Company Registration No. 07077844 (England and Wales)
MARINE LAW SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
MARINE LAW SOLICITORS LIMITED
COMPANY INFORMATION
Directors
Mr B Young
Mr J D Crewdson
Company number
07077844
Registered office
3rd Floor
The Old Casino
1-4 Forth Lane
Newcastle upon Tyne
NE1 5HX
Accountants
Baldwins (Seaton Burn) Limited
32 Brenkley Way
Blezard Business Park
Seaton Burn
Newcastle upon Tyne
NE13 6DS
MARINE LAW SOLICITORS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MARINE LAW SOLICITORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,315
4,503
Current assets
Debtors
4
362,993
341,784
Cash at bank and in hand
144,624
289,050
507,617
630,834
Creditors: amounts falling due within one year
5
(168,564)
(282,944)
Net current assets
339,053
347,890
Total assets less current liabilities
343,368
352,393
Capital and reserves
Called up share capital
6
302
302
Profit and loss reserves
343,066
352,091
Total equity
343,368
352,393
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 7 December 2017 and are signed on its behalf by:
Mr B Young
Director
Company Registration No. 07077844
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Marine Law Solicitors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3rd Floor, The Old Casino, 1-4 Forth Lane, Newcastle upon Tyne, NE1 5HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT
.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
1.4
Contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 4).
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2016
9,196
Additions
1,178
Disposals
(772)
At 31 March 2017
9,602
Depreciation and impairment
At 1 April 2016
4,693
Depreciation charged in the year
1,079
Eliminated in respect of disposals
(485)
At 31 March 2017
5,287
Carrying amount
At 31 March 2017
4,315
At 31 March 2016
4,503
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
181,553
177,986
Amounts recoverable on contracts
165,000
145,000
Corporation tax recoverable
320
2,114
Other debtors
2,017
3,034
Prepayments and accrued income
14,103
13,650
362,993
341,784
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
603
519
Corporation tax
66,418
73,519
Other taxation and social security
143
868
Other creditors
94,021
199,286
Accruals and deferred income
7,379
8,752
168,564
282,944
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 A Ordinary shares of £1 each
100
100
100 B Ordinary shares of £1 each
100
100
100 C Ordinary shares of £1 each
100
100
2 D Ordinary shares of £1 each
2
2
302
302