Sobell Rhodes LLP
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG

Aalmar Surveys Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Aalmar Surveys Limited

Company Information

Directors

C M Bryer A J Coleman K W Fulker

Company secretary

C M Bryer

Registered office

The Penthouse 35 Soda Studios 268 Kingsland Road London E8 4BH

Accountants

Sobell Rhodes LLP Ground Floor Unit 501 Centennial Park Centennial Avenue Elstree, Borehamwood Hertfordshire WD6 3FG

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Aalmar Surveys Limited
for the Year Ended 31 December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Aalmar Surveys Limited for the year ended 31 December 2018 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Aalmar Surveys Limited, as a body, in accordance with the terms of our engagement letter dated 8 April 2019. Our work has been undertaken solely to prepare for your approval the accounts of Aalmar Surveys Limited and state those matters that we have agreed to state to the Board of Directors of Aalmar Surveys Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aalmar Surveys Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Aalmar Surveys Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Aalmar Surveys Limited. You consider that Aalmar Surveys Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Aalmar Surveys Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sobell Rhodes LLP
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG

30 April 2019

Page 2

Aalmar Surveys Limited

(Registration number: 1330551)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	5	96,987	37,881
Investments	6	638	638
		97,625	38,519
Current assets
Debtors	7	228,436	286,257
Cash at bank and in hand		137,621	209,096
		366,057	495,353
Creditors: Amounts falling due within one year	8	(185,027)	(272,816)
Net current assets		181,030	222,537
Total assets less current liabilities		278,655	261,056
Provisions for deferred tax		(16,311)	(1,619)
Net assets		262,344	259,437
Capital and reserves
Called up share capital	9	100	100
Profit and loss account		262,244	259,337
Total equity		262,344	259,437

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Aalmar Surveys Limited

(Registration number: 1330551)
Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 18 April 2019 and signed on its behalf by:
 

.........................................

C M Bryer
Company secretary and director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Aalmar Surveys Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	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 Penthouse
35 Soda Studios
268 Kingsland Road
London
E8 4BH

2	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.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small sized group as set out in section 383 of the Companies Act 2016. The company has therefore taken advantage of the exemptions provided by Section 399 (2A) of the Companies Act 2006 not to prepare group accounts.

Contract revenue recognition

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

Aalmar Surveys Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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
Motor vehicles	15% straight line
Fixtures, fittings, tools and equipment	20% straight line
Survey equipment	20% straight line
Yatch	10 years of useful economic life

Investments

Investments in subsidiaries is measured at cost less any accumulated impairment losses.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Page 6

Aalmar Surveys Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event and, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2017 - 9).

4

Taxation

Tax charged/(credited) in the income statement

	2018 £	2017 £
Current taxation
UK corporation tax	3,535	-
UK corporation tax adjustment to prior periods	(16,004)	-
	(12,469)	-
Deferred taxation
Arising from write-down or reversal of write-down of deferred tax asset	14,693	-
Tax expense in the income statement	2,224	-

Page 7

Aalmar Surveys Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5	Tangible assets

	Yatch £	Survey equipment £	Office equipment £	Motor vehicles  £
Cost or valuation
At 1 January 2018	-	3,375	9,526	29,995
Additions	74,250	112	3,170	-
At 31 December 2018	74,250	3,487	12,696	29,995
Depreciation
At 1 January 2018	-	2,119	2,708	187
Charge for the year	11,138	694	2,096	4,499
At 31 December 2018	11,138	2,813	4,804	4,686
Carrying amount
At 31 December 2018	63,112	674	7,892	25,309
At 31 December 2017	-	1,256	6,817	29,808

	Total £
Cost or valuation
At 1 January 2018	42,896
Additions	77,532
At 31 December 2018	120,428
Depreciation
At 1 January 2018	5,014
Charge for the year	18,427
At 31 December 2018	23,441
Carrying amount
At 31 December 2018	96,987
At 31 December 2017	37,881

Page 8

Aalmar Surveys Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6	Investments

	2018 £	2017 £
Investments in subsidiaries	638	638