Weymouth Watercraft Limited - Period Ending 2019-03-31
Weymouth Watercraft Limited - Period Ending 2019-03-31
Company registration number:
for the Year Ended
Weymouth Watercraft Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Weymouth Watercraft Limited
(Registration number: 03720811)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(19,184) |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
105,222 |
- |
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Profit and loss reserve |
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Total equity |
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Weymouth Watercraft Limited
(Registration number: 03720811)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
These financial statements are presented in Sterling (£).
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Investment property
Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
The company is run and administered by the director of the company for whom no formal contract of service is in place
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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Transfers to/from investment property |
( |
( |
At 31 March 2019 |
- |
- |
Carrying amount |
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At 31 March 2019 |
- |
- |
At 31 March 2018 |
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Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Investment properties |
2019 |
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Transfers to/from investment property |
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Fair value adjustments |
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At 31 March 2019 |
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The investment property class of fixed asset was adjusted on 31 March 2019 to fair value by Mr P Jones, who is internal to the company. The basis of the valuation was open market value.
The class of asset has a current value of £170,000 and a carrying amount of historical cost of £45,594. The depreciation on this historical cost is nil.
There has been no valuation of investment property by an independent valuer.
Debtors |
2019 |
2018 |
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Trade debtors |
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Corporation tax |
- |
8,495 |
Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Taxation and social security |
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Corporation tax |
1,426 |
1,451 |
Other creditors |
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Related party transactions |
Other transactions with directors |
During the year the director maintained an interest free loan, which is repayable on demand. At the balance sheet date the amount due to the director was £8,927 (2018 - £2,516).