1 July 2023 v2024.60.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP034316042023-07-012024-06-30034316042024-06-30034316042023-06-3003431604core:WithinOneYear2024-06-3003431604core:WithinOneYear2023-06-3003431604core:ShareCapital2024-06-3003431604core:ShareCapital2023-06-3003431604core:OtherReservesSubtotal2023-06-3003431604core:RetainedEarningsAccumulatedLosses2024-06-3003431604core:RetainedEarningsAccumulatedLosses2023-06-3003431604bus:Director12023-07-012024-06-3003431604bus:RegisteredOffice2023-07-012024-06-3003431604core:FurnitureFittings2023-07-012024-06-3003431604core:MotorVehicles2023-07-012024-06-30034316042022-07-012023-06-3003431604core:LandBuildings2023-07-0103431604core:PlantMachinery2023-07-01034316042023-07-0103431604core:LandBuildings2023-07-012024-06-3003431604core:PlantMachinery2023-07-012024-06-3003431604core:LandBuildings2024-06-3003431604core:PlantMachinery2024-06-3003431604core:LandBuildings2023-06-3003431604core:PlantMachinery2023-06-300343160412023-07-012024-06-3003431604countries:EnglandWales2023-07-012024-06-3003431604bus:AuditExemptWithAccountantsReport2023-07-012024-06-3003431604bus:PrivateLimitedCompanyLtd2023-07-012024-06-3003431604bus:SmallEntities2023-07-012024-06-3003431604bus:FullAccounts2023-07-012024-06-30
Company registration number:
03431604
Celtic Sailing Limited
Unaudited Filleted Financial Statements for the year ended
30 June 2024
Celtic Sailing Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Celtic Sailing Limited
Year ended
30 June 2024
As described on the statement of financial position, the Board of Directors of
Celtic Sailing Limited
are responsible for the preparation of the
financial statements
for the year ended
30 June 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Atkinson Accounts
Egerton House
55 Hoole Road
Chester
CH2 3NJ
United Kingdom
Celtic Sailing Limited
Statement of Financial Position
30 June 2024
20242023
Note££
Fixed assets    
Tangible assets 5
516,302
 
665,607
 
Current assets    
Cash at bank and in hand
(24,174
)
(22,831
)
Creditors: amounts falling due within one year 6
(171,133
)
(194,517
)
Net current liabilities
(195,307
)
(217,348
)
Total assets less current liabilities 320,995   448,259  
Capital and reserves    
Called up share capital
102
 
102
 
Other reserves -  
132,703
 
Profit and loss account
320,893
 
315,454
 
Shareholders funds
320,995
 
448,259
 
For the year ending
30 June 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
19 November 2024
, and are signed on behalf of the board by:
M Romeling
Director
Company registration number:
03431604
Celtic Sailing Limited
Notes to the Financial Statements
Year ended
30 June 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Egerton House
,
Hoole Road
,
Chester
,
CH2 3NJ
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% reducing balance
Motor vehicles
20% reducing balance

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 July 2023
418,060
 
303,983
 
722,043
 
Additions
53,820
 
52,688
 
106,508
 
Revaluations
(121,880
)
(132,704
)
(254,584
)
At
30 June 2024
350,000
 
223,967
 
573,967
 
Depreciation      
At
1 July 2023
-  
56,436
 
56,436
 
Charge -  
1,229
 
1,229
 
At
30 June 2024
-  
57,665
 
57,665
 
Carrying amount      
At
30 June 2024
350,000
 
166,302
 
516,302
 
At 30 June 2023
418,060
 
247,547
 
665,607
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying amount at
1 July 2023
418,060
 
Additions
53,820
 
Fair value adjustments
121,880
)
Carrying amount at
30 June 2024
350,000
 

6 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
65,102
 
32,643
 
Taxation and social security
53,033
 
18,778
 
Other creditors
52,998
 
143,096
 
171,133
 
194,517
 

7 Fair value reserve

Included within other reserves is the fair value reserve as follows:
20242023
££
At start of year 132,703   111,294  
Reclassification from fair reserve to profit and loss account (132,703 ) -  
Other movements in other comprehensive income -   21,409  
At end of year -   132,703