The Traditional Sailing Company Limited - Period Ending 2014-12-31

 
 
 
 
 
 
 
  The Traditional Sailing Company Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2014
 
  Company Registration Number: 05287367

The Traditional Sailing Company Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3

The Traditional Sailing Company Limited
Abbreviated Balance Sheet
31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			194,639			208,100
Current assets
Debtors					976			1,668
Cash at bank and in hand					1,538			1,810
					2,514			3,478
Creditors: Amounts falling due within one year					(2,742)			(2,912)
Net current (liabilities)/assets					(228)			566
Total assets less current liabilities					194,411			208,666
Creditors: Amounts falling due after more than one year					(250,287)			(239,787)
Net liabilities					(55,876)			(31,121)
Capital and reserves
Called up share capital		3			10,000			10,000
Share premium account					115,000			115,000
Profit and loss account					(180,876)			(156,121)
Shareholders' deficit					(55,876)			(31,121)

The notes on page 3 form an integral part of these financial statements.
Page 1

The Traditional Sailing Company Limited
Abbreviated Balance Sheet
31 December 2014 ......... continued

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 9 June 2015 and signed on its behalf by:

Mr K B Phillips
Director

Company Registration Number: 05287367

The notes on page 3 form an integral part of these financial statements.
Page 2

The Traditional Sailing Company Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2014 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Boat	5% straight line

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		269,539			269,539
At 31 December 2014		269,539			269,539
Depreciation
At 1 January 2014		61,439			61,439
Charge for the year		13,461			13,461
At 31 December 2014		74,900			74,900
Net book value
At 31 December 2014		194,639			194,639
At 31 December 2013		208,100			208,100

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		10,000			10,000			10,000			10,000

Page 3