DASIC_MARINE_LIMITED - Accounts

DASIC MARINE LIMITED - Company Information

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Company Registration No. 00914692 (England and Wales)

DASIC MARINE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2016

3 Acorn Business Centre

Northarbour Road

Cosham

Portsmouth

United Kingdom

PO6 3TH

DASIC MARINE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

DASIC MARINE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

69,507

75,118

Investments

69,508

75,119

Current assets

Stocks

574,648

588,772

Debtors

320,429

187,865

Cash at bank and in hand

166,525

226,461

1,061,602

1,003,098

Creditors: amounts falling due within one year

(316,533)

(285,410)

Net current assets

745,069

717,688

Total assets less current liabilities

814,577

792,807

Provisions for liabilities

(8,652)

(9,184)

805,925

783,623

Capital and reserves

Called up share capital

22,800

Other reserves

7,200

Profit and loss account

775,925

753,623

Shareholders' funds

805,925

783,623

DASIC MARINE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2016

- 2 -

For the financial year ended 30 April 2016 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 23 January 2017

Miss A. C. Murray

Director

Company Registration No. 00914692

DASIC MARINE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Accounting policies

1.1

Basis of accounting

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:

Leasehold property

4% straight line

Plant & machinery

10% - 25% straight line

Computer Equipment

10% straight line

Motor vehicles

20% straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

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

1.7

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.8

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.

1.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

DASIC MARINE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

Accounting policies

(Continued)

- 4 -

1.10

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.

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 May 2015

229,917

229,918

Additions

8,713

At 30 April 2016

238,630

238,631

Depreciation

At 1 May 2015

154,799

Charge for the year

14,324

At 30 April 2016

169,123

Net book value

At 30 April 2016

69,507

69,508

At 30 April 2015

75,118

75,119

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Dasic Tankclean Limited

Ordinary

100.00

DASIC MARINE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

Fixed assets

(Continued)

- 5 -

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Dasic Tankclean Limited

Dormant

Share capital

2016

2015

Allotted, called up and fully paid

11,400 Ordinary shares of £1 each

11,400

11,400 Ordinary A shares of £1 each

11,400

22,800