Year Ended
Registration number:
Poolearth Limited
Balance Sheet
28 February 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
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 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
......................................... |
Company Registration Number: 03475069
Poolearth Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 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:
United Kingdom
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 - '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
• Short-term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Poolearth Limited
Notes to the Unaudited Financial Statements
Year Ended 28 February 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 March 2022 |
|
|
|
|
Additions |
- |
|
|
|
At 28 February 2023 |
|
|
|
|
Depreciation |
||||
At 1 March 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
At 28 February 2023 |
|
|
|
|
Carrying amount |
||||
At 28 February 2023 |
|
|
|
|
At 28 February 2022 |
|
|
|
|
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.
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 March 2022 |
|
At 28 February 2023 |
|
Carrying amount |
|
At 28 February 2023 |
|
At 28 February 2022 |
|
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 |
||||
|
71-73 Hyde Park Road
|
Ordinary |
|
|
|
Subsidiary undertakings |
Poolearth Torquay Limited The principal activity of Poolearth Torquay Limited is |
Stocks |
2023 |
2022 |
|
Stocks |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Less non-current portion |
- |
( |
|
|
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
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
- |
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax |
16,172 |
164,257 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
50 |
|
50 |
|
|
|
|
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 £
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
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.
Control |
The ultimate controlling party is