REGISTERED NUMBER: 05644163 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

First Class Sailing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C M Tulloch

REGISTERED OFFICE:

Unit 3 & 4

Building 15 Shamrock Quay

William Street

Southampton

Hampshire

SO14 5QL

REGISTERED NUMBER:

05644163 (England and Wales)

ACCOUNTANTS:

Myers & Co Accountants Limited

Suite 204A, East Wing

Sterling House

Langston Road

Loughton

Essex

IG10 3TS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

210,084

287,441

210,084

287,441

CURRENT ASSETS

Stocks

7,484

15,299

Debtors

6

98,130

117,200

Cash at bank and in hand

40,025

127,696

145,639

260,195

CREDITORS

Amounts falling due within one year

7

228,362

224,060

NET CURRENT (LIABILITIES)/ASSETS

(82,723

)

36,135

TOTAL ASSETS LESS CURRENT LIABILITIES

127,361

323,576

CREDITORS

Amounts falling due after more than one year

8

-

(18,393

)

PROVISIONS FOR LIABILITIES

9

(52,521

)

(71,860

)

NET ASSETS

74,840

233,323

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

74,740

233,223

SHAREHOLDERS' FUNDS

74,840

233,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2025 and were signed by:

C M Tulloch - Director

1.	STATUTORY INFORMATION

First Class Sailing Limited 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets

The amount paid in connection with the trademark is being amortised evenly over five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Vessels: 12.5% Straight line basis

Life Rafts and Sails: 25% Straight line basis

Computer Equipment: 33% Reducing balance basis

Fixtures and Fittings: 33% Reducing balance basis

Oilskins and Clothing: 50% Straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

72,000

2,839

74,839

AMORTISATION

At 1 January 2024

and 31 December 2024

72,000

2,839

74,839

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

556,737

1,115

43,403

601,255

Additions

63,000

-

13,814

76,814

Disposals

(157,362

)

-

-

(157,362

)

At 31 December 2024

462,375

1,115

57,217

520,707

DEPRECIATION

At 1 January 2024

298,404

368

15,042

313,814

Charge for year

57,852

246

13,918

72,016

Eliminated on disposal

(75,207

)

-

-

(75,207

)

At 31 December 2024

281,049

614

28,960

310,623

NET BOOK VALUE

At 31 December 2024

181,326

501

28,257

210,084

At 31 December 2023

258,333

747

28,361

287,441

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

31,480

3,671

Other debtors

66,650

113,529

98,130

117,200

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

18,540

37,623

Trade creditors

33,442

11,414

Taxation and social security

2,455

52,231

Other creditors

173,925

122,792

228,362

224,060

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

-

18,393

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

52,521

71,860

Deferred

tax

£

Balance at 1 January 2024

71,860

Provided during year

(19,339

)

Provision for the year

Balance at 31 December 2024

52,521

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

C M Tulloch

Balance outstanding at start of year

74,777

(555

)

Amounts advanced

19,316

76,332

Amounts repaid

(94,200

)

(1,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(107

)

74,777