Leask Marine Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC292116 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Leask Marine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Leask

Mrs K R Leask

SECRETARY:

D W Leask

REGISTERED OFFICE:

6 Crowness Road

Hatston Industrial Estate

Kirkwall

Orkney

KW15 1RG

REGISTERED NUMBER:

SC292116 (Scotland)

FIXED ASSETS

14,296

Intangible assets

4

7,152

6,245,746

Tangible assets

5

4,635,794

6,260,042

4,642,946

CURRENT ASSETS

800,634

Debtors

6

1,203,814

140,968

Cash at bank and in hand

795,684

941,602

1,999,498

CREDITORS

663,201

Amounts falling due within one year

7

1,560,498

278,401

NET CURRENT ASSETS

439,000

6,538,443

TOTAL ASSETS LESS CURRENT LIABILITIES

5,081,946

CREDITORS

2,871,090

Amounts falling due after more than one year

8

1,525,765

3,667,353

NET ASSETS

3,556,181

CAPITAL AND RESERVES

1,000

Called up share capital

1,000

50,588

Share Premium

50,588

3,615,765

Retained earnings

3,504,593

3,667,353

SHAREHOLDERS' FUNDS

3,556,181

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 4 September 2017 and were signed on its behalf by:

D W Leask - Director

1.	STATUTORY INFORMATION

Leask 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 2013, is being amortised evenly over its estimated useful life of five 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.

Patents and Licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Tangible Assets have been stated at cost. Depreciation is provided on the following reducing balance basis

(unless otherwise stated) to write off the cost of these assets over their estimated useful lives.

Vessels 7% (Straight Line)

Plant & Machinery 20%

Motor Vehicles 25%

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of

its financial instruments. Financial instruments are recognised in the company's balance sheet when the company

becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the

net amounts presented in the financial statements, when there is a legally enforceable right to set off the

recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

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

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

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of

the future receipts discounted at the market rate of interest. Financial liabilities classified as payable within one

year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Totals

Goodwill

assets

£

£

£

COST

At 1 April 2016

and 31 March 2017

35,440

34,000

1,440

AMORTISATION

At 1 April 2016

21,144

21,000

144

Charge for year

7,144

7,000

144

At 31 March 2017

28,288

28,000

288

NET BOOK VALUE

At 31 March 2017

7,152

6,000

1,152

At 31 March 2016

14,296

13,000

1,296

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Property

machinery

Totals

& Vessels

etc

£

£

£

COST

At 1 April 2016

8,002,013

7,302,376

699,637

Additions

1,275,674

1,126,612

149,062

Disposals

(2,511,589

)

(2,511,589

)

-

At 31 March 2017

6,766,098

5,917,399

848,699

DEPRECIATION

At 1 April 2016

1,756,267

1,364,326

391,941

Charge for year

374,037

290,520

83,517

At 31 March 2017

2,130,304

1,654,846

475,458

NET BOOK VALUE

At 31 March 2017

4,635,794

4,262,553

373,241

At 31 March 2016

6,245,746

5,938,050

307,696

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,203,814

800,634

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

167,500

415,400

Trade creditors

1,022,629

87,868

Taxation

212,312

4,143

Other creditors

158,057

155,790

1,560,498

663,201

Other creditors include loans from directors totalling £5,419. The loans are interest free and have no set

repayment terms.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

1,525,765

2,871,090

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

823,465

1,143,290

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,693,265

3,286,490

The bank loans are secured by a bond and floating charge over the whole assets of the company.

10.	RELATED PARTY DISCLOSURES

The following advances and credits to directors subsisted during the year ended 31 March 2017

D LEASK

Opening Balance

1,800

Amounts Forwarded

(32,795

)

Amounts Repaid

35,000

Closing Balance

4,005

K LEASK

Opening Balance

1,352

Amounts Forwarded

(34,938

)

Amounts Repaid

35,000

Closing Balance

1,414