Avon Boating Ltd
Avon Boating Ltd
Financial Statements
For The Year Ended 31 December 2016
Avon Boating Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2016
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountants' Report | 1 |
| Statement of Financial Position | 2—3 |
| Notes to the Financial Statements | 4—6 |
Avon Boating Ltd
Accountants' Report
For The Year Ended 31 December 2016
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Avon Boating Ltd For The Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Avon Boating Ltd for the year ended 31 December 2016 which comprise the Income Statement, the Statement of Financial Position and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the directors of Avon Boating Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Avon Boating Ltd and state those matters that we have agreed to state to the directors of Avon Boating Ltd , as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avon Boating Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Avon Boating Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Avon Boating Ltd . You consider that Avon Boating Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Avon Boating Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
Page 1
Avon Boating Ltd
Statement of Financial Position
For The Year Ended 31 December 2016
Statement of Financial Position
Registered number:
05149985
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2016 | 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 5 |
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| Tangible Assets | 6 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 502,007 | 458,463 | |||
Page 2
Avon Boating Ltd
Statement of Financial Position (continued)
For The Year Ended 31 December 2016
Directors' responsibilities:
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 4 to 6 form part of these financial statements.
Page 3
Avon Boating Ltd
Notes to the Unaudited Accounts
For The Year Ended 31 December 2016
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Short Leasehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Boats |
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| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.6.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Page 4
Avon Boating Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2016 | 2015 | ||
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| Office and administration |
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4.
Interest Payable
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| £ | £ | ||
| Bank loans and overdrafts |
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| Finance charges payable under finance leases and hire purchase contracts |
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5.
Intangible Assets
| Goodwill | |||
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| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 5
Avon Boating Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
6.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Boats | Computer Equipment | Total | |
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| Cost | |||||
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| Additions |
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| Disposals |
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| Depreciation | |||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | |||||
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8.
Related Party Transactions
9.
General Information
Avon Boating Ltd Registered number 05149985 is a limited by shares company incorporated in England & Wales. The Registered Office is Swans Nest Boathouse, Swans Nest Lane, Stratford upon Avon, Warwickshire, CV37 7LS.
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