The Ship Limited - Accounts to registrar - small 16.3d
The Ship Limited - Accounts to registrar - small 16.3d
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2016 |
for |
The Ship Limited |
The Ship Limited (Registered number: 03831972) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Ship Limited |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
The Ship Limited (Registered number: 03831972) |
Balance Sheet |
31 December 2016 |
31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Ship Limited (Registered number: 03831972) |
Balance Sheet - continued |
31 December 2016 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on were signed on its behalf by: |
The Ship Limited (Registered number: 03831972) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
The Ship Limited is a |
The company's registered number and registered office address can be found on the |
Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland', not to disclose related party transactions with wholly owned subsidiaries within the |
group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short Leasehold | over the term of the lease of 35 years |
Leasehold Improvements | over the term of the lease of 35 years |
Fixtures & Fittings | 10% on cost |
Office Equipment | 5% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
The Ship Limited (Registered number: 03831972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred |
tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it |
is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
Hire purchase and leasing commitments |
Leases are classified as finance leases when they transfer substantially all the risks and |
rewards of ownerships of the leased assets to the company. Other leases that do not |
transfer substantially all the risks and rewards of ownership of the leased assets to the |
company are classified as operating leases. |
The company has entered into some hire purchase agreements for certain assets that |
include the option to purchase the items at the end of the lease term for a nominal amount, |
which is expected to be much lower than their fair value at that date. The hire purchase |
agreements have been classified as finance leases as it is reasonably certain that the option |
will be exercised. |
Rights to use assets and corresponding obligations to lessors under finance leases are |
recognised in the statement of financial position as assets and liabilities at the lower of fair |
value of the assets and the present balance of the minimum lease payments, determined at |
the inception of the lease. |
Lease payments are apportioned between finance charges and reduction of outstanding |
lease liabilities using the effective interest method, so as to produce a constant rate of |
interest on the remaining balance of the liabilities. Finance charges are recognised in profit |
or loss. Assets held under finance leases are included in property, plant and equipment and |
are depreciated and reviewed for impairment in the same way as assets owned outright. |
Payments received under operating leases are recognised as income over lease term on a |
straight-line basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Ship Limited (Registered number: 03831972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Long | to | and | Computer |
leasehold | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
Additions |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other creditors |
The Ship Limited (Registered number: 03831972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
8. | PROVISIONS FOR LIABILITIES |
31.12.16 | 31.12.15 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Charge to Income Statement during year |
Balance at 31 December 2016 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended |
31 December 2016 and 31 December 2015: |
31.12.16 | 31.12.15 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
10. | RELATED PARTY DISCLOSURES |
T S Wilson |
At the balance sheet date the company owes T S Wilson £6,385 (2015: £549). |
Henry Sanderson Homes Ltd |
A company in which T Wilson is a director. |
At the balance sheet date The Ship Ltd owes Henry Sanderson Homes Ltd £3,900 (2015: |
£10,000). |
11. | ULTIMATE CONTROLLING PARTY |
At the year end the ultimate controlling party is A J Taylor, shareholder and director of the |
parent company Sphere Entertainment Ltd. |
The Ship Limited (Registered number: 03831972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
12. | FIRST YEAR ADOPTION |
There are no transitional adjustments from FRSSE (effective January 2015) for the year |
ending 31 December 2015 to FRS 102 Section 1A for the year ending 31 December 2016. |
Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional |
relief: |
• | to determine existence of leases on basis of existing facts and circumstances; |
• | not to apply the requirements of paragraphs 20.15A to 20.25A in respect of lease incentives. |