Company registration number 12874376 (England and Wales)
INDIGO SAILS LIMITED
Unaudited Financial Statements
for the Year Ended 30 September 2022
INDIGO SAILS LIMITED
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
INDIGO SAILS LIMITED
Balance Sheet
As at 30 September 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
1,961
2,044
Cash at bank and in hand
100
6
2,061
2,050
Creditors: amounts falling due within one year
5
(49,832)
(22,912)
Net current liabilities
(47,771)
(20,862)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(47,772)
(20,863)
Total equity
(47,771)
(20,862)
INDIGO SAILS LIMITED
Balance Sheet
As at 30 September 2022
30 September 2022
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 June 2023
Ms N Jovanovic
Director
Company Registration No. 12874376
INDIGO SAILS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
- 3 -
1
Accounting policies
Company information
Indigo Sails Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £47,771 (2021 - £20,862). However creditors includes a loan from the director of £46,383 (2021- £21,737). In addition the director is aware of the turnover and margins that the company need to achieve in order to keep the company in profit and they believe these targets can be met. The director reviews realistic objectives at regular intervals, based on this periodic review, the company's plans and the continued support of the director, the director considers it appropriate to prepare these accounts on the going concern basis.
1.3
Turnover
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 sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
INDIGO SAILS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
1
Accounting policies
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
44
526
Prepayments and accrued income
1,917
1,518
1,961
2,044
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,951
Trade creditors
205
Other creditors
47,676
22,912
49,832
22,912