EUROYACHTS_(LARGS)_LIMITE - Accounts

EUROYACHTS (LARGS) LIMITED - Company Information

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Company Registration No. SC147699 (Scotland)

EUROYACHTS (LARGS) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

EUROYACHTS (LARGS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

EUROYACHTS (LARGS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

22,515

29,624

Current assets

Stocks

992,070

740,366

Debtors

98,159

124,810

Cash at bank and in hand

485,951

579,418

1,576,180

1,444,594

Creditors: amounts falling due within one year

(578,181)

(469,317)

Net current assets

997,999

975,277

Total assets less current liabilities

1,020,514

1,004,901

Capital and reserves

Called up share capital

10,000

Profit and loss account

1,010,514

994,901

Shareholders' funds

1,020,514

1,004,901

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 March 2017

Angus Scott

Director

Company Registration No. SC147699

EUROYACHTS (LARGS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax relevant to the company's principal activity of yacht brokering and marine craft retailing.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property

Over 24 years on a straight line basis

Tenant improvements

Over 10 years on a staight line basis

Computer equipment

Over 3 years on a straight line basis

Motor vehicles

Over 5 years on a straight line basis

1.4

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign on operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

1.5

Stock

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of certain employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

EUROYACHTS (LARGS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 October 2015

85,832

Additions

325

Disposals

(11,000)

At 30 September 2016

75,157

Depreciation

At 1 October 2015

56,208

On disposals

(11,000)

Charge for the year

7,434

At 30 September 2016

52,642

Net book value

At 30 September 2016

22,515

At 30 September 2015

29,624

Creditors: amounts falling due within one year

Other loans of £375,559 (2015 - £275,296) are secured.

Share capital

2016

2015

Allotted, called up and fully paid

10,000 Ordinary shares of £1 each

10,000

Control

The ultimate parent undertaking is Euroyachts (Holdings) Limited, a company incorporated in the UK.

The ultimate controlling party is Angus Scott, the sole director and shareholder in the ultimate parent undertaking.