Company Registration No. 04036246 (England and Wales)
A&G PASSENGER BOATS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
A&G PASSENGER BOATS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
A&G PASSENGER BOATS LIMITED
BALANCE SHEET
AS AT 31 JULY 2018
31 July 2018
1
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,982
55,241
Current assets
Stocks
9,000
9,000
Debtors
4
3,321
3,066
Cash at bank and in hand
26,972
18,241
39,293
30,307
Creditors: amounts falling due within one year
5
(150,816)
(162,819)
Net current liabilities
(111,523)
(132,512)
Total assets less current liabilities
(62,541)
(77,271)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(63,541)
(78,271)
Total equity
(62,541)
(77,271)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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 board of directors and authorised for issue on 23 April 2019 and are signed on its behalf by:
Mr P A Grange
Director
Company Registration No. 04036246
A&G PASSENGER BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
2
1
Accounting policies
Company information

A&G Passenger Boats Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arch 16, Victoria Quays, Wharf Street, Sheffield, S2 5SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% Reducing balance
Fixtures and fittings
25% Reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

A&G PASSENGER BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
3
1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2017 - 12).

A&G PASSENGER BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017 and 31 July 2018
214,433
Depreciation and impairment
At 1 August 2017
159,192
Depreciation charged in the year
6,259
At 31 July 2018
165,451
Carrying amount
At 31 July 2018
48,982
At 31 July 2017
55,241
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
3,321
3,066
5
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
-
4
Other taxation and social security
253
14
Other creditors
149,417
161,942
Accruals and deferred income
1,146
859
150,816
162,819
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
7
Related party transactions
A&G PASSENGER BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
7
Related party transactions
(Continued)
5

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts due to related parties
£
£
Key management personnel
101,575
110,159

Amounts due to key management personnel are interest free and repayable upon demand.

8
Directors' transactions

Dividends totalling £4,000 (2017 - £0) were paid in the year in respect of shares held by the company's directors.

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