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The Elephant Boatyard Limited
For the year ended 31 October 2013
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 01159255
2
Contents Page
The Elephant Boatyard Limited
For the year ended 31 October 2013
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
Abbreviated Balance Sheet
The Elephant Boatyard Limited
As at 31 October 2013
01159255
Registered Number :
£
£
2013
Notes
2012
Fixed assets
Tangible assets
2
457,499
424,951
457,499
424,951
Current assets
Stocks
164,250
194,960
Debtors
200,662
92,029
Cash at bank and in hand
-
567
286,989
365,479
Creditors: amounts falling due within one year
3
(400,084)
(348,457)
(34,605)
(61,468)
Net current liabilities
Total assets less current liabilities
396,031
390,346
Creditors: amounts falling due after more than one year
4
(10,719)
(8,400)
387,631
Net assets
379,627
Capital and reserves
Called up share capital
1,000
5
1,000
Profit and loss account
386,631
378,627
387,631
379,627
Shareholders funds
For the year ended 31 October 2013 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 19 February 2014
T L C Richardson Director
Signed on behalf of the board of directors
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4
Notes to the Abbreviated Financial Statements
The Elephant Boatyard Limited
For the year ended 31 October 2013
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings
2-5% Straight line
Plant and Machinery
5-15% Straight line
Motor Vehicles
25% Straight line
Fixtures and Fittings
10% Straight line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and
rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets
and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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5
Notes to the Abbreviated Financial Statements
The Elephant Boatyard Limited
For the year ended 31 October 2013
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
634,054
At 01 November 2012
59,615
Additions
At 31 October 2013
693,669
Depreciation
209,103
At 01 November 2012
27,067
Charge for year
236,170
At 31 October 2013
Net book values
At 31 October 2013
457,499
424,951
At 31 October 2012
2013
3 Creditors: amounts falling due within one year
£
£
2012
169,442
207,072
Bank loans and overdrafts (secured)
2012
2013
4 Creditors due after more than one year
£
£
-
2,319
Bank loans and overdrafts (secured)
5 Share capital
Authorised
5,000 Ordinary Share Class 1 shares of £1.00 each
Allotted called up and fully paid
2013
2012
£
£
1,000 Ordinary Share Class 1 shares of £1.00 each
1,000
1,000
1,000
1,000
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