Nick Thompson Sailing Limited - Period Ending 2020-08-31

Nick Thompson Sailing Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Nick Thompson Sailing Limited

Balance Sheet

31 August 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	9,422	4,020
Current assets
Cash at bank and in hand		2,270	19
Creditors: Amounts falling due within one year	5	(62,045)	(63,365)
Net current liabilities		(59,775)	(63,346)
Net liabilities		(50,353)	(59,326)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(50,354)	(59,327)
Shareholders' deficit		(50,353)	(59,326)

Nick Thompson Sailing Limited

Balance Sheet

31 August 2020

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

Director's 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 director acknowledges his 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 director on 27 May 2021
 

......................................... N A Thompson Director

Company Registration Number: 08179878

Nick Thompson Sailing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

1	General information

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

The address of its registered office is:
Towngate House
2-8 Parkstone House
Poole
Dorset
BH15 2PW

The principal place of business is:
21 Middleton Road
Ringwood
Hampshire
BH24 1RN

These financial statements were authorised for issue by the director on 27 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.

Going concern

Despite the balance sheet showing an excess of net liabilites, the accounts have been prepared on a going concern basis due to ongoing financial support of the director.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Nick Thompson Sailing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Nick Thompson Sailing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

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.

Except for bank loans, such 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 the director) during the year, was 1 (2019 - 1).

Nick Thompson Sailing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 September 2019	12,094	7,999	20,093
Additions	-	9,563	9,563
At 31 August 2020	12,094	17,562	29,656
Depreciation
At 1 September 2019	9,497	6,576	16,073
Charge for the year	649	3,512	4,161
At 31 August 2020	10,146	10,088	20,234
Carrying amount
At 31 August 2020	1,948	7,474	9,422
At 31 August 2019	2,597	1,423	4,020

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	900	1,320
Other creditors	61,145	62,045
	62,045	63,365