First Class Sailing Limited - Accounts to registrar (filleted) - small 23.1.2
First Class Sailing Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 April 2022 to 31 December 2022 |
| for |
| First Class Sailing Limited |
| First Class Sailing Limited (Registered number: 05644163) |
| Contents of the Financial Statements |
| for the Period 1 April 2022 to 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| First Class Sailing Limited |
| Company Information |
| for the Period 1 April 2022 to 31 December 2022 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Suite 204A, East Wing |
| Sterling House |
| Langston Road |
| Loughton |
| Essex |
| IG10 3TS |
| First Class Sailing Limited (Registered number: 05644163) |
| Balance Sheet |
| 31 December 2022 |
| 31.12.22 | 31.3.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| First Class Sailing Limited (Registered number: 05644163) |
| Balance Sheet - continued |
| 31 December 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| First Class Sailing Limited (Registered number: 05644163) |
| Notes to the Financial Statements |
| for the Period 1 April 2022 to 31 December 2022 |
| 1. | STATUTORY INFORMATION |
| First Class Sailing Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| 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. |
| Intangible fixed assets |
| The amount paid in connection with the trademark is being amortised evenly over 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. |
| Vessels: 12.5% Straight line basis |
| Life Rafts and Sails: 25% Straight line basis |
| Computer Equipment: 33% Reducing balance basis |
| Fixtures and Fittings: 33% Reducing balance basis |
| Oilskins and Clothing: 50% Straight line basis |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the period 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. |
| First Class Sailing Limited (Registered number: 05644163) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2022 to 31 December 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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 period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| Goodwill | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2022 |
| and 31 December 2022 |
| AMORTISATION |
| At 1 April 2022 |
| and 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 March 2022 |
| First Class Sailing Limited (Registered number: 05644163) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2022 to 31 December 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures | Oilskins |
| Plant and | and | and | Computer |
| machinery | fittings | clothing | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| At 31 December 2022 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for period |
| At 31 December 2022 |
| NET BOOK VALUE |
| At 31 December 2022 |
| At 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.3.22 |
| £ | £ |
| Trade debtors | ( |
) |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.22 | 31.3.22 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.22 | 31.3.22 |
| £ | £ |
| Bank loans |
| 9. | PROVISIONS FOR LIABILITIES |
| 31.12.22 | 31.3.22 |
| £ | £ |
| Deferred tax | 64,495 | 61,503 |
| First Class Sailing Limited (Registered number: 05644163) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2022 to 31 December 2022 |
| 9. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Provision for the year | 2,992 |
| Balance at 31 December 2022 |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 31 December 2022 and the year ended 31 March 2022: |
| 31.12.22 | 31.3.22 |
| £ | £ |
| Balance outstanding at start of period | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period | ( |
) | ( |
) |