Avro Yachting Limited - Period Ending 2017-03-31

Avro Yachting Limited - Period Ending 2017-03-31


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Registration number: 08835674

Avro Yachting Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

Avro Yachting Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Avro Yachting Limited

Company Information

Directors

Mr Tim Davies

Mr Charles Green

Mrs Marcela Davies

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Avro Yachting Limited

(Registration number: 08835674)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

3

41,581

47,521

Tangible assets

4

773

1,159

 

42,354

48,680

Current assets

 

Cash at bank and in hand

 

2,348

577

Creditors: Amounts falling due within one year

6

(44,818)

(43,362)

Net current liabilities

 

(42,470)

(42,785)

Net (liabilities)/assets

 

(116)

5,895

Capital and reserves

 

Called up share capital

700

700

Share premium reserve

9,900

9,900

Profit and loss account

(10,716)

(4,705)

Total equity

 

(116)

5,895

 

Avro Yachting Limited

(Registration number: 08835674)
Balance Sheet as at 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the Board on 29 December 2017 and signed on its behalf by:
 

.........................................

Mr Tim Davies

Director

 

Avro Yachting Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

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

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

The principal place of business is:
43 Egbert Road
Winchester
Hampshire
SO23 7EB

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.

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.

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

Office equipment

20% on a straight line basis.

 

Avro Yachting Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwiill

Straight line basis over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Avro Yachting Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

59,401

59,401

At 31 March 2017

59,401

59,401

Amortisation

At 1 April 2016

11,880

11,880

Amortisation charge

5,940

5,940

At 31 March 2017

17,820

17,820

Carrying amount

At 31 March 2017

41,581

41,581

At 31 March 2016

47,521

47,521

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Avro Yachting Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

1,931

1,931

At 31 March 2017

1,931

1,931

Depreciation

At 1 April 2016

772

772

Charge for the year

386

386

At 31 March 2017

1,158

1,158

Carrying amount

At 31 March 2017

773

773

At 31 March 2016

1,159

1,159

5

Debtors

2017
£

2016
£

Total current trade and other debtors

-

-

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

7

20,000

20,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,868

2,798

Other creditors

 

20,950

20,564

 

44,818

43,362

 

Avro Yachting Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Redeemable preference shares

20,000

20,000

8

Parent and ultimate parent undertaking

The ultimate controlling party is T Davies.