Wild Island Exploration Limited - Period Ending 2016-10-31

Registration number: SC093174

Wild Island Exploration Limited

Unaudited Abbreviated Accounts

31 October 2016
 

Wild Island Exploration Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

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 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Financial Statements of
Wild Island Exploration Limited
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wild Island Exploration Limited for the year ended 31 October 2016 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a 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 Board of Directors of Wild Island Exploration Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Wild Island Exploration Limited and state those matters that we have agreed to state to them, 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 Wild Island Exploration Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wild Island Exploration 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 loss of Wild Island Exploration Limited. You consider that Wild Island Exploration 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 Wild Island Exploration 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.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

28 June 2017

Page 1

Wild Island Exploration Limited
(Registration number: SC093174)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			112,411			121,231
Current assets
Debtors					13,207			13,039
Cash at bank and in hand					17,209			94,883
					30,416			107,922
Creditors: Amounts falling due within one year					(4,888)			(3,341)
Net current assets					25,528			104,581
Total assets less current liabilities					137,939			225,812
Provisions for liabilities					-			(1,890)
Net assets					137,939			223,922
Capital and reserves
Called up share capital		3			6			6
Profit and loss account					137,933			223,916
Shareholders' funds					137,939			223,922

For the year ending 31 October 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 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the director on 28 June 2017

.........................................
M Johnson-Ferguson
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Wild Island Exploration Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

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
Equipment and fittings	15% reducing balance basis
Motor vehicles	25% reducing balance basis
Office equipment	33% straight line basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		488,205			488,205
Additions		10,646			10,646
At 31 October 2016		498,851			498,851
Depreciation
At 1 November 2015		366,974			366,974
Charge for the year		19,466			19,466
At 31 October 2016		386,440			386,440
Net book value
At 31 October 2016		112,411			112,411
At 31 October 2015		121,231			121,231

Page 3

Wild Island Exploration Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		6			6			6			6

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
M Johnson-Ferguson
Balance brought forward	10,094	-	1,724	-
Advances	10,513	-	213,937	-
Repayments	-	6,729	-	200,955
Company expenditure paid personally	-	1,608	-	4,126
Remuneration not drawn	-	-	-	1,237
Dividend credited	-	3,365	-	-
Interest	89	-	751	-
	20,696	11,702	216,412	206,318

Directors' advances are repayable on demand.

Interest has been charged at a rate of 3% on advances to directors.

The maximum amount owed by M Johnson-Ferguson during the year was £12,216.

5

Control

The company is controlled by the director who own s or has an interest in 100% of the called up share capital .

Page 4