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Poolearth Torquay Limited

Annual Report and Unaudited Financial Statements
Year Ended 28 February 2023

Registration number: 05092450

 

Poolearth Torquay Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Poolearth Torquay Limited

Balance Sheet

28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

84,603

169,207

Tangible assets

5

345,776

324,648

 

430,379

493,855

Current assets

 

Stocks

6

169,825

130,774

Debtors

7

1,762,185

1,567,322

Cash at bank and in hand

 

3,282

2,705

 

1,935,292

1,700,801

Creditors: Amounts falling due within one year

8

(720,174)

(725,763)

Net current assets

 

1,215,118

975,038

Total assets less current liabilities

 

1,645,497

1,468,893

Provisions for liabilities

(12,504)

(6,263)

Net assets

 

1,632,993

1,462,630

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

1,632,893

1,462,530

Total equity

 

1,632,993

1,462,630

 

Poolearth Torquay 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.

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: 05092450

 

Poolearth Torquay 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

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.

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.

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.

 

Poolearth Torquay Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

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

Freehold land

Not depreciated

Freehold property

2% straight line

Furniture, fittings and equipment

25% reducing balance

Leasehold property

Over the lease term

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation

Amortisation 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

Amortisation method and rate

Goodwill

10% straight-line

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 charged to the group profit and loss account.

 

Poolearth Torquay 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.

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 27 (2022 - 27).

4

Intangible assets

Goodwill
 £

Cost

At 1 March 2022

2,164,438

At 28 February 2023

2,164,438

Amortisation

At 1 March 2022

1,995,231

Amortisation charge

84,604

At 28 February 2023

2,079,835

Carrying amount

At 28 February 2023

84,603

At 28 February 2022

169,207

 

Poolearth Torquay Limited

Notes to the Unaudited Financial Statements

Year Ended 28 February 2023

5

Tangible assets

Freehold and Leasehold Land and Buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

389,586

123,170

512,756

Additions

-

36,598

36,598

At 28 February 2023

389,586

159,768

549,354

Depreciation

At 1 March 2022

81,728

106,380

188,108

Charge for the year

4,908

10,562

15,470

At 28 February 2023

86,636

116,942

203,578

Carrying amount

At 28 February 2023

302,950

42,826

345,776

At 28 February 2022

307,858

16,790

324,648

Included within the net book value of land and buildings above is £253,227 (2022 - £256,980) in respect of freehold and £49,723 (2022 - £50,878) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stocks

169,825

130,774

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

370,085

375,269

Amounts due from group undertakings

11

1,325,512

1,136,728

Other debtors

 

54,438

47,668

Prepayments

 

12,150

7,657

 

1,762,185

1,567,322

 

Poolearth Torquay 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

 

616,479

556,359

Social security and other taxes

 

7,054

8,589

Other creditors

 

8,444

8,659

Accrued expenses

 

54,322

60,753

Corporation tax

33,875

91,403

 

720,174

725,763

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

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 £76,268 (2022 - £119,361). This relates to unsecured commitments under non-cancellable operating leases.

11

Related party transactions

The company has taken advantage of the exemption in FRS102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

12

Parent and ultimate parent undertaking

The company's immediate parent is Poolearth Limited, incorporated in England and Wales.

 The ultimate controlling party is Ms S Retallick, the managing director and majority shareholder of Poolearth Limited.