Sail Lofts - St Ives Limited - Accounts to registrar (filleted) - small 18.2
Sail Lofts - St Ives Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Sail Lofts - St Ives Limited |
| Unaudited Financial Statements |
| for the Period 2nd January 2017 to 31st December 2017 |
| Sail Lofts - St Ives Limited (Registered number: 07163707) |
| Contents of the Financial Statements |
| for the Period 2nd January 2017 to 31st December 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Sail Lofts - St Ives Limited |
| Company Information |
| for the Period 2nd January 2017 to 31st December 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 48 Arwenack Street |
| Falmouth |
| Cornwall |
| TR11 3JH |
| Sail Lofts - St Ives Limited (Registered number: 07163707) |
| Statement of Financial Position |
| 31st December 2017 |
| 2017 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved and authorised for issue by the Board of Directors on and were signed on its behalf by: |
| Sail Lofts - St Ives Limited (Registered number: 07163707) |
| Notes to the Financial Statements |
| for the Period 2nd January 2017 to 31st December 2017 |
| 1. | STATUTORY INFORMATION |
| Sail Lofts - St Ives Limited is a |
| 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 |
| Turnover |
| Turnover represents invoiced sales of goods and services, excluding value added tax. Turnover is recognised |
| when the service is provided. |
| Tangible fixed assets |
| Freehold property | - |
| Long leasehold | - |
| Plant and machinery | - |
| Website | - |
| Computer equipment | - |
| FRS 102 requires freehold properties to be depreciated over their estimated useful economic life. In the opinion |
| of the directors the depreciation charge and accumulated depreciation charge is immaterial to the financial |
| statements and the directors believe that complying with the accounting standard will not give the financial |
| statements a true and fair view. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance |
| for obsolete and slow moving items. |
| The cost formula used in measuing stock is FIFO. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position 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. |
| Sail Lofts - St Ives Limited (Registered number: 07163707) |
| Notes to the Financial Statements - continued |
| for the Period 2nd January 2017 to 31st December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at |
| transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
| at the present value of future receipts, discounted at a market rate of interest. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies |
| are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where |
| the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 2nd January 2017 |
| Additions |
| Disposals | ( |
) |
| At 31st December 2017 |
| DEPRECIATION |
| At 2nd January 2017 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 31st December 2017 |
| NET BOOK VALUE |
| At 31st December 2017 |
| At 1st January 2017 |
| Sail Lofts - St Ives Limited (Registered number: 07163707) |
| Notes to the Financial Statements - continued |
| for the Period 2nd January 2017 to 31st December 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Computer |
| Website | equipment | Totals |
| £ | £ | £ |
| COST |
| At 2nd January 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st December 2017 |
| DEPRECIATION |
| At 2nd January 2017 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st December 2017 |
| NET BOOK VALUE |
| At 31st December 2017 |
| At 1st January 2017 |
| 5. | STOCKS |
| 2017 | 2017 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Loan to Porthmeor Holdings |
| Loan to Porth Estates |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2017 |
| £ | £ |
| Other loans |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT |
| Directors' current accounts |
| Accruals and deferred income |
| Included within Other loans is a loan of £1,799,892 due to Mr R Clark and this will only be repaid when cash flow |
| allows. |
| Accruals and deferred income includes deposits in advance for holidays of £115,653 (1st January 2017: |
| £109,802). |