Shareholders' funds					525,750			552,599

For the year ending 28 February 2014 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 27 November 2014 and signed on its behalf by:

.........................................
W Webster
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Sealworks (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts

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
Plant and machinery	25% reducing balance and 33% straight line basis
Fixtures and fittings	15% reducing balance

Current asset investments

Current asset investments are included at the lower of cost and net realisable value.

Stock

Stock is valued at the lower of cost and net realisable value

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 2

Sealworks (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2013		26,000			26,000
Additions		1,195			1,195
Disposals		(2,446)			(2,446)
At 28 February 2014		24,749			24,749
Depreciation
At 1 March 2013		20,610			20,610
Charge for the year		1,335			1,335
Eliminated on disposals		(2,378)			(2,378)
At 28 February 2014		19,567			19,567
Net book value
At 28 February 2014		5,182			5,182
At 28 February 2013		5,390			5,390

3	Share capital

Allotted, called up and fully paid shares

	28 February 2014						28 February 2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

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