Year Ended
Registration number:
Marine IP Limited
Balance Sheet
31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
- |
|
Profit and loss account |
( |
( |
|
Total equity |
|
( |
Page 1 |
Marine IP Limited
Balance Sheet
31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
P R S Hancock
Director
Company Registration Number: 09028710
Page 2 |
Marine IP Limited
Statement of Changes in Equity
Year Ended 31 December 2016
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
|
At 31 December 2016 |
|
|
( |
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
( |
( |
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2015 |
|
( |
( |
Page 3 |
Marine IP Limited
Notes to the Financial Statements
Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Lower Seaforth House
Bath Road
Lymington
Hampshire
SO41 3RW
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 January 2015. There is no material impact on the reported financial position and financial performance.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Page 4 |
Marine IP Limited
Notes to the Financial Statements
Year Ended 31 December 2016
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Scorpion Rib |
20% straight line basis |
Plant and machinery |
10% straight line basis |
Fixtures and fittings |
10% straight line basis |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intellectual property |
10% straight line basis |
Page 5 |
Marine IP Limited
Notes to the Financial Statements
Year Ended 31 December 2016
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Intangible assets |
Intellectual property |
Total |
|
Cost or valuation |
||
At 1 January 2016 |
|
|
At 31 December 2016 |
|
|
Amortisation |
||
At 1 January 2016 |
|
|
Amortisation charge |
|
|
At 31 December 2016 |
|
|
Carrying amount |
||
At 31 December 2016 |
|
|
At 31 December 2015 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 6 |
Marine IP Limited
Notes to the Financial Statements
Year Ended 31 December 2016
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
Additions |
- |
|
|
At 31 December 2016 |
|
|
|
Depreciation |
|||
At 1 January 2016 |
|
|
|
Charge for the year |
|
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
|
|
|
At 31 December 2015 |
|
|
|
Debtors |
Note |
2016 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
Page 7 |
Marine IP Limited
Notes to the Financial Statements
Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to group undertakings |
- |
|
|
Social security and other taxes |
- |
|
|
Other creditors |
|
- |
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2016 |
2015 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date, the amount owed from Versadock International Limited was £103,349 (2015: owed to Versadock International Limited - £24,405).
Page 8 |