KENNING_FISHING_LIMITED - Accounts

KENNING FISHING LIMITED - Company Information

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Company Registration No. SC335513 (Scotland)

KENNING FISHING LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

KENNING FISHING LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

KENNING FISHING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

527,664

564,268

Investments

324,606

244,607

852,270

808,875

Current assets

Debtors

25,563

52,222

Cash at bank and in hand

149,311

308,230

174,874

360,452

Creditors: amounts falling due within one year

(169,846)

(159,049)

Net current assets

5,028

201,403

Total assets less current liabilities

857,298

1,010,278

Creditors: amounts falling due after more than one year

(449,301)

(578,646)

407,997

431,632

Capital and reserves

Called up share capital

Profit and loss account

407,996

431,631

Shareholders' funds

407,997

431,632

For the financial year ended 31 March 2016 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 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 11 July 2016

Mr A Kenning

Director

Company Registration No. SC335513

KENNING FISHING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Boat

5% straight line

Licences

5% straight line

Motor vehicles

25% reducing balance

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

KENNING FISHING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 April 2015

887,667

324,606

1,212,273

Additions

28,630

Disposals

(36,084)

At 31 March 2016

880,213

324,606

1,204,819

Depreciation

At 1 April 2015

323,399

On disposals

(20,587)

Charge for the year

49,737

At 31 March 2016

352,549

Net book value

At 31 March 2016

527,664

324,606

852,270

At 31 March 2015

564,268

244,607

808,875

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary share capital of £1 each