true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
No description of principal activity
2017-03-01
Sage Accounts Production Advanced 2017 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
03930003
2017-03-01
2018-02-28
03930003
2018-02-28
03930003
2017-02-28
03930003
2016-03-01
2017-02-28
03930003
2017-02-28
03930003
core:PlantMachinery
2017-03-01
2018-02-28
03930003
core:FurnitureFittings
2017-03-01
2018-02-28
03930003
bus:LeadAgentIfApplicable
2017-03-01
2018-02-28
03930003
bus:Director2
2017-03-01
2018-02-28
03930003
core:WithinOneYear
2018-02-28
03930003
core:WithinOneYear
2017-02-28
03930003
core:AfterOneYear
2018-02-28
03930003
core:AfterOneYear
2017-02-28
03930003
core:ShareCapital
2018-02-28
03930003
core:ShareCapital
2017-02-28
03930003
core:RetainedEarningsAccumulatedLosses
2018-02-28
03930003
core:RetainedEarningsAccumulatedLosses
2017-02-28
03930003
bus:FRS102
2017-03-01
2018-02-28
03930003
bus:AuditExempt-NoAccountantsReport
2017-03-01
2018-02-28
03930003
bus:AbridgedAccounts
2017-03-01
2018-02-28
03930003
bus:SmallCompaniesRegimeForAccounts
2017-03-01
2018-02-28
03930003
bus:PrivateLimitedCompanyLtd
2017-03-01
2018-02-28
03930003
core:Associate1
2017-03-01
2018-02-28
03930003
core:Associate1
2016-03-01
2017-02-28
03930003
core:Associate2
2017-03-01
2018-02-28
03930003
core:Associate2
2016-03-01
2017-02-28
03930003
core:Associate3
2017-03-01
2018-02-28
03930003
core:Associate3
2016-03-01
2017-02-28
03930003
core:ComputerEquipment
2017-03-01
2018-02-28
03930003
core:Associate1
2018-02-28
03930003
core:Associate1
2017-02-28
03930003
core:Associate2
2018-02-28
03930003
core:Associate2
2017-02-28
03930003
core:Associate3
2018-02-28
03930003
core:Associate3
2017-02-28
|
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of Martek Marine Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 28 February 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03930003
|
Unaudited Abridged Financial Statements |
|
KAIZEN CONSULTING
Chartered Management Accountants
Suite 2, Hull Sports Centre
Chanterlands Avenue North
Hull
East Yorkshire
England
HU5 4EF
|
Abridged Financial Statements |
|
Year ended 28 February 2018
|
Abridged statement of financial position |
1 |
|
|
|
Notes to the abridged financial statements |
3 |
|
|
|
Abridged Statement of Financial Position |
|
28 February 2018
Fixed assets
|
Tangible assets |
6 |
473,011 |
636,051 |
|
|
|
|
Current assets
|
Stocks |
1,142,037 |
962,147 |
|
Debtors |
4,619,550 |
2,802,933 |
|
Cash at bank and in hand |
984,913 |
870,471 |
|
------------ |
------------ |
|
6,746,500 |
4,635,551 |
|
|
|
|
Creditors: amounts falling due within one year |
2,594,146 |
2,224,597 |
|
------------ |
------------ |
|
Net current assets |
4,152,354 |
2,410,954 |
|
------------ |
------------ |
|
Total assets less current liabilities |
4,625,365 |
3,047,005 |
|
|
|
|
Creditors: amounts falling due after more than one year |
406,188 |
450,000 |
|
|
|
|
Provisions |
30,146 |
30,232 |
|
------------ |
------------ |
|
Net assets |
4,189,031 |
2,566,773 |
|
------------ |
------------ |
|
|
|
Capital and reserves
|
Called up share capital |
1,000 |
1,000 |
|
Profit and loss account |
4,188,031 |
2,565,773 |
|
------------ |
------------ |
|
Members funds |
4,189,031 |
2,566,773 |
|
------------ |
------------ |
|
|
|
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 income statement has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
28 February 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
26 June 2018
, and are signed on behalf of the board by:
Company registration number:
03930003
|
Notes to the Abridged Financial Statements |
|
Year ended 28 February 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6a Adwick Park, Manvers, Rotherham, S63 5AB, South Yorkshire.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
33% straight line |
|
Fixtures and fittings |
- |
33% straight line |
|
Equipment |
- |
33% straight line |
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 42 (2017: 43).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
2018 |
2017 |
|
£ |
£ |
|
Depreciation of tangible assets |
299,009 |
370,941 |
|
Fair value adjustments to financial assets measured at fair value through profit or loss |
(
183,164) |
(
84,896)
|
|
--------- |
--------- |
|
|
|
6.
Tangible assets
|
£ |
|
Cost |
|
|
At 1 March 2017 |
1,662,773 |
|
Additions |
135,969 |
|
------------ |
|
At 28 February 2018 |
1,798,742 |
|
------------ |
|
Depreciation |
|
|
At 1 March 2017 |
1,026,722 |
|
Charge for the year |
299,009 |
|
------------ |
|
At 28 February 2018 |
1,325,731 |
|
------------ |
|
Carrying amount |
|
|
At 28 February 2018 |
473,011 |
|
------------ |
|
At 28 February 2017 |
636,051 |
|
------------ |
|
|
7.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value |
Balance owed by/(owed to) |
|
2018 |
2017 |
2018 |
2017 |
|
£ |
£ |
£ |
£ |
|
Paul Luen |
42,495 |
63,743 |
157,659 |
111,603 |
|
Steve Coulson |
(
74,745)
|
140,059 |
88,469 |
160,479 |
|
Mike Pringle |
42,505 |
63,758 |
157,694 |
111,628 |
|
-------- |
--------- |
--------- |
--------- |
|
|
|
|
|
