Silverfin false false 30/04/2024 01/05/2023 30/04/2024 G Scott 24/04/2008 J Scott 06/10/2023 14 November 2024 The principal activity of the Company during the financial year was the provision of marine sponsorship services. 06575001 2024-04-30 06575001 bus:Director1 2024-04-30 06575001 bus:Director2 2024-04-30 06575001 2023-04-30 06575001 core:CurrentFinancialInstruments 2024-04-30 06575001 core:CurrentFinancialInstruments 2023-04-30 06575001 core:ShareCapital 2024-04-30 06575001 core:ShareCapital 2023-04-30 06575001 core:RetainedEarningsAccumulatedLosses 2024-04-30 06575001 core:RetainedEarningsAccumulatedLosses 2023-04-30 06575001 core:PlantMachinery 2023-04-30 06575001 core:OfficeEquipment 2023-04-30 06575001 core:PlantMachinery 2024-04-30 06575001 core:OfficeEquipment 2024-04-30 06575001 core:CostValuation 2023-04-30 06575001 core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 06575001 core:CostValuation 2024-04-30 06575001 2023-05-01 2024-04-30 06575001 bus:FilletedAccounts 2023-05-01 2024-04-30 06575001 bus:SmallEntities 2023-05-01 2024-04-30 06575001 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06575001 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06575001 bus:Director1 2023-05-01 2024-04-30 06575001 bus:Director2 2023-05-01 2024-04-30 06575001 core:PlantMachinery core:TopRangeValue 2023-05-01 2024-04-30 06575001 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 06575001 2022-05-01 2023-04-30 06575001 core:PlantMachinery 2023-05-01 2024-04-30 06575001 core:OfficeEquipment 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 06575001 (England and Wales)

SCOTT SAILING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SCOTT SAILING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SCOTT SAILING LIMITED

BALANCE SHEET

As at 30 April 2024
SCOTT SAILING LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 47,516 53,022
Investments 4 598,912 552,546
646,428 605,568
Current assets
Debtors 5 18,348 1,093
Cash at bank and in hand 760,004 709,139
778,352 710,232
Creditors: amounts falling due within one year 6 ( 46,655) ( 39,219)
Net current assets 731,697 671,013
Total assets less current liabilities 1,378,125 1,276,581
Provision for liabilities ( 9,029) ( 10,075)
Net assets 1,369,096 1,266,506
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,368,996 1,266,406
Total shareholder's funds 1,369,096 1,266,506

For the financial year ending 30 April 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 Scott Sailing Limited (registered number: 06575001) were approved and authorised for issue by the Board of Directors on 14 November 2024. They were signed on its behalf by:

G Scott
Director
SCOTT SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SCOTT SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

Scott Sailing 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 27 Admirals Quarter, Barrack Road, Weymouth, DR4 8BD, 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 £.

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.

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.

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 10 years straight line
Office equipment 3 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.

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.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 1

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 May 2023 55,057 809 55,866
At 30 April 2024 55,057 809 55,866
Accumulated depreciation
At 01 May 2023 2,035 809 2,844
Charge for the financial year 5,506 0 5,506
At 30 April 2024 7,541 809 8,350
Net book value
At 30 April 2024 47,516 0 47,516
At 30 April 2023 53,022 0 53,022

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 552,546 552,546
Movement in fair value 46,366 46,366
At 30 April 2024 598,912 598,912
Carrying value at 30 April 2024 598,912 598,912
Carrying value at 30 April 2023 552,546 552,546

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £542,605. Market value of the investments at the balance sheet date was £598,912.

5. Debtors

2024 2023
£ £
Trade debtors 18,000 700
Other debtors 348 393
18,348 1,093

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 3,787
Taxation and social security 19,599 15,335
Other creditors 27,056 20,097
46,655 39,219

7. Reserves

Included in the retained earnings figure of £1,368,996 are unrealised gains of £60,495.