REGISTERED NUMBER: NI061604 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

ABCO MARINE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J V P Osborne

B H Osborne

SECRETARY:

J V P Osborne

REGISTERED OFFICE:

282 Moira Road

Lisburn

Antrim

BT28 2TU

REGISTERED NUMBER:

NI061604 (Northern Ireland)

AUDITORS:

M.B.Mc Grady & Co

Chartered Accountants

Registered Auditor

Rathmore House

52 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DS

FIXED ASSETS

Tangible assets

4

856,620

878,124

Investments

5

179

179

856,799

878,303

CURRENT ASSETS

Stocks

1,129,926

83,061

Debtors

1,109,538

1,447,960

Cash at bank

257,439

836,255

2,496,903

2,367,276

CREDITORS

Amounts falling due within one year

2,544,475

1,888,531

NET CURRENT (LIABILITIES)/ASSETS

(47,572

)

478,745

TOTAL ASSETS LESS CURRENT LIABILITIES

809,227

1,357,048

PROVISIONS FOR LIABILITIES

-

57,721

NET ASSETS

809,227

1,299,327

CAPITAL AND RESERVES

Called up share capital

80

80

Capital redemption reserve

7

20

20

Retained earnings

7

809,127

1,299,227

SHAREHOLDERS' FUNDS

809,227

1,299,327

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 October 2017 and were signed on its behalf by:

J V P Osborne - Director

1.	STATUTORY INFORMATION

ABCO MARINE LTD is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost, 25% on cost and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2016

1,277,458

Additions

78,112

Disposals

(35,750

)

At 30 April 2017

1,319,820

DEPRECIATION

At 1 May 2016

399,334

Charge for year

91,216

Eliminated on disposal

(27,350

)

At 30 April 2017

463,200

NET BOOK VALUE

At 30 April 2017

856,620

At 30 April 2016

878,124

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 May 2016

and 30 April 2017

179

NET BOOK VALUE

At 30 April 2017

179

At 30 April 2016

179

Investments relate to 100% of the shareholding in ABCO Marine Ireland Limited, a company incorporated in the

Republic of Ireland.

6.	SECURED DEBTS

Danske Bank hold a floating charge over company assets as security for total exposure.

7.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 May 2016

1,299,227

20

1,299,247

Deficit for the year

(410,100

)

(410,100

)

Dividends

(80,000

)

(80,000

)

At 30 April 2017

809,127

20

809,147

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Conaill McGrady (Senior Statutory Auditor)

for and on behalf of M.B.Mc Grady & Co

9.	CONTINGENT LIABILITIES

The company holds Domestic Guarantees facilities in the amount of £600,000 with Danske Bank.

10.	RELATED PARTY DISCLOSURES

Danske Bank hold an inter-company cross guarantee in favour of ABCO DIVERS LIMITED, an associated

company.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Hippocampus Holdings Limited.

The ultimate controlling party is the shareholders of Hippocampus Holdings Limited.