Registration number:
Bidford Boats Limited
for the Year Ended 31 March 2019
Bidford Boats Limited
Contents
Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bidford Boats Limited
Directors' Report for the Year Ended 31 March 2019
The directors present their report and the financial statements for the year ended 31 March 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is generation of income from both boat hire and boat moorings.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bidford Boats Limited
for the Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bidford Boats Limited for the year ended 31 March 2019 as set out on pages 3 to 8 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 Bidford Boats Limited, as a body, in accordance with the terms of our engagement letter dated 10 December 2018. Our work has been undertaken solely to prepare for your approval the accounts of Bidford Boats Limited and state those matters that we have agreed to state to the Board of Directors of Bidford Boats 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 Bidford Boats Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Bidford Boats 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 Bidford Boats Limited. You consider that Bidford Boats 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 Bidford Boats 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.
......................................
Chartered Accountants
Evesham
Worcestershire
WR11 4XP
Page 2 |
Bidford Boats Limited
Profit and Loss Account for the Year Ended 31 March 2019
Note |
2019 |
2018 |
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Turnover |
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Cost of sales |
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( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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- |
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5 |
- |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 3 |
Bidford Boats Limited
(Registration number: 07199572)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
.........................................
Director
Page 4 |
Bidford Boats Limited
Statement of Changes in Equity for the Year Ended 31 March 2019
Share capital |
Profit and loss account |
Total |
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At 1 April 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 March 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 March 2018 |
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Page 5 |
Bidford Boats Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for boat hire and the use of moorings in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Bidford Boats Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
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 |
Boatyard and moorings |
Nil |
Boats and equipment |
10% straight line |
Motor vehicles |
25% reducing balance |
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.
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.
Profit before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
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Page 7 |
Bidford Boats Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Boatyard and moorings |
Boats and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Disposals |
- |
( |
- |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2019 |
- |
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Carrying amount |
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At 31 March 2019 |
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- |
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At 31 March 2018 |
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- |
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Debtors |
2019 |
2018 |
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Prepayments |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Taxation and social security |
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- |
Accruals and deferred income |
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Other creditors |
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Page 8 |