Submarine Manufacturing And Products Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02608984 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Submarine Manufacturing And Products Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P J Connolly

A Scott

SECRETARY:

Mrs J Connolly

REGISTERED OFFICE:

Fleetwood Road

Wesham

Kirkham

Preston

Lancashire

PR4 3HD

REGISTERED NUMBER:

02608984 (England and Wales)

ACCOUNTANTS:

ma2 Limited

Chartered Accountants

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

FIXED ASSETS

Intangible assets

2

134,076

85,668

Tangible assets

3

341,370

284,204

475,446

369,872

CURRENT ASSETS

Stocks

2,226,768

2,265,226

Debtors

817,177

1,481,318

Prepayments and accrued income

72,006

69,344

Cash at bank and in hand

264,520

305,318

3,380,471

4,121,206

CREDITORS

Amounts falling due within one year

4

2,201,552

3,044,376

NET CURRENT ASSETS

1,178,919

1,076,830

TOTAL ASSETS LESS CURRENT LIABILITIES

1,654,365

1,446,702

CREDITORS

Amounts falling due after more than one year

4

(187,019

)

(19,577

)

PROVISIONS FOR LIABILITIES

(10,353

)

(6,348

)

NET ASSETS

1,456,993

1,420,777

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

1,456,893

1,420,677

SHAREHOLDERS' FUNDS

1,456,993

1,420,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2015 and were signed on its behalf by:

P J Connolly - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover reflects the contracts undertaken and sales made in the year. Income is taken on retail sales

when the product is delivered, and for contract work, the amount of work performed in the period.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of

work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term

contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations

in periods different from those in which they are included int the company's accounts.Deferred tax is

provided in full on timing differences which result in an obligation to pay more (or a right to pay less)

tax at a future date, at the tax rates that are expected to apply when the timing differences reverse,

based on current tax rates and laws.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

85,668

Additions

68,400

At 31 December 2014

154,068

AMORTISATION

Amortisation for year

19,992

At 31 December 2014

19,992

NET BOOK VALUE

At 31 December 2014

134,076

At 31 December 2013

85,668

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

413,468

Additions

104,280

At 31 December 2014

517,748

DEPRECIATION

At 1 January 2014

129,264

Charge for year

47,114

At 31 December 2014

176,378

NET BOOK VALUE

At 31 December 2014

341,370

At 31 December 2013

284,204

4.

CREDITORS

Creditors include an amount of £ 941,810 (2013 - £ 1,152,547 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

95

Ordinary £1 shares

£1

95

95

5

Ordinary Class A £1 shares

£1

5

5

100

100

6.	ULTIMATE PARENT COMPANY

The ultimate Parent company is MSS Holdings (UK) Limited.

7.	RELATED PARTY DISCLOSURES

The company was under the control of Mr PJ Connolly throughout the current and previous year, by

way of his shareholding in the parent company.

During the year the company was a wholly owned subsidiary of MSS Holdings (UK) Limited. (MSSH)

The company received management and office services from MSSH, and fees of £84,000 (2013,

£138,000) were charged by MSSH during the year.

During the year, a loan account existed between the company and MSSH. The total amount owed at

the year end is shown in the relevant creditors note.

The company has entered into unlimited cross guarantee arrangements in respect of its banking

facilities, in connection with a group overdraft and loan facility.

MSSH owns the premises from which the company trades and charges an annual rent of £50,000.

8.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Mr PJ Connolly by virtue of his shareholding in the parent company.