Registration number:
Plain Sailing Investments Limited
for the Year Ended 31 January 2024
Plain Sailing Investments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Plain Sailing Investments Limited
Company Information
Directors |
A J S Hoare D A Hoare |
Registered office |
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Registered number |
11146106 |
Accountant |
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Plain Sailing Investments Limited
(Registration number: 11146106)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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118,038 |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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117,938 |
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Total equity |
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118,038 |
Plain Sailing Investments Limited
(Registration number: 11146106)
Balance Sheet as at 31 January 2024
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised for issue by the
Director
Plain Sailing Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Plain Sailing Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price.
Plain Sailing Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are repayable on demand and are shown at transaction costs which is deemed to be the fair value.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 February 2022 |
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At 31 January 2023 |
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Investment properties are carried at fair value, determined by the directors with reference to the condition and location of the property, as well as current observable market prices.
There has been no valuation of investment property by an independent valuer.
Debtors: amounts falling due within one year |
2024 |
2023 |
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Trade debtors |
20,650 |
6,200 |
Prepayment |
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3,890 |
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10,090 |
Plain Sailing Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Note |
2024 |
2023 |
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Amounts falling due within one year |
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Loans and borrowings |
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1,296,500 |
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Trade creditors |
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240 |
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Taxation and social security |
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1,355 |
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Accruals |
5,836 |
9,226 |
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Corporation tax |
15,498 |
2,638 |
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1,322,939 |
1,309,959 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Plain Sailing Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Loans from related parties
2024 |
Shareholders |
At start of period |
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At end of period |
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2023 |
Shareholders |
At start of period |
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At end of period |
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A loan totalling £1,470,000 has been provided by the shareholders to the company. The loan is interest free, unsecured and has no fixed repayment date. Repayments are made when distributable profits become available or the property is sold.