4 SailingFast Limited SC577224 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is sale of sailing equipment and boats Digita Accounts Production Advanced 6.30.9574.0 true false true SC577224 2023-10-01 2024-09-30 SC577224 2024-09-30 SC577224 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-09-30 SC577224 bus:OrdinaryShareClass2 bus:CumulativeShares 2024-09-30 SC577224 bus:OrdinaryShareClass3 bus:CumulativeShares 2024-09-30 SC577224 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC577224 core:ShareCapital 2024-09-30 SC577224 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-09-30 SC577224 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-09-30 SC577224 core:CurrentFinancialInstruments 2024-09-30 SC577224 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC577224 core:Non-currentFinancialInstruments 2024-09-30 SC577224 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC577224 core:FurnitureFittingsToolsEquipment 2024-09-30 SC577224 core:LandBuildings 2024-09-30 SC577224 core:MotorVehicles 2024-09-30 SC577224 bus:SmallEntities 2023-10-01 2024-09-30 SC577224 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC577224 bus:FilletedAccounts 2023-10-01 2024-09-30 SC577224 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC577224 bus:RegisteredOffice 2023-10-01 2024-09-30 SC577224 bus:Director1 2023-10-01 2024-09-30 SC577224 bus:Director2 2023-10-01 2024-09-30 SC577224 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-10-01 2024-09-30 SC577224 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-10-01 2024-09-30 SC577224 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-10-01 2024-09-30 SC577224 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC577224 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 SC577224 core:LandBuildings 2023-10-01 2024-09-30 SC577224 core:LeaseholdImprovements 2023-10-01 2024-09-30 SC577224 core:MotorVehicles 2023-10-01 2024-09-30 SC577224 core:PlantMachinery 2023-10-01 2024-09-30 SC577224 core:Vehicles 2023-10-01 2024-09-30 SC577224 1 2023-10-01 2024-09-30 SC577224 countries:Scotland 2023-10-01 2024-09-30 SC577224 2023-09-30 SC577224 core:CostValuation 2023-09-30 SC577224 core:FurnitureFittingsToolsEquipment 2023-09-30 SC577224 core:LandBuildings 2023-09-30 SC577224 core:MotorVehicles 2023-09-30 SC577224 2022-10-01 2023-09-30 SC577224 2023-09-30 SC577224 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-09-30 SC577224 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-09-30 SC577224 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-09-30 SC577224 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC577224 core:ShareCapital 2023-09-30 SC577224 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-09-30 SC577224 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-09-30 SC577224 core:CurrentFinancialInstruments 2023-09-30 SC577224 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC577224 core:Non-currentFinancialInstruments 2023-09-30 SC577224 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC577224 core:FurnitureFittingsToolsEquipment 2023-09-30 SC577224 core:LandBuildings 2023-09-30 SC577224 core:MotorVehicles 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC577224

SailingFast Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

SailingFast Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

SailingFast Limited

(Registration number: SC577224)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

100,133

104,580

Investments

5

1

1

 

100,134

104,581

Current assets

 

Stocks

6

316,621

279,075

Debtors

7

38,347

28,498

Cash at bank and in hand

 

34,101

107,292

 

389,069

414,865

Creditors: Amounts falling due within one year

8

(283,652)

(320,774)

Net current assets

 

105,417

94,091

Total assets less current liabilities

 

205,551

198,672

Creditors: Amounts falling due after more than one year

8

(32,512)

(53,526)

Provisions for liabilities

(10,703)

(11,540)

Net assets

 

162,336

133,606

Capital and reserves

 

Called up share capital

4

4

Retained earnings

162,332

133,602

Shareholders' funds

 

162,336

133,606

 

SailingFast Limited

(Registration number: SC577224)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

Mr Duncan Bruce Hepplewhite
Director

Mrs Emma Louise Hepplewhite
Director

 
     
 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Stables Farrenridge
Avonbridge
Falkirk
Falkirk
FK1 2HN
United Kingdom

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts..

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Fixtures and Fittings

25% Straight Line

Leasehold Improvements

No Depreciation

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on a yearly basis for bad debts and any adjustment is made accordingly through the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

43,793

17,708

101,067

162,568

Additions

-

4,115

9,310

13,425

At 30 September 2024

43,793

21,823

110,377

175,993

Depreciation

At 1 October 2023

-

5,507

52,481

57,988

Charge for the year

-

4,483

13,389

17,872

At 30 September 2024

-

9,990

65,870

75,860

Carrying amount

At 30 September 2024

43,793

11,833

44,507

100,133

At 30 September 2023

43,793

12,201

48,586

104,580

Included within the net book value of land and buildings above is £43,793 (2023 - £43,793) in respect of short leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 October 2023

1

Provision

Carrying amount

At 30 September 2024

1

At 30 September 2023

1

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

316,621

279,075

7

Debtors

Current

2024
£

2023
£

Trade debtors

29,621

23,783

Prepayments

5,409

4,596

Other debtors

3,317

119

 

38,347

28,498

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,018

19,678

Trade creditors

 

94,609

171,448

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1

1

Taxation and social security

 

27,333

422

Accruals and deferred income

 

4,628

5,130

Other creditors

 

136,063

124,095

 

283,652

320,774

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

32,512

53,526


The company has a loan under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

The amount included as due within one year is £10,329 (2023: £10,071) and the amount included as due more than one year is £7,888 (2023: £18,213).

The company also has a hire purchase contract which is secured. The amount included as due in one year is £10,689 (2023: £9,606l) and the amount included as due more than one year is £24,624 (2023: £35,313).

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,888

18,213

Hire purchase contracts

24,624

35,313

32,512

53,526

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,329

10,072

Hire purchase contracts

10,689

9,606

21,018

19,678

 

SailingFast Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

Class A Ordinary of £1 each

1

1

1

1

Class B Ordinary of £1 each

1

1

1

1

 

4

4

4

4

11

Transactions with Directors

At the balance sheet date, the company owed the directors, Mr D Hepplewhite and Mrs E Hepplewhite, £135,567 (2023: £123,841). This loan is being charged at 2.5% interest and can be repaid upon request.

12

Parent and ultimate parent undertaking

The ultimate controlling party is Mr Duncan Hepplewhite and Mrs Emma Hepplewhite, by virtue of their shareholding.