Company Registration No. 10491719 (England and Wales)
SUPERIOR MARINE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
SUPERIOR MARINE INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SUPERIOR MARINE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
900
Investments
4
100
100
100
1,000
Current assets
Debtors
5
26,990
54,221
Cash at bank and in hand
2,373
11,383
29,363
65,604
Creditors: amounts falling due within one year
6
(457,216)
(329,206)
Net current liabilities
(427,853)
(263,602)
Total assets less current liabilities
(427,753)
(262,602)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(427,853)
(262,702)
Total equity
(427,753)
(262,602)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 30 September 2019 and are signed on its behalf by:
J B ABAJO
J B Abajo
Director
Company Registration No. 10491719
SUPERIOR MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Superior Marine International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
C/O King & Spalding International Llp, 125 Old Broad Street, London, EC2N 1AR.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 December 201
8
the compay had net liabilities of £
427,
753. Included within these liabilities is a
loan payable to related parties of £
451,675
. The related parties have confirmed that they will not
demand repayment of these loans within the next 12 months and will continue to support the
company.
The director, having made due and careful enquiry, is of the opinion that the company has
adequate working capital to execute its operations over the next 12 months. The director, therefore,
has made an informed judgement, at the time of approving these financial statements, that there is
a reasonable expectation that the company has adequate resources to continue in operational
existence for the foreseeable future. As a result, the director has continued to adopt the going
concern basis of accounting in preparing the annual financial statements.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Computers
4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
SUPERIOR MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2
).
SUPERIOR MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
1,200
Disposals
(1,200)
At 31 December 2018
-
Depreciation and impairment
At 1 January 2018
300
Eliminated in respect of disposals
(300)
At 31 December 2018
-
Carrying amount
At 31 December 2018
-
At 31 December 2017
900
4
Fixed asset investments
2018
2017
£
£
Investments
100
100
Movements in fixed asset investments
Investments in subsidiary companies
£
Cost or valuation
At 1 January 2018 & 31 December 2018
100
Carrying amount
At 31 December 2018
100
At 31 December 2017
100
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
26,990
54,221
SUPERIOR MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,140
22
Amounts owed to related parties *
451,675
322,635
Taxation and social security
-
1,331
Other creditors
4,401
5,218
457,216
329,206
* The Company entered into a revolving loan agreement with a related party.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
-
168,750
The office lease was terminated during 2018.
8
Related party transactions
During the year, the company received
loan advances from a related party
of £163,195 and made advances of £34,155 to related parties. The balance at the year end was £451,675 due by the company (2017: £3
2
2,635).