Rustler Yachts Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 03938066 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2016

for

RUSTLER YACHTS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

DIRECTORS:

A Jones

N J Offord

SECRETARY:

N J Offord

REGISTERED OFFICE:

Maritime Buildings

Falmouth Road

Falmouth

Cornwall

TR10 8AD

REGISTERED NUMBER:

03938066 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Intangible assets

4

63,323

74,143

Tangible assets

5

453,510

498,830

516,833

572,973

CURRENT ASSETS

Stocks

6

62,568

78,512

Debtors

7

328,227

314,591

Cash at bank and in hand

119,935

89,036

510,730

482,139

CREDITORS

Amounts falling due within one year

8

528,006

525,326

NET CURRENT LIABILITIES

(17,276

)

(43,187

)

TOTAL ASSETS LESS CURRENT LIABILITIES

499,557

529,786

CREDITORS

Amounts falling due after more than one year

9

(188,331

)

(192,341

)

PROVISIONS FOR LIABILITIES

12

(47,144

)

(44,212

)

ACCRUALS AND DEFERRED INCOME

13

(64,884

)

(103,088

)

NET ASSETS

199,198

190,145

CAPITAL AND RESERVES

Called up share capital

60

60

Retained earnings

199,138

190,085

SHAREHOLDERS' FUNDS

199,198

190,145

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 28 October 2016 and were signed on its behalf by:

N J Offord - Director

1.	STATUTORY INFORMATION

Rustler Yachts Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

This is the first year in which the financial statements have been prepared under FRS 102. The date of

transition was 1 May 2014. No balances have required restatement and there have been no changes

to profit or loss, or shareholder funds.

The director, after making enquiries and having considered the company's business, its financial plans

and the facilities available to finance the business, has a reasonable expectation that the company has

adequate resources to continue in operational existence for the foreseeable future. Accordingly, the

going concern basis is adopted in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

In respect of long-term contracts for on-going services, turnover represents the value of work done in

the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

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

4 years straight line/ 10 years straight line/ 20 years straight line

Fixtures, Fittings & Equipment

25% reducing balance

Office Equipment

4 years straight line

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated

residual value, over their expected useful economic life as follows:

Asset Class

Amortisation method and rate

Development Costs

10 years straight line

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit

and loss account over the expected useful life of the assets. Grants towards revenue expenditure are

released to the profit and loss account as the related expenditure is incurred.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales

value of the work done after provisions for contingencies and anticipated future losses on contracts,

less amounts received as progress payments on account. Excess progress payments are included in

creditors as payments received on account.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax

assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items

charged or credited to other comprehensive income or equity, when the tax follows the transaction or

event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are

offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends

either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive

income because it excludes items of income or expense that are taxable or deductible in other periods.

Current tax assets and liabilities are measured using tax rates that have been enacted or substantively

enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely

than not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

Development expenditure is written off in the same year unless the directors are satisfied as to the

technical, commercial and financial viability of individual projects. In this situation, the expenditure is

deferred and amortised over the period from which the company is expected to benefit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Other financial assets and / or liabilities are initially measured at their fair value, which is normally the

transaction price and are subsequently carried at fair value with all changes being recognised in the

profit or loss.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 May 2015

115,567

Additions

818

At 30 April 2016

116,385

AMORTISATION

At 1 May 2015

41,424

Amortisation for year

11,638

At 30 April 2016

53,062

NET BOOK VALUE

At 30 April 2016

63,323

At 30 April 2015

74,143

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 May 2015

912,920

48,807

16,922

978,649

Additions

3,650

1,247

2,192

7,089

Disposals

(67

)

-

-

(67

)

At 30 April 2016

916,503

50,054

19,114

985,671

DEPRECIATION

At 1 May 2015

426,267

41,788

11,764

479,819

Charge for year

47,819

1,989

2,601

52,409

Eliminated on disposal

(67

)

-

-

(67

)

At 30 April 2016

474,019

43,777

14,365

532,161

NET BOOK VALUE

At 30 April 2016

442,484

6,277

4,749

453,510

At 30 April 2015

486,653

7,019

5,158

498,830

6.

STOCKS

2016

2015

£

£

Closing stock

62,568

78,512

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

101,993

25,303

Amounts owed by group undertakings

24,703

21,323

Amounts recoverable on contract

102,621

156,296

Other debtors

98,910

111,669

328,227

314,591

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Payments on account

91,873

191,064

Trade creditors

268,983

255,949

Amounts owed to group undertakings

65,000

13,636

Taxation and social security

25,483

33,425

Other creditors

76,667

31,252

528,006

525,326

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Amounts owed to group undertakings

188,331

192,341

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

47,319

45,000

Between one and five years

183,672

180,000

In more than five years

315,000

360,000

545,991

585,000

11.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Amounts owed to group

188,331

192,341

Falmouth Maritime Limited holds a debenture over the assets of the company.

12.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

47,144

44,212

Deferred

tax

£

Balance at 1 May 2015

44,212

Movement

2,932

Balance at 30 April 2016

47,144

2016

2015

£

£

Difference between accumulated depreciation and amortisation and capital allowances

56,385

64,789

Tax losses available

(9,241

)

(20,577

)

47,144

44,212

13.	ACCRUALS AND DEFERRED INCOME

2016

2015

£

£

Deferred government grants

64,884

103,088

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2016 and

30 April 2015:

2016

2015

£

£

A Jones

Balance outstanding at start of year

23

832

Amounts advanced

189

3,991

Amounts repaid

(5,189

)

(4,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,977

)

23

N J Offord

Balance outstanding at start of year

468

1,320

Amounts advanced

212

6,348

Amounts repaid

(8,236

)

(7,200

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(7,556

)

468

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE PARENT COMPANY

Falmouth Maritime Limited is the ultimate parent company.