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Registration number: 11146106

Plain Sailing Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

Pages for filing with Registrar

 

Plain Sailing Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Plain Sailing Investments Limited

Company Information

Directors

A J S Hoare

D A Hoare

Registered office

40 Chepstow Place
London
W2 4TA

Registered number

11146106

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Plain Sailing Investments Limited

(Registration number: 11146106)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,365,913

1,365,913

Current assets

 

Debtors

5

10,090

12,235

Cash at bank and in hand

 

51,994

67,581

 

62,084

79,816

Creditors: Amounts falling due within one year

6

(1,309,959)

(1,338,938)

Net current liabilities

 

(1,247,875)

(1,259,122)

Net assets

 

118,038

106,791

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

117,938

106,691

Total equity

 

118,038

106,791

 

Plain Sailing Investments Limited

(Registration number: 11146106)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 26 October 2023 and signed on its behalf by:
 



 

A J S Hoare
Director

 

Plain Sailing Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
40 Chepstow Place
London
W2 4TA

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Plain Sailing Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Investment property

Investment property is carried at fair value to be derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are repayable on demand and are shown at transaction costs which is deemed to be the fair value.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Plain Sailing Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Investment properties

2023
£

At 1 February 2022

1,365,913

At 31 January 2023

1,365,913

Investment properties are carried at fair value, determined by the directors with reference to the condition and location of the property, as well as current observable market prices.

There has been no valuation of investment property by an independent valuer.

5

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

6,200

-

Prepayments and accrued income

3,890

12,235

10,090

12,235

6

Creditors

Note

2023
£

2022
£

Amounts falling due within one year

 

Loans and borrowings

8

1,296,500

1,296,500

Trade creditors

 

240

2,475

Taxation and social security

 

1,355

5,884

Other creditors

 

-

19,619

Accruals and deferred income

 

9,226

1,575

Corporation tax

 

2,638

12,885

 

1,309,959

1,338,938

 

Plain Sailing Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

10,000

100

10,000

100

         

8

Related party transactions

Loans from related parties

2023

Shareholders
£

At start of period

1,296,500

At end of period

1,296,500

2022

Shareholders
£

At start of period

1,366,500

Repaid

(70,000)

At end of period

1,296,500

A loan totalling £1,470,000 has been provided by the shareholders to the company. The loan is interest free, unsecured and has no fixed repayment date. Repayments are made when distributable profits become available or the property is sold.