REGISTERED NUMBER: SC106137 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

PETERHEAD MARINE ELECTRICS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTOR:

Mr E J Anderson

SECRETARY:

M & Glennie

REGISTERED OFFICE:

8 Bridge Street

Peterhead

AB42 1DH

REGISTERED NUMBER:

SC106137 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

Bank of Scotland plc

32 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

SOLICITORS:

Masson & Glennie

Solicitors

Broad House

Broad Street

Peterhead

AB42 1HY

FIXED ASSETS

Tangible assets

4

60,000

44,115

CURRENT ASSETS

Stocks

145,230

128,917

Debtors

602,584

467,313

Cash at bank and in hand

641,149

734,274

1,388,963

1,330,504

CREDITORS

Amounts falling due within one year

(196,895

)

(205,092

)

NET CURRENT ASSETS

1,192,068

1,125,412

TOTAL ASSETS LESS CURRENT LIABILITIES

1,252,068

1,169,527

PROVISIONS FOR LIABILITIES

(11,400

)

(8,903

)

NET ASSETS

1,240,668

1,160,624

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,240,568

1,160,524

SHAREHOLDERS' FUNDS

1,240,668

1,160,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 31 March 2018 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 director on 18 December 2018 and were signed by:

Mr E J Anderson - Director

1.	STATUTORY INFORMATION

Peterhead Marine Electrics Limited is a private company, limited by shares , registered in Scotland. 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 represents net invoiced sales of goods and services and amounts receivable under service contracts excluding value

added tax adjusted for movement in contracts in progress.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 12.5% on cost

Stocks

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

and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing

stocks to their present location and condition.

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.

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 14 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

164,852

Additions

40,439

Disposals

(14,437

)

At 31 March 2018

190,854

DEPRECIATION

At 1 April 2017

120,737

Charge for year

19,979

Eliminated on disposal

(9,862

)

At 31 March 2018

130,854

NET BOOK VALUE

At 31 March 2018

60,000

At 31 March 2017

44,115

5.	DIVIDENDS PAID TO DIRECTORS

Ordinary dividends paid to directors in their capacity as shareholders during the year include £8,000 to Mr E J Anderson

(2017 - £8,000) and £3,000 to Mr J G Anderson (2017 - £3,000).

6.	ULTIMATE CONTROLLING PARTY

Eric Anderson, a director, controls the company by virtue of a controlling interest of 67% of the issued ordinary share capital.