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REGISTERED NUMBER: 08325574 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

G P SAILS LTD

G P SAILS LTD (REGISTERED NUMBER: 08325574)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

G P SAILS LTD

COMPANY INFORMATION
For The Year Ended 31 March 2023







DIRECTORS: G A Piggott
Mrs L J Piggott





REGISTERED OFFICE: 75 Bournemouth Road
Chandlers Ford
Eastleigh
Hampshire
SO53 3AP





REGISTERED NUMBER: 08325574 (England and Wales)





ACCOUNTANTS: Stone Osmond Limited
75 Bournemouth Road
Chandlers Ford
Eastleigh
Hampshire
SO53 3AP

G P SAILS LTD (REGISTERED NUMBER: 08325574)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 28,135 37,128
28,135 37,128

CURRENT ASSETS
Stocks 7,883 800
Debtors 6 11,791 24,005
Cash at bank 60,864 60,151
80,538 84,956
CREDITORS
Amounts falling due within one year 7 69,267 83,217
NET CURRENT ASSETS 11,271 1,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,406

38,867

PROVISIONS FOR LIABILITIES 5,172 6,842
NET ASSETS 34,234 32,025

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 34,232 32,023
SHAREHOLDERS' FUNDS 34,234 32,025

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 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.

G P SAILS LTD (REGISTERED NUMBER: 08325574)

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 December 2023 and were signed on its behalf by:




G A Piggott - Director



Mrs L J Piggott - Director


G P SAILS LTD (REGISTERED NUMBER: 08325574)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

G P Sails Ltd 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.

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.

The financial statements have been prepared on the going concern basis. The company relies on the continued financial support of the directors who are the major creditors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 25% on reducing balance

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 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.

G P SAILS LTD (REGISTERED NUMBER: 08325574)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 10,000
AMORTISATION
At 1 April 2022
and 31 March 2023 10,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 1,561 95,529 97,090
DEPRECIATION
At 1 April 2022 279 59,683 59,962
Charge for year 31 8,962 8,993
At 31 March 2023 310 68,645 68,955
NET BOOK VALUE
At 31 March 2023 1,251 26,884 28,135
At 31 March 2022 1,282 35,846 37,128

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,791 24,005

G P SAILS LTD (REGISTERED NUMBER: 08325574)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4 2,507
Taxation and social security 12,304 16,933
Other creditors 56,959 63,777
69,267 83,217

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr & Mrs G A Piggott.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
G P SAILS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G P Sails Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of G P Sails Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G P Sails Ltd and state those matters that we have agreed to state to the Board of Directors of G P Sails Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G P Sails Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G P Sails Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G P Sails Ltd. You consider that G P Sails Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G P Sails Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stone Osmond Limited
75 Bournemouth Road
Chandlers Ford
Eastleigh
Hampshire
SO53 3AP


Date: .............................................