Brownsea Island Ferries Limited - Period Ending 2017-03-31

Brownsea Island Ferries Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 03297400

Brownsea Island Ferries Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Brownsea Island Ferries Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	479,926	506,718
Current assets
Debtors	5	35,941	35,542
Cash at bank and in hand		34,733	32,362
		70,674	67,904
Creditors: Amounts falling due within one year	6	(154,520)	(168,933)
Net current liabilities		(83,846)	(101,029)
Total assets less current liabilities		396,080	405,689
Creditors: Amounts falling due after more than one year	6	(69,870)	(90,000)
Provisions for liabilities		(94,006)	(98,930)
Net assets		232,204	216,759
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		231,204	215,759
Total equity		232,204	216,759

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Brownsea Island Ferries Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 December 2017 and signed on its behalf by:
 

 

D A B Hedgeman

Director

 

J Hedgeman

Director

Company Registration Number: 03297400

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Brownsea Island Ferries Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Hethfelton Offices
East Stoke
Wareham
Dorset
BH20 6HJ

These financial statements were authorised for issue by the Board on 21 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015. There are no material departures from FRS102.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Brownsea Island Ferries Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Boats	5% p.a. reducing balance basis
Plant and machinery	15% p.a. reducing balance basis

Page 4

Brownsea Island Ferries Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2016 - 15).

Page 5

Brownsea Island Ferries Limited

Notes to the Financial Statements

Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	141,562	1,125,500	1,267,062
Additions	1,198	-	1,198
At 31 March 2017	142,760	1,125,500	1,268,260
Depreciation
At 1 April 2016	116,857	643,487	760,344
Charge for the year	3,890	24,100	27,990
At 31 March 2017	120,747	667,587	788,334
Carrying amount
At 31 March 2017	22,013	457,913	479,926
At 31 March 2016	24,705	482,013	506,718

5

Debtors

	2017  £	2016  £
Trade debtors	7,059	4,411
Other debtors	12,345	15,046
Prepayments	16,537	16,085
	35,941	35,542

Page 6

Brownsea Island Ferries Limited

Notes to the Financial Statements

Year Ended 31 March 2017

6

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		18,633	36,329
Social security and other taxes		5,525	5,805
Other creditors		61,414	66,854
Accrued expenses		7,580	10,902
Corporation tax		61,368	49,043
		154,520	168,933
Due after one year
Loans and borrowings	7	69,870	90,000

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	69,870	90,000

8	Transition to FRS 102

This is the first year the accounts have been prepared under FRS102, however, this has not affected the financial position or performance of the comparative figures.

Page 7