Ocean Yacht Systems Limited - Period Ending 2016-03-31

Registration number: 02374705

Ocean Yacht Systems Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Thompson Jones Business Solutions Limited
Chartered Accountants
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Ocean Yacht Systems Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Ocean Yacht Systems Limited
(Registration number: 02374705)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					277,759			309,135
Current assets
Stocks					1,145,463			1,225,213
Debtors					420,873			451,688
Cash at bank and in hand					14,330			228,242
					1,580,666			1,905,143
Creditors: Amounts falling due within one year					(1,113,726)			(1,460,753)
Net current assets					466,940			444,390
Net assets					744,699			753,525
Capital and reserves
Called up share capital		4			250,000			250,000
Profit and loss account					494,699			503,525
Shareholders' funds					744,699			753,525

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 December 2016 and signed on its behalf by:

.........................................
D L Wilson
Company secretary

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Ocean Yacht Systems Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the supply of marine engineering services and products.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% on written down value
Fixtures and fittings	10% on written down value
Motor vehicles	25% on written down value

Research and development

Research and development costs are written off as incurred.

Stock and work in progress

Stock and work in progress are 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Ocean Yacht Systems Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		949,002			949,002
At 31 March 2016		949,002			949,002
Depreciation
At 1 April 2015		639,867			639,867
Charge for the year		31,376			31,376
At 31 March 2016		671,243			671,243
Net book value
At 31 March 2016		277,759			277,759
At 31 March 2015		309,135			309,135

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		798			2,381

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		250,000			250,000			250,000			250,000

5

Control

The company is controlled by the directors, who own 100% of the issued share capital of the holding company, Crosshatch Limited, a company registered in England and Wales.

Page 3