REGISTERED NUMBER: |
A B S HOVERCRAFT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
REGISTERED NUMBER: |
A B S HOVERCRAFT LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
A B S HOVERCRAFT LIMITED (REGISTERED NUMBER: 02865133) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
A B S HOVERCRAFT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
A B S HOVERCRAFT LIMITED (REGISTERED NUMBER: 02865133) |
BALANCE SHEET |
31 DECEMBER 2016 |
2016 | 2015 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
A B S HOVERCRAFT LIMITED (REGISTERED NUMBER: 02865133) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | STATUTORY INFORMATION |
A B S Hovercraft Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting |
Standards 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 FRS102 have been applied other than where additional disclosure |
Is required to show a true and far 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 £1. |
The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
These financial statements are the first financial statements A B S Hovercraft Limited have prepared In |
accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK |
and Republic of Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS102. |
The financial statements of A B S Hovercraft Limited for the year ended 31 December 2015 were prepared in |
accordance with previous UK GAAP. |
Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting |
policy choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting |
policies to comply with FRS 102. |
There have been no transitional adjustments. |
The accounts have been prepared on a going concern basis. The company is reliant upon the support of its |
director, Mr K Blum. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
Financial assets |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables and cash and bank balances are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using |
the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction |
is measured at the present value of the future receipts discounted at a market rate of interest. |
A B S HOVERCRAFT LIMITED (REGISTERED NUMBER: 02865133) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price |
and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where |
the debt instrument is measured at the present value of the future receipts discounted at a market rate of |
interest. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct |
issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the |
discretion of the company. |
3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
VAT |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Other creditors |
Directors' current accounts |
Accruals and deferred income |
5. | RELATED PARTY DISCLOSURES |
At the balance sheet date, Mr K Blum , a director, was owed £674,395 (2015: £672,821) by the company. |