Registered number
10739289
London Swimming Pool Company Refurbishment Limited
Unaudited Filleted Accounts
31 March 2023
London Swimming Pool Company Refurbishment Limited
Registered number: 10739289
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,126 14,834
Current assets
Stocks 28,130 48,988
Debtors 5 40,771 145,979
Cash at bank and in hand 243,088 65,755
311,989 260,722
Creditors: amounts falling due within one year 6 (199,724) (230,850)
Net current assets 112,265 29,872
Total assets less current liabilities 123,391 44,706
Creditors: amounts falling due after more than one year 7 (23,333) (35,922)
Provisions for liabilities (154) (110)
Net assets 99,904 8,674
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account 79,904 (11,326)
Shareholder's funds 99,904 8,674
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J.L.J. Smith
Director
Approved by the board on 18 September 2023
London Swimming Pool Company Refurbishment Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tools and equipment 25% on a reducing balance basis
Motor vehicles 25% on a reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Taxation 2023 2022
£ £
UK corporation tax 22,748 -
Group relief - (10,040)
Deferred tax 44 -
22,792 (10,040)
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
4 Tangible fixed assets
Tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 2,153 30,842 32,995
At 31 March 2023 2,153 30,842 32,995
Depreciation
At 1 April 2022 1,396 16,765 18,161
Charge for the year 189 3,519 3,708
At 31 March 2023 1,585 20,284 21,869
Net book value
At 31 March 2023 568 10,558 11,126
At 31 March 2022 757 14,077 14,834
5 Debtors 2023 2022
£ £
Amounts due from related parties 39,702 145,090
Other debtors 1,069 889
40,771 145,979
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 2,332 4,117
Trade creditors 95,549 90,435
Amounts due to related parties 43,057 114,741
Taxation and social security costs 36,463 5,464
Other creditors 12,323 6,093
199,724 230,850
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,333 33,333
Obligations under finance lease and hire purchase contracts - 2,589
23,333 35,922
8 Controlling party
The company is a wholly owned subsidiary of London Swimming Pool Company Limited (company number 7274058) which is a wholly owned subsidiary of LSPC Holdings Limited (company number 9800868). This company is ultimately controlled by J.L.J. Smith and his family.
9 Other information
London Swimming Pool Company Refurbishment Limited is a private company limited by shares and incorporated in England. Its registered office is:
James House
40 Lagland Street
Poole
Dorset
BH15 1QG
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