Wolsey Fisheries Limited - Period Ending 2017-06-30
Wolsey Fisheries Limited - Period Ending 2017-06-30
Registration number:
Wolsey Fisheries Limited
Information for Filing with The Registrar
30 June 2017
Wolsey Fisheries Limited
(Registration number: 05850659)
Balance Sheet
30 June 2017
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2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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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 LIABILITIES |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Provision for liabilities |
( |
- |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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TOTAL EQUITY |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
As permitted by section 444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's Profit and Loss Account.
Approved and authorised by the
L.T. Jackson
Company secretary and director
Page 1 |
Wolsey Fisheries Limited
Notes to the Accounts
Year Ended 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation tax charge is calculated on the basis of UK tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 2 |
Wolsey Fisheries Limited
Notes to the Accounts
Year Ended 30 June 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
10 years straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its estimated useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20 years straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Page 3 |
Wolsey Fisheries Limited
Notes to the Accounts
Year Ended 30 June 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2016 |
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At 30 June 2017 |
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Amortisation |
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At 1 July 2016 |
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Amortisation charge |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Additions |
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Disposals |
( |
( |
At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Page 4 |
Wolsey Fisheries Limited
Notes to the Accounts
Year Ended 30 June 2017
Debtors |
2017 |
2016 |
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Other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Amounts due to related parties |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Transition to FRS 102 |
Page 5 |