Company Registration No. 06578475 (England and Wales)
CYGNUS MARINE BOATS LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
CYGNUS MARINE BOATS LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CYGNUS MARINE BOATS LTD
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
4,447
7,853
Current assets
Stocks
2,800
10,160
Debtors
1,191
3,322
Cash at bank and in hand
6,230
9,069
10,221
22,551
Creditors: amounts falling due within one year
(129,684)
(130,265)
Net current liabilities
(119,463)
(107,714)
Total assets less current liabilities
(115,016)
(99,861)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(115,116)
(99,961)
Shareholders' funds
(115,016)
(99,861)
For the financial year ended 30 April 2015 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their 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 22 January 2016
D E Simpson
Director
Company Registration No. 06578475
CYGNUS MARINE BOATS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 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 April 2008).
The company is reliant on the continuing support of its directors and connected parties. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Plant and machinery
25% reducing balance
Website
25% per annum on cost
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2014
32,602
Disposals
(10,426)
At 30 April 2015
22,176
Depreciation
At 1 May 2014
24,749
On disposals
(8,504)
Charge for the year
1,484
At 30 April 2015
17,729
Net book value
At 30 April 2015
4,447
At 30 April 2014
7,853
CYGNUS MARINE BOATS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100