Registered number
13000262
Prometheus Sailing Ltd
Filleted Accounts
31 October 2024
Prometheus Sailing Ltd
Registered number: 13000262
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,125 4,625
Tangible assets 4 7,900 8,465
11,025 13,090
Current assets
Stocks 15,603 11,702
Debtors 5 251,905 179,664
Cash at bank and in hand 212,079 452,233
479,587 643,599
Creditors: amounts falling due within one year 6 (363,341) (442,688)
Net current assets 116,246 200,911
Total assets less current liabilities 127,271 214,001
Creditors: amounts falling due after more than one year 7 (43,911) (22,931)
Net assets 83,360 191,070
Capital and reserves
Called up share capital 3 3
Profit and loss account 83,357 191,067
Shareholders' funds 83,360 191,070
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Simon Boulding
Director
Approved by the board on 23 July 2025
Prometheus Sailing Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss over its estimated economic life of 1 year. Goodwill is negative as purchase price was lower than that of fair value.
Intangible fixed assets - Other Intangible
Other intangible assets are Website Building costs. It is amortised to profit and loss account over its estimated economic life of 5 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 3-5 years straight-line basis
Fixtures and fittings 5 years straight-line basis
Computer equipment 3 years straight-line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets
Goodwill Other Total
£ £ £
Cost
At 1 November 2023 (13,175) 7,500 (5,675)
At 31 October 2024 (13,175) 7,500 (5,675)
Amortisation
At 1 November 2023 (13,175) 2,875 (10,300)
Provided during the year - 1,500 1,500
At 31 October 2024 (13,175) 4,375 (8,800)
Net book value
At 31 October 2024 - 3,125 3,125
At 31 October 2023 - - 4,625
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 11,812
Additions 2,903
At 31 October 2024 14,715
Depreciation
At 1 November 2023 3,347
Charge for the year 3,468
At 31 October 2024 6,815
Net book value
At 31 October 2024 7,900
At 31 October 2023 8,465
5 Debtors 2024 2023
£ £
Trade debtors 181,465 122,444
Prepayments 58,475 36,265
Other debtors 11,965 20,955
251,905 179,664
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 118,125 204,637
Taxation and social security costs 27,865 1
Other creditors 38,948 32,590
Deferred income 114,768 129,351
Accruals 63,635 76,109
363,341 442,688
7 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to related parties 43,911 22,931
8 Controlling party
The parent company of Prometheus Sailing Ltd during the reporting period was Prometheus Sailing Holding Limited, which held a registered office at Port Solent Marina Office Lock Approach, Port Solent, Portsmouth, England, PO6 4TJ.
9 Other information
Prometheus Sailing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Prometheus Sunsail, The Marina Lock Approach
Port Solent
Portsmouth
England
PO6 4TJ
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