Silverfin false 30/04/2023 01/05/2022 30/04/2023 G Scott 24/04/2008 22 October 2023 The principal activity of the Company during the financial year was the provision of marine sponsorship services. 06575001 2023-04-30 06575001 bus:Director1 2023-04-30 06575001 2022-04-30 06575001 core:CurrentFinancialInstruments 2023-04-30 06575001 core:CurrentFinancialInstruments 2022-04-30 06575001 core:ShareCapital 2023-04-30 06575001 core:ShareCapital 2022-04-30 06575001 core:RetainedEarningsAccumulatedLosses 2023-04-30 06575001 core:RetainedEarningsAccumulatedLosses 2022-04-30 06575001 core:PlantMachinery 2022-04-30 06575001 core:OfficeEquipment 2022-04-30 06575001 core:PlantMachinery 2023-04-30 06575001 core:OfficeEquipment 2023-04-30 06575001 core:CostValuation 2022-04-30 06575001 core:AdditionsToInvestments 2023-04-30 06575001 core:CostValuation 2023-04-30 06575001 core:ProvisionsForImpairmentInvestments 2022-04-30 06575001 core:ProvisionsForImpairmentInvestments 2023-04-30 06575001 2022-05-01 2023-04-30 06575001 bus:FullAccounts 2022-05-01 2023-04-30 06575001 bus:SmallEntities 2022-05-01 2023-04-30 06575001 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 06575001 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06575001 bus:Director1 2022-05-01 2023-04-30 06575001 core:PlantMachinery core:TopRangeValue 2022-05-01 2023-04-30 06575001 core:OfficeEquipment core:TopRangeValue 2022-05-01 2023-04-30 06575001 2021-05-01 2022-04-30 06575001 core:PlantMachinery 2022-05-01 2023-04-30 06575001 core:OfficeEquipment 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 06575001 (England and Wales)

SCOTT SAILING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

SCOTT SAILING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

SCOTT SAILING LIMITED

BALANCE SHEET

As at 30 April 2023
SCOTT SAILING LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 53,022 25,650
Investments 4 552,546 550,000
605,568 575,650
Current assets
Debtors 5 1,093 9,700
Cash at bank and in hand 709,139 645,544
710,232 655,244
Creditors: amounts falling due within one year 6 ( 39,219) ( 56,731)
Net current assets 671,013 598,513
Total assets less current liabilities 1,276,581 1,174,163
Provision for liabilities ( 10,075) ( 4,874)
Net assets 1,266,506 1,169,289
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,266,406 1,169,189
Total shareholder's funds 1,266,506 1,169,289

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Scott Sailing Limited (registered number: 06575001) were approved and authorised for issue by the Director on 22 October 2023. They were signed on its behalf by:

G Scott
Director
SCOTT SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
SCOTT SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scott Sailing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Admirals Quarter, Barrack Road, Weymouth, DR4 8BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 May 2022 28,500 809 29,309
Additions 55,057 0 55,057
Disposals ( 28,500) 0 ( 28,500)
At 30 April 2023 55,057 809 55,866
Accumulated depreciation
At 01 May 2022 2,850 809 3,659
Charge for the financial year 2,748 0 2,748
Disposals ( 3,563) 0 ( 3,563)
At 30 April 2023 2,035 809 2,844
Net book value
At 30 April 2023 53,022 0 53,022
At 30 April 2022 25,650 0 25,650

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 May 2022 550,000 550,000
Additions 2,546 2,546
At 30 April 2023 552,546 552,546
Provisions for impairment
At 01 May 2022 0 0
At 30 April 2023 0 0
Carrying value at 30 April 2023 552,546 552,546
Carrying value at 30 April 2022 550,000 550,000

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £552,546 . Market value of the investments at the balance sheet date was £562,396.

Other investments are held at cost less impairment because their fair value cannot be measured reliably.

5. Debtors

2023 2022
£ £
Trade debtors 700 9,700
Other debtors 393 0
1,093 9,700

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,787 2,610
Taxation and social security 15,335 42,301
Other creditors 20,097 11,820
39,219 56,731