BROWNSEA ISLAND FERRIES LIMITED
BROWNSEA ISLAND FERRIES LIMITED
Company No:
BROWNSEA ISLAND FERRIES LIMITED
Unaudited Financial Statements
For the financial year ended 31 March 2021
Pages for filing with the registrar
For the financial year ended 31 March 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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465,069 | 484,657 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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81,483 | 131,734 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current (liabilities)/assets | (66,181) | 12,007 | ||
Total assets less current liabilities | 398,888 | 496,664 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provisions for liabilities | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Directors' responsibilities:
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The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Brownsea Island Ferries Limited (registered number:
David Anthony Beyer Hedgeman
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Brownsea Island Ferries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom and the principal place of business is Hethfelton Offices, East Stoke, Wareham, Dorset, BH20 6HJ.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Brownsea Island Ferries Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover
Employee benefits
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Plant and machinery - 15% Reducing balance
Boats - 5% Reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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3. Tangible assets
Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2020 |
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Additions |
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At 31 March 2021 |
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Accumulated depreciation | |||||
At 01 April 2020 |
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Charge for the financial year |
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At 31 March 2021 |
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Net book value | |||||
At 31 March 2021 |
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At 31 March 2020 |
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4. Debtors
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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5. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Other creditors |
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Corporation tax |
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Other taxation and social security |
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6. Creditors: amounts falling due after more than one year
2021 | 2020 | ||
£ | £ | ||
Other creditors |
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7. Ultimate controlling party