Fairview Sailing Limited - Accounts to registrar (filleted) - small 18.2
Fairview Sailing Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2019 |
| for |
| Fairview Sailing Limited |
| Fairview Sailing Limited (Registered number: 04150575) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Fairview Sailing Limited |
| Company Information |
| for the Year Ended 31 January 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 Manor Court |
| 6 Barnes Wallis Road |
| Segensworth |
| Fareham |
| Hampshire |
| PO15 5TH |
| Fairview Sailing Limited (Registered number: 04150575) |
| Balance Sheet |
| 31 January 2019 |
| 31.1.19 | 31.1.18 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| Fairview Sailing Limited (Registered number: 04150575) |
| Balance Sheet - continued |
| 31 January 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Fairview Sailing Limited (Registered number: 04150575) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2019 |
| 1. | STATUTORY INFORMATION |
| Fairview Sailing Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
| tax and other sales taxes. |
| 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 |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| Fairview Sailing Limited (Registered number: 04150575) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has considered and applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other |
| Financial Instruments Issues" of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual |
| provision of the instrument. |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally |
| enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and |
| settle the liability simultaneously. |
| Basic financial assets, which include trade and other debtors, cash and bank balances and loans to fellow group companies, |
| 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 financing transaction, where the transaction is measured at |
| the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within |
| one year are not amortised. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered |
| into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all |
| of its liabilities. |
| Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies that are |
| classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, |
| where the debt instrument is measured at the present value of the future payments discounted as at a market rate of interest. |
| Financial liabilities classified as payable within one year are not amortised. |
| Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| Taxation for the year 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 year 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
| charged to profit or loss in the period to which they relate. |
| Fairview Sailing Limited (Registered number: 04150575) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 February 2018 |
| Additions |
| At 31 January 2019 |
| AMORTISATION |
| At 1 February 2018 |
| Charge for year |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 February 2018 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| Fairview Sailing Limited (Registered number: 04150575) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.19 | 31.1.18 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.1.19 | 31.1.18 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | 60,486 | - |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.1.19 | 31.1.18 |
| £ | £ |
| Bank loans |
| Other creditors |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.1.19 | 31.1.18 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Loans taken out to finance the cost of purchasing sailing vessels are secured against the sailing vessels as well as their |
| earnings and insurances and against all other assets held by the company. |
| The bank borrowing is secured by a fixed and floating charge over the company and all it's property & assets. |
| 10. | OTHER FINANCIAL COMMITMENTS |
| As at the year end, the company had obligations totalling £600,100 (2017 : £665,961) under non-cancellable operating |
| leases. |