Discovery Surf Ltd
Discovery Surf Ltd
Registered number: 10382572
Directors' Report and
Unaudited Financial Statements
For The Year Ended 30 September 2017
Peters, White and CO
46-48 Devonport Road
Stoke
Plymouth
Devon
PL3 4DH
Discovery Surf Ltd
Directors' Report and Unaudited Financial Statements
For The Year Ended 30 September 2017
Directors' Report and Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5—6 |
| Statement of Changes in Equity | 7 |
| Notes to the Financial Statements | 8—11 |
Discovery Surf Ltd
Company Information
For The Year Ended 30 September 2017
Company Information
| Directors |
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| Company Number |
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| Registered Office | 1 Folly Hill |
| Bigbury on Sea | |
| Kingsbridge | |
| Devon | |
| TQ7 4AR | |
| Accountants |
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| Stoke | |
| Plymouth | |
| Devon | |
| PL3 4DH | |
Page 1
Discovery Surf Ltd
Company No. 10382572
Directors' Report For The Year Ended 30 September 2017
Directors' Report
The directors present their report and the financial statements for the year ended 30 September 2017 .
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal Activity
The company's principal activity continues to be that of Surfing Lessons and Surfing Media
Directors
The directors who held office during the year were as follows:
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APPOINTED |
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Small Company Rules
This report has 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.
On behalf of the board
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Page 2
Discovery Surf Ltd
Accountant's Report
For The Year Ended 30 September 2017
Accountant's Report
In accordance with the engagement letter dated latest, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 September 2017 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
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46-48 Devonport Road
Stoke
Plymouth
Devon
PL3 4DH
Page 3
Discovery Surf Ltd
Profit and Loss Account
For The Year Ended 30 September 2017
Profit and Loss Account
| 2017 | ||
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| Notes | £ | |
| TURNOVER |
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| Cost of sales |
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| GROSS PROFIT |
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| Distribution costs |
( |
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| Administrative expenses |
( |
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| OPERATING PROFIT | 2 |
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| Other interest receivable and similar income |
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| PROFIT BEFORE TAXATION |
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| Tax on profit | 5 |
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| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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The notes on pages 8 to 11 form part of these financial statements.
Page 4
Discovery Surf Ltd
Balance Sheet
As at
30 September 2017
Balance Sheet
| 2017 | |||
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| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible Assets | 6 |
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| CURRENT ASSETS | |||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 11 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 40,412 | ||
Page 5
Discovery Surf Ltd
Balance Sheet (continued)
As at
30 September 2017
Directors' responsibilities:
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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.
On behalf of the board
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The notes on pages 8 to 11 form part of these financial statements.
Page 6
Discovery Surf Ltd
Statement of Changes in Equity
For The Year Ended 30 September 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at |
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(50) |
| Profit for the year and total comprehensive income | - |
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50,462 |
| Dividends paid | - | (10,000) | (10,000) |
| As at |
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40,412 |
Page 7
Discovery Surf Ltd
Notes to the Unaudited Accounts
For The Year Ended 30 September 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.
Operating Profit
The operating profit is stated after charging:
| 2017 | |
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| £ | |
| Directors' remuneration |
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| Depreciation of tangible fixed assets |
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3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2017 | |
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| £ | |
| Wages and salaries |
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Page 8
Discovery Surf Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 September 2017
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
5.
Tax on Profit on Ordinary Activities
| Tax Rate | 2017 | ||
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| 2017 | £ | ||
| UK Corporation Tax | 19% |
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| Total Current Tax Charge |
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| 2017 | |||
| £ | |||
| Profit on ordinary activities before tax | 61,125 | ||
| Breakdown of Tax Charge is: | |||
| Tax on profit at 19% (UK standard rate) |
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| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
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| minus the following: | |||
| Capital allowances in excess of depreciation |
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| Current tax charge for the period | 10,663 | ||
6.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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Page 9
Discovery Surf Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 September 2017
7.
Stocks
| 2017 | |
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| £ | |
| Stock |
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8.
Debtors
| 2017 | |
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| £ | |
| Due within one year | |
| Trade debtors |
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| Prepayments and accrued income |
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9.
Creditors: Amounts Falling Due Within One Year
| 2017 | |
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| £ | |
| Corporation tax |
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| VAT |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | |
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| £ | |
| Other creditors |
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| Directors loan account |
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12.
Transactions With and Loans to Directors
Page 10
Discovery Surf Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 30 September 2017
Dividends paid to directors
| 2017 | |
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| £ | |
| Mr Martin Connolly | 5,000 |
| Mrs Anika Connolly | 5,000 |
13.
Dividends
| 2017 | |
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| £ | |
| On equity shares: | |
| Final dividend paid |
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| 10,000 | |
14.
Controlling Party
The company's controlling party is Martin Connolly by virtue of his ownership of 50% of the issued share capital in the company.
15.
General Information
Discovery Surf Ltd Registered number 10382572 is a limited by shares company incorporated in England & Wales. The Registered Office is 1 Folly Hill, Bigbury on Sea, Kingsbridge, Devon, TQ7 4AR.
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