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REGISTERED NUMBER: 03723754 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

QUBA SAILS LIMITED

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,977 7,144
Tangible assets 5 136,478 117,650
138,455 124,794

CURRENT ASSETS
Stocks 1,692,940 1,781,925
Debtors 6 1,772,759 1,375,658
Cash at bank and in hand 526,200 1,250,488
3,991,899 4,408,071
CREDITORS
Amounts falling due within one year 7 1,033,780 1,936,267
NET CURRENT ASSETS 2,958,119 2,471,804
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,096,574

2,596,598

PROVISIONS FOR LIABILITIES 10,348 -
NET ASSETS 3,086,226 2,596,598

CAPITAL AND RESERVES
Called up share capital 125 125
Share premium 124,975 124,975
Retained earnings 2,961,126 2,471,498
3,086,226 2,596,598

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

BALANCE SHEET - continued
31 MARCH 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





C Leigh - Director


QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Quba Sails Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03723754

Registered office: Unit 470 Broadstone Mill
Broadstone Road
Stockport
SK5 7DL

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Leasehold improvements depreciation has been provided in order to write off each asset over the life of the rental term which can range from 5 to 20 years.

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 Profit and Loss Account, 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.


QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 112 (2022 - 113 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022 76,814
Additions 1,020
Disposals (32,000 )
At 31 March 2023 45,834
AMORTISATION
At 1 April 2022 69,670
Charge for year 6,187
Eliminated on disposal (32,000 )
At 31 March 2023 43,857
NET BOOK VALUE
At 31 March 2023 1,977
At 31 March 2022 7,144

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 148,777 25,449 209,721
Additions 7,323 - 69,445
Reclassification/transfer - - 2,456
At 31 March 2023 156,100 25,449 281,622
DEPRECIATION
At 1 April 2022 95,120 25,449 158,627
Charge for year 11,882 - 42,474
Reclassification/transfer - - 502
At 31 March 2023 107,002 25,449 201,603
NET BOOK VALUE
At 31 March 2023 49,098 - 80,019
At 31 March 2022 53,657 - 51,094

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 49,606 2,456 436,009
Additions - - 76,768
Reclassification/transfer - (2,456 ) -
At 31 March 2023 49,606 - 512,777
DEPRECIATION
At 1 April 2022 38,661 502 318,359
Charge for year 3,584 - 57,940
Reclassification/transfer - (502 ) -
At 31 March 2023 42,245 - 376,299
NET BOOK VALUE
At 31 March 2023 7,361 - 136,478
At 31 March 2022 10,945 1,954 117,650

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors - 20,299
Other debtors 255,267 203,855
255,267 224,154

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 828,712 413,480
Other debtors 688,780 738,024
1,517,492 1,151,504

Aggregate amounts 1,772,759 1,375,658

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 450,303 716,442
Taxation and social security 174,798 589,440
Other creditors 408,679 630,385
1,033,780 1,936,267

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 464,734 487,450
Between one and five years 953,993 1,000,624
In more than five years 155,329 162,922
1,574,056 1,650,996

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
C Leigh
Balance outstanding at start of year 556,999 -
Amounts advanced - 556,999
Amounts repaid (49,244 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 507,755 556,999

Interest is charged on the directors loan at HMRC approved rates.

QUBA SAILS LIMITED (REGISTERED NUMBER: 03723754)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. RELATED PARTY DISCLOSURES

The company along with parent company Silk-Spinnaker Limited has entered into guarantees in the form of fixed and floating charges to secure the borrowings of Silk-Spinnaker Limited. At 31 March 2023 the amount outstanding in respect of these guarantees was £2,600,042.

At the balance sheet date an amount of £828,712 (2022: £413,480) was owed by Silk-Spinnaker Limited to Quba Sails Limited.

During the year the company incurred management charges of £48,537 (2022: £55) from Silk-Spinnaker Limited.