Registered number
06916952
SWIM2SWIM Limited
Filleted Accounts
31 May 2023
SWIM2SWIM Limited
Registered number: 06916952
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 749,343 760,977
Current assets
Stocks 1,090 2,700
Debtors 4 5,634 4,006
Cash at bank and in hand 48,532 10,799
55,256 17,505
Creditors: amounts falling due within one year 5 (126,057) (136,247)
Net current liabilities (70,801) (118,742)
Total assets less current liabilities 678,542 642,235
Creditors: amounts falling due after more than one year 6 (315,164) (376,064)
Provisions for liabilities (25,675) (25,565)
Net assets 337,703 240,606
Capital and reserves
Called up share capital 100 100
Profit and loss account 337,603 240,506
Shareholders' funds 337,703 240,606
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr R Sullivan
Director
Approved by the board on 31 October 2023
SWIM2SWIM Limited
Notes to the Accounts
for the year ended 31 May 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:
Plant and machinery - pool 4% reducing balance
Plant and machinery - other 15% and 20% reducing balance
Pool building 1% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company, including the directors 21 23
3 Tangible fixed assets
Land and buildings Plant and machinery etc Equipment Total
£ £ £ £
Cost
At 1 June 2022 626,935 157,400 27,143 811,478
Additions - - 566 566
At 31 May 2023 626,935 157,400 27,709 812,044
Depreciation
At 1 June 2022 16,222 21,855 12,424 50,501
Charge for the year 3,961 5,422 2,817 12,200
At 31 May 2023 20,183 27,277 15,241 62,701
Net book value
At 31 May 2023 606,752 130,123 12,468 749,343
At 31 May 2022 610,713 135,545 14,719 760,977
4 Debtors 2023 2022
£ £
Trade debtors 1,627 -
Other debtors 4,007 4,006
5,634 4,006
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 35,560 34,726
Trade creditors - 29
Taxation and social security costs 66,527 53,541
Other creditors 23,970 47,951
126,057 136,247
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 315,164 376,064
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 320,659 370,704
Clydesdale Bank have a fixed and floating charge over the assets of the company.
8 Controlling party
The company is controlled by its directors, Mr and Mrs Sullivan.
9 Other information
SWIM2SWIM Limited is a private company limited by shares and incorporated in England. Its registered office is:
Britania House
Great Tey Road
Little Tey
Colchester, Essex
CO6 1HZ
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