TPS SAILING LIMITED


Silverfin false 27/02/2021 27/02/2021 28/02/2020 James Mansfield Peters 24/04/2020 09/02/2018 Fynn Murray Sterritt 09/02/2018 22 January 2022 The principal activity of the Company during the financial year was that of professional sailing and coaching. 11196785 2021-02-27 11196785 bus:Director1 2021-02-27 11196785 bus:Director2 2021-02-27 11196785 2020-02-27 11196785 core:CurrentFinancialInstruments 2021-02-27 11196785 core:CurrentFinancialInstruments 2020-02-27 11196785 core:ShareCapital 2021-02-27 11196785 core:ShareCapital 2020-02-27 11196785 core:RetainedEarningsAccumulatedLosses 2021-02-27 11196785 core:RetainedEarningsAccumulatedLosses 2020-02-27 11196785 core:PlantMachinery 2020-02-27 11196785 core:OfficeEquipment 2020-02-27 11196785 core:PlantMachinery 2021-02-27 11196785 core:OfficeEquipment 2021-02-27 11196785 bus:OrdinaryShareClass1 2021-02-27 11196785 2020-02-28 2021-02-27 11196785 bus:FullAccounts 2020-02-28 2021-02-27 11196785 bus:SmallEntities 2020-02-28 2021-02-27 11196785 bus:AuditExemptWithAccountantsReport 2020-02-28 2021-02-27 11196785 bus:PrivateLimitedCompanyLtd 2020-02-28 2021-02-27 11196785 bus:Director1 2020-02-28 2021-02-27 11196785 bus:Director2 2020-02-28 2021-02-27 11196785 2019-02-28 2020-02-27 11196785 core:PlantMachinery 2020-02-28 2021-02-27 11196785 core:OfficeEquipment 2020-02-28 2021-02-27 11196785 bus:OrdinaryShareClass1 2020-02-28 2021-02-27 11196785 bus:OrdinaryShareClass1 2019-02-28 2020-02-27 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11196785 (England and Wales)

TPS SAILING LIMITED

Unaudited Financial Statements
For the financial year ended 27 February 2021
Pages for filing with the registrar

TPS SAILING LIMITED

Unaudited Financial Statements

For the financial year ended 27 February 2021

Contents

TPS SAILING LIMITED

COMPANY INFORMATION

For the financial year ended 27 February 2021
TPS SAILING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 27 February 2021
DIRECTOR Fynn Murray Sterritt
REGISTERED OFFICE Towngate House
2-8 Parkstone Road
Poole
BH15 2PW
United Kingdom
COMPANY NUMBER 11196785 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Towngate House
2-8 Parkstone Road
Poole
Dorset BH15 2PW
TPS SAILING LIMITED

BALANCE SHEET

As at 27 February 2021
TPS SAILING LIMITED

BALANCE SHEET (continued)

As at 27 February 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 9,727 5,476
9,727 5,476
Current assets
Debtors 4 16,754 0
Cash at bank and in hand 11,863 27,694
28,617 27,694
Creditors
Amounts falling due within one year 5 ( 37,375) ( 29,845)
Net current liabilities (8,758) (2,151)
Total assets less current liabilities 969 3,325
Net assets 969 3,325
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 967 3,323
Total shareholders' funds 969 3,325

For the financial year ending 27 February 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

  • The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
  • The director acknowledges 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 in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of TPS Sailing Limited (registered number: 11196785) were approved and authorised for issue by the Director on 22 January 2022. They were signed on its behalf by:

Fynn Murray Sterritt
Director
TPS SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2021
TPS SAILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2021
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.

General information and basis of accounting

TPS 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.

The functional currency of TPS Sailing Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director’s Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 [straight-line,reducing balance] basis over its expected useful life, as follows:

Plant and Machinery - 25% reducing balance
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.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 28 February 2020 8,125 820 8,945
Additions 0 6,323 6,323
At 27 February 2021 8,125 7,143 15,268
Accumulated depreciation
At 28 February 2020 2,923 546 3,469
Charge for the financial year 1,301 771 2,072
At 27 February 2021 4,224 1,317 5,541
Net book value
At 27 February 2021 3,901 5,826 9,727
At 27 February 2020 5,202 274 5,476

4. Debtors

2021 2020
£ £
Trade debtors 16,754 0

5. Creditors: amounts falling due within one year

2021 2020
£ £
Other creditors 37,375 29,184
Corporation tax 0 661
37,375 29,845

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2