Fairview Sailing Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04150575 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Fairview Sailing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A M Byham

C D W Williams

REGISTERED OFFICE:

c/o Fairview Sailing

Fairview Port Hamble Marina

Hamble

Southampton

Hampshire

SO31 4QD

REGISTERED NUMBER:

04150575 (England and Wales)

ACCOUNTANTS:

Roches Chartered Accountants

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

FIXED ASSETS

Intangible assets

4

-

1,000

Tangible assets

5

997,958

994,601

997,958

995,601

CURRENT ASSETS

Stocks

25,000

25,000

Debtors

6

148,230

95,142

Cash at bank

19,759

37,446

192,989

157,588

CREDITORS

Amounts falling due within one year

7

482,650

566,792

NET CURRENT LIABILITIES

(289,661

)

(409,204

)

TOTAL ASSETS LESS CURRENT LIABILITIES

708,297

586,397

CREDITORS

Amounts falling due after more than one year

8

(93,333

)

(133,333

)

PROVISIONS FOR LIABILITIES

(228,190

)

(169,231

)

NET ASSETS

386,774

283,833

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

386,574

283,633

SHAREHOLDERS' FUNDS

386,774

283,833

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2023 and were signed on its behalf by:

A M Byham - Director

1.	STATUTORY INFORMATION

Fairview Sailing 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost and 5% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has considered and applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted as at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 6 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2022

and 31 January 2023

12,500

AMORTISATION

At 1 February 2022

11,500

Charge for year

1,000

At 31 January 2023

12,500

NET BOOK VALUE

At 31 January 2023

-

At 31 January 2022

1,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

1,700,795

Additions

22,175

At 31 January 2023

1,722,970

DEPRECIATION

At 1 February 2022

706,194

Charge for year

18,818

At 31 January 2023

725,012

NET BOOK VALUE

At 31 January 2023

997,958

At 31 January 2022

994,601

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

79,472

35,386

Amounts owed by associates

29,757

29,127

Other debtors

39,001

30,629

148,230

95,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

40,000

69,612

Trade creditors

45,264

58,995

Amounts owed to associates

152,150

220,176

Taxation and social security

46,528

28,153

Other creditors

198,708

189,856

482,650

566,792

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans

93,333

133,333

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.23

31.1.22

£

£

Bank overdraft

-

1,979

Bank loans

133,333

200,966

133,333

202,945

10.	OTHER FINANCIAL COMMITMENTS

As at the year end, the company had obligations totalling £277,000 (2022 : £304,700) under non-cancellable operating leases.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23

31.1.22

£

£

A M Byham

Balance outstanding at start of year

-

20,327

Amounts advanced

-

20,772

Amounts repaid

-

(41,099

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

The above loan is bears interest at a rate of 2.5% pa and is repayable on demand.