Avro Yachting Limited - Period Ending 2016-03-31

Avro Yachting Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

Avro Yachting Limited
Contents

Abbreviated Balance Sheet

1 to 2

Notes to the Abbreviated Accounts

3 to 4

Avro Yachting Limited
(Registration number: 08835674)
Abbreviated Balance Sheet at 31 March 2016

	Note	31 March 2016 £	31 March 2015 £
Fixed assets
Intangible fixed assets		47,521	53,461
Tangible fixed assets		1,159	1,545
		48,680	55,006
Current assets
Cash at bank and in hand		577	4,772
Creditors: Amounts falling due within one year		(43,362)	(22,921)
Net current liabilities		(42,785)	(18,149)
Total assets less current liabilities		5,895	36,857
Creditors: Amounts falling due after more than one year		-	(30,000)
Net assets		5,895	6,857
Capital and reserves
Called up share capital	3	700	700
Share premium account		9,900	9,900
Profit and loss account		(4,705)	(3,743)
Shareholders' funds		5,895	6,857

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 December 2016 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Avro Yachting Limited
(Registration number: 08835674)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
T Davies
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Avro Yachting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers. Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under contracted terms. For incomplete contracts, an assessment is made of the extent to which turnover has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Purchased goodwill	Straight line basis over 10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	20% on a straight line basis

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Avro Yachting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 April 2015	59,401	1,931	61,332
At 31 March 2016	59,401	1,931	61,332
Depreciation
At 1 April 2015	5,940	386	6,326
Charge for the year	5,940	386	6,326
At 31 March 2016	11,880	772	12,652
Net book value
At 31 March 2016	47,521	1,159	48,680
At 31 March 2015	53,461	1,545	55,006

3	Share capital

Allotted, called up and fully paid shares

	31 March 2016			31 March 2015
		No.	£		No.	£
Ordinary shares of £0.01 each		70,000	700		70,000	700
Preference shares of £0.01 each		20,000	200		30,000	300
		90,000	900		100,000	1,000

Redeemable preference shares

The Preference shares are redeemable between 1 April 2016 and 31 March 2017. They are redeemable at £1 per share and carry full rights to receive notice of, attend and vote at general meetings. One share carries one vote and full rights to dividend and capital distributions (including upon winding up).

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