Channel FPSO Systems Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06343043 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Channel FPSO Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Michael William Stephens

REGISTERED OFFICE:

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

BUSINESS ADDRESS:

36 Sissinghurst Road

Portchester

Fareham

Hampshire

PO16 9YB

REGISTERED NUMBER:

06343043 (England and Wales)

ACCOUNTANTS:

KT Accountants Limited

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

FIXED ASSETS

Tangible assets

4

-

414

CURRENT ASSETS

Debtors

5

542

771

Cash at bank

-

19,790

542

20,561

CREDITORS

Amounts falling due within one year

6

540

1,035

NET CURRENT ASSETS

2

19,526

TOTAL ASSETS LESS CURRENT LIABILITIES

2

19,940

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

-

19,938

SHAREHOLDERS' FUNDS

2

19,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 23 February 2018 and were signed by:

Michael William Stephens - Director

1.	STATUTORY INFORMATION

Channel FPSO Systems Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be

found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2016

2,348

Disposals

(2,348

)

At 31 August 2017

-

DEPRECIATION

At 1 September 2016

1,934

Eliminated on disposal

(1,934

)

At 31 August 2017

-

NET BOOK VALUE

At 31 August 2017

-

At 31 August 2016

414

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Directors' current accounts

18

-

Tax

524

771

542

771

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Directors' current accounts

-

15

Accrued expenses

540

1,020

540

1,035

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 August 2017 and 31 August 2016:

31.8.17

31.8.16

£

£

Michael William Stephens

Balance outstanding at start of year

(15

)

(20

)

Amounts repaid

33

5

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18

(15

)

8.	ULTIMATE CONTROLLING PARTY

No one has a controlling interest in the company.