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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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COLIN RATTIGAN MARINE ENGINEERING |
LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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FOR |
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COLIN RATTIGAN MARINE ENGINEERING |
LIMITED |
COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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COLIN RATTIGAN MARINE ENGINEERING |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Custom House |
The Strand |
Barnstaple |
Devon |
EX31 1EU |
COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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BALANCE SHEET |
28 FEBRUARY 2017 |
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2017 | 2016 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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PROVISIONS FOR LIABILITIES | 10 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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BALANCE SHEET - continued |
28 FEBRUARY 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the director on
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COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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1. | STATUTORY INFORMATION |
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Colin Rattigan Marine Engineering Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | STATEMENT OF COMPLIANCE |
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The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities. There |
were no material departures from that standard. |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements for the year ended 28 February 2017 are the first financial statements that comply |
with FRS 102 Section 1A small entities. The date of transition is 1 March 2015. |
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The accounts have been prepared on the going concern basis. The director has considered the financial position |
of the company for the twelve months from the date of approving these financial statements and consider the |
going concern basis is appropriate. |
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The financial statements have been prepared under the historical cost convention as modified by the revaluation |
of certain fixed assets. |
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The financial statements are prepared in sterling which is the functional currency of the company and rounded to |
the nearest pound. |
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Income recognition |
Turnover represents net invoiced sales of goods and services, excluding value added tax and is derived from the |
ordinary activities. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has now been fully |
amortised. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investment property |
Investment property is included at fair value. Gains or losses are recognised in the income statement. Deferred |
taxation is provided on these gains at the rate expected to apply when the property is sold. |
COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are defined as a contract which gives rise to a financial asset of one entity and a financial |
liability or equity instrument of another entity. |
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Basic financial instruments are classified under section 11 of FRS102 and are held at amortised cost. These |
include cash, trade debtors and creditors, bank loans and other non-complicated loans. |
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Other financial instruments which are classified under section 12 of FRS102 and are measured as at fair value |
through the profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Going concern |
The company is dependant on the continued support of the director. |
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It is the intention of the director that the company will continue in its trading activities for a period of at least |
twelve months from the date of approval of these financial statements. |
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The director, being sufficiently knowledgeable, considers that the company will be commercially able to |
continue trading in the current economic climate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2016 |
and 28 February 2017 |
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AMORTISATION |
At 1 March 2016 |
and 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2016 |
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Disposals |
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( |
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Reclassification/transfer | ( |
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( |
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At 28 February 2017 |
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DEPRECIATION |
At 1 March 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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( |
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Reclassification/transfer | ( |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 29 February 2016 |
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7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Reclassification/transfer |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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During the year Freehold Property was reclassified as Investment Property due to the leasing of the property to a |
third party. |
COLIN RATTIGAN MARINE ENGINEERING |
LIMITED (REGISTERED NUMBER: 06807865) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Other debtors |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
as restated |
£ | £ |
Trade creditors |
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Tax |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
as restated |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1 March 2016 |
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Decrease in provision | ( |
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Balance at 28 February 2017 |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed the
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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13. | TRANSITION TO FRS 102 |
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The company transitions to FRS 102 from previously extant UK GAAP as at 1 March 2015. |
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There was no impact in accounting policies from the transition to FRS 102. |