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REGISTERED NUMBER: 03235400 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

TOPSAIL INSURANCE LIMITED

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TOPSAIL INSURANCE LIMITED

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: R De Cristofano
N A Hawkes
C A McGowan
R C Stevens





REGISTERED OFFICE: Lytchett House
13 Freeland Park
Wareham Road
Poole
Dorset
BH16 6FA





REGISTERED NUMBER: 03235400 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

BALANCE SHEET
31 August 2023

31.8.23 31.8.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 8,103 7,685
Investments 6 6,057 9,875
14,161 17,561

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 7 376,233 359,077
Cash at bank and in hand 369,521 376,559
746,754 736,636
CREDITORS
Amounts falling due within one year 8 (638,105 ) (579,533 )
NET CURRENT ASSETS 108,649 157,103
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,810

174,664

CREDITORS
Amounts falling due after more than one
year

9

(57,500

)

(87,500

)

PROVISIONS FOR LIABILITIES (1,677 ) (1,677 )
NET ASSETS 63,633 85,487

CAPITAL AND RESERVES
Called up share capital 10 17,000 17,000
Retained earnings 46,633 68,487
SHAREHOLDERS' FUNDS 63,633 85,487

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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.

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

BALANCE SHEET - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 20 November 2023 and were signed on its behalf by:





C A McGowan - Director


TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Topsail Insurance 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at fair value of the consideration received of receivable, excluding discounts, rebates and other sales taxes for the commissions received on the sale on insurance. Turnover is recognised on the commencement of the policy.

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 three years.

Tangible fixed assets
Tangible fixed assets held for the Company's own use are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life.

Fixtures & fittings-20% reducing balance
Plant & machinery-20% reducing balance
Computer equipment-25% straight line

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs.

Financial instruments
Financial assets, 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 entity after deducting all of its financial liabilities.


TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are included at fair value as at the balance sheet date with the gain or loss going through the profit and loss account. .

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 61,001
AMORTISATION
At 1 September 2022
and 31 August 2023 61,000
NET BOOK VALUE
At 31 August 2023 1
At 31 August 2022 1

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022 9,000 32,404 41,759 83,163
Additions - - 3,550 3,550
At 31 August 2023 9,000 32,404 45,309 86,713
DEPRECIATION
At 1 September 2022 8,287 28,157 39,034 75,478
Charge for year 143 849 2,140 3,132
At 31 August 2023 8,430 29,006 41,174 78,610
NET BOOK VALUE
At 31 August 2023 570 3,398 4,135 8,103
At 31 August 2022 713 4,247 2,725 7,685

6. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 September 2022 3,818 6,057 9,875
Disposals (3,818 ) - (3,818 )
At 31 August 2023 - 6,057 6,057
NET BOOK VALUE
At 31 August 2023 - 6,057 6,057
At 31 August 2022 3,818 6,057 9,875

Cost or valuation at 31 August 2023 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2020 (629 ) - (629 )
Valuation in 2021 (1,351 ) - (1,351 )
Valuation in 2022 209 - 209
Valuation in 2023 (3,818 ) - (3,818 )
Cost 5,589 6,057 11,646
- 6,057 6,057

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 143,088 188,927
Topsail Holdings Limited 164,526 98,489
Club Class Holdings 17,718 -
Directors' current accounts 33,868 54,628
Tax 17,033 17,033
376,233 359,077

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 30,000 30,000
Trade creditors 495,795 464,885
Corporation tax 73,049 64,228
PAYE/NIC 6,428 4,253
Directors' current accounts 2,954 -
Accruals & deferred income 29,879 16,167
638,105 579,533

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 1-2 years 30,000 30,000
Bank loans - 2-5 years 27,500 57,500
57,500 87,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
5,100 Ordinary A £1 5,100 5,100
5,100 Ordinary B £1 5,100 5,100
3,400 Ordinary D £1 3,400 3,400
3,400 Ordinary C £1 3,400 3,400
17,000 17,000

TOPSAIL INSURANCE LIMITED (REGISTERED NUMBER: 03235400)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
C A McGowan
Balance outstanding at start of year 23,480 22,546
Amounts advanced - 934
Amounts repaid (7,890 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,590 23,480

R C Stevens
Balance outstanding at start of year 24,850 22,479
Amounts advanced - 2,371
Amounts repaid (6,570 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,280 24,850

R De Cristofano
Balance outstanding at start of year 2,549 1,238
Amounts advanced - 1,311
Amounts repaid (4,728 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,179 ) 2,549

N A Hawkes
Balance outstanding at start of year 3,753 1,691
Amounts advanced - 2,062
Amounts repaid (4,525 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (772 ) 3,753

Interest at a rate of 2.0% (2.25% from 6 April 2023) per annum totalling £1,019 (2022: £1,035) was charged during the year.