Weymouth Watercraft Limited - Period Ending 2017-03-31
Weymouth Watercraft Limited - Period Ending 2017-03-31
Company registration number:
for the Year Ended
Weymouth Watercraft Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Weymouth Watercraft Limited
(Registration number: 03720811)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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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.
Director's responsibilities:
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The director acknowledges his 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 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. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 1
Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
This is the first year in which the financial statements have been prepared under FRS102 Section 1A. No restatements were required to the prior year as a result of transition to FRS102 Section 1A
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.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Plant and machinery |
25% reducing balance basis |
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Page 3
Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Disposals |
- |
( |
( |
At 31 March 2017 |
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- |
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Depreciation |
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At 1 April 2016 |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2017 |
- |
- |
- |
Carrying amount |
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At 31 March 2017 |
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- |
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At 31 March 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
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- |
Corporation tax |
9,093 |
9,121 |
Other debtors |
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Total current trade and other debtors |
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Page 4
Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Corporation tax |
830 |
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Other creditors |
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Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
Advances to directors |
Re- |
At 31 March 2017 |
Mr P Jones |
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Directors loan repayable on demand with interest charged at HMRC's approved rate on overdrawn amounts. |
32,405 |
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( |
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32,405 |
5,035 |
(3,825) |
33,615 |
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2016 |
At 1 April 2015 |
Advances to directors |
Re- |
At 31 March 2016 |
Mr P Jones |
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Directors loan repayable on demand with interest charged at HMRC's approved rate on overdrawn amounts. |
34,089 |
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( |
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34,089 |
1,242 |
(2,926) |
32,405 |
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Page 5
Weymouth Watercraft Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Summary of transactions with other related parties
Within debtors is a loan to the company in which the director is a member of the key management personnel,which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £15,500 (2016 - £16,500).
Within debtors is a loan to the company in which the director is a member of the key management personnel,which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £73,298 (2016 - £73,298).
Within debtors is a loan to the company which is controlled by family members of the director,which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £25,000 (2016 - £25,000).
Within debtors is a loan to the company in which the director is a member of the key management personnel,which is interest free and repayable on demand. At the balance sheet date the amount due from the company was £14,500 (2016 - £nil).
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