First Class Sailing Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05644163

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

for

First Class Sailing Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

C M Tulloch

SECRETARY:

G Tulloch

REGISTERED OFFICE:

Unit 16

Building 2 Shamrock Quay

William Street

Southampton

Hampshire

SO14 5QL

REGISTERED NUMBER:

05644163

ACCOUNTANTS:

Myers & Co Accountants Limited

Suite 204A, East Wing

Sterling House

Langston Road

Loughton

Essex

IG10 3TS

FIXED ASSETS

Intangible assets

2

-

7,768

Tangible assets

3

164,647

191,040

164,647

198,808

CURRENT ASSETS

Stocks

14,894

15,849

Debtors

48,696

44,543

Cash at bank and in hand

42,414

54,707

106,004

115,099

CREDITORS

Amounts falling due within one year

134,798

144,103

NET CURRENT LIABILITIES

(28,794

)

(29,004

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

135,853

169,804

CREDITORS

Amounts falling due after more than one
year

4

(127,744

)

(142,245

)

PROVISIONS FOR LIABILITIES

(32,929

)

(38,208

)

NET LIABILITIES

(24,820

)

(10,649

)

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

(24,920

)

(10,749

)

SHAREHOLDERS' FUNDS

(24,820

)

(10,649

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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.

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 July 2016 and were signed by:

C M Tulloch - Director

1.	ACCOUNTING POLICIES

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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

74,839

AMORTISATION

At 1 April 2015

67,071

Amortisation for year

7,768

At 31 March 2016

74,839

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

7,768

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

233,837

Additions

4,311

At 31 March 2016

238,148

DEPRECIATION

At 1 April 2015

42,797

Charge for year

30,704

At 31 March 2016

73,501

NET BOOK VALUE

At 31 March 2016

164,647

At 31 March 2015

191,040

4.

CREDITORS

Creditors include the following debts falling due in more than five years:

31.3.16

31.3.15

£

Repayable by instalments

59,690

78,342

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2016 and

31 March 2015:

31.3.16

31.3.15

£

C M Tulloch

Balance outstanding at start of year

(408

)

(2,119

)

Amounts advanced

7,876

2,936

Amounts repaid

(443

)

(1,225

)

Balance outstanding at end of year

7,025

(408

)

Loans were made to the Director, Mr C M Tulloch, as per the above table.