Francis H. Newman (Shipyards) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00536854 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Francis H. Newman (Shipyards) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

Mrs F F Gunnion

Mrs S F Bartlett

Mr N R Newman

SECRETARY:

Mrs F F Gunnion

REGISTERED OFFICE:

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

REGISTERED NUMBER:

00536854 (England and Wales)

ACCOUNTANTS:

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

271,134

272,762

Investment property

6

587,500

16,750

858,634

289,512

CURRENT ASSETS

Stocks

7

1,250

1,250

Debtors

8

45,352

27,154

Investments

9

1,169,409

1,096,566

Cash at bank and in hand

1,117,624

1,710,127

2,333,635

2,835,097

CREDITORS

Amounts falling due within one year

10

236,242

246,638

NET CURRENT ASSETS

2,097,393

2,588,459

TOTAL ASSETS LESS CURRENT LIABILITIES

2,956,027

2,877,971

PROVISIONS FOR LIABILITIES

52,332

26,650

NET ASSETS

2,903,695

2,851,321

CAPITAL AND RESERVES

Called up share capital

1,800

1,800

Other reserves

145,488

145,488

Fair value reserve

11

564,318

424,923

Retained earnings

2,192,089

2,279,110

SHAREHOLDERS' FUNDS

2,903,695

2,851,321

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 28 September 2017 and were signed on its behalf by:

Mrs F F Gunnion - Director

1.	STATUTORY INFORMATION

Francis H. Newman (Shipyards) Limited is a private company, limited by shares , registered in England and

Wales. 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 for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A applicable to small entities. The date of transition is 1 January 2015.

The transition to FRS 102 Section 1A for small entities has resulted in changes to the accounting policies used

previously and the comparative balances have been restated accordingly.

Turnover

Turnover represents the amount derived from ordinary activities, and stated after trade discounts, other sales

taxes and net of value added tax. Turnover is the value of goods provided to customers during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1996, has been fully

amortised.

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and 15% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities. Current asset

investments are measured at fair value.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and subsequently measured at amortised cost using the effective interest

method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price.

Financial liabilities classified as payable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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 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.

Pension costs and other post-retirement benefits

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

14,459

Disposals

(14,459

)

At 31 December 2016

-

AMORTISATION

At 1 January 2016

14,459

Eliminated on disposal

(14,459

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2016

and 31 December 2016

307,346

12,815

508

5,095

325,764

DEPRECIATION

At 1 January 2016

34,584

12,815

508

5,095

53,002

Charge for year

1,628

-

-

-

1,628

At 31 December 2016

36,212

12,815

508

5,095

54,630

NET BOOK VALUE

At 31 December 2016

271,134

-

-

-

271,134

At 31 December 2015

272,762

-

-

-

272,762

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

16,750

Additions

550,000

Revaluations

20,750

At 31 December 2016

587,500

NET BOOK VALUE

At 31 December 2016

587,500

At 31 December 2015

16,750

Included in cost or valuation of investment property is freehold land of £ 566,750 (2015 - £ 16,750 ) which is not

depreciated.

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2016

20,750

Cost

566,750

587,500

If the investment property had not been revalued it would have been included at the following historical cost:

2016

2015

£

£

Cost

566,750

16,750

Investment property was valued on an open market basis on 31 December 2016 by the directors .

7.

STOCKS

2016

2015

£

£

Stocks

1,250

1,250

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

22,569

25,710

Other debtors

22,783

1,444

45,352

27,154

9.	CURRENT ASSET INVESTMENTS

2016

2015

£

£

Listed investments

1,169,409

1,096,566

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

1,717

6,023

Taxation and social security

12,660

25,193

Other creditors

221,865

215,422

236,242

246,638

11.

RESERVES

Fair

value

reserve

£

At 1 January 2016

424,923

Transfer

139,395

At 31 December 2016

564,318

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 Francis H. Newman (Shipyards) Limited for the year ended 31 December 2016 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Francis H. Newman (Shipyards) Limited, 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 Francis H. Newman (Shipyards) Limited and state those matters that we have agreed to state to the Board of Directors of Francis H. Newman (Shipyards) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Francis H. Newman (Shipyards) Limited 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 profit of Francis H. Newman (Shipyards) Limited. You consider that Francis H. Newman (Shipyards) Limited 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 Francis H. Newman (Shipyards) Limited. 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.

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

28 September 2017