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SUPERIOR MARINE INTERNATIONAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
Superior Marine International Limited is a limited liability company incorporated in the United Kingdom. The registered office is King & Spalding International LLP, 125 Old Broad Street, London, United Kingdom, EC2N 1AR.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
At 31 December 2017 the compay had net liabilities of £262,602. Included within these liabilities is a loan payable to related parties of £322,635. 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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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