Yacht Sales Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 08567922 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 August 2015

for

Yacht Sales Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

M Shave

REGISTERED OFFICE:

21 Waterfront

Brighton Marina Village

Brighton

BN2 5WA

REGISTERED NUMBER:

08567922 (England and Wales)

ACCOUNTANT:

Will Taylor Limited

4th Floor

International House

Queens Road

Brighton

East Sussex

BN1 3XE

FIXED ASSETS

Intangible assets

2

79,000

91,500

CURRENT ASSETS

Debtors

26,990

45,524

Cash at bank and in hand

73,870

10

100,860

45,534

CREDITORS

Amounts falling due within one year

117,717

135,095

NET CURRENT LIABILITIES

(16,857

)

(89,561

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

62,143

1,939

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

62,142

1,938

SHAREHOLDERS' FUNDS

62,143

1,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 31 May 2016 and were signed by:

M Shave - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of eight years.

Taxation

Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

and 31 August 2015

100,000

AMORTISATION

At 1 September 2014

8,500

Amortisation for year

12,500

At 31 August 2015

21,000

NET BOOK VALUE

At 31 August 2015

79,000

At 31 August 2014

91,500

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.8.14

value:

£

1

Ordinary

£1

1