Fistral Surf Co Ltd - Period Ending 2016-01-31

 
 
 
 
 
 
 
  Fistral Surf Co Ltd
 
  Unaudited Abbreviated Accounts
  Year Ended 31 January 2016
 
  Company Registration Number: 08395826

Fistral Surf Co Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Fistral Surf Co Ltd
Abbreviated Balance Sheet
31 January 2016

		Note			31 January 2016 £			31 January 2015 £
Fixed assets
Tangible fixed assets		2			91,064			120,395
Current assets
Stocks					32,488			51,814
Debtors					6,430			7,123
Cash at bank and in hand					651			1,350
					39,569			60,287
Creditors: Amounts falling due within one year					(216,214)			(188,545)
Net current liabilities					(176,645)			(128,258)
Total assets less current liabilities					(85,581)			(7,863)
Creditors: Amounts falling due after more than one year					-			(8,667)
Net liabilities					(85,581)			(16,530)
Capital and reserves
Called up share capital		4			166			166
Share premium account					74,934			74,934
Profit and loss account					(160,681)			(91,630)
Shareholders' deficit					(85,581)			(16,530)

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Fistral Surf Co Ltd
Abbreviated Balance Sheet
31 January 2016 ......... continued

For the year ending 31 January 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 20 October 2016

F M Cole
Director

Company Registration Number: 08395826

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Fistral Surf Co Ltd
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis. The company has reported a loss after tax for the period of £69,051 and has net liabilities carried forward at the balance sheet date of £85,581.

Current liabilities at the balance sheet date include amounts owed to the director, shareholders and associated companies totalling £139,882, and the director believes that with their on-going support the company is a going concern.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Fixtures And Fittings	25% reducing balance
Office Equipment	25% reducing balance
Leasehold improvements	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Fistral Surf Co Ltd
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		152,549			152,549
At 31 January 2016		152,549			152,549
Depreciation
At 1 February 2015		32,154			32,154
Charge for the year		29,331			29,331
At 31 January 2016		61,485			61,485
Net book value
At 31 January 2016		91,064			91,064
At 31 January 2015		120,395			120,395

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 4

Fistral Surf Co Ltd
Notes to the Abbreviated Accounts
Year Ended 31 January 2016 ......... continued

		31 January 2016 £			31 January 2015 £
Amounts falling due within one year		9,690			13,000
Amounts falling due after more than one year		-			8,667
Total secured creditors		9,690			21,667

4	Share capital

Allotted, called up and fully paid shares

	31 January 2016						31 January 2015
		No.			£			No.			£
Ordinary shares of £1 each		166			166			166			166

5	Related party transactions

Directors' advances and credits

	Year ended 31 January 2016 Advance/ Credit £	Year ended 31 January 2016 Repaid £	1 March 2014 to 31 January 2015 Advance/ Credit £	1 March 2014 to 31 January 2015 Repaid £
J L A Pittaway
Amount owed on unpaid share capital. Interest free.	-	-	-	5,000

Page 5