Aquawaves Limited - Abbreviated accounts

06750184

England and Wales

Aquawaves Limited

Abbreviated Accounts

30 November 2015

Aquawaves Limited
Abbreviated unaudited accounts
as at 30 November 2015
Contents

Abbreviated unaudited balance sheet
Notes to the abbreviated unaudited accounts

Directors
S C Dyke
J E Price

Secretary
Incorporated Company Secretaries Limited

Registered office
Headmaster's Halls
The Square
Pennington

Trading address
Drivers Wharf Dry Berthing
Northam Road

Independent Accountants
Lentune Tax Accountants
Headmaster's Halls
The Square
Pennington
Lymington

Registered number
06750184

Incorporated
England and Wales: 17 November 2008

Statement of directors' responsibilities for the preparation of the accounts
Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing those accounts, the directors are required to: • select suitable accounting policies and then apply them consistently • make judgements and estimates that are reasonable and prudent • follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts •prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Aquawaves Limited
Abbreviated Balance Sheet
as at 30 November 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		61,555			67,782

Current assets
Stocks		8,532			5,400
Debtors		17,136			21,213
Cash at bank and in hand		17,823			19,312
		43,491			45,925

Creditors: amounts falling due within one year		(17,241)			(21,470)

Net current assets			26,250			24,455

Total assets less current liabilities			87,805			92,237

Creditors: amounts falling due after more than one year			(4,119)			(4,047)



Net assets			83,686			88,190

Capital and reserves
Called up share capital	3		1,425			1,425
Shareholders' loans			73,865			73,812
Profit and loss account			8,396			12,953

Shareholders' funds			83,686			88,190


The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
S C Dyke			J E Price
Director			Director
Approved by the board on 21 April 2016

Aquawaves Limited
Notes to the Abbreviated Accounts
for the year ended 30 November 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Sailing Boat			5% straight line
	RIB			15% straight line
	Equipment			20% reducing balance
	Motor vehicle			25% reducing balance

	Provisions
	Provisions are made on the basis of the directors' expectation as to the likely outflow of future economic benefits.

	Equity funding
	Loans to the company which are repayable on notice of at least 1 year and are regarded by the directors as a source of general business finance are treated as equity funding in the accounts. Any interest payable thereon is charged to Profit & Loss Account on an accruing basis

	Taxation
	In the opinion of the directors the company is a close company as defined by U.K. tax legislation.

	Stocks
	Stock is valued at the lower of cost and net realisable value, after taking in to account all projected costs to realisation .

	Pensions
	The company does not currently operate a pension scheme.


2	Tangible fixed assets					£

	Cost
	At 1 December 2014					104,759
	Additions					615
	At 30 November 2015					105,374

	Depreciation
	At 1 December 2014					36,977
	Charge for the year					6,842
	At 30 November 2015					43,819

	Net book value
	At 30 November 2015					61,555
	At 30 November 2014					67,782


3	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		1,050		1,285		1,285
	A Ordinary shares	£1 each		50		50		50
	B Ordinary shares	£1 each		50		50		50
	C Ordinary shares	£1 each		20		20		20
	D Ordinary shares	£1 each		20		20		20
						1,425		1,425

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