REGISTERED NUMBER: SC197040 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2012

for

Agrimarine Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr Ian Campbell MacArthur

Mrs Janis Elizabeth MacArthur

SECRETARY:

Mrs Janis Elizabeth MacArthur

REGISTERED OFFICE:

10 Manitoba

Balephuil

Scarinish

Isle of Tiree

PA77 6UE

REGISTERED NUMBER:

SC197040 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

2

244,518

773,911

CURRENT ASSETS

Stock

327,000

50,000

Debtors

276,497

571,419

Cash at bank and in hand

8,560

56,195

612,057

677,614

CREDITORS

Amounts falling due within one year

3

571,411

727,185

NET CURRENT ASSETS/(LIABILITIES)

40,646

(49,571

)

TOTAL ASSETS LESS CURRENT

LIABILITIES

285,164

724,340

CREDITORS

Amounts falling due after more than one year

(78,607

)

(136,018

)

PROVISIONS FOR LIABILITIES

(17,357

)

(38,572

)

ACCRUALS AND

DEFERRED INCOME

-

(31,072

)

NET ASSETS

189,200

518,678

CAPITAL AND RESERVES

Called up share capital

4

200

200

Profit and loss account

189,000

518,478

SHAREHOLDERS' FUNDS

189,200

518,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2012.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2012 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 26 March 2013 and were signed on its behalf by:

Mr Ian Campbell MacArthur - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, net of value added

tax. The majority of the company's revenue arises from civil engineering contracts.

Civil engineering contracts

Revenue arises from increases in valuations on contracts. Where the outcome of a construction

contract can be estimated reliably and it is probable that the contract will be profitable, revenue and

cost are recognised by reference to the stage of completion of the contract activity at the statement of

financial position date.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is

recognised as an expense immediately.

Variations and claims are included in revenue where it is probable that the amount, which can be

measured reliably, will be recovered from the customer.

Construction work in progress is stated at cost plus profit recognised to date less provision for

foreseeable losses and less amounts billed and is included in amounts recoverable on contracts. Costs

includes all expenditure related to specific projects and an appropriate allocation of fixed and variable

overheads based on normal operating capacity. Amounts valued and billed to customers are included

in trade debtors. Where cash received from customers exceeds the value of work performed, the

amount is included in creditors.

Other revenue

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the

goods have been transferred to the buyer. Revenue from services is recognised when the service is

provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold quarry

-

5% on cost

Plant and machinery

-

20% on cost

Fittings and equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow

moving stocks. Net realisable value is based on selling price less anticipated costs to completion and

selling costs.

Deferred tax

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

the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

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 the profit and loss account in the period to which they

relate.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are

released to profit over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which

they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2011

1,172,403

Additions

77,528

Disposals

(760,625

)

At 31 August 2012

489,306

DEPRECIATION

At 1 September 2011

398,492

Charge for year

98,473

Eliminated on disposal

(252,177

)

At 31 August 2012

244,788

NET BOOK VALUE

At 31 August 2012

244,518

At 31 August 2011

773,911

3.

CREDITORS

Creditors include an amount of £ 30,519 (2011 - £ 10,085 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2012

2011

value:

£

£

200

Ordinary

£1

200

200

5.	TRANSACTIONS WITH DIRECTORS

The following loan to directors subsisted during the years ended 31 August 2012 and 31 August 2011:

2012

2011

£

£

Mr Ian Campbell MacArthur

Balance outstanding at start of year

43,804

-

Amounts advanced

-

157,693

Amounts repaid

(43,804

)

(113,889

)

Balance outstanding at end of year

-

43,804