South Coast Amusements Limited - Period Ending 2018-08-31

Company No: 05990938

South Coast Amusements Limited

Filleted Unaudited Financial Statements

Year Ended

31 August 2018

BRETT PITTWOOD
  Chartered Certified Accountants





 

South Coast Amusements Limited

ACCOUNTS
Year Ended 31 August 2018

INDEX Page
Directors and officers	1
Balance sheet	2
Notes to the financial statements	3 - 5

South Coast Amusements Limited

Page 1

Directors and officers

Directors

M E Willson G J Willson

Registered office

8 Chestnut Close Chandlers Ford Eastleigh Hants SO53 3HH

Accountants

Brett Pittwood  Chartered Certified Accountants Suite 8 Bourne Gate 25 Bourne Valley Road Poole Dorset BH12 1DY

South Coast Amusements Limited

Page 2

(Company No: 05990938 )
Balance sheet as at 31 August 2018

	Note	2018		2017
Current assets
Debtors	4		4,731		4,701
Cash at bank and in hand			2,498		1,341
			7,229		6,042
CREDITORS: amounts falling due within one year	5		(600)		(588)
Total assets less current liabilities			6,629		5,454
CREDITORS: amounts falling due after more than one year	5		(1,204,020)		(1,138,020)
Net liabilities			(£1,197,391)		(£1,132,566)
Capital and reserves
Called up share capital		100		100
Profit and loss account		(1,197,491)		(1,132,666)
			(£1,197,391)		(£1,132,566)

For the financial year ending 31 August 2018 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.

In accordance with the special provisions applicable to certain small companies able to take advantage of the small companies regime, the balance sheet and related notes have been prepared and delivered to the Registrar of Companies. Also in accordance with the special provisions applicable to small companies the profit and loss account and the director's report have not been delivered.

Approved and authorised by the Board on 21 February 2019 and signed on its behalf by:



 

M E Willson

Director

South Coast Amusements Limited

Page 3

Notes to the financial statements
Year Ended 31 August 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:
8 Chestnut Close
Chandlers Ford
Eastleigh
Hants
SO53 3HH

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.

The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

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.

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.

South Coast Amusements Limited

Page 4

Notes to the financial statements
Year Ended 31 August 2018

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.

Financial instruments

Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Summary of transactions with key management

The directors consider there are no other key management personnel other than the directors themselves.

4

Debtors

	2018	2017
Other debtors and prepayments	4,731	4,701
	£4,731	£4,701

South Coast Amusements Limited

Page 5

Notes to the financial statements
Year Ended 31 August 2018

5

Creditors

	Note	2018	2017
Due within one year
Other creditors and accruals		600	588
Due after one year
Amounts due to participators		£1,204,020	£1,138,020

6	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £375,250 (2017 - £432,250). Included in this figure is £57,000 which is due within one year.