European Yachting Equipment Company Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02541440 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

European Yachting Equipment Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

P S K Elliott

Mrs N D Elliott

SECRETARY:

REGISTERED OFFICE:

The Gunshed

Levington

Ipswich

Suffolk

IP10 0LP

REGISTERED NUMBER:

02541440 (England and Wales)

ACCOUNTANTS:

Rosemary Unthank

15 Thornley Road

Felixstowe

Suffolk

IP11 7LA

FIXED ASSETS

Tangible assets

4

26,502

31,447

CURRENT ASSETS

Debtors

5

354,319

321,027

Investments

6

1

1

Cash at bank

308

15,753

354,628

336,781

CREDITORS

Amounts falling due within one year

7

7,617

1,078

NET CURRENT ASSETS

347,011

335,703

TOTAL ASSETS LESS CURRENT LIABILITIES

373,513

367,150

CAPITAL AND RESERVES

Called up share capital

114,112

119,112

Share premium

8,500

13,500

Retained earnings

250,901

234,538

SHAREHOLDERS' FUNDS

10

373,513

367,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 14 February 2019 and were signed on its behalf by:

P S K Elliott - Director

Mrs N D Elliott - Director

1.	STATUTORY INFORMATION

European Yachting Equipment Company Ltd 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.

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 - 4% 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 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 January 2018

117,114

Disposals

(1,000

)

At 31 December 2018

116,114

DEPRECIATION

At 1 January 2018

85,667

Charge for year

4,645

Eliminated on disposal

(700

)

At 31 December 2018

89,612

NET BOOK VALUE

At 31 December 2018

26,502

At 31 December 2017

31,447

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Amounts owed by group undertakings

354,319

321,027

6.	CURRENT ASSET INVESTMENTS

31.12.18

31.12.17

£

£

Shares in group undertakings

1

1

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Taxation and social security

6,897

478

Other creditors

720

600

7,617

1,078

8.	RELATED PARTY DISCLOSURES

As at the balance sheet date the company was owed £354,319 by E.Y.E. Marine Limited by way of an

inter-company loan.

9.	ULTIMATE CONTROLLING PARTY

P S K Elliott and his wife Mrs N D Elliott, who are directors of the company, control the company by virtue of a

97.8% interest in the company's issued ordinary share capital.

10.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

31.12.18

31.12.17

£

£

Profit/(loss) for the financial year

26,363

(2,679

)

Dividends

-

(35,734

)

26,363

(38,413

)

Payments to acquire own shares

(20,000

)

-

Opening shareholder funds

-

405,563

Net addition to shareholders' funds

6,363

367,150

Opening shareholders' funds

367,150

-

Closing shareholders' funds

373,513

367,150

The following reproduces the text of the report prepared for the directors 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 Directors 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 European Yachting Equipment Company Ltd for the year ended 31 December 2018 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 Board of Directors of European Yachting Equipment Company Ltd, as a body, in accordance with the terms of our engagement letter dated 30 July 2017. Our work has been undertaken solely to prepare for your approval the financial statements of European Yachting Equipment Company Ltd and state those matters that we have agreed to state to the Board of Directors of European Yachting Equipment Company Ltd, as a body, 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 European Yachting Equipment Company Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that European Yachting Equipment Company Ltd 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 European Yachting Equipment Company Ltd. You consider that European Yachting Equipment Company Ltd 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 European Yachting Equipment Company Ltd. 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.

Rosemary Unthank

15 Thornley Road

Felixstowe

Suffolk

IP11 7LA

14 February 2019