Bristol Ferrys Limited - Period Ending 2018-12-31

Bristol Ferrys Limited - Period Ending 2018-12-31


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Registration number: 08335941

Bristol Ferrys Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2018

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

 

Bristol Ferrys Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Bristol Ferrys Limited

Company Information

Directors

R Rankin

T Blosse

Registered office

26 Berkeley Square
Clifton
Bristol
BS8 1HP

Accountants

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

 

Bristol Ferrys Limited

(Registration number: 08335941)
Balance Sheet as at 31 December 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

84,309

84,309

Current assets

 

Debtors

4

8,665

8,665

Cash at bank and in hand

 

79,699

116,541

 

88,364

125,206

Creditors: Amounts falling due within one year

5

(10,948)

(49,472)

Net current assets

 

77,416

75,734

Net assets

 

161,725

160,043

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

161,625

159,943

Total equity

 

161,725

160,043

For the financial year ending 31 December 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.

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.

Approved and authorised by the Board on 22 March 2019 and signed on its behalf by:
 

.........................................

R Rankin
Director

 

Bristol Ferrys Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26 Berkeley Square
Clifton
Bristol
BS8 1HP

The principal place of business is:
The Old Bridge Masters Cabin
Wapping Road
BRISTOL
BS1 4RH

These financial statements were authorised for issue by the Board on 22 March 2019.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 income 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.

 

Bristol Ferrys Limited

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

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.

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

Leasehold property

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank balance 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 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.

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.

 

Bristol Ferrys Limited

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

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2018

84,309

84,309

At 31 December 2018

84,309

84,309

Depreciation

Carrying amount

At 31 December 2018

84,309

84,309

At 31 December 2017

84,309

84,309

Included within the net book value of land and buildings above is £84,309 (2017 - £84,309) in respect of long leasehold land and buildings.
 

4

Debtors

2018
£

2017
£

Other debtors

8,665

8,665

8,665

8,665

5

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

-

402

Accruals and deferred income

822

1,248

Other creditors

10,126

47,822

10,948

49,472