West Country Water Buffalo Limited - Period Ending 2017-03-31

Registration number: 09211050

West Country Water Buffalo Limited
 
 Unaudited Abbreviated Accounts
 
 for the Period from 1 October 2015 to 31 March 2017

 

West Country Water Buffalo Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

West Country Water Buffalo LimitedBalance sheet
  as at 31 January 2017

		Note			31 March 2017 £			30 September 2015 £
Fixed assets
Tangible fixed assets					59,330			50,080
Current assets
Stocks					161,259			114,220
Debtors					7,482			11,550
Cash at bank and in hand					-			11,369
					168,741			137,139
Creditors: Amounts falling due within one year					(246,403)			(183,821)
Net current liabilities					(77,662)			(46,682)
Total assets less current liabilities					(18,332)			3,398
Creditors: Amounts falling due after more than one year					(13,600)			(28,800)
Net liabilities					(31,932)			(25,402)
Capital and reserves
Called up share capital		3			99			99
Profit and loss account					(32,031)			(25,501)
Shareholders' deficit					(31,932)			(25,402)

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

West Country Water Buffalo LimitedBalance sheet
  as at 31 January 2017......... continued

For the year ending 31 March 2017 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 .

Approved by the Board on 21 September 2017 and signed on its behalf by:

 Mr J Corpe
 Director

 Mr A Corpe
 Director

 Mrs J Corpe
 Director

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

West Country Water Buffalo Limited
Notes to the Abbreviated Accounts for the Period from 1 October 2015 to 31 March 2017
......... 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. Of the company's liabilities at 31 March 2017, £85,014 is owed to the directors and £106,653 to a partnership in which the directors are partners. The directors have agreed to continue to support the company, and not to demand repayment of this amount for at least 12 months from the date of approval of these accounts to the extent that any such repayment would jeopardise the future of the company.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Plant and machinery	20% reducing balance
Fixtures and fittings	15% reducing balance
Leasehold improvements	2% straight line

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, 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.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

West Country Water Buffalo Limited
Notes to the Abbreviated Accounts for the Period from 1 October 2015 to 31 March 2017
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		62,474			62,474
Additions		32,779			32,779
At 31 March 2017		95,253			95,253
Depreciation
At 1 October 2015		12,394			12,394
Charge for the period		23,529			23,529
At 31 March 2017		35,923			35,923
Net book value
At 31 March 2017		59,330			59,330
At 30 September 2015		50,080			50,080

3	Share capital

Allotted, called up and fully paid shares

	31 March 2017						30 September 2015
		No.			£			No.			£
Ordinary shares of £1 each		99			99			99			99

Page 4