Company Registration No. 05906470 (England and Wales)
Vortec Marine Limited
Unaudited accounts
for the year ended 31 August 2017
Vortec Marine Limited
Unaudited accounts
Contents
Vortec Marine Limited
Company Information
for the year ended 31 August 2017
Company Number
05906470 (England and Wales)
Registered Office
Unit 16 The Slipway Marina Keep
Port Solent
Portsmouth
Hampshire
PO6 4TR
Accountants
Rigel Tax Services Limited
Riverside
Banavie
Fort William
Inverness-shire
PH33 7PD
Vortec Marine Limited
Statement of financial position
as at
31 August 2017
Cash at bank and in hand
62,662
142,470
Creditors: amounts falling due within one year
(85,536)
(109,555)
Net current assets
124,623
131,087
Total assets less current liabilities
124,623
163,190
Creditors: amounts falling due after more than one year
-
(9,250)
Provisions for liabilities
Net assets
124,623
147,410
Called up share capital
1
1
Profit and loss account
124,622
147,409
Shareholders' funds
124,623
147,410
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 May 2018.
R Collingwood
Director
Company Registration No. 05906470
Vortec Marine Limited
Notes to the Accounts
for the year ended 31 August 2017
Vortec Marine Limited is a private company, limited by shares, registered in England and Wales, registration number 05906470. The registered office is Unit 16 The Slipway Marina Keep, Port Solent, Portsmouth, Hampshire, PO6 4TR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 September 2015
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
3 years straight line
Computer equipment
3 years straight line
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Vortec Marine Limited
Notes to the Accounts
for the year ended 31 August 2017
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Total
At 1 September 2016
84,056
At 1 September 2016
51,953
5
Operating lease commitments
2017
2016
At 31 August 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
36,582
-
6
Transactions with related parties
During 2016 R Collingwood, the director, received dividends totalling £1,510.
The ultimate parent undertaking is Vortec Group Limited, Company Registration No 10185665, Registered Office address : Unit 16 The Slipway, Port Solent, Portsmouth, PO6 4TR.
The ultimate controlling party is Mr R Collingwood.
8
Average number of employees
During the year the average number of employees was 5 (2016: 3).