Registration number:
Guncast Swimming Pools Limited
for the Year Ended 31 March 2023
Guncast Swimming Pools Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Guncast Swimming Pools Limited
Company Information
Directors |
Mr Elliot Jack Harding Mr Stephane Bouvier |
Registered office |
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Auditors |
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Guncast Swimming Pools Limited
(Registration number: 03998268)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
22,860 |
22,860 |
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Share premium reserve |
1,217,119 |
1,217,119 |
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Capital redemption reserve |
10 |
10 |
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Retained earnings |
2,457,208 |
2,368,019 |
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Shareholders' funds |
3,697,197 |
3,608,008 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Audit report
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Key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported. These estimates and judgements are continually
reviewed and are based on experience and other factors, including expectations of future events that
are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of
applying the entity's accounting policies and that have the most significant effect on the amounts
recognised in the financial statements are as follows:
- Determination of whether there are indicators of impairment of the company's tangible fixed assets.
Factors taken into consideration in reaching such a decision include the economic viability and
expected future financial performance of the asset.
- Determination of whether leases entered into by the company as lessee are operating or finance
leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determination of recoverability of trade debtors. A specific provision is made against certain debts
where in the opinion of the directors the debt is not fully recoverable..
Revenue recognition
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Contract revenue recognition
Construction contracts
Where the outcome of construction contracts can be reliably measured, contract revenue and contract
costs are recognised by reference to the stage of completion of the contract activity as at the period
end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to
the extent of contract costs incurred that it is probable will be recoverable, and contract costs are
recognised as an expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is
expensed immediately, with a corresponding provision for an onerous contract being recognised.
Where the collectability of an amount already recognised as contract revenue is no longer probable,
the uncollectable amount is expensed rather than recognised as an adjustment to the amount of
contract revenue.
The entity uses a percentage of completion method to determine the amounts to be recognised in the
period. The stage of completion is measured by reference to the contract costs incurred up to the end
of the reporting period as a percentage of total estimated costs for each contract. Costs incurred, for
work performed to date, do not include costs relating to future activities, such as materials or
prepayments.
Foreign currency transactions and balances
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that have been enacted or substantively enacted by the year end and that are
expected to apply to the reversal of the timing difference.
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Computer equipment and Fixtures & Fittings |
25% on reducing balance |
Leasehold improvements |
25% on reducing balance |
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of:
Asset class |
Amortisation method and rate |
Goodwill |
5 Years |
Stocks
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
Work in Progress
Where it can be reliably measured, work in progress is recognised based on the percentage completion of design projects as at the period end.
Leases
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.
The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.
Share capital
Ordinary shares are classified as equity.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the
company's pension scheme are charged to profit or loss in the period to which they relate.
There is currently 1 Director pension benefit accruing under this scheme.
Financial instruments
Classification
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment
for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a
market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually
significant, these are assessed individually for impairment. Other financial assets are either assessed
individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal
does not result in a carrying amount of the financial asset that exceeds what the carrying amount
would have been had the impairment not previously been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
- |
- |
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
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Disposals |
( |
( |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Stocks |
2023 |
2022 |
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Work in progress |
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Other inventories |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The finance leases are secured on the assets concerned.
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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The finance leases are secured on the assets concerned.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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22,860 |
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22,860 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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Other commitments |
At 31 March 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £299,615 (2022 - £376,711).
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Guncast Swimming Pools Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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180,608 |
171,314 |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is