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Company No: 00565787 (England and Wales)

NEWTON FERRERS SAILING SCHOOL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NEWTON FERRERS SAILING SCHOOL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NEWTON FERRERS SAILING SCHOOL LIMITED

BALANCE SHEET

As at 31 March 2024
NEWTON FERRERS SAILING SCHOOL LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 151,375 251,566
151,375 251,566
Current assets
Stocks 500 500
Cash at bank and in hand 13,390 12,822
13,890 13,322
Creditors: amounts falling due within one year 4 ( 4,200) ( 4,332)
Net current assets 9,690 8,990
Total assets less current liabilities 161,065 260,556
Provision for liabilities ( 35,434) ( 61,171)
Net assets 125,631 199,385
Capital and reserves
Called-up share capital 5 506 506
Fair value reserve 112,156 187,156
Capital redemption reserve 765 765
Profit and loss account 12,204 10,958
Total shareholder's funds 125,631 199,385

For the financial year ending 31 March 2024 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 Newton Ferrers Sailing School Limited (registered number: 00565787) were approved and authorised for issue by the Director on 06 September 2024. They were signed on its behalf by:

Mrs A E Thomson
Director
NEWTON FERRERS SAILING SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NEWTON FERRERS SAILING SCHOOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Newton Ferrers Sailing School 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 The Boat Shed, Gunsey Lane, Newton Ferrers, Plymouth, PL8 1AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 10 % reducing balance
Tools and equipment 10 % reducing balance

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.

Freehold property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value and any gains in valuation are recognised in other comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Tools and equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 250,000 2,531 7,083 2,400 4,250 266,264
Revaluations ( 100,000) 0 0 0 0 ( 100,000)
At 31 March 2024 150,000 2,531 7,083 2,400 4,250 166,264
Accumulated depreciation
At 01 April 2023 0 2,531 7,083 2,361 2,723 14,698
Charge for the financial year 0 0 0 39 152 191
At 31 March 2024 0 2,531 7,083 2,400 2,875 14,889
Net book value
At 31 March 2024 150,000 0 0 0 1,375 151,375
At 31 March 2023 250,000 0 0 39 1,527 251,566

Revaluation of tangible assets

Freehold land and buildings were professionally valued by Luscombe Maye, an independent valuer, to fair value at 29th April 2024.

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 393 403
Taxation and social security 634 740
Other creditors 3,173 3,189
4,200 4,332

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
506 Ordinary shares of £ 1.00 each 506 506