Company No: 14735920 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	31,954		46,654
		31,954		46,654
Current assets
Debtors	4	13,284		279
Cash at bank and in hand		22,046		49,180
		35,330		49,459
Creditors: amounts falling due within one year	5	( 14,014)		( 53,127)
Net current assets/(liabilities)		21,316		(3,668)
Total assets less current liabilities		53,270		42,986
Creditors: amounts falling due after more than one year	6	( 22,829)		0
Net assets		30,441		42,986
Capital and reserves
Called-up share capital	7	4		4
Profit and loss account		30,437		42,982
Total shareholders' funds		30,441		42,986

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ian Walker Sailing Limited (registered number: 14735920) were approved and authorised for issue by the Board of Directors on 11 May 2026. They were signed on its behalf by:

I J Walker Director

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

Ian Walker 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 29 Thornton Avenue Warsash, Southampton, SO31 9FL, 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 £.

Turnover

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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 reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	20 % reducing balance
Office equipment	20 % reducing balance

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 Statement of Income and Retained Earnings 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2025	16,076		36,010		720		52,806
Additions	0		0		219		219
Disposals	( 9,500)		0		0		( 9,500)
At 31 March 2026	6,576		36,010		939		43,525
Accumulated depreciation
At 01 April 2025	3,080		3,001		71		6,152
Charge for the financial year	2,134		6,602		145		8,881
Disposals	( 3,462)		0		0		( 3,462)
At 31 March 2026	1,752		9,603		216		11,571
Net book value
At 31 March 2026	4,824		26,407		723		31,954
At 31 March 2025	12,996		33,009		649		46,654

4. Debtors

	2026		2025
	£		£
Other debtors	13,284		279

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Taxation and social security	6,266		699
Obligations under finance leases and hire purchase contracts (secured)	4,654		32,102
Other creditors	3,094		20,326
	14,014		53,127

Hire purchase loans are secured against the assets to which they belong to.

6. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts (secured)	22,829		0

Hire purchase loans are secured against the assets to which they belong to.

7. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00	1		1
1 Ordinary B share of £ 1.00	1		1
1 Ordinary C share of £ 1.00	1		1
1 Ordinary D share of £ 1.00	1		1
	4		4