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Abbreviated Unaudited Accounts for the Period 28 January 2015 to 31 March 2016 |
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Freeman Sails Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Period 28 January 2015 to 31 March 2016 |
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for |
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Freeman Sails Limited |
Freeman Sails Limited (Registered number: 09410088) |
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Contents of the Abbreviated Accounts |
for the Period 28 January 2015 to 31 March 2016 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Abbreviated Balance Sheet | 3 |
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Notes to the Abbreviated Accounts | 4 |
Freeman Sails Limited |
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Company Information |
for the Period 28 January 2015 to 31 March 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Business Specialists |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Freeman Sails Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages three to five) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Freeman Sails Limited for the period ended 31 March 2016 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the director of Freeman Sails Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Freeman Sails Limited and state those matters that we have agreed to state to the director of Freeman Sails Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Freeman Sails Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Freeman Sails Limited. You consider that Freeman Sails Limited is exempt from the statutory audit requirement for the period. |
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We have not been instructed to carry out an audit or a review of the financial statements of Freeman Sails Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants and Business Specialists |
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27 October 2016 |
Freeman Sails Limited (Registered number: 09410088) |
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Abbreviated Balance Sheet |
31 March 2016 |
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Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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The financial statements were approved by the director on
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Freeman Sails Limited (Registered number: 09410088) |
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Notes to the Abbreviated Accounts |
for the Period 28 January 2015 to 31 March 2016 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Goodwill |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 28 January 2015 |
and 31 March 2016 |
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AMORTISATION |
Amortisation for period |
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At 31 March 2016 |
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NET BOOK VALUE |
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At 31 March 2016 |
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At 27 January 2015 |
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Freeman Sails Limited (Registered number: 09410088) |
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Notes to the Abbreviated Accounts - continued |
for the Period 28 January 2015 to 31 March 2016 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
Additions |
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At 31 March 2016 |
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DEPRECIATION |
Charge for period |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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4. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal |
value: | £ |
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Share capital 1 | £1 |
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5. | RELATED PARTY DISCLOSURES |
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Amount due to related party at the balance sheet date |
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During the year ended 31 March 2016 the company paid a market rent of £4,800 for use of a property owned by |
the director Mr S Freeman. |
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On 1 April 2015 the director Mr S Freeman ceased his sole trade business and commenced trading in the Limited |
Company Freeman Sails Ltd. On this date the assets including goodwill were transferred from the sole trade to |
the Limited Company at a total value of £30,819. |