Universal Sailing School Ltd - Period Ending 2020-10-31

Universal Sailing School Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

Universal Sailing School Ltd

Balance Sheet

31 October 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	30,000	1,561
Cash at bank and in hand		17,798	3,145
		47,798	4,706
Creditors: Amounts falling due within one year	5	(8,790)	(4,689)
Total assets less current liabilities		39,008	17
Creditors: Amounts falling due after more than one year	5	(21,000)	-
Net assets		18,008	17
Capital and reserves
Called up share capital		1	1
Profit and loss account		18,007	16
Total equity		18,008	17

Universal Sailing School Ltd

Balance Sheet

31 October 2020

For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 May 2021 and signed on its behalf by:
 

.........................................

M J Warwick

Director

Company Registration Number: 08133961

Universal Sailing School Ltd

Notes to the Financial Statements

Year Ended 31 October 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mercury Yacht Harbour
Satchell Lane
Hamble
Southampton
Hampshire
SO31 4HQ
England

These financial statements were authorised for issue by the Board on 24 May 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Universal Sailing School Ltd

Notes to the Financial Statements

Year Ended 31 October 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4

Debtors

	2020 £	2019 £
Trade debtors	-	58
Other debtors	30,000	1,503
	30,000	1,561

Universal Sailing School Ltd

Notes to the Financial Statements

Year Ended 31 October 2020

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Trade creditors		251	1,275
Corporation tax		6,214	879
Other creditors		237	-
Accrued expenses		2,088	2,535
		8,790	4,689

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	6	21,000	-

6	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	21,000	-