Forty Fathoms Limited - Period Ending 2016-09-30

Registration number: 07350830

Forty Fathoms Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Anthony M Hughes & Co
Chartered Accountants
1 Queen Street
Stourbridge
West Midlands
DY8 1TP

Forty Fathoms Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Forty Fathoms Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Forty Fathoms Limited for the year ended 30 September 2016 set out on pages from the company's accounting records and from information and explanations you have given 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Forty Fathoms Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Forty Fathoms Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Forty Fathoms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Forty Fathoms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Forty Fathoms Limited. You consider that Forty Fathoms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Forty Fathoms Limited. 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 statutory accounts.

......................................

Anthony M Hughes & Co
Chartered Accountants
1 Queen Street
Stourbridge
West Midlands
DY8 1TP

20 June 2017

Page 1

Forty Fathoms Limited
(Registration number: 07350830)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					8,000			10,000
Tangible fixed assets					9,320			13,106
					17,320			23,106
Current assets
Stocks					21,500			25,300
Debtors					312			313
Cash at bank and in hand					37			512
					21,849			26,125
Creditors: Amounts falling due within one year					(187,896)			(176,341)
Net current liabilities					(166,047)			(150,216)
Total assets less current liabilities					(148,727)			(127,110)
Creditors: Amounts falling due after more than one year					(42,000)			(42,000)
Net liabilities					(190,727)			(169,110)
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					(190,728)			(169,111)
Shareholders' deficit					(190,727)			(169,110)

For the year ending 30 September 2016 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 director acknowledges her 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 .

Approved by the director on 20 June 2017

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Forty Fathoms Limited
(Registration number: 07350830)
Abbreviated Balance Sheet at 30 September 2016
......... continued

.........................................
Mrs D Valentine
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Forty Fathoms Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

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 January 2015).

Going concern

The financial statements have been prepared on a going concern basis, on the undertaking that the director and shareholder will continue to financially support the company in 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:

Asset class	Amortisation method and rate
Goodwill	10% straight line method

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
Fixtures and fittings	20% straight line method
Improvements to property	10% straight line method

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.

Deferred tax

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

Page 4

Forty Fathoms Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2015		20,000			30,655			50,655
At 30 September 2016		20,000			30,655			50,655
Depreciation
At 1 October 2015		10,000			17,549			27,549
Charge for the year		2,000			3,786			5,786
At 30 September 2016		12,000			21,335			33,335
Net book value
At 30 September 2016		8,000			9,320			17,320
At 30 September 2015		10,000			13,106			23,106

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		42,000			42,000

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

Page 5