Fossil Beach Limited - Period Ending 2021-03-31
Fossil Beach Limited - Period Ending 2021-03-31
Registration number:
Fossil Beach Limited
for the Year Ended 31 March 2021
Fossil Beach Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Fossil Beach Limited
Company Information
Directors |
Mrs Margaret Lamin Mr Timothy James Lamin |
Registered office |
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Accountants |
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Fossil Beach Limited
(Registration number: 08675464)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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 2021
Approved and authorised by the
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Mrs Margaret Lamin
Director
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Mr Timothy James Lamin
Director
Fossil Beach Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
107 St. Mary Street
Weymouth
Dorset
DT4 8NY
England
These financial statements were authorised for issue by the
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 is 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 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 |
Fixtures and fittings |
15% reducing balance |
Computer equipment |
25% straight line |
Fossil Beach Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Fossil Beach Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Prepayments |
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- |
Other debtors |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Fossil Beach Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Related party transactions |
Transactions with directors |
2021 |
At 1 April 2020 |
Payments to directors |
Received from directors |
At 31 March 2021 |
Mr Timothy James Lamin |
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Interest-free loan to the company, repayable on demand |
(50) |
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( |
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2020 |
At 1 April 2019 |
Payments to directors |
Received from directors |
At 31 March 2020 |
Mr Timothy James Lamin |
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Interest-free loan to the company, repayable on demand |
(10,404) |
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( |
( |