Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr A R Harris-Guerrero 09/02/2011 Mrs E Harris-Guerrero 12/06/2019 30 October 2024 The principal activity of the Company during the financial year was that of sail making, cover making, running and standing rigging. 07524052 2024-01-31 07524052 bus:Director1 2024-01-31 07524052 bus:Director2 2024-01-31 07524052 2023-01-31 07524052 core:CurrentFinancialInstruments 2024-01-31 07524052 core:CurrentFinancialInstruments 2023-01-31 07524052 core:Non-currentFinancialInstruments 2024-01-31 07524052 core:Non-currentFinancialInstruments 2023-01-31 07524052 core:ShareCapital 2024-01-31 07524052 core:ShareCapital 2023-01-31 07524052 core:RetainedEarningsAccumulatedLosses 2024-01-31 07524052 core:RetainedEarningsAccumulatedLosses 2023-01-31 07524052 core:Goodwill 2023-01-31 07524052 core:ComputerSoftware 2023-01-31 07524052 core:Goodwill 2024-01-31 07524052 core:ComputerSoftware 2024-01-31 07524052 core:LeaseholdImprovements 2023-01-31 07524052 core:PlantMachinery 2023-01-31 07524052 core:Vehicles 2023-01-31 07524052 core:FurnitureFittings 2023-01-31 07524052 core:OfficeEquipment 2023-01-31 07524052 core:LeaseholdImprovements 2024-01-31 07524052 core:PlantMachinery 2024-01-31 07524052 core:Vehicles 2024-01-31 07524052 core:FurnitureFittings 2024-01-31 07524052 core:OfficeEquipment 2024-01-31 07524052 core:CostValuation 2023-01-31 07524052 core:CostValuation 2024-01-31 07524052 core:ProvisionsForImpairmentInvestments 2023-01-31 07524052 core:ImpairmentLossProvisionsForImpairmentInvestments 2024-01-31 07524052 core:ProvisionsForImpairmentInvestments 2024-01-31 07524052 bus:OrdinaryShareClass1 2024-01-31 07524052 bus:OrdinaryShareClass2 2024-01-31 07524052 bus:OrdinaryShareClass3 2024-01-31 07524052 2023-02-01 2024-01-31 07524052 bus:FilletedAccounts 2023-02-01 2024-01-31 07524052 bus:SmallEntities 2023-02-01 2024-01-31 07524052 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07524052 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07524052 bus:Director1 2023-02-01 2024-01-31 07524052 bus:Director2 2023-02-01 2024-01-31 07524052 core:Goodwill core:TopRangeValue 2023-02-01 2024-01-31 07524052 core:ComputerSoftware core:TopRangeValue 2023-02-01 2024-01-31 07524052 core:PlantMachinery 2023-02-01 2024-01-31 07524052 core:Vehicles 2023-02-01 2024-01-31 07524052 core:FurnitureFittings 2023-02-01 2024-01-31 07524052 core:OfficeEquipment 2023-02-01 2024-01-31 07524052 2022-02-01 2023-01-31 07524052 core:Goodwill 2023-02-01 2024-01-31 07524052 core:ComputerSoftware 2023-02-01 2024-01-31 07524052 core:LeaseholdImprovements 2023-02-01 2024-01-31 07524052 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 07524052 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 07524052 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 07524052 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 07524052 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 07524052 bus:OrdinaryShareClass3 2023-02-01 2024-01-31 07524052 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 07524052 1 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07524052 (England and Wales)

SAIL SHAPE MARINE LIMITED

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

SAIL SHAPE MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

SAIL SHAPE MARINE LIMITED

BALANCE SHEET

As at 31 January 2024
SAIL SHAPE MARINE LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 11,019 16,531
Tangible assets 4 72,247 60,716
Investments 5 0 33,529
83,266 110,776
Current assets
Stocks 105,073 123,029
Debtors 6 50,443 116,847
Cash at bank and in hand 7,424 4,793
162,940 244,669
Creditors: amounts falling due within one year 7 ( 228,750) ( 253,536)
Net current liabilities (65,810) (8,867)
Total assets less current liabilities 17,456 101,909
Creditors: amounts falling due after more than one year 8 ( 40,516) ( 56,214)
Provision for liabilities ( 10,846) ( 9,918)
Net (liabilities)/assets ( 33,906) 35,777
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account ( 33,907 ) 35,776
Total shareholder's (deficit)/funds ( 33,906) 35,777

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:

The financial statements of Sail Shape Marine Limited (registered number: 07524052) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

Mr A R Harris-Guerrero
Director
SAIL SHAPE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
SAIL SHAPE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Sail Shape Marine 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 Unit 3g Restormel Industrial Estate, Lostwithiel, England, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

At the time dividends were paid in the year there were sufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.

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.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 4 years straight line
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:

Leasehold improvements not depreciated
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 directors 8 8

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 February 2023 71,500 9,261 80,761
At 31 January 2024 71,500 9,261 80,761
Accumulated amortisation
At 01 February 2023 54,969 9,261 64,230
Charge for the financial year 5,512 0 5,512
At 31 January 2024 60,481 9,261 69,742
Net book value
At 31 January 2024 11,019 0 11,019
At 31 January 2023 16,531 0 16,531

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 February 2023 1,000 101,808 7,699 13,256 4,098 127,861
Additions 0 18,307 0 0 1,414 19,721
At 31 January 2024 1,000 120,115 7,699 13,256 5,512 147,582
Accumulated depreciation
At 01 February 2023 0 49,236 5,264 10,954 1,691 67,145
Charge for the financial year 0 6,549 609 460 572 8,190
At 31 January 2024 0 55,785 5,873 11,414 2,263 75,335
Net book value
At 31 January 2024 1,000 64,330 1,826 1,842 3,249 72,247
At 31 January 2023 1,000 52,572 2,435 2,302 2,407 60,716

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 67,058
At 31 January 2024 67,058
Provisions for impairment
At 01 February 2023 33,529
Impairment 33,529
At 31 January 2024 67,058
Carrying value at 31 January 2024 0
Carrying value at 31 January 2023 33,529

6. Debtors

2024 2023
£ £
Trade debtors 14,926 40,370
Other debtors 35,517 76,477
50,443 116,847

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 14,257 12,816
Trade creditors 54,599 76,957
Amounts owed to Group undertakings 56,063 60,294
Corporation tax 6,766 4,564
Other taxation and social security 25,133 30,486
Other creditors 71,932 68,419
228,750 253,536

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 40,516 56,214

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
70 Ordinary A shares of £ 0.01 each 0.70 0.70
20 Ordinary B shares of £ 0.01 each 0.20 0.20
10 Ordinary C shares of £ 0.01 each 0.10 0.10
1.00 1.00

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan 14,709 70,876

During the year the company advanced £41,543 to a director, of which £99,150 was repaid. Interest totalling £1,440 has been charged on the loan at the actual official rate set out by HMRC. The balance owed to the company at 31 January 2024 was £14,709 (2023: £70,876) and is repayable on demand.

11. Ultimate controlling party

Parent Company:

Sail Shape Holdings Limited
Unit 3g, Restormel Industrial Estate, Lostwithiel, Cornwall, PL22 0HG, United Kingdom

The ultimate controlling party is Sail Shape Holdings Limited, by virtue of its 100% shareholding in Sail Shape Marine Limited.