Robertsons of Woodbridge (Boat Builders) Limited - Period Ending 2017-06-30
Robertsons of Woodbridge (Boat Builders) Limited - Period Ending 2017-06-30
Registration number:
Robertsons of Woodbridge (Boat Builders) Limited
for the Year Ended 30 June 2017
Robertsons of Woodbridge (Boat Builders) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Robertsons of Woodbridge (Boat Builders) Limited
Company Information
Directors |
C F Eminson A C Overbury |
Company secretary |
B D Smith |
Registered office |
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Page 1 |
Robertsons of Woodbridge (Boat Builders) Limited
(Registration number: 01146463)
Balance Sheet as at 30 June 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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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 liabilities |
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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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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Page 2 |
Robertsons of Woodbridge (Boat Builders) Limited
(Registration number: 01146463)
Balance Sheet as at 30 June 2017
Approved and authorised by the
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C F Eminson
Director
Page 3 |
Robertsons of Woodbridge (Boat Builders) Limited
Notes to the Financial Statements for the Year Ended 30 June 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:
United Kingdom
These financial statements were authorised for issue by the
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.
Going concern
The company has net current liabilities of £1,407,284 (2016 - £1,205,114) however these include a loan from one of the directors, C F Eminson, in the sum of £1,475,289 (2016 - £1,327,009). The director has indicated his willingness to continue to support the company financially and on this understanding the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.
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 4 |
Robertsons of Woodbridge (Boat Builders) Limited
Notes to the Financial Statements for the Year Ended 30 June 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 |
Land and buildings |
40 years straight line |
Plant and machinery |
8 - 17 years straight line |
Fixtures and fittings |
15% straight line |
Office equipment |
15% straight line |
Investment property
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 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Page 5 |
Robertsons of Woodbridge (Boat Builders) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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Disposals |
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( |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Included within the net book value of land and buildings above is £427,340 (2016 - £1,090,922) in respect of freehold land and buildings.
Page 6 |
Robertsons of Woodbridge (Boat Builders) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Investment properties |
2017 |
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Additions |
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Fair value adjustments |
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At 30 June |
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The directors have valued the property by considering current market prices adjusted for comparable real estate and if necessary for any difference in the nature, location or condition of the specific asset determined on an annual basis. Changes in fair value are recognised in profit or loss.
There has been no valuation of investment property by an independent valuer.
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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70,000 |
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70,000 |
Page 7 |
Robertsons of Woodbridge (Boat Builders) Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
Transition to FRS 102 |
Page 8 |