Weymouth Watercraft Limited - Period Ending 2020-03-31

Weymouth Watercraft Limited - Period Ending 2020-03-31


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Registration number: 03720811

Weymouth Watercraft Limited

Annual Report and Unaudited Financial Statements Year Ended 31 March 2020

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Chartered Accountants

 

Weymouth Watercraft Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 6

 

Weymouth Watercraft Limited

Company Information

Director

Mr P Jones

Company secretary

Mrs H Jones

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Weymouth Watercraft Limitedfor the Year Ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Weymouth Watercraft Limited for the year ended 31 March 2020 as set out on pages 3 to 6 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 Weymouth Watercraft Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2020. Our work has been undertaken solely to prepare for your approval the accounts of Weymouth Watercraft Limited and state those matters that we have agreed to state to the Board of Directors of Weymouth Watercraft 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 Weymouth Watercraft Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Weymouth Watercraft 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 Weymouth Watercraft Limited. You consider that Weymouth Watercraft 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 Weymouth Watercraft 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.






Edwards & Keeping
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

12 January 2021

 

Weymouth Watercraft Limited

(Registration number: 03720811)
Balance Sheet as at 31 March 2020

Note

2020

2019

   

£

£

£

£

Fixed assets

   

 

Investment property

4

 

170,000

 

170,000

Current assets

   

 

Debtors

5

142,576

 

61,796

 

Cash at bank and in hand

 

4,950

 

73,244

 

 

147,526

 

135,040

 

Creditors: Amounts falling due within one year

6

(21,850)

 

(15,608)

 

Net current assets

   

125,676

 

119,432

Total assets less current liabilities

   

295,676

 

289,432

Provisions for liabilities

 

(19,184)

 

(19,184)

Net assets

   

276,492

 

270,248

Capital and reserves

   

 

Called up share capital

60

 

60

 

Fair value reserve

105,222

 

105,222

 

Profit and loss account

171,210

 

164,966

 

Total equity

   

276,492

 

270,248

For the financial year ending 31 March 2020 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 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.

Approved and authorised by the director on 10 January 2021
 


Mr P Jones
Director

   
     
 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2020

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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external 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 2020

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4

Investment properties

2020
£

At 1 April 2019

170,000

At 31 March

170,000

The investment property class of fixed assets was adjusted on 31 March 2019 to fair value by Mr P Jones, who is internal to the company. The basis of valuation was open market value. The property had previously been used as a trading asset and carried at a value of £45,594, but was reclassified as an investment property.

The class of assets has a current value of £170,000 (2019 £170,000) and a carrying amount at historical cost of £56,594 (2019 £56,594). The depreciation on this historical cost is nil (2019 £nil).

There has been no valuation of investment property by an independent valuer.

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2020

5

Debtors

2020
£

2019
£

Trade debtors

9,993

9,993

Other debtors

132,583

51,803

142,576

61,796

6

Creditors

Creditors: amounts falling due within one year

2020
£

2019
£

Due within one year

Taxation and social security

4,091

4,091

Other creditors

17,759

11,517

21,850

15,608

7

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 £15,574 (2019 £8,927)