Emma Wilson Windsurfing Limited - Period Ending 2021-03-31

Emma Wilson Windsurfing Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Emma Wilson Windsurfing Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	22,769	13,053
Current assets
Cash at bank and in hand		133	133
Creditors: Amounts falling due within one year	5	(31,405)	(5,754)
Net current liabilities		(31,272)	(5,621)
Total assets less current liabilities		(8,503)	7,432
Creditors: Amounts falling due after more than one year	5	(5,312)	(5,250)
Net (liabilities)/assets		(13,815)	2,182
Capital and reserves
Called up share capital		100	100
Profit and loss account		(13,915)	2,082
Total equity		(13,815)	2,182

Emma Wilson Windsurfing Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 July 2021 and signed on its behalf by:
 

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

Miss Emma Wilson

Director

Company Registration Number: 11596503

Emma Wilson Windsurfing Limited

Notes to the Financial Statements

Year Ended 31 March 2021

1	General information

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

The address of its registered office is:
11 Sidon Mews
Portland
Dorset
DT5 1FG

These financial statements were authorised for issue by the Board on 23 July 2021.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

Emma Wilson Windsurfing Limited

Notes to the Financial Statements

Year Ended 31 March 2021

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
Office Equipment	3 Years Straight Line
Sailing Equipment	15% Reducing Balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2020 - 1).

Emma Wilson Windsurfing Limited

Notes to the Financial Statements

Year Ended 31 March 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2020	898	14,652	15,550
Additions	-	13,978	13,978
At 31 March 2021	898	28,630	29,528
Depreciation
At 1 April 2020	299	2,198	2,497
Charge for the year	296	3,966	4,262
At 31 March 2021	595	6,164	6,759
Carrying amount
At 31 March 2021	303	22,466	22,769
At 31 March 2020	599	12,454	13,053

5

Creditors

Creditors: amounts falling due within one year

	2021 £	31 March 2020  £
Due within one year
Other creditors	31,405	5,754

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	6	5,312	5,250

Emma Wilson Windsurfing Limited

Notes to the Financial Statements

Year Ended 31 March 2021

6	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Other borrowings	5,312	5,250