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REGISTERED NUMBER: SC275147 (Scotland)













Financial Statements

for the Year Ended 31 December 2023

for

Geronimo Sailing Ltd.

Geronimo Sailing Ltd. (Registered number: SC275147)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Geronimo Sailing Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTOR: C W Perkins





SECRETARY: C W Perkins





REGISTERED OFFICE: Minard House Suite Colonsay
93 Princes Street
Ardrossan
Ayrshire
KA22 8DQ





REGISTERED NUMBER: SC275147 (Scotland)





ACCOUNTANTS: Gerber Landa & Gee
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Geronimo Sailing Ltd. (Registered number: SC275147)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,553 27,984

CURRENT ASSETS
Debtors 5 6,510 4,609
Cash at bank 3 133
6,513 4,742
CREDITORS
Amounts falling due within one year 6 173,817 160,683
NET CURRENT LIABILITIES (167,304 ) (155,941 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(142,751

)

(127,957

)

CREDITORS
Amounts falling due after more than one
year

7

725

1,560
NET LIABILITIES (143,476 ) (129,517 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (143,576 ) (129,617 )
SHAREHOLDERS' FUNDS (143,476 ) (129,517 )

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

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

The director acknowledges his 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.

Geronimo Sailing Ltd. (Registered number: SC275147)

Balance Sheet - continued
31 December 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 director and authorised for issue on 17 September 2024 and were signed by:





C W Perkins - Director


Geronimo Sailing Ltd. (Registered number: SC275147)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Geronimo Sailing Ltd. is a private company, limited by shares , registered in Scotland. 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 are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the basis that the company will continue to trade for the forseeable future. At 31 December 2023 the company's liabilities exceeded its assets by £143,476. The company is therefore dependent upon the continued support of its director and other creditors. Should this support be withdrawn and the company be unable to continue trading, adjustments would have to be made to reduce balance sheet values of assets to their recoverable amounts, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Geronimo Sailing Ltd. (Registered number: SC275147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 162,051
DEPRECIATION
At 1 January 2023 134,067
Charge for year 3,431
At 31 December 2023 137,498
NET BOOK VALUE
At 31 December 2023 24,553
At 31 December 2022 27,984

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 3,896 3,896
Other debtors 2,614 713
6,510 4,609

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 1,000 1,000
Trade creditors 2,792 2,599
Other creditors 170,025 157,084
173,817 160,683

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 725 1,560

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director has advanced loan funds to the company on an interest free basis and without formal repayment terms. The amount owed at 31st December 2023 is £134,463 (2022 - £101,522).

9. RELATED PARTY DISCLOSURES

The director, Mr Craig Perkins, is also director and shareholder of Key Reservations (Hotels) Limited. At 31st December 2023 the amount owed to Key Reservations (Hotels) Limited was £35,562 (2022 - £55,562).

Geronimo Sailing Ltd. (Registered number: SC275147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. ULTIMATE CONTROLLING PARTY

The company is under the control of the director.