AIRNAUTIC_MARINE_LIMITED - Accounts

AIRNAUTIC MARINE LIMITED - Company Information

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Company Registration No. SC094886 (Scotland)

AIRNAUTIC MARINE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2015

AIRNAUTIC MARINE LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

AIRNAUTIC MARINE LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AIRNAUTIC MARINE LIMITED FOR THE YEAR ENDED 31 OCTOBER 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Airnautic Marine Limited for the year ended 31 October 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Airnautic Marine Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Airnautic Marine Limited and state those matters that we have agreed to state to the Board of Directors of Airnautic Marine Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Airnautic Marine Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Airnautic Marine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Airnautic Marine Limited. You consider that Airnautic Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Airnautic Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box

29 July 2016

Chartered Accountants

Amelia House

Crescent Road

Worthing

West Sussex

BN11 1QR

AIRNAUTIC MARINE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

780

918

Current assets

Debtors

31,477

16,892

Cash at bank and in hand

4,167

8,557

35,644

25,449

Creditors: amounts falling due within one year

(12,704)

(11,190)

Net current assets

22,940

14,259

Total assets less current liabilities

23,720

15,177

Provisions for liabilities

(156)

(184)

23,564

14,993

Capital and reserves

Called up share capital

300

Other reserves

23,000

Profit and loss account

264

(8,307)

Shareholders' funds

23,564

14,993

For the financial year ended 31 October 2015 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 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 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 29 July 2016

P Shelton-Smith

Director

Company Registration No. SC094886

AIRNAUTIC MARINE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

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 April 2008).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue earned under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done, reflecting any uncertainties as to outcome or recoverability. Revenue contingent on events outside the control of the business is recognised when the contingent event occurs.

Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress payments on account. Payments on account received in excess of revenue are included in creditors.

Costs attributable to revenue are included in cost of sales. Costs not attributable to revenue are included in work in progress.

1.3

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:

Computer equipment

33% straight line per annum

Fixtures, fittings & equipment

15% reducing balance per annum

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 November 2014 & at 31 October 2015

7,452

Depreciation

At 1 November 2014

6,534

Charge for the year

138

At 31 October 2015

6,672

Net book value

At 31 October 2015

780

At 31 October 2014

918

AIRNAUTIC MARINE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 4 -

Share capital

2015

2014

Allotted, called up and fully paid

300 Ordinary shares of £1 each

300

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

P Shelton-Smith -

12,642

12,960

25,602

12,642

12,960

25,602