SALACIA_MARINE_SALVAGE_LT - Accounts

SALACIA MARINE SALVAGE LIMITED - Company Information

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Company Registration No. 07646082 (England and Wales)

SALACIA MARINE SALVAGE LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

SALACIA MARINE SALVAGE LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SALACIA MARINE SALVAGE LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

46,075

53,552

Current assets

Debtors

150

13,750

Cash at bank and in hand

33,297

119,777

33,447

133,527

Creditors: amounts falling due within one year

(12,789)

(19,145)

Net current assets

20,658

114,382

Total assets less current liabilities

66,733

167,934

Creditors: amounts falling due after more than one year

(2,377)

(2,577)

64,356

165,357

Capital and reserves

Called up share capital

1,659

1,459

Share premium account

470,179

Profit and loss account

(407,482)

(306,281)

Shareholders' funds

64,356

165,357

For the financial year ended 31 May 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 22 February 2017

Mr M G Asplin

Director

Company Registration No. 07646082

SALACIA MARINE SALVAGE LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 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).

The accounts have been prepared on the going concern basis. The Directors have given an undertaking to support the company so that it can meet its liabilities.

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

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:

Fixtures, fittings & equipment

25% straight line

Motor vehicles

25% reducing balance

Fixed assets

Tangible assets

Cost

At 1 June 2015

82,844

Additions

10,092

At 31 May 2016

92,936

Depreciation

At 1 June 2015

29,292

Charge for the year

17,569

At 31 May 2016

46,861

Net book value

At 31 May 2016

46,075

At 31 May 2015

53,552

SALACIA MARINE SALVAGE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

165,900 ordinary shares of 1p each

1,659

1,459