Company Registration No. 07077844 (England and Wales)
MARINE LAW SOLICITORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
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 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,786
4,315
Current assets
Debtors
4
303,440
362,993
Cash at bank and in hand
214,666
144,624
518,106
507,617
Creditors: amounts falling due within one year
5
(137,100)
(168,564)
Net current assets
381,006
339,053
Total assets less current liabilities
434,792
343,368
Capital and reserves
Called up share capital
6
302
302
Profit and loss reserves
434,490
343,066
Total equity
434,792
343,368
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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 10 December 2018 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 2018
- 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
Motor vehicles
25% 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 2018
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 3 (2017 - 4).
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2017
9,602
-
9,602
Additions
593
66,479
67,072
At 31 March 2018
10,195
66,479
76,674
Depreciation and impairment
At 1 April 2017
5,287
-
5,287
Depreciation charged in the year
981
16,620
17,601
At 31 March 2018
6,268
16,620
22,888
Carrying amount
At 31 March 2018
3,927
49,859
53,786
At 31 March 2017
4,315
-
4,315
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
138,937
181,553
Amounts recoverable on contracts
150,000
165,000
Corporation tax recoverable
-
320
Other debtors
80
2,017
Prepayments and accrued income
14,423
14,103
303,440
362,993
MARINE LAW SOLICITORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
378
603
Corporation tax
66,607
66,418
Other taxation and social security
11,171
143
Other creditors
51,121
94,021
Accruals and deferred income
7,823
7,379
137,100
168,564
6
Called up share capital
2018
2017
£
£
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