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Registration number: 03998268

Guncast Swimming Pools Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Guncast Swimming Pools Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Guncast Swimming Pools Limited

Company Information

Directors

Mr Elliot Jack Harding

Mr Stephane Bouvier

Registered office

Unit D Howland Road Industrial Estate
Howland Road
Thame
Oxfordshire
OX9 3GQ

Auditors

Beever and Struthers, Chartered Accountants and Statutory Auditor
One Express
1 George Leigh St
Ancoats
Manchester
M4 5DL

 

Guncast Swimming Pools Limited

(Registration number: 03998268)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

599,559

361,232

Current assets

 

Stocks

6

706,765

489,318

Debtors

7

2,399,676

3,093,698

Cash at bank and in hand

 

1,488,037

909,239

 

4,594,478

4,492,255

Creditors: Amounts falling due within one year

8

(1,141,587)

(1,040,286)

Net current assets

 

3,452,891

3,451,969

Total assets less current liabilities

 

4,052,450

3,813,201

Creditors: Amounts falling due after more than one year

8

(267,141)

(138,591)

Provisions for liabilities

(88,112)

(66,602)

Net assets

 

3,697,197

3,608,008

Capital and reserves

 

Called up share capital

9

22,860

22,860

Share premium reserve

1,217,119

1,217,119

Capital redemption reserve

10

10

Retained earnings

2,457,208

2,368,019

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 Board on 30 June 2023 and signed on its behalf by:
 

.........................................
Mr Elliot Jack Harding
Director

 

Guncast Swimming Pools Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit D Howland Road Industrial Estate
Howland Road
Thame
Oxfordshire
OX9 3GQ

These financial statements were authorised for issue by the Board on 30 June 2023.

2

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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 June 2023 was Iain Round Bsc FCA, who signed for and on behalf of Beever and Struthers, Chartered Accountants and Statutory Auditor.

.........................................

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 51 (2022 - 43).

 

Guncast Swimming Pools Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

280,000

280,000

At 31 March 2023

280,000

280,000

Amortisation

At 1 April 2022

280,000

280,000

At 31 March 2023

280,000

280,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

87,940

125,976

582,605

796,521

Additions

51,177

10,676

302,945

364,798

Disposals

(14,285)

(68,376)

(64,432)

(147,093)

At 31 March 2023

124,832

68,276

821,118

1,014,226

Depreciation

At 1 April 2022

60,933

91,688

280,925

433,546

Charge for the year

8,667

8,847

80,742

98,256

Eliminated on disposal

(9,490)

(64,157)

(43,488)

(117,135)

At 31 March 2023

60,110

36,378

318,179

414,667

Carrying amount

At 31 March 2023

64,722

31,898

502,939

599,559

At 31 March 2022

27,007

34,288

299,937

361,232

 

Guncast Swimming Pools Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Work in progress

364,757

232,767

Other inventories

342,008

256,551

706,765

489,318

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,985,843

1,729,122

Amounts owed by related parties

13

293,022

1,257,439

Other debtors

 

120,811

107,137

   

2,399,676

3,093,698

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

117,442

57,204

Trade creditors

 

512,119

616,632

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

200

200

Taxation and social security

 

329,135

276,508

Accruals and deferred income

 

45,600

60,604

Other creditors

 

137,091

29,138

 

1,141,587

1,040,286

The finance leases are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

267,141

138,591

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

22,860

22,860

22,860

22,860

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

267,141

138,591

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

117,442

57,204

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £45.52 (2022 - £1.53) per each Ordinary shares

 

1,040,636

 

35,000

         

12

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).

13

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
£

Remuneration

168,608

159,084

Contributions paid to money purchase schemes

12,000

12,230

180,608

171,314

Summary of transactions with parent

Klafs GmbH & Co. KG is an 88% shareholder in Guncast Swimming Pools Limited. During the financial year purchases were taking place between Guncast Swimming Pools Limited and Klafs GmbH & Co. KG. The total purchases which took place during the year was £291,227. A dividend was paid to Klafs in the year for £915,759.
 

14

Parent and ultimate parent undertaking

Klafs GmbH & Co. KG are the ultimate shareholder with 88% of the shares. The other shareholders of Guncast Swimming Pools Limited are Andy Car (1%), Elliot Jack Harding (8%) and Stephane Bouvier (3%).

 The company's immediate parent is Klafs GmbH & Co. KG, incorporated in Germany.