Avro Yachting Limited - Period Ending 2016-03-31

Avro Yachting Limited - Period Ending 2016-03-31


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Registration number: 08835674

Avro Yachting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

 

Avro Yachting Limited
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 4

 

Avro Yachting Limited
(Registration number: 08835674)
Abbreviated Balance Sheet at 31 March 2016

   

Note

   

31 March 2016
£

   

31 March 2015
£

 

Fixed assets

 

             

Intangible fixed assets

 

   

47,521

   

53,461

 

Tangible fixed assets

 

   

1,159

   

1,545

 
   

   

48,680

   

55,006

 

Current assets

 

             

Cash at bank and in hand

 

   

577

   

4,772

 

Creditors: Amounts falling due within one year

 

   

(43,362)

   

(22,921)

 

Net current liabilities

 

   

(42,785)

   

(18,149)

 

Total assets less current liabilities

 

   

5,895

   

36,857

 

Creditors: Amounts falling due after more than one year

 

   

-

   

(30,000)

 

Net assets

 

   

5,895

   

6,857

 

Capital and reserves

 

             

Called up share capital

 

3

   

700

   

700

 

Share premium account

 

   

9,900

   

9,900

 

Profit and loss account

 

   

(4,705)

   

(3,743)

 

Shareholders' funds

 

   

5,895

   

6,857

 

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 23 December 2016 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

 

Avro Yachting Limited
(Registration number: 08835674)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
T Davies
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

Avro Yachting 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 sale of services to customers. Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under contracted terms. For incomplete contracts, an assessment is made of the extent to which turnover has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class

Amortisation method and rate

Purchased goodwill

Straight line basis over 10 years

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

Office equipment

20% on a straight line basis

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.

 

Avro Yachting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2

Fixed assets

   

Intangible assets
£

   

Tangible assets
£

   

Total
£

 

Cost

                 

At 1 April 2015

 

59,401

   

1,931

   

61,332

 

At 31 March 2016

 

59,401

   

1,931

   

61,332

 

Depreciation

                 

At 1 April 2015

 

5,940

   

386

   

6,326

 

Charge for the year

 

5,940

   

386

   

6,326

 

At 31 March 2016

 

11,880

   

772

   

12,652

 

Net book value

                 

At 31 March 2016

 

47,521

   

1,159

   

48,680

 

At 31 March 2015

 

53,461

   

1,545

   

55,006

 

3

Share capital

Allotted, called up and fully paid shares

 

31 March 2016

31 March 2015

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £0.01 each

 

70,000

   

700

   

70,000

   

700

 

Preference shares of £0.01 each

 

20,000

   

200

   

30,000

   

300

 
   

90,000

   

900

   

100,000

   

1,000

 

Redeemable preference shares

The Preference shares are redeemable between 1 April 2016 and 31 March 2017. They are redeemable at £1 per share and carry full rights to receive notice of, attend and vote at general meetings. One share carries one vote and full rights to dividend and capital distributions (including upon winding up).