Company registration number 02110321 (England and Wales)
TOPS'L SAILCRUISE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TOPS'L SAILCRUISE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
TOPS'L SAILCRUISE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TOPS'L SAILCRUISE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tops'l Sailcruise Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Tops'l Sailcruise Limited, as a body, in accordance with the terms of our engagement letter dated 24 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Tops'l Sailcruise Limited and state those matters that we have agreed to state to the board of directors of Tops'l Sailcruise Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tops'l Sailcruise Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Tops'l Sailcruise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tops'l Sailcruise Limited. You consider that Tops'l Sailcruise 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 financial statements of Tops'l Sailcruise 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 financial statements.

Dartnell Accounting Limited
Chartered Accountants
16 Gorselands Close
West Byfleet
Surrey
KT14 6PU
6 April 2025
TOPS'L SAILCRUISE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
262,000
272,000
Current assets
Debtors
5
10,373
13,562
Cash at bank and in hand
169,403
148,776
179,776
162,338
Creditors: amounts falling due within one year
6
(13,863)
(13,535)
Net current assets
165,913
148,803
Net assets
427,913
420,803
Capital and reserves
Called up share capital
119,223
120,423
Share premium account
142,245
136,622
Profit and loss reserves
166,445
163,758
Total equity
427,913
420,803

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 April 2025 and are signed on its behalf by:
Mr Stephen Smith
Mr Stephen Leniston
Director
Director
Company registration number 02110321 (England and Wales)
TOPS'L SAILCRUISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Tops'l Sailcruise Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite A, 82 James Carter Road, Mildenhall, IP28 7DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover consists of:

 

Sailing charges as and when the sail takes place. Vouchers are used by the company for maintenance or administration work undertaken on behalf of the company. Vouchers are also issued to members in proportion to their shareholding. All vouchers can be redeemed against the sailing charges, reducing them accordingly.

 

The income from the membership fees represents subscription income, which is paid on a monthly basis, from the members.

 

The company is not registered for VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Yachts and boats
in accordance with directors' valuation.

The value is provided by the Directors, based upon their knowledge of the current market, and allowing for all anticipated costs of sale.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TOPS'L SAILCRUISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
533,924
Depreciation and impairment
At 1 January 2024
261,924
Depreciation charged in the year
10,000
At 31 December 2024
271,924
Carrying amount
At 31 December 2024
262,000
At 31 December 2023
272,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,373
13,562
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43
-
0
Trade creditors
-
0
27
Corporation tax
515
237
Other creditors
13,305
13,271
13,863
13,535
TOPS'L SAILCRUISE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Share redemption

The redeemable shares are repayable at any time at the company's option. The shareholders can also request redemption any time after five years of ownership. The amount of premium depends upon the share valuation at the date of disposal.

8
Directors' transactions

The directors are entitled to use the club facilities and boats on the same terms as the other members. This includes the right to receive free sailing vouchers as shown in note 1.2.

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