Sub-Surface Technologies Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC268816 (Scotland)

Sub-Surface Technologies Limited

Financial Statements

for the Year Ended 31st December 2017

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

5

Directors:

R Frater

W J Courtney

R Vickars

Registered office:

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Registered number:

SC268816 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

2,228

2,970

Current assets

Stocks

133,382

129,315

Debtors

5

21,123

28,449

Cash at bank

139,290

29,642

293,795

187,406

Creditors

Amounts falling due within one year

6

334,767

281,370

Net current liabilities

(40,972

)

(93,964

)

Total assets less current liabilities

(38,744

)

(90,994

)

Capital and reserves

Called up share capital

3,000

3,000

Retained earnings

(41,744

)

(93,994

)

Shareholders' funds

(38,744

)

(90,994

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7th June 2018 and were signed on its behalf by:

R Vickars - Director

1.	Statutory information

Sub-Surface Technologies 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.

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 represents the total invoice value, excluding value added tax, of sales made during the year.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership have passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. Cost includes a

relevant proportion of overheads according to the stage of manufacture.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade

creditors, accruals and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are

measured at the undiscounted amount of the cash or other consideration expected to be paid or

received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of

Income and Retained Earnings in the period in which they are incurred.

3.	Employees and directors

The average number of employees during the year was 1 (2016 - 1 ) .

4.	Tangible fixed assets

Plant and

Office

machinery

equipment

Totals

£

£

£

Cost

At 1st January 2017

and 31st December 2017

22,034

2,380

24,414

Depreciation

At 1st January 2017

19,476

1,968

21,444

Charge for year

639

103

742

At 31st December 2017

20,115

2,071

22,186

Net book value

At 31st December 2017

1,919

309

2,228

At 31st December 2016

2,558

412

2,970

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

21,123

28,449

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Trade creditors

-

60,085

Taxation and social security

8,869

12,858

Other creditors

325,898

208,427

334,767

281,370

7.	Post balance sheet events

It is the intention of the directors to cease trading in the near future. The expected cost of redundancy

is estimated at £9,000.