TPS Sailing Limited - Period Ending 2019-02-27

TPS Sailing Limited - Period Ending 2019-02-27


TPS Sailing Limited 11196785 false 2018-02-09 2019-02-27 2019-02-27 The principal activity of the company is that of professional sailing services. Digita Accounts Production Advanced 6.24.8820.0 Software true true 11196785 2018-02-09 2019-02-27 11196785 2019-02-27 11196785 bus:OrdinaryShareClass1 2019-02-27 11196785 core:RetainedEarningsAccumulatedLosses 2019-02-27 11196785 core:ShareCapital 2019-02-27 11196785 core:CurrentFinancialInstruments core:WithinOneYear 2019-02-27 11196785 core:FurnitureFittingsToolsEquipment 2019-02-27 11196785 core:OtherPropertyPlantEquipment 2019-02-27 11196785 bus:SmallEntities 2018-02-09 2019-02-27 11196785 bus:AuditExemptWithAccountantsReport 2018-02-09 2019-02-27 11196785 bus:FullAccounts 2018-02-09 2019-02-27 11196785 bus:RegisteredOffice 2018-02-09 2019-02-27 11196785 bus:Director1 2018-02-09 2019-02-27 11196785 bus:Director2 2018-02-09 2019-02-27 11196785 bus:OrdinaryShareClass1 2018-02-09 2019-02-27 11196785 bus:PrivateLimitedCompanyLtd 2018-02-09 2019-02-27 11196785 core:FurnitureFittingsToolsEquipment 2018-02-09 2019-02-27 11196785 core:OfficeEquipment 2018-02-09 2019-02-27 11196785 core:OtherPropertyPlantEquipment 2018-02-09 2019-02-27 11196785 core:PlantMachinery 2018-02-09 2019-02-27 11196785 countries:AllCountries 2018-02-09 2019-02-27 iso4217:GBP xbrli:pure xbrli:shares

TPS Sailing Limited

Annual Report and Unaudited Financial Statements
Period from 9 February 2018 to 27 February 2019

Registration number: 11196785

 

TPS Sailing Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

TPS Sailing Limited

Balance Sheet

27 February 2019

Note

2019
£

Fixed assets

 

Tangible assets

3

26,349

Current assets

 

Cash at bank and in hand

 

1,426

Creditors: Amounts falling due within one year

4

(26,286)

Net current liabilities

 

(24,860)

Net assets

 

1,489

Capital and reserves

 

Called up share capital

2

Profit and loss account

1,487

Total equity

 

1,489

 

TPS Sailing Limited

Balance Sheet

27 February 2019

For the financial period ending 27 February 2019 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 January 2020 and signed on its behalf by:
 

.........................................
J M Peters
Director

.........................................
F M Sterritt
Director

 
     

Company Registration Number: 11196785

 

TPS Sailing Limited

Notes to the Financial Statements

Period from 9 February 2018 to 27 February 2019

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW
England

The principal place of business is:
82 Haylands
Portland
Dorset
DT5 2LA
England

These financial statements were authorised for issue by the Board on 21 January 2020.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

There were net current liabilities at the balance sheet date. These financial statements have been prepared on a going concern basis, which is dependent upon the continued support of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

TPS Sailing Limited

Notes to the Financial Statements

Period from 9 February 2018 to 27 February 2019

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Equipment

3 years straight line basis

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

 

TPS Sailing Limited

Notes to the Financial Statements

Period from 9 February 2018 to 27 February 2019

3

Tangible assets

Equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

Additions

820

34,405

35,225

At 27 February 2019

820

34,405

35,225

Depreciation

Charge for the period

273

8,603

8,876

At 27 February 2019

273

8,603

8,876

Carrying amount

At 27 February 2019

547

25,802

26,349

4

Creditors

Creditors: amounts falling due within one year

2019
£

Due within one year

Other creditors

24,786

Accrued expenses

1,500

26,286

 

TPS Sailing Limited

Notes to the Financial Statements

Period from 9 February 2018 to 27 February 2019

5

Share capital

Allotted, called up and fully paid shares

 

2019

 

No.

£

Ordinary shares of £1 each

2

2