UK Diveworks Limited - Period Ending 2017-04-30

Registration number: 09566290

UK Diveworks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
UK Diveworks Limited
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of UK Diveworks Limited for the year ended 30 April 2017 as set out on pages 2 to 6 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 UK Diveworks 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 UK Diveworks Limited and state those matters that we have agreed to state to the Board of Directors of UK Diveworks Limited, 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 UK Diveworks Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that UK Diveworks 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 profit of UK Diveworks Limited. You consider that UK Diveworks 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 UK Diveworks 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.

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

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

23 January 2018

UK Diveworks Limited

(Registration number: 09566290)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	3,329	-
Current assets
Debtors	5	1,699	100
Cash at bank and in hand		31,209	-
		32,908	100
Creditors: Amounts falling due within one year	6	(23,441)	-
Net current assets		9,467	100
Total assets less current liabilities		12,796	100
Provisions for liabilities		(666)	-
Net assets		12,130	100
Capital and reserves
Called up share capital		100	100
Profit and loss account		12,030	-
Total equity		12,130	100

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 January 2018 and signed on its behalf by:
 

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

Mr A E Wilkins

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

UK Diveworks Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
70 Seabourne Road
Bournemouth
BH5 2HT
England

The principal place of business is:
108 Christopher Crescent
Oakdale
Poole
Dorset
BH15 3HJ
England

2	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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Disclosure of long or short period

The company registration date was on 29 April 2015 and the default year end date is 30 April 2017, which lead to first period being a long period.

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
Plant and machinery	25% reducing balance basis

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UK Diveworks Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	Year ended 30 April 2017  No.
Administration and support	1

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UK Diveworks Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
Additions	4,439	4,439
At 30 April 2017	4,439	4,439
Depreciation
Charge for the period	1,110	1,110
At 30 April 2017	1,110	1,110
Carrying amount
At 30 April 2017	3,329	3,329

5

Debtors

	2017 £	2016 £
Other debtors	1,699	100
Total current trade and other debtors	1,699	100

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		1,818	-
Taxation and social security		4,464	-
Other creditors		17,159	-
		23,441	-

7	Related party transactions

Transactions with directors

2017	Advances to directors £	Repayments by director £	At 30 April 2017 £
Mr A E Wilkins
Directors loan account	3,787	(3,792)	(5)

Page 5

UK Diveworks Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

2016	At 30 April 2016 £

8	Transition to FRS 102

This is the first year the company has presented its financial statements under Financial Reporting Standard 102 Section 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 30 April 2016, were prepared under the Financial Reporting Standard for Smaller Entities effective January 2015 (FRSSE 2015). The transition date to FRS 102 was 01 May 2016.

There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.

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