A B S Hovercraft Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02865133 (England and Wales)

A B S HOVERCRAFT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

K Blum

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

02865133 (England and Wales)

CURRENT ASSETS

Cash at bank

365

2,059

CREDITORS

Amounts falling due within one year

4

(679,213

)

(677,875

)

NET CURRENT LIABILITIES

(678,848

)

(675,816

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(678,848

)

(675,816

)

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

(728,848

)

(725,816

)

SHAREHOLDERS' FUNDS

(678,848

)

(675,816

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 7 May 2019 and were signed by:

K Blum - Director

1.	STATUTORY INFORMATION

A B S Hovercraft Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure

is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis as the company continues to be supported

financially by the director.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances 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 financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, 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.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Directors' current accounts

675,868

676,075

Accruals and deferred income

3,345

1,800

679,213

677,875