Silverfin false false 31/12/2023 01/01/2023 31/12/2023 I Williams 28/02/2006 10 September 2024 The principal activity of the Company during the financial year was professional sailing. 05724670 2023-12-31 05724670 bus:Director1 2023-12-31 05724670 2022-12-31 05724670 core:CurrentFinancialInstruments 2023-12-31 05724670 core:CurrentFinancialInstruments 2022-12-31 05724670 core:ShareCapital 2023-12-31 05724670 core:ShareCapital 2022-12-31 05724670 core:RetainedEarningsAccumulatedLosses 2023-12-31 05724670 core:RetainedEarningsAccumulatedLosses 2022-12-31 05724670 core:PlantMachinery 2022-12-31 05724670 core:OfficeEquipment 2022-12-31 05724670 core:PlantMachinery 2023-12-31 05724670 core:OfficeEquipment 2023-12-31 05724670 2023-01-01 2023-12-31 05724670 bus:FilletedAccounts 2023-01-01 2023-12-31 05724670 bus:SmallEntities 2023-01-01 2023-12-31 05724670 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05724670 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05724670 bus:Director1 2023-01-01 2023-12-31 05724670 core:PlantMachinery 2023-01-01 2023-12-31 05724670 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 05724670 2022-01-01 2022-12-31 05724670 core:OfficeEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 05724670 (England and Wales)

WILLIAMS SAIL RACING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WILLIAMS SAIL RACING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WILLIAMS SAIL RACING LIMITED

BALANCE SHEET

As at 31 December 2023
WILLIAMS SAIL RACING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 45,632 53,956
45,632 53,956
Current assets
Debtors 4 2,057 10,047
Cash at bank and in hand 73,571 43,882
75,628 53,929
Creditors: amounts falling due within one year 5 ( 30,509) ( 23,331)
Net current assets 45,119 30,598
Total assets less current liabilities 90,751 84,554
Net assets 90,751 84,554
Capital and reserves
Called-up share capital 100 100
Profit and loss account 90,651 84,454
Total shareholders' funds 90,751 84,554

For the financial year ending 31 December 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 Williams Sail Racing Limited (registered number: 05724670) were approved and authorised for issue by the Director on 10 September 2024. They were signed on its behalf by:

I Williams
Director
WILLIAMS SAIL RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WILLIAMS SAIL RACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Williams Sail Racing 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 Far End Cottage, Lower Woodside, Lymington, SO41 8AJ, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

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 15 % reducing balance
Office equipment 4 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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 January 2023 117,927 1,903 119,830
At 31 December 2023 117,927 1,903 119,830
Accumulated depreciation
At 01 January 2023 65,603 271 65,874
Charge for the financial year 7,848 476 8,324
At 31 December 2023 73,451 747 74,198
Net book value
At 31 December 2023 44,476 1,156 45,632
At 31 December 2022 52,324 1,632 53,956

4. Debtors

2023 2022
£ £
Corporation tax 0 8,536
Other debtors 2,057 1,511
2,057 10,047

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 14,737 9,572
Other creditors 15,772 13,759
30,509 23,331