Marathon Power Boats Limited Small abridged accounts

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Marathon Power Boats Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07769045

Marathon Power Boats Limited

Filleted Unaudited Abridged Financial Statements

30 September 2017

Marathon Power Boats Limited

Abridged Financial Statements

Year ended 30 September 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Marathon Power Boats Limited

Abridged Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Current assets

Stocks	–	43,000
Debtors	–	187
Cash at bank and in hand	92	86
	----	---------
	92	43,273

Creditors: amounts falling due within one year	( 16,988)		( 43,297)
	---------		---------
Net current liabilities		( 16,896)	( 24)
		---------	----
Total assets less current liabilities		( 16,896)	( 24)
		---------	----
Net liabilities		( 16,896)	( 24)
		---------	----

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 16,898)	( 26)
	---------	----
Shareholders deficit	( 16,896)	( 24)
	---------	----

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Marathon Power Boats Limited

Abridged Statement of Financial Position (continued)

30 September 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 20 June 2018 , and are signed on behalf of the board by:

G Manchester
Director

Company registration number: 07769045

Marathon Power Boats Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Related party transactions

The company was under the control of G Manchester throughout the current and previous year. G Manchester is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.

5. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

Reconciliation of equity

	1 October 2015			30 September 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Current assets	43,233	–	43,233	43,273	–	43,273
Creditors: amounts falling due within one year	( 41,251)	–	( 41,251)	( 43,297)	–	( 43,297)
	---------	----	---------	---------	----	---------
Net current liabilities	1,982	–	1,982	( 24)	–	( 24)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	1,982	–	1,982	( 24)	–	( 24)

	---------	----	---------	---------	----	---------
Net liabilities	1,982	–	1,982	( 24)	–	( 24)
	---------	----	---------	---------	----	---------

	---------	----	---------	---------	----	---------
Capital and reserves	1,982	–	1,982	( 24)	–	( 24)
	---------	----	---------	---------	----	---------

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.