Wolsey Fisheries Limited - Period Ending 2014-06-30

Registration number: 05850659

Wolsey Fisheries Limited
 
  Abbreviated Accounts
 
  for the Year Ended 30 June 2014
 

Wolsey Fisheries Limited
(Registration number: 05850659)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					68,212			73,896
Tangible fixed assets					6,075			6,081
					74,287			79,977
Current assets
Stocks					750			650
Debtors					239			1,083
Cash at bank and in hand					25,800			23,690
					26,789			25,423
Creditors: Amounts falling due within one year					(48,739)			(65,704)
Net current liabilities					(21,950)			(40,281)
Net assets					52,337			39,696
Capital and reserves
Called up share capital		3			20			20
Profit and loss account					52,317			39,676
Shareholders' funds					52,337			39,696

For the year ending 30 June 2014 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 directors acknowledge their 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 .

These accounts were approved by the directors and authorised for issue on 30 September 2014 and are signed on their behalf by:

.........................................
 L.T. Jackson
 Director
 Company Registration Number: 05850659

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Wolsey Fisheries Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014

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 April 2008).

Going concern

The accounts have been prepared on a going concern basis on the assumption that the company's directors will continue their financial support for the company for the foreseeable future.

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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:

Goodwill	20 years straight line basis

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:

Fixtures and fittings	10 years straight line basis

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.

Operating lease agreements

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Wolsey Fisheries Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2013		120,000			14,809			134,809
Additions		-			1,639			1,639
At 30 June 2014		120,000			16,448			136,448
Depreciation
At 1 July 2013		46,104			8,728			54,832
Charge for the year		5,684			1,645			7,329
At 30 June 2014		51,788			10,373			62,161
Net book value
At 30 June 2014		68,212			6,075			74,287
At 30 June 2013		73,896			6,081			79,977

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		20			20			20			20

Page 3