Company Registration No. 04583975 (England and Wales)
Elling Yachts Limited
Unaudited Abridged Accounts
for the Year Ended 31 December 2019
Pages for Filing with Registrar
Elling Yachts Limited
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Elling Yachts Limited
Company Information
Page 1
Director
Mr K Witheford
Secretary
Mrs J E Witheford
Company number
04583975
Registered office
Home Barn
Birch Close
Charlton Marshall
Blandford Forum
Dorset
DT11 9AJ
Accountants
Inspire Professional Services Limited
37 Commercial Road
Poole
Dorset
BH14 0HU
Elling Yachts Limited
Balance Sheet
As at 31 December 2019
Page 2
2019
2018
Notes
£
£
£
£
Current assets
Debtors
20,194
19,596
Cash at bank and in hand
7,368
9,919
27,562
29,515
Creditors: amounts falling due within one year
(41,684)
(48,006)
Net current liabilities
(14,122)
(18,491)
Capital and reserves
Called up share capital
2
99
99
Profit and loss reserves
(14,221)
(18,590)
Total equity
(14,122)
(18,491)
Elling Yachts Limited
Balance Sheet (Continued)
As at 31 December 2019
Page 3
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the director and authorised for issue and are signed by:
Mr K Witheford
Director
Company Registration No. 04583975
The notes on pages 4 to 7 form part of these financial statements.
Elling Yachts Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 4
1
Accounting policies
Company information
Elling Yachts Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Home Barn, Birch Close, Charlton Marshall, Blandford Forum, Dorset, DT11 9AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 1A”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Elling Yachts Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 5
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
Elling Yachts Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 6
2
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary shares of £1 each
99
99
3
Directors' transactions
During the year, a total of £172 (2018: £172) was advanced to and a total of £nil (2018: £nil) was credited by the director in respect of their directors' current account. Interest totalling £370 (2018: £357) was charged on this balance. At the balance sheet date the amount due from the director was £15,057 (2018: £14,515).
Elling Yachts Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 7
4
Related party transactions
KW Ventures Limited
(Parent company)
The company operates an inter-company account with KW Ventures Limited. At the balance sheet date the amount due to KW Ventures Limited was £30,000 (2018: £30,000).
The inter-company account is unsecured, no interest is charged and the balance is repayable on demand.
Sealpac UK Limited
(Directors in common)
The company operates an inter-company account with Sealpac UK Limited. At the balance sheet date the amount due to Sealpac UK Limited was £5,040 (2018: £5,040).
The inter-company account is unsecured, no interest is charged and the balance is repayable on demand.
5
Parent company
The company is controlled by KW Ventures Limited, a company incorporated in England and Wales. The registered office of KW Ventures Limited is 37 Commercial road, Poole, Dorset, BH14 0HU. The ultimate controlling party is Mr K Witheford.
The company is controlled by Mr K Witheford by virtue of his 80% shareholding in the company.