Company Registration No. 05832426 (England and Wales)
IDEAL BOATS COMPANY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
IDEAL BOATS COMPANY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
IDEAL BOATS COMPANY LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
200,000
201,830
Current assets
Stocks
3,500
8,000
Debtors
110
22
Cash at bank and in hand
1,308
806
4,918
8,828
Creditors: amounts falling due within one year
(382,470)
(374,031)
Net current liabilities
(377,552)
(365,203)
Total assets less current liabilities
(177,552)
(163,373)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(177,652)
(163,473)
Shareholders' funds
(177,552)
(163,373)
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 17 February 2017
Miss K Lad
Director
Company Registration No. 05832426
IDEAL BOATS COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
Plant and machinery
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015 & at 31 May 2016
207,158
Depreciation
At 1 June 2015
5,328
Charge for the year
1,830
At 31 May 2016
7,158
Net book value
At 31 May 2016
200,000
At 31 May 2015
201,830
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100