Silverfin false false 31/08/2024 01/09/2023 31/08/2024 N A Thompson 14/08/2012 24 May 2025 The principal activity of the Company during the financial year is that of a professional sailor. 08179878 2024-08-31 08179878 bus:Director1 2024-08-31 08179878 2023-08-31 08179878 core:CurrentFinancialInstruments 2024-08-31 08179878 core:CurrentFinancialInstruments 2023-08-31 08179878 core:ShareCapital 2024-08-31 08179878 core:ShareCapital 2023-08-31 08179878 core:RetainedEarningsAccumulatedLosses 2024-08-31 08179878 core:RetainedEarningsAccumulatedLosses 2023-08-31 08179878 core:PlantMachinery 2023-08-31 08179878 core:Vehicles 2023-08-31 08179878 core:FurnitureFittings 2023-08-31 08179878 core:ComputerEquipment 2023-08-31 08179878 core:PlantMachinery 2024-08-31 08179878 core:Vehicles 2024-08-31 08179878 core:FurnitureFittings 2024-08-31 08179878 core:ComputerEquipment 2024-08-31 08179878 bus:OrdinaryShareClass1 2024-08-31 08179878 2023-09-01 2024-08-31 08179878 bus:FilletedAccounts 2023-09-01 2024-08-31 08179878 bus:SmallEntities 2023-09-01 2024-08-31 08179878 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08179878 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08179878 bus:Director1 2023-09-01 2024-08-31 08179878 core:PlantMachinery 2023-09-01 2024-08-31 08179878 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 08179878 core:Vehicles 2023-09-01 2024-08-31 08179878 core:ComputerEquipment core:TopRangeValue 2023-09-01 2024-08-31 08179878 2022-09-01 2023-08-31 08179878 core:FurnitureFittings 2023-09-01 2024-08-31 08179878 core:ComputerEquipment 2023-09-01 2024-08-31 08179878 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 08179878 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08179878 (England and Wales)

NICK THOMPSON SAILING LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

NICK THOMPSON SAILING LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

NICK THOMPSON SAILING LIMITED

BALANCE SHEET

As at 31 August 2024
NICK THOMPSON SAILING LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 76,654 50,038
76,654 50,038
Current assets
Debtors 4 0 18,054
Cash at bank and in hand 2,312 5,042
2,312 23,096
Creditors: amounts falling due within one year 5 ( 17,200) ( 31,639)
Net current liabilities (14,888) (8,543)
Total assets less current liabilities 61,766 41,495
Net assets 61,766 41,495
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 61,765 41,494
Total shareholder's funds 61,766 41,495

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Nick Thompson Sailing Limited (registered number: 08179878) were approved and authorised for issue by the Director on 24 May 2025. They were signed on its behalf by:

N A Thompson
Director
NICK THOMPSON SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
NICK THOMPSON SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Nick Thompson Sailing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £61,766. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
3 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings not depreciated
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 September 2023 29,210 31,663 8,631 2,034 71,538
Additions 48,605 0 0 0 48,605
At 31 August 2024 77,815 31,663 8,631 2,034 120,143
Accumulated depreciation
At 01 September 2023 7,674 4,517 8,631 678 21,500
Charge for the financial year 15,881 5,430 0 678 21,989
At 31 August 2024 23,555 9,947 8,631 1,356 43,489
Net book value
At 31 August 2024 54,260 21,716 0 678 76,654
At 31 August 2023 21,536 27,146 0 1,356 50,038

4. Debtors

2024 2023
£ £
Trade debtors 0 18,054

5. Creditors: amounts falling due within one year

2024 2023
£ £
Other creditors 17,200 31,639

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1