Ferryman-Southsea Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 05868785 (England and Wales)

Ferryman-Southsea Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

J W A Harrison

SECRETARY:

Mrs M J E Stow

REGISTERED OFFICE:

16 Victoria Road South

Southsea

Hampshire

PO5 2BZ

REGISTERED NUMBER:

05868785 (England and Wales)

ACCOUNTANTS:

Barter Durgan

Chartered Accountants

10 Victoria Road South

Southsea

Hampshire

PO5 2DA

BANKERS:

Lloyds TSB Bank

2-4 Palmerston Road

Southsea

Hampshire

PO5 3QH

FIXED ASSETS

Tangible assets

3

172,676

177,472

CURRENT ASSETS

Cash at bank

53,663

28,882

CREDITORS

Amounts falling due within one year

4

38,347

112,256

NET CURRENT ASSETS/(LIABILITIES)

15,316

(83,374

)

TOTAL ASSETS LESS CURRENT LIABILITIES

187,992

94,098

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

5

187,892

93,998

SHAREHOLDERS' FUNDS

187,992

94,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 22 June 2017 and were signed by:

J W A Harrison - Director

1.	STATUTORY INFORMATION

Ferryman-Southsea Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

175,000

24,878

2,049

201,927

DEPRECIATION

At 1 April 2016

-

22,406

2,049

24,455

Charge for year

3,500

1,296

-

4,796

At 31 March 2017

3,500

23,702

2,049

29,251

NET BOOK VALUE

At 31 March 2017

171,500

1,176

-

172,676

At 31 March 2016

175,000

2,472

-

177,472

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

-

1

Taxation

25,722

32,292

VAT

6,468

4,292

Directors' current accounts

3,757

73,511

Accrued expenses

2,400

2,160

38,347

112,256

5.

RESERVES

Retained

earnings

£

At 1 April 2016

93,998

Profit for the year

98,894

Dividends

(5,000

)

At 31 March 2017

187,892

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 were paid to the director .

The company trades in the freehold property owned by the director and he charged the company

a) £10,953 (previous year £13,513) which is exactly the amount of interest he is charged on the mortgages used

to buy and renovate the premises.

b) £23,000 rent (previous year £nil).

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J W A Harrison.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ferryman-Southsea Limited for the year ended 31 March 2017 which comprise the Income

Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ferryman-Southsea Limited in accordance with the terms of our engagement letter dated 23 June 2008. Our work has been undertaken solely to prepare for your approval the financial statements of Ferryman-Southsea Limited and state those matters that we have agreed to state to the director of Ferryman-Southsea Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ferryman-Southsea Limited director for our work or for this report.

It is your duty to ensure that Ferryman-Southsea Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ferryman-Southsea Limited. You consider that Ferryman-Southsea 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 financial statements of Ferryman-Southsea 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 financial statements.

Barter Durgan

Chartered Accountants

10 Victoria Road South

Southsea

Hampshire

PO5 2DA

22 June 2017