Fossil Beach Limited - Period Ending 2022-03-31

Fossil Beach Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Fossil Beach Limited

Company Information

Directors

Mrs M Lamin Mr TJ Lamin

Registered office

15 Alverton Street Penzance Cornwall TR18 2QP

Accountants

D.J. Reynolds & Co Chartered Accountants 15 Alverton Street Penzance Cornwall TR18 2QP

Fossil Beach Limited

(Registration number: 08675464)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	2,311	1,634
Current assets
Stocks	5	64,071	68,512
Debtors		154	3,283
Cash at bank and in hand		66,789	19,471
		131,014	91,266
Creditors: Amounts falling due within one year		(66,761)	(16,349)
Net current assets		64,253	74,917
Net assets		66,564	76,551
Capital and reserves
Called up share capital		200	200
Profit and loss account		66,364	76,351
Total equity		66,564	76,551

For the financial year ending 31 March 2022 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.

Fossil Beach Limited

(Registration number: 08675464)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 5 October 2022 and signed on its behalf by:
 

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

Mrs M Lamin

Director

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

Mr TJ Lamin

Director

Fossil Beach Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

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:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
107 St. Mary Street
Weymouth
Dorset
DT4 8NY
England

These financial statements were authorised for issue by the Board on 5 October 2022.

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.

Going concern

The directors have assessed the impact of the Covid-19 pandemic on the company. Whilst there was a temporary disruption to trade, the directors consider that there is no reason that the company will not continue as a going concern for the foreseeable future

Tangible assets

Tangible assets are stated in the balance sheet 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:

Fossil Beach Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Computer equipment	25% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2021 - 5).

Fossil Beach Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2021	3,830	3,830
Additions	1,366	1,366
At 31 March 2022	5,196	5,196
Depreciation
At 1 April 2021	2,196	2,196
Charge for the year	689	689
At 31 March 2022	2,885	2,885
Carrying amount
At 31 March 2022	2,311	2,311
At 31 March 2021	1,634	1,634

5

Stocks

	2022 £	2021 £
Other inventories	64,071	68,512

6

Debtors

	2022 £	2021 £
Prepayments	154	384
Other debtors	-	2,899
	154	3,283

7

Creditors

Creditors: amounts falling due within one year

Fossil Beach Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

	2022 £	2021 £
Due within one year
Taxation and social security	24,305	-
Accruals and deferred income	2,160	2,160
Other creditors	40,296	14,189
	66,761	16,349

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

9	Related party transactions

Transactions with directors

2022	At 1 April 2021 £	Payments to directors £	Received from directors £	At 31 March 2022 £
Mr TJ Lamin
Interest-free loan to the company, repayable on demand	546	14,400	(17,658)	(2,712)

2021	At 1 April 2020 £	Payments to directors £	Received from directors £	At 31 March 2021 £
Mr TJ Lamin
Interest-free loan to the company, repayable on demand	(50)	804	(208)	546