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Registered number: 01379446












MINORCA SAILING HOLIDAYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 30 NOVEMBER 2024





















 


img694f.png
01483 755 399
hamlyns.com

 
MINORCA SAILING HOLIDAYS LIMITED
REGISTERED NUMBER: 01379446

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
87,015
90,315

  
87,015
90,315

Current assets
  

Debtors: amounts falling due within one year
 5 
7,672
29,691

Cash at bank and in hand
  
191,206
223,981

  
198,878
253,672

Creditors: amounts falling due within one year
 6 
(179,329)
(241,702)

Net current assets
  
 
 
19,549
 
 
11,970

Total assets less current liabilities
  
106,564
102,285

Creditors: amounts falling due after more than one year
 7 
(13,949)
(24,113)

  

Net assets
  
92,615
78,172


Capital and reserves
  

Called up share capital 
  
30,000
30,000

Profit and loss account
  
62,615
48,172

  
92,615
78,172


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.




S Gregorowski
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
MINORCA SAILING HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Minorca Sailing Holidays Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number and registered office address are shown below:
Registered number: 01379446
Registered office address:58 Kew Road, Richmond, Surrey, TW9 2PQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
MINORCA SAILING HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, over stright line and reducing balance.

Depreciation is provided on the following basis:

Freehold property
-
2%
 straight line
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
15%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 3

 
MINORCA SAILING HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 December 2023
151,465
30,000
102,523
283,988


Additions
-
-
2,234
2,234



At 30 November 2024

151,465
30,000
104,757
286,222



Depreciation


At 1 December 2023
72,058
24,661
96,954
193,673


Charge for the year on owned assets
3,029
1,335
1,170
5,534



At 30 November 2024

75,087
25,996
98,124
199,207



Net book value



At 30 November 2024
76,378
4,004
6,633
87,015



At 30 November 2023
79,407
5,339
5,569
90,315


5.


Debtors

2024
2023
£
£


Other debtors
1,146
4,891

Prepayments
6,526
24,800

7,672
29,691



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,170
9,915

Other taxation and social security
3,538
4,567

Other creditors
132,837
150,157

Accruals
32,784
77,063

179,329
241,702


Page 4

 
MINORCA SAILING HOLIDAYS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,949
24,113

13,949
24,113



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,170
9,915


10,170
9,915

Amounts falling due 1-2 years

Bank loans
10,425
10,170


10,425
10,170

Amounts falling due 2-5 years

Bank loans
3,524
13,943


3,524
13,943


24,119
34,028



9.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2024 was unqualified.

The audit report was signed on 27 January 2025 by Oliver Spevack (senior statutory auditor) on behalf of Hamlyns Limited.


Page 5