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The Elephant Boatyard Limited
For the year ended 31 October 2014
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 2014
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
Abbreviated Balance Sheet
The Elephant Boatyard Limited
As at 31 October 2014
01159255
Registered Number :
£
£
2014
Notes
2013
Fixed assets
Tangible assets
2
528,267
457,499
528,267
457,499
Current assets
Stocks
194,960
200,250
Debtors
92,029
86,967
287,217
286,989
Creditors: amounts falling due within one year
3
(348,457)
(409,478)
(61,468)
(122,261)
Net current liabilities
Total assets less current liabilities
406,006
396,031
Creditors: amounts falling due after more than one year
(8,400)
(4,400)
401,606
Net assets
387,631
Capital and reserves
Called up share capital
1,000
4
1,000
Profit and loss account
400,606
386,631
401,606
387,631
Shareholders funds
For the year ended 31 October 2014 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 March 2015
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 2014
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.
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
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 2014
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
693,669
At 01 November 2013
98,046
Additions
At 31 October 2014
791,715
Depreciation
236,170
At 01 November 2013
27,278
Charge for year
263,448
At 31 October 2014
Net book values
At 31 October 2014
528,267
457,499
At 31 October 2013
2014
3 Creditors: amounts falling due within one year
£
£
2013
221,854
169,442
Bank loans and overdrafts (secured)
4 Share capital
Authorised
5,000 Ordinary Share Class 1 shares of £1.00 each
Allotted called up and fully paid
2014
2013
£
£
1,000 Ordinary Share Class 1 shares of £1.00 each
1,000
1,000
1,000
1,000
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