Sailor Ted and Shipmates Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06113898 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 29TH FEBRUARY 2016

FOR

SAILOR TED AND SHIPMATES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Accountants' Report

5

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

139,198

139,336

CURRENT ASSETS

Stocks

15,854

18,140

Debtors

46

42

Cash at bank and in hand

69,285

74,600

85,185

92,782

CREDITORS

Amounts falling due within one year

236,916

240,233

NET CURRENT LIABILITIES

(151,731

)

(147,451

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,533

)

(8,115

)

CAPITAL AND RESERVES

Called up share capital

3

1,000

Profit and loss account

(13,533

)

(9,115

)

SHAREHOLDERS' FUNDS

(12,533

)

(8,115

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2016 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 30th November 2016 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 January 2015).

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

At 1st March 2015

and 29th February 2016

139,499

DEPRECIATION

At 1st March 2015

163

Charge for year

138

At 29th February 2016

301

NET BOOK VALUE

At 29th February 2016

139,198

At 28th February 2015

139,336

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1000

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 four)

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 29th February 2016 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sailor Ted and Shipmates Limited 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

30th November 2016