Company Registration No. 13916758 (England and Wales)
Gentoo Sailing Team Limited
Unaudited accounts
for the year ended 31 December 2024
Gentoo Sailing Team Limited
Unaudited accounts
Contents
Gentoo Sailing Team Limited
Company Information
for the year ended 31 December 2024
Director
James Andrew Harayda
Company Number
13916758 (England and Wales)
Registered Office
4 Park Road
Richmond
TW10 6NS
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
Gentoo Sailing Team Limited
Accountants' report
Accountants' report to the director of Gentoo Sailing Team Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Gentoo Sailing Team Limited for the year ended
31 December 2024 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Gentoo Sailing Team Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Gentoo Sailing Team Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gentoo Sailing Team Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gentoo Sailing Team Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Gentoo Sailing Team Limited. You consider that Gentoo Sailing Team Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gentoo Sailing Team Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3, The Hop Exchange
24 Southwark Street
London
SE1 1TY
31 March 2025
Gentoo Sailing Team Limited
Statement of financial position
as at 31 December 2024
Tangible assets
617,281
654,986
Cash at bank and in hand
9,291
20,051
Creditors: amounts falling due within one year
(8,229)
(27,661)
Net current assets
8,774
24,247
Total assets less current liabilities
626,055
679,233
Creditors: amounts falling due after more than one year
(1,570,653)
(1,342,178)
Net liabilities
(944,598)
(662,945)
Called up share capital
1
1
Profit and loss account
(944,599)
(662,946)
Shareholders' funds
(944,598)
(662,945)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 April 2025 and were signed on its behalf by
James Andrew Harayda
Director
Company Registration No. 13916758
Gentoo Sailing Team Limited
Notes to the Accounts
for the year ended 31 December 2024
Gentoo Sailing Team Limited is a private company, limited by shares, registered in England and Wales, registration number 13916758. The registered office is 4 Park Road, Richmond, TW10 6NS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The Director has committed to funding the business by virtue of an interest free DLA. The Director has further confirmed that the DLA will not be called up within the next 12 months.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Straight Line
Computer equipment
20% straight Line
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Gentoo Sailing Team Limited
Notes to the Accounts
for the year ended 31 December 2024
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
30,780
690,556
500
721,836
At 31 December 2024
30,780
690,556
500
721,836
At 1 January 2024
3,474
63,301
75
66,850
Charge for the year
3,077
34,528
100
37,705
At 31 December 2024
6,551
97,829
175
104,555
At 31 December 2024
24,229
592,727
325
617,281
At 31 December 2023
27,306
627,255
425
654,986
Amounts falling due within one year
Amounts due from group undertakings etc.
4,321
3,024
Accrued income and prepayments
2,345
15,433
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
8,229
27,661
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
1,442,995
1,234,086
Loans from directors
127,658
108,092
Gentoo Sailing Team Limited
Notes to the Accounts
for the year ended 31 December 2024
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).