West Country Water Buffalo Limited - Period Ending 2021-03-31

West Country Water Buffalo Limited

Contents

Abridged Balance Sheet	1 to 2
Notes to the Abridged Financial Statements	3 to 4

West Country Water Buffalo Limited

(Registration number: 09211050)
Abridged Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	185,157	151,179
Current assets
Stocks		211,521	189,427
Debtors		42,560	30,794
		254,081	220,221
Creditors: Amounts falling due within one year	5	(531,835)	(411,713)
Net current liabilities		(277,754)	(191,492)
Total assets less current liabilities		(92,597)	(40,313)
Creditors: Amounts falling due after more than one year		(54,025)	(84,158)
Net liabilities		(146,622)	(124,471)
Capital and reserves
Called up share capital		99	99
Profit and loss account		(146,721)	(124,570)
Total equity		(146,622)	(124,471)

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.

	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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

West Country Water Buffalo Limited

(Registration number: 09211050)
Abridged Balance Sheet as at 31 March 2021

Approved and authorised by the Board on 20 December 2021 and signed on its behalf by:
 

Mrs J Corpe

Director

Mr A Corpe

Director

Mr J Corpe

Director

West Country Water Buffalo Limited

Notes to the Abridged Financial Statements for the 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:
Higher Oakley Farm
Chilthorne Domer
Yeovil
Somerset
BA22 8LS
England

2	Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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 financial statements have been prepared on a going concern basis. Of the company's liabilities at 31 March 2021, £213,466 is owed to the directors. They have agreed not to demand repayment of this amount for at least one year after the date of the approval of these accounts to the extent that any such repayment would jeopardise the future of the company. The directors have also agreed that they will continue to provide financial support for at least 12 months from the date of approval of these accouts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	15% reducing balance
Leasehold improvements	2% straight line

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 6).

West Country Water Buffalo Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2021

4	Tangible assets

	Total £
Cost or valuation
At 1 April 2020	249,066
Additions	60,129
At 31 March 2021	309,195
Depreciation
At 1 April 2020	97,886
Charge for the year	26,152
At 31 March 2021	124,038
Carrying amount
At 31 March 2021	185,157
At 31 March 2020	151,179

5	Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £52,922.92 (2020 - £51,228.91).

6	Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £54,025 (2020 - £57,158).

Bank borrowings

Bank overdraft have a carrying amount at year end of £30,615 (2020 - £32,179). The bank overdraft is secured by way of fixed and floating charge over assets held by the company, and property held by its director personally.

Loan have a carrying amount at year end of £68,625 (2020 - £83,250). The loan is secured by way of fixed and floating charge over assets held by the company, and property held by its director personally.