Nestaway Boats Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06243080 (England and Wales)

Nestaway Boats Limited

Abbreviated Unaudited Accounts for the Year Ended 31 May 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

I S Thomson

SECRETARY:

A D Thomson

REGISTERED OFFICE:

1 Williams Industrial Park

Gore Road

New Milton

Hampshire

BH25 6SH

REGISTERED NUMBER:

06243080 (England and Wales)

ACCOUNTANTS:

Langdon West Williams PLC

Curzon House 2nd Floor

24 High Street

Banstead

Surrey

SM7 2LJ

FIXED ASSETS

Intangible assets

2

4,416

6,008

Tangible assets

3

12,123

18,040

16,539

24,048

CURRENT ASSETS

Stocks

60,200

64,400

Debtors

9,425

17,151

Cash at bank

7,319

12,370

76,944

93,921

CREDITORS

Amounts falling due within one year

77,898

33,614

NET CURRENT (LIABILITIES)/ASSETS

(954

)

60,307

TOTAL ASSETS LESS CURRENT LIABILITIES

15,585

84,355

CREDITORS

Amounts falling due after more than one
year

(10,868

)

(80,160

)

PROVISIONS FOR LIABILITIES

(2,090

)

(1,268

)

NET ASSETS

2,627

2,927

CAPITAL AND RESERVES

Called up share capital

4

1,000

Profit and loss account

1,627

1,927

SHAREHOLDERS' FUNDS

2,627

2,927

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 28 February 2017 and were signed by:

I S Thomson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These accounts have been prepared in accordance with applicable accounting standards.

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).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as

a small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost and 25% on cost

Computer equipment

-

33% on cost

Stocks

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

slow moving items.

Deferred tax

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

balance sheet date.

Research and development

Expenditure on research and development is capitalised and amortised over a period of 10 years.

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 June 2015

and 31 May 2016

18,744

AMORTISATION

At 1 June 2015

12,736

Amortisation for year

1,592

At 31 May 2016

14,328

NET BOOK VALUE

At 31 May 2016

4,416

At 31 May 2015

6,008

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

42,448

DEPRECIATION

At 1 June 2015

24,408

Charge for year

5,917

At 31 May 2016

30,325

NET BOOK VALUE

At 31 May 2016

12,123

At 31 May 2015

18,040

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 were paid to the director .

I S Thomson

During the period the director was paid £208 (2015 - £208) for the business use of his home. At the year end

the company owed the director £22,044 (2015 - £72,002) of which £22,044 (2015 - £10,602) is included within

Creditors: Amounts falling due within one year and £nil (2015 -£61400) is included within Creditors: Amounts

falling due after more than one year.

2016

2015

£

Amount due to related party at the balance sheet date

22,044

72,002

6.	ULTIMATE CONTROLLING PARTY

The controlling party is I S Thomson.