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Poolearth Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 03475069

 

Poolearth Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Poolearth Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

77,522

85,507

Investments

5

2,499,763

2,499,763

 

2,577,285

2,585,270

Current assets

 

Stocks

6

149,234

118,098

Debtors

7

454,958

705,322

Cash at bank and in hand

 

1,189,562

848,235

 

1,793,754

1,671,655

Creditors: Amounts falling due within one year

8

(2,077,866)

(1,966,079)

Net current liabilities

 

(284,112)

(294,424)

Total assets less current liabilities

 

2,293,173

2,290,846

Provisions for liabilities

(11,184)

(16,281)

Net assets

 

2,281,989

2,274,565

Capital and reserves

 

Called up share capital

9

150

150

Profit and loss account

2,281,839

2,274,415

Shareholders' funds

 

2,281,989

2,274,565

 

Poolearth Limited

Balance Sheet

28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr R Kirk
Company secretary and director

Company Registration Number: 03475069

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 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:
71-73 Hyde Park Road
Mutley
Plymouth
Devon
PL3 4JN
United Kingdom

These financial statements were authorised for issue by the Board on 29 November 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Judgements and key sources of estimation uncertainty

There are no significant accounting policies that require the judgement of management.

Revenue recognition

Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of an asset, less its estimated residual value, over its estimated useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold improvements

The shorter of 10 years and the remaining lease term

Furniture, fittings and equipment

25% reducing balance and 33.3% straight-line

Motor vehicles

25% reducing balance

Investments

Fixed asset investments are stated as cost less impairment.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are recognised in the Profit and Loss Account.

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short-term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 44).

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 March 2022

405,116

219,774

18,940

643,830

Additions

-

4,791

12,845

17,636

At 28 February 2023

405,116

224,565

31,785

661,466

Depreciation

At 1 March 2022

360,742

187,000

10,581

558,323

Charge for the year

13,426

9,035

3,160

25,621

At 28 February 2023

374,168

196,035

13,741

583,944

Carrying amount

At 28 February 2023

30,948

28,530

18,044

77,522

At 28 February 2022

44,374

32,774

8,359

85,507

Included within the net book value of land and buildings above is £30,948 (2022 - £44,374) in respect of short leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,499,763

2,499,763

Subsidiaries

£

Cost

At 1 March 2022

2,499,763

At 28 February 2023

2,499,763

Carrying amount

At 28 February 2023

2,499,763

At 28 February 2022

2,499,763

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Poolearth Torquay Limited

71-73 Hyde Park Road
Mutley
Plymouth
Devon
PL3 4JN

Ordinary

100%

100%

 

     

Subsidiary undertakings

Poolearth Torquay Limited

The principal activity of Poolearth Torquay Limited is that of a pharmacy operator.

6

Stocks

2023
£

2022
£

Stocks

149,234

118,098

7

Debtors

2023
 £

2022
 £

Trade debtors

370,460

621,211

Other debtors

59,506

63,569

Prepayments and accrued income

24,992

20,542

 

454,958

705,322

Less non-current portion

-

(2,667)

454,958

702,655

Details of non-current trade and other debtors

£Nil (2022 -£2,667) of other debtors is classified as non current.

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

663,077

567,051

Amounts due to group undertakings

11

1,325,512

1,136,728

Social security and other taxes

 

-

22,764

Other creditors

 

2,119

2,424

Accrued expenses

 

70,986

72,855

Corporation tax

16,172

164,257

 

2,077,866

1,966,079

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

50

50

50

50

 

150

150

150

150

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £569,890 (2022 - £665,301). This relates to unsecured commitments under non-cancellable operating leases.

11

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

 

Poolearth Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

Summary of transactions with other related parties

Ms S Retallick & Mr R Blatchford
 (Director's of the company)
 During the year, the company paid £13,500 (2022 - £13,500) of premises rent to Ms S Retallick. The lease is a 10 year full repairing lease expiring on the 31 December 2024. The rent was set at market rate by an independent surveyor.
 

12

Control

The ultimate controlling party is Ms S Retallick, the majority shareholder.