Sailor Ted and Shipmates Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 06113898 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

FOR

SAILOR TED AND SHIPMATES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

T A Fenwick

SECRETARY:

T A Fenwick

REGISTERED OFFICE:

2 The Square

Yarmouth

Isle of Wight

PO41 0NS

REGISTERED NUMBER:

06113898 (England and Wales)

ACCOUNTANTS:

Harrison Black Limited

Pyle House

136/137 Pyle Street

Newport

Isle of Wight

PO30 1JW

FIXED ASSETS

Tangible assets

2

139,336

-

CURRENT ASSETS

Stocks

18,140

-

Debtors

42

1,000

Cash at bank and in hand

74,600

-

92,782

1,000

CREDITORS

Amounts falling due within one year

240,233

-

NET CURRENT (LIABILITIES)/ASSETS

(147,451

)

1,000

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,115

)

1,000

CAPITAL AND RESERVES

Called up share capital

3

1,000

1,000

Profit and loss account

(9,115

)

-

SHAREHOLDERS' FUNDS

(8,115

)

1,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 November 2015 and were signed by:

T A Fenwick - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At the balance sheet date, the company's liabilities exceeded its assets. The company has received

assurance from the director that she will continue to give financial support to the company for twelve

months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on a going concern basis.

However, should the financial support mentioned above not be forthcoming, the going concern basis

used in preparing the company's accounts may be invalid and adjustments would have to be made to

reduce the value of assets to their realisable amount and to provide for any further liabilities which

might arise. The accounts do not include any adjustment to the company's assets or liabilities that

might be necessary should this basis not continue to be appropriate.

Accounting convention

The financial statements 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 invoiced sales of goods.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

No depreciation is provided on the freehold property as the company follows a programme of regular

maintenance, which includes the reinstatement of the fabric of the building, where necessary, in order

to maintain it to a high standard. Accordingly, in the opinion of the directors, any element of

depreciation would be immaterial and consequently no provision has been made.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date. Deferred tax assets are recognised to the extent that it is regarded as more

likely than not that they will be recovered.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

139,499

At 28 February 2015

139,499

DEPRECIATION

Charge for year

163

At 28 February 2015

163

NET BOOK VALUE

At 28 February 2015

139,336

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1

Ordinary

£1000

1,000

1,000

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Sailor Ted and Shipmates Limited for the year ended 28 February 2015

which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Sailor Ted and Shipmates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sailor Ted and Shipmates Limited and state those matters that we have agreed to state to the director of Sailor Ted and Shipmates Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Sailor Ted and Shipmates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sailor Ted and Shipmates Limited. You consider that Sailor Ted and Shipmates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sailor Ted and

Shipmates Limited. For this reason, we have not verified the accuracy or completeness of the accounting

records or information and explanations you have given to us and we do not, therefore, express any opinion

on the statutory financial statements.

Harrison Black Limited

Pyle House

136/137 Pyle Street

Newport

Isle of Wight

PO30 1JW

27 November 2015