Airsub International Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03589162 (England and Wales)

Airsub International Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs T A Richards

Mrs P A Knight

Mrs P A Gordon

SECRETARY:

Mrs T A Richards

REGISTERED OFFICE:

Pelagic House

Dunkeswell

Honiton

Devon

EX14 4RB

REGISTERED NUMBER:

03589162 (England and Wales)

ACCOUNTANTS:

BJ Dixon Walsh Ltd

Rumwell Hall

Rumwell

Taunton

Somerset

TA4 1EL

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

6,373

7,498

6,373

7,498

CURRENT ASSETS

Stocks

162,985

171,962

Debtors

46,012

60,906

Cash at bank and in hand

42

76

209,039

232,944

CREDITORS

Amounts falling due within one year

4

353,268

332,439

NET CURRENT LIABILITIES

(144,229

)

(99,495

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(137,856

)

(91,997

)

CREDITORS

Amounts falling due after more than one
year

249,746

267,404

NET LIABILITIES

(387,602

)

(359,401

)

CAPITAL AND RESERVES

Called up share capital

5

400

Retained earnings

(388,002

)

(359,801

)

SHAREHOLDERS' FUNDS

(387,602

)

(359,401

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 25 July 2016 and were signed on its
behalf by:

Mrs T A Richards - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over

the useful economic life of that asset as follows:

Goodwill

-

Straight line over 10 years

Trademarks

-

Straight line over 5 years

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

-

15% on reducing balance

Fixtures and fittings

-

33% on reducing balance and 15% on reducing balance

All fixed assets are initially recorded at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument

is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Going concern

The company meets its day to day working capital requirements through an overdraft facility which is

payable on demand. Oceanic (SW) Ltd have given a guarantee in favour of the company's bankers for

£150,000, plus interest, in respect of the bank borrowings of Airsub International Ltd.

During the year the company has worked with its bankers to reduce its bank debt. The company's

bankers have agreed £10,000 facilities to 31/1/2016.

While the directors have prepared financial forecasts which indicate that the company will be able to

meet its day to day working capital requirements through the existing bank facilities, the going concern

of the business will be dependent on the company being able to trade within these facilities and the

facilities remaining available. Oceanic (SW) Ltd and their parent company, American Underwater

Products Inc, have indicated their willingness to provide support to Airsub International Ltd.

In addition Oceanic (SW) Ltd have provided the company with an interest free loan, which at the

balance sheet date amounted to £249,746 (2014: £267,404). The directors of Oceanic (SW) Ltd have

confirmed that they will not demand repayment of this if doing so would cause the company to be

unable to pay other liabilities as they fall due.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

34,654

AMORTISATION

At 1 January 2015

and 31 December 2015

34,654

NET BOOK VALUE

At 31 December 2015

-

At 31 December 2014

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

81,578

DEPRECIATION

At 1 January 2015

74,080

Charge for year

1,125

At 31 December 2015

75,205

NET BOOK VALUE

At 31 December 2015

6,373

At 31 December 2014

7,498

4.

CREDITORS

Creditors include an amount of £ 8,250 (2014 - £ 8,801 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

400

Ordinary shares

£1

400