Southeast Sailboats Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11297018 (England and Wales)

Unaudited Financial Statements

for the Period 6 April 2018 to 30 April 2019

for

SOUTHEAST SAILBOATS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M N Hunt

REGISTERED OFFICE:

20 Hazlemere Road

Seasalter

Whitstable

Kent

CT5 4AN

REGISTERED NUMBER:

11297018 (England and Wales)

ACCOUNTANTS:

Michael Martin Partnership

Chartered Certified Accountants

18 Canterbury Road

Whitstable

Kent

CT5 4EY

FIXED ASSETS

Intangible assets

4

9,000

Tangible assets

5

3,234

12,234

CURRENT ASSETS

Stocks

5,958

Cash at bank

5,129

11,087

CREDITORS

Amounts falling due within one year

6

22,412

NET CURRENT LIABILITIES

(11,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

909

PROVISIONS FOR LIABILITIES

614

NET ASSETS

295

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

195

295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 12 July 2019 and were signed by:

Mr M N Hunt - Director

1.	STATUTORY INFORMATION

Southeast Sailboats Ltd is a private company, limited by shares , registered in England and Wales. The

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the period end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

10,000

At 30 April 2019

10,000

AMORTISATION

Charge for period

1,000

At 30 April 2019

1,000

NET BOOK VALUE

At 30 April 2019

9,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

4,313

At 30 April 2019

4,313

DEPRECIATION

Charge for period

1,079

At 30 April 2019

1,079

NET BOOK VALUE

At 30 April 2019

3,234

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Taxation and social security

835

Other creditors

21,577

22,412