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Registration number: 04399941

Above and Below (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

Above and Below (UK) Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Financial Statements

6 to 10

 

Above and Below (UK) Ltd

Company Information

Director

Mr Martin Ainsworth

Registered office

Unit 2 Craven Street North
Holderness Road
Hull
East Yorkshire
HU9 2AP

Accountants

MPH Accountancy
9a Westgate
Patrington
East Yorkshire
HU12 0NA

 

Above and Below (UK) Ltd

Director's Report for the Year Ended 31 March 2017

The director presents his report and the financial statements for the year ended 31 March 2017.

Director of the company

The director who held office during the year was as follows:

Mr Martin Ainsworth

Principal activity

The principal activity of the company is a Dive Centre.

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 Board on 30 December 2017 and signed on its behalf by:


Mr Martin Ainsworth
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Above and Below (UK) Ltd
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Above and Below (UK) Ltd for the year ended 31 March 2017 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Above and Below (UK) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Above and Below (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Above and Below (UK) Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Above and Below (UK) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Above and Below (UK) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Above and Below (UK) Ltd. You consider that Above and Below (UK) Ltd 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 Above and Below (UK) Ltd. 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.






MPH Accountancy
9a Westgate
Patrington
East Yorkshire
HU12 0NA

30 December 2017

 

Above and Below (UK) Ltd

(Registration number: 04399941)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

5,000

5,000

Tangible assets

5

1,107,148

1,139,345

 

1,112,148

1,144,345

Current assets

 

Stocks

6

61,834

65,210

Debtors

7

706

610

Cash at bank and in hand

 

41,841

44,501

 

104,381

110,321

Creditors: Amounts falling due within one year

8

(292,299)

(292,003)

Net current liabilities

 

(187,918)

(181,682)

Total assets less current liabilities

 

924,230

962,663

Creditors: Amounts falling due after more than one year

8

-

(7,876)

Net assets

 

924,230

954,787

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

299,400

299,400

Revaluation reserve

618,626

618,626

Profit and loss account

5,204

35,761

Total equity

 

924,230

954,787

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Above and Below (UK) Ltd

(Registration number: 04399941)
Balance Sheet as at 31 March 2017

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 December 2017
 



 

Mr Martin Ainsworth

Director

 

Above and Below (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 2 Craven Street North
Holderness Road
Hull
East Yorkshire
HU9 2AP

These financial statements were authorised for issue by the director on 30 December 2017.

2

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.

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

Plant and machinery etc

25% and 20% on reducing balance

 

Above and Below (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Above and Below (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

 

Above and Below (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2016

5,000

5,000

At 31 March 2017

5,000

5,000

Amortisation

Carrying amount

At 31 March 2017

5,000

5,000

At 31 March 2016

5,000

5,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

800,000

3,020

700,849

1,503,869

Additions

-

42

1,976

2,018

At 31 March 2017

800,000

3,062

702,825

1,505,887

Depreciation

At 1 April 2016

-

1,537

362,987

364,524

Charge for the year

-

305

33,910

34,215

At 31 March 2017

-

1,842

396,897

398,739

Carrying amount

At 31 March 2017

800,000

1,220

305,928

1,107,148

At 31 March 2016

800,000

1,483

337,862

1,139,345

Included within the net book value of land and buildings above is £800,000 (2016 - £800,000) in respect of freehold land and buildings.
 

 

Above and Below (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Stocks

2017
£

2016
£

Other inventories

61,834

65,210

7

Debtors

2017
£

2016
£

Trade debtors

706

610

Total current trade and other debtors

706

610

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

18,500

28,129

Amounts owed to group undertakings and undertakings in which the company has a participating interest

269,635

260,588

Taxation and social security

 

2,566

1,427

Other creditors

 

1,598

1,859

 

292,299

292,003

Due after one year

 

Loans and borrowings

9

-

7,876

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Other borrowings

-

7,876