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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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Barbican Yachts Ltd |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020 |
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FOR |
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Barbican Yachts Ltd |
Barbican Yachts Ltd (Registered number: 09891976) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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Barbican Yachts Ltd |
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COMPANY INFORMATION |
for the year ended 31 March 2020 |
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Director: |
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Registered office: |
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Business address: |
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Registered number: |
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Accountants: |
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129 North Hill |
Plymouth |
Devon |
PL4 8JY |
Barbican Yachts Ltd (Registered number: 09891976) |
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BALANCE SHEET |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net (liabilities)/assets | ( |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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Barbican Yachts Ltd (Registered number: 09891976) |
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BALANCE SHEET - continued |
31 March 2020 |
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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 Profit & Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
were signed by: |
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Barbican Yachts Ltd (Registered number: 09891976) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Barbican Yachts Limited is a private company, limited by shares, registered in England and Wales. |
The company's registered number, business address 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 |
These financial statements have been prepared in accordance with the provisions of Section 1A |
"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
the UK and Republic of Ireland" and the Companies Act 2006, this has been adopted early as |
permitted. The financial statements have been prepared under the historical cost convention. |
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Going Concern |
The financial statements have been prepared on the going concern basis. This basis assumes that |
the company will have sufficient funding to enable it to continue to operate for the foreseeable future |
with the support of the director, who believe that the going concern basis of preparation remains |
appropriate in the company's circumstances. |
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Turnover |
Turnover from brokerage services is recognised upon exchange of contracts by the buyer and seller, |
and at the point of delivery for all other goods and services. |
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Goodwill |
The director has assessed goodwill and has decided to carry this at cost to amortise it in future |
periods. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss |
Account, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Barbican Yachts Ltd (Registered number: 09891976) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any |
impairment losses for bad and doubtful debts. Loans and other financial assets are initially |
recognised at transaction price including any transaction costs and subsequently measured at |
amortised cost determined using the effective interest method, less any impairment losses for bad |
and doubtful debts. |
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Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and |
other financial liabilities are initially recognised at transaction price net of any transaction costs and |
subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at |
the reporting date as a result of a past event, it is probable that economic benefit will be transferred |
to settle the obligation and the amount of the obligation can be estimated reliably. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 April 2019 |
and 31 March 2020 |
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Net book value |
At 31 March 2020 |
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At 31 March 2019 |
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Barbican Yachts Ltd (Registered number: 09891976) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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Net book value |
At 31 March 2020 |
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At 31 March 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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Barbican Yachts Ltd (Registered number: 09891976) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | RELATED PARTY TRANSACTIONS |
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At the balance sheet date, the shareholder and director, Mr M Harkness was owed £64,991. |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Mr M Harkness. |