Company No: 08179878 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	18,622		9,422
		18,622		9,422
Current assets
Debtors	4	5,217		0
Cash at bank and in hand		1,794		2,270
		7,011		2,270
Creditors
Amounts falling due within one year	5	( 6,328)		( 62,045)
Net current assets/(liabilities)		683		(59,775)
Total assets less current liabilities		19,305		(50,353)
Net assets/(liabilities)		19,305		( 50,353)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		19,304		( 50,354 )
Total shareholder's funds/(deficit)		19,305		( 50,353)

For the financial year ending 31 August 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Nick Thompson Sailing Limited (registered number: 08179878) were approved and authorised for issue by the Director on 23 August 2022. They were signed on its behalf by:

N A Thompson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nick Thompson Sailing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Fixtures and fittings	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 September 2020	21,025		8,631		29,656
Additions	17,480		0		17,480
At 31 August 2021	38,505		8,631		47,136
Accumulated depreciation
At 01 September 2020	11,603		8,631		20,234
Charge for the financial year	8,280		0		8,280
At 31 August 2021	19,883		8,631		28,514
Net book value
At 31 August 2021	18,622		0		18,622
At 31 August 2020	9,422		0		9,422

4. Debtors

	2021		2020
	£		£
Trade debtors	5,217		0

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Other creditors	3,251		62,045
Corporation tax	3,077		0
	6,328		62,045