Fairview Sailing Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04150575 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2017

for

Fairview Sailing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Hobson

P M Webb

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

3

4,500

6,000

Tangible assets

4

1,097,461

1,148,525

1,101,961

1,154,525

CURRENT ASSETS

Stocks

23,392

23,392

Debtors

5

98,362

59,735

Cash at bank and in hand

45,163

1,398

166,917

84,525

CREDITORS

Amounts falling due within one year

6

730,598

533,306

NET CURRENT LIABILITIES

(563,681

)

(448,781

)

TOTAL ASSETS LESS CURRENT LIABILITIES

538,280

705,744

CREDITORS

Amounts falling due after more than one year

7

(381,720

)

(526,068

)

PROVISIONS FOR LIABILITIES

(156,311

)

(146,707

)

NET ASSETS

249

32,969

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

49

32,769

SHAREHOLDERS' FUNDS

249

32,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 October 2017 and were signed on its behalf by:

G Hobson - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 nil 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.

Taxation

Taxation for the year 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.

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.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2016

and 31 January 2017

7,500

AMORTISATION

At 1 February 2016

1,500

Charge for year

1,500

At 31 January 2017

3,000

NET BOOK VALUE

At 31 January 2017

4,500

At 31 January 2016

6,000

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2016

1,655,607

Additions

33,917

At 31 January 2017

1,689,524

DEPRECIATION

At 1 February 2016

507,082

Charge for year

84,981

At 31 January 2017

592,063

NET BOOK VALUE

At 31 January 2017

1,097,461

At 31 January 2016

1,148,525

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

41,783

31,392

Other debtors

56,579

28,343

98,362

59,735

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans and overdrafts

340,417

233,398

Trade creditors

87,389

100,946

Taxation and social security

45,292

41,604

Other creditors

257,500

157,358

730,598

533,306

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.17

31.1.16

£

£

Bank loans

292,372

526,068

Other creditors

89,348

-

381,720

526,068

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

85,250

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.17

31.1.16

£

£

Bank overdrafts

106,513

108,847

Bank loans

526,276

650,619

632,789

759,466

9.	RELATED PARTY DISCLOSURES