Weymouth Watercraft Limited - Period Ending 2018-03-31

Weymouth Watercraft Limited - Period Ending 2018-03-31


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Company registration number: 03720811

Weymouth Watercraft Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Weymouth Watercraft Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Weymouth Watercraft Limited

(Registration number: 03720811)
Balance Sheet as at 31 March 2018

Note

2018
 £

2017
 £

Fixed assets

 

Tangible assets

4

37,586

37,586

Current assets

 

Debtors

5

82,486

190,445

Cash at bank and in hand

 

47,658

6,930

 

130,144

197,375

Creditors: Amounts falling due within one year

6

(9,198)

(6,121)

Net current assets

 

120,946

191,254

Net assets

 

158,532

228,840

Capital and reserves

 

Called up share capital

60

60

Profit and loss reserve

158,472

228,780

Total equity

 

158,532

228,840

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 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 director on 21 December 2018 .
 


Mr P Jones
Director

   

Page 1

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

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:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

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.

These financial statements are presented in Sterling (£).

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.

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.

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.

Page 2

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2017 - 1).

The company is run and administered by the director of the company for whom no formal contract of service is in place

4

Tangible assets

Freehold land and buildings
£

Total
£

Cost or valuation

At 1 April 2017

37,586

37,586

At 31 March 2018

37,586

37,586

Depreciation

Carrying amount

At 31 March 2018

37,586

37,586

At 31 March 2017

37,586

37,586

Page 3

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

5

Debtors

2018
 £

2017
 £

Trade debtors

12,693

10,130

Corporation tax

8,495

9,093

Other debtors

61,298

171,222

Total current trade and other debtors

82,486

190,445

Within other debtors is a loan to a 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 (2017 - £25,000).

Within other debtors are two loans to companies in which the director is a member of the key management, which is interest free and repayable on demand. At the balance sheet date the amount due from the companies was £15,500 (2017 - £88,798).

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

4,091

4,091

Corporation tax

1,451

830

Other creditors

3,656

1,200

9,198

6,121

Page 4

 

Weymouth Watercraft Limited

Notes to the Financial Statements
for the Year Ended 31 March 2018

7

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Advances to directors
£

Re-
payments by director
£

At 31 March 2018
£

Mr P Jones

Directors loan, repayable on demand with interest charged at HMRC's approved rate on overdrawn amounts.

33,615

1,819

(37,950)

(2,516)

         
       

 

2017

At 1 April 2016
£

Advances to directors
£

Re-
payments by director
£

At 31 March 2017
£

Mr P Jones

Directors loan, repayable on demand with interest charged at HMRC's approved rate on overdrawn amounts.

32,405

5,035

(3,825)

33,615

         
       

 

Page 5