Weymouth Watercraft Limited - Period Ending 2019-03-31

Weymouth Watercraft Limited - Period Ending 2019-03-31


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Company registration number: 03720811

Weymouth Watercraft Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

 

Weymouth Watercraft Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 5

 

Weymouth Watercraft Limited

(Registration number: 03720811)
Balance Sheet as at 31 March 2019

Note

2019
 £

2018
 £

Fixed assets

 

Tangible assets

4

-

37,586

Investment property

5

170,000

-

 

170,000

37,586

Current assets

 

Debtors

6

61,796

82,486

Cash at bank and in hand

 

73,244

47,658

 

135,040

130,144

Creditors: Amounts falling due within one year

7

(15,608)

(9,198)

Net current assets

 

119,432

120,946

Total assets less current liabilities

 

289,432

158,532

Provisions for liabilities

 

Deferred tax liabilities

 

(19,184)

-

Net assets

 

270,248

158,532

Capital and reserves

 

Called up share capital

60

60

Fair value reserve

 

105,222

-

Profit and loss reserve

164,966

158,472

Total equity

 

270,248

158,532

 

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:

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 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 director on 19 December 2019 .
 


Mr P Jones
Director

   
 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2019

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:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2018 - 1).

The company is run and administered by the director of the company for whom no formal contract of service is in place

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2018

37,586

37,586

Additions

8,008

8,008

Transfers to/from investment property

(45,594)

(45,594)

At 31 March 2019

-

-

Carrying amount

At 31 March 2019

-

-

At 31 March 2018

37,586

37,586

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2019

5

Investment properties

2019
 £

Transfers to/from investment property

45,594

Fair value adjustments

124,406

At 31 March 2019

170,000

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.

6

Debtors

2019
 £

2018
 £

Trade debtors

9,993

12,693

Corporation tax

-

8,495

Other debtors

51,803

61,298

Total current trade and other debtors

61,796

82,486

7

Creditors

Creditors: amounts falling due within one year

2019
£

2018
£

Due within one year

Taxation and social security

4,091

4,091

Corporation tax

1,426

1,451

Other creditors

10,091

3,656

15,608

9,198

8

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).