Allboat Services Limited 31/12/2018 iXBRL

Allboat Services Limited 31/12/2018 iXBRL

ALLBOAT SERVICES LIMITED - Company Information

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31/12/2018 2018-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06345870 2018-01-01 2018-12-31 06345870 2018-12-31 06345870 2017-12-31 06345870 2017-01-01 2017-12-31 06345870 2017-12-31 06345870 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 06345870 core:PlantMachinery 2018-01-01 2018-12-31 06345870 core:FurnitureFittingsToolsEquipment 2018-01-01 2018-12-31 06345870 core:MotorVehicles 2018-01-01 2018-12-31 06345870 core:OnerousContractsExcludingVacantProperties 2018-01-01 2018-12-31 06345870 bus:Director1 2018-01-01 2018-12-31 06345870 core:WithinOneYear 2018-12-31 06345870 core:WithinOneYear 2017-12-31 06345870 core:PlantMachinery 2017-12-31 06345870 core:FurnitureFittingsToolsEquipment 2017-12-31 06345870 core:MotorVehicles 2017-12-31 06345870 core:PlantMachinery 2018-12-31 06345870 core:FurnitureFittingsToolsEquipment 2018-12-31 06345870 core:MotorVehicles 2018-12-31 06345870 core:ShareCapital 2018-12-31 06345870 core:ShareCapital 2017-12-31 06345870 core:RetainedEarningsAccumulatedLosses 2018-12-31 06345870 core:RetainedEarningsAccumulatedLosses 2017-12-31 06345870 core:PlantMachinery 2017-12-31 06345870 core:FurnitureFittingsToolsEquipment 2017-12-31 06345870 core:MotorVehicles 2017-12-31 06345870 bus:Director1 2018-12-31 06345870 bus:SmallEntities 2018-01-01 2018-12-31 06345870 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 06345870 bus:FullAccounts 2018-01-01 2018-12-31 06345870 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 06345870 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 06345870 core:ComputerEquipment 2018-01-01 2018-12-31 06345870 core:ComputerEquipment 2017-12-31 06345870 core:ComputerEquipment 2018-12-31
Company registration number: 06345870
Allboat Services Limited
Unaudited filleted financial statements
31 December 2018
ALLBOAT SERVICES LIMITED
Contents
Statement of financial position
Notes to the financial statements
ALLBOAT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 62,846 28,374
_______ _______
62,846 28,374
Current assets
Stocks 3,500 2,550
Debtors 6 24,568 27,388
Cash at bank and in hand 13,960 36,565
_______ _______
42,028 66,503
Creditors: amounts falling due
within one year 7 ( 84,303) ( 59,883)
_______ _______
Net current (liabilities)/assets ( 42,275) 6,620
_______ _______
Total assets less current liabilities 20,571 34,994
Provisions for liabilities ( 11,941) ( 5,361)
_______ _______
Net assets 8,630 29,633
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 8,530 29,533
_______ _______
Shareholders funds 8,630 29,633
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2019 , and are signed on behalf of the board by:
Mr N C Nutt
Director
Company registration number: 06345870
ALLBOAT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C2 Apollo Court, Neptune Park, Plymouth, Devon, PL4 0SJ.
Principal activity
The principal activity of the company is the maintenance, repairs and servicing to all types of marine craft, installation and sales and servicing of marine equipment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website development - 33 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 January 2018 7,435 20,392 14,679 22,327 64,833
Additions - 5,025 19,409 38,126 62,560
Disposals - - - ( 218) ( 218)
_______ _______ _______ _______ _______
At 31 December 2018 7,435 25,417 34,088 60,235 127,175
_______ _______ _______ _______ _______
Depreciation
At 1 January 2018 6,591 8,212 9,488 12,168 36,459
Charge for the year 211 5,487 6,150 16,240 28,088
Disposals - - - ( 218) ( 218)
_______ _______ _______ _______ _______
At 31 December 2018 6,802 13,699 15,638 28,190 64,329
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2018 633 11,718 18,450 32,045 62,846
_______ _______ _______ _______ _______
At 31 December 2017 844 12,180 5,191 10,159 28,374
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 21,782 21,161
Other debtors 2,786 6,227
_______ _______
24,568 27,388
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 57,713 24,137
Accruals and deferred income 5,036 3,251
Social security and other taxes 2,622 22,495
Other creditors 18,932 10,000
_______ _______
84,303 59,883
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Other financial commitments
As at 31 December 2018 the company had non-cancellable commitments totalling £185,000 (2017: £10,560).
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 January 2018 Loans to / (from) the directors Amounts repaid Balance at 31 December 2018
£ £ £ £
Directors - ( 20,647) 2,000 ( 18,647)
_______ _______ _______ _______
Loans to / (from) directors at 1 January 2017 Loans to / (from) the directors Amounts repaid Balance at 31 December 2017
£ £ £ £
Directors - - - -
_______ _______ _______ _______