Teignmouth Maritime Services Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04598550 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

TEIGNMOUTH MARITIME SERVICES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

W E Hook

P N J Stenner

G H Squirrel

REGISTERED OFFICE:

Unit 20

Dawlish Business Park

Dawlish

Devon

EX7 0NH

REGISTERED NUMBER:

04598550 (England and Wales)

ACCOUNTANTS:

Wentworths & Associates Limited

White Hart House

Silwood Road

Ascot

Berkshire

SL5 0PY

FIXED ASSETS

Intangible assets

4

11,667

13,667

Tangible assets

5

1,137,392

1,206,970

1,149,059

1,220,637

CURRENT ASSETS

Stocks

5,000

5,000

Debtors

6

2,261,181

2,161,300

Cash at bank and in hand

235,430

873,730

2,501,611

3,040,030

CREDITORS

Amounts falling due within one year

7

1,582,109

2,191,029

NET CURRENT ASSETS

919,502

849,001

TOTAL ASSETS LESS CURRENT LIABILITIES

2,068,561

2,069,638

CREDITORS

Amounts falling due after more than one year

8

(31,909

)

(109,818

)

PROVISIONS FOR LIABILITIES

(135,738

)

(152,900

)

NET ASSETS

1,900,914

1,806,920

CAPITAL AND RESERVES

Called up share capital

154,322

154,322

Share premium

463,214

463,214

Capital redemption reserve

(100,000

)

(100,000

)

Treasury shares

(185,128

)

-

Retained earnings

1,568,506

1,289,384

SHAREHOLDERS' FUNDS

1,900,914

1,806,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 June 2018 and were signed on its behalf by:

G H Squirrel - Director

P N J Stenner - Director

1.	STATUTORY INFORMATION

Teignmouth Maritime Services 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 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 2004, is being amortised evenly over its estimated useful life of twenty 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Stocks

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

moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2017 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

40,000

AMORTISATION

At 1 April 2017

26,333

Amortisation for year

2,000

At 31 March 2018

28,333

NET BOOK VALUE

At 31 March 2018

11,667

At 31 March 2017

13,667

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Office

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2017

329,165

1,435,158

179,890

31,973

1,976,186

Additions

5,390

32,019

29,874

16,895

84,178

Disposals

(8,106

)

(70,735

)

(15,040

)

-

(93,881

)

At 31 March 2018

326,449

1,396,442

194,724

48,868

1,966,483

DEPRECIATION

At 1 April 2017

15,512

635,334

94,259

24,111

769,216

Charge for year

3,264

80,716

27,849

6,354

118,183

Eliminated on disposal

(1,319

)

(46,056

)

(10,933

)

-

(58,308

)

At 31 March 2018

17,457

669,994

111,175

30,465

829,091

NET BOOK VALUE

At 31 March 2018

308,992

726,448

83,549

18,403

1,137,392

At 31 March 2017

313,653

799,824

85,631

7,862

1,206,970

Included within the net book value of £1,181,899 is £101,082 (2017 - £117,586) relating to assets held under

hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such

assets amounted to £16,504 (2017 - £20,096).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,475,272

1,680,676

Other debtors

785,909

480,624

2,261,181

2,161,300

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

60,000

60,000

Hire purchase contracts

11,873

41,934

Trade creditors

603,762

913,610

Taxation and social security

272,893

275,631

Other creditors

633,581

899,854

1,582,109

2,191,029

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

25,092

91,128

Hire purchase contracts

6,817

18,690

31,909

109,818

9.	RELATED PARTY DISCLOSURES

P Stenner and W Hook, two of the directors, have provided security for the company's bank borrowings, in the

form of charges over life policies.

10.	ULTIMATE CONTROLLING PARTY

Throughout the year, the directors, have controlled the company.