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Unaudited Financial Statements for the Year Ended 28 February 2019 |
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World Yacht Trading Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 28 February 2019 |
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for |
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World Yacht Trading Limited |
World Yacht Trading Limited (Registered number: 04169872) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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World Yacht Trading Limited |
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Company Information |
for the Year Ended 28 February 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4th Floor |
1 Knightrider Court |
London |
EC4V 5BJ |
World Yacht Trading Limited (Registered number: 04169872) |
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Balance Sheet |
28 February 2019 |
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2019 | 2018 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Non-distributable reserve | 7 |
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Retained earnings | 7 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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World Yacht Trading Limited (Registered number: 04169872) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2019 |
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1. | STATUTORY INFORMATION |
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World Yacht Trading Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Foreign currencies |
Assets and liabilities in foreign currencies, with the exception of share capital, are translated into euros at the |
rates of exchange ruling at the Balance Sheet date. Share capital is translated at the historical rate. Transactions |
in foreign currencies are translated into euros at the rate of exchange ruling at the date of transaction. Exchange |
differences are taken into account in arriving at the operating result. |
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Going concern |
The financial statements have been prepared on a going concern basis notwithstanding the excess of liabilities |
over assets as the director believes the shareholders will continue to make adequate funds available to enable the |
company to meet its liabilities as and when they fall due. The director has no reason to believe that financial |
support will not continue in the future and considered it appropriate to adopt a going concern basis. The |
accounts do not contain any adjustments that would be necessary should this basis not be appropriate. |
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Expenditure |
During the year under review and the preceding financial period certain items of expenditure in connection with |
the maintenance of the yacht were paid on its behalf by the beneficial owner, who the director believes will not |
seek reimbursement thereof. |
World Yacht Trading Limited (Registered number: 04169872) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
€ |
COST OR VALUATION |
At 1 March 2018 |
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Revaluations | ( |
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At 28 February 2019 |
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DEPRECIATION |
At 1 March 2018 |
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Charge for year |
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At 28 February 2019 |
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NET BOOK VALUE |
At 28 February 2019 |
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At 28 February 2018 |
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The yacht is being depreciated over twenty years to a residual value of €50,000, which is the estimated scrap |
value for the yacht at the end of its useful life. The yacht was impaired in the current financial year by €197,500 |
down to €150,000 to reflect the current market value of the yacht. |
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Cost or valuation at 28 February 2019 is represented by: |
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Plant and |
machinery |
etc |
€ |
Valuation in 2008 | 485,000 |
Valuation in 2016 | 350,000 |
Valuation in 2019 | (197,500 | ) |
637,500 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
€ | € |
Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
€ | € |
Director loan | 517,484 | 515,629 |
Accruals |
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The loan from the director is unsecured, interest-free and without a specified repayment date. |
World Yacht Trading Limited (Registered number: 04169872) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2019 |
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6. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | € | € |
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Ordinary | £1 | 1,579 | 1,579 |
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7. | RESERVES |
Retained | Non-distributable |
earnings | reserve | Totals |
€ | € | € |
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At 1 March 2018 | ( |
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(152,293 | ) |
Deficit for the year | ( |
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No description | - | (197,500 | ) | (197,500 | ) |
At 28 February 2019 | ( |
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(369,193 | ) |
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8. | RELATED PARTY DISCLOSURES |
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No transactions with related parties were undertaken such as are required to be disclosed under Section 1A |
"Small Entities" of Financial Reporting Standard 102, other than loan from the director, Mr G Gkinosatis, of |
€517,484 (2018: €515,629). |
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9. | POST BALANCE SHEET EVENTS |
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The effect of events relating to the year ended 28 February 2019, which occurred before the date of approval of |
the financial statements by the director, have been included to the extent required to show a true and fair view of |
the state of affairs at 28 February 2019 and of the results of the year ended on that date. |