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REGISTERED NUMBER: 11353700 (England and Wales)















Director's Report and

Unaudited Financial Statements for the Year Ended 31st December 2023

for

Conquistador Sailing Ltd

Conquistador Sailing Ltd (Registered number: 11353700)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Director's Report 2

Statement of Income and Retained Earnings 3

Balance Sheet 4

Notes to the Financial Statements 5


Conquistador Sailing Ltd

Company Information
for the year ended 31st December 2023







DIRECTOR: Mr G P D Rann





REGISTERED OFFICE: Totemic House
Caunt Road
Grantham
NG31 7FZ





REGISTERED NUMBER: 11353700 (England and Wales)






Conquistador Sailing Ltd (Registered number: 11353700)

Director's Report
for the year ended 31st December 2023

The director presents his report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of yacht chartering

DIRECTOR
Mr G P D Rann held office during the whole of the period from 1st January 2023 to the date of this report.

GOING CONCERN
The financial statements have been prepared on the going concern basis even though the company has net liabilities, as financial support has been provided by the shareholder and he has confirmed that this support will be available for twelve months from the date of approval of the financial statements.
Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr G P D Rann - Director


18th March 2025

Conquistador Sailing Ltd (Registered number: 11353700)

Statement of Income and
Retained Earnings
for the year ended 31st December 2023

2023 2022
£    £   

TURNOVER - -

Cost of sales (95,537 ) (49,294 )
GROSS LOSS (95,537 ) (49,294 )

Administrative expenses (905,788 ) (532,657 )
OPERATING LOSS (1,001,325 ) (581,951 )


Interest payable and similar expenses (147,365 ) (77,031 )
LOSS BEFORE TAXATION (1,148,690 ) (658,982 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (1,148,690 ) (658,982 )

Retained earnings at beginning of year (2,945,833 ) (2,286,851 )

RETAINED EARNINGS AT END OF
YEAR

(4,094,523

)

(2,945,833

)

Conquistador Sailing Ltd (Registered number: 11353700)

Balance Sheet
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,229,965 1,205,777

CURRENT ASSETS
Debtors 5 79,252 120,468
Cash at bank and in hand 3,057 5,511
82,309 125,979
CREDITORS
Amounts falling due within one year 6 (5,406,697 ) (4,277,489 )
NET CURRENT LIABILITIES (5,324,388 ) (4,151,510 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,094,423

)

(2,945,733

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (4,094,523 ) (2,945,833 )
(4,094,423 ) (2,945,733 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved and authorised for issue by the director and authorised for issue on 18th March 2025 and were signed by:





Mr G P D Rann - Director


Conquistador Sailing Ltd (Registered number: 11353700)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Conquistador Sailing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on the going concern basis even though the company has net liabilities, as financial support has been provided by the shareholder and he has confirmed that this support will be available for twelve months from the date of approval of the financial statements.
Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The directors believe there are no critical judgements in applying the company's accounting policies and no key sources of estimation uncertainty which impact on the financial statements of the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Yacht - 10% on reducing balance
Fixtures and fittings - 50% on cost and 10% on reducing balance

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. 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 including trade debtors, are initially recognised at transaction cost which is considered to be fair value. At each statement of financial position date, the company assesses whether there is objective evidence that a financial asset has become impaired. Impairment losses are recorded as charges in the income statement and the carrying amount of the financial asset is reduced by establishing an impairment loss provision. Impairment loss provisions are maintained at the level that management deems sufficient to absorb incurred losses. Financial assets are subsequently carried at transaction cost less provision for impairment.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the Statement of Financial Position. Finance costs and gains or losses relating to financial liabilities are included in the Income Statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Dividends and distributions relating to equity instruments are debited directly to equity.


Conquistador Sailing Ltd (Registered number: 11353700)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
Yacht fittings Totals
£    £    £   
COST
At 1st January 2023 1,343,727 539,964 1,883,691
Additions - 327,488 327,488
Disposals - (4,618 ) (4,618 )
At 31st December 2023 1,343,727 862,834 2,206,561
DEPRECIATION
At 1st January 2023 505,798 172,116 677,914
Charge for year 83,793 214,889 298,682
At 31st December 2023 589,591 387,005 976,596
NET BOOK VALUE
At 31st December 2023 754,136 475,829 1,229,965
At 31st December 2022 837,929 367,848 1,205,777

Conquistador Sailing Ltd (Registered number: 11353700)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 77,840 100,327
Other debtors 1,412 20,141
79,252 120,468

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 80,331 19,182
Taxation and social security 74,928 45,455
Other creditors 5,251,438 4,212,852
5,406,697 4,277,489

7. RELATED PARTY DISCLOSURES

Within trade debtors is £30,213 (2022 £29,083) due from the director where extended credit has been given.

Within other creditors are interest free loans £3,168,301 (2022: £2,266,033) from companies ultimately
controlled by the director.
In the previous year £39,369 2022 was waived on a loan from a company controlled by the director.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G P D Rann.