Topsail Charters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03704341 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2022

for

Topsail Charters Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Valentine

P A Jeffries

Miss L Jeffries

SECRETARY:

S J Valentine

REGISTERED OFFICE:

2 High Street

Burnham on Crouch

Essex

CM0 8AA

REGISTERED NUMBER:

03704341 (England and Wales)

ACCOUNTANTS:

Harvey Smith & Co DVQ Limited

A Xeinadin Company

2 High Street

Burnham on Crouch

Essex

CM0 8AA

FIXED ASSETS

Tangible assets

4

2,865

13,741

CURRENT ASSETS

Debtors

5

95,545

67,674

Cash at bank and in hand

74,804

101,084

170,349

168,758

CREDITORS

Amounts falling due within one year

6

37,827

62,635

NET CURRENT ASSETS

132,522

106,123

TOTAL ASSETS LESS CURRENT LIABILITIES

135,387

119,864

CREDITORS

Amounts falling due after more than one year

7

-

45,000

NET ASSETS

135,387

74,864

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

135,385

74,862

SHAREHOLDERS' FUNDS

135,387

74,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 May 2022 and were signed on its behalf by:

S J Valentine - Director

1.	STATUTORY INFORMATION

Topsail Charters Limited 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.

Tangible fixed assets

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

Short leasehold

-

amortised over life of lease

Plant & machinery

-

15% on cost

Barge

-

5% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Government grants

Government grants in relation to financial support are credited to the profit and loss when they become receivable and those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant &

leasehold

machinery

Barge

£

£

£

COST

At 1 February 2021

17,000

2,681

39,891

Additions

-

1,483

-

Disposals

-

-

(39,891

)

At 31 January 2022

17,000

4,164

-

DEPRECIATION

At 1 February 2021

17,000

2,481

28,570

Charge for year

-

170

-

Eliminated on disposal

-

-

(28,570

)

At 31 January 2022

17,000

2,651

-

NET BOOK VALUE

At 31 January 2022

-

1,513

-

At 31 January 2021

-

200

11,321

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2021

7,626

7,030

7,778

82,006

Additions

-

-

-

1,483

Disposals

-

-

-

(39,891

)

At 31 January 2022

7,626

7,030

7,778

43,598

DEPRECIATION

At 1 February 2021

5,767

7,030

7,417

68,265

Charge for year

507

-

361

1,038

Eliminated on disposal

-

-

-

(28,570

)

At 31 January 2022

6,274

7,030

7,778

40,733

NET BOOK VALUE

At 31 January 2022

1,352

-

-

2,865

At 31 January 2021

1,859

-

361

13,741

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

53,289

3,560

Other debtors

42,256

64,114

95,545

67,674

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans and overdrafts

-

5,000

Trade creditors

5,187

17,435

Taxation and social security

20,601

3,218

Other creditors

12,039

36,982

37,827

62,635

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

-

45,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,000

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £4,000 (2021 - £3,300) were paid to the directors .

9.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Mrs S Valentine and Mr P Jeffries by virtue of their shareholdings and directorships.