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REGISTERED NUMBER: 06086025 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

ON THE LEVEL (WET ROOMS) LIMITED

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ON THE LEVEL (WET ROOMS) LIMITED

COMPANY INFORMATION
for the Year Ended 31 JULY 2023







DIRECTORS: Mr J P W Clark
Mrs J Clark





SECRETARY: Mrs J Clark





REGISTERED OFFICE: Unit 8 Youngs Ind Estate
Stanbridge Road
Leighton Buzzard
Bedfordshire
LU7 4QB





REGISTERED NUMBER: 06086025 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 167,759 73,632

CURRENT ASSETS
Stocks 5 48,275 82,630
Debtors 6 238,063 244,976
Cash at bank and in hand 143,414 151,656
429,752 479,262
CREDITORS
Amounts falling due within one year 7 196,482 193,839
NET CURRENT ASSETS 233,270 285,423
TOTAL ASSETS LESS CURRENT
LIABILITIES

401,029

359,055

CREDITORS
Amounts falling due after more than one
year

8

(69,874

)

(28,555

)

PROVISIONS FOR LIABILITIES (40,841 ) (17,239 )
NET ASSETS 290,314 313,261

CAPITAL AND RESERVES
Called up share capital 11 95 95
Capital redemption reserve 5 5
Retained earnings 290,214 313,161
SHAREHOLDERS' FUNDS 290,314 313,261

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024 and were signed on its behalf by:





Mr J P W Clark - Director


ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 JULY 2023

1. STATUTORY INFORMATION

On The Level (Wet rooms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 2 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 2,349 130,066 66,734 13,555 212,704
Additions - 101,739 10,019 - 111,758
At 31 July 2023 2,349 231,805 76,753 13,555 324,462
DEPRECIATION
At 1 August 2022 2,349 94,982 28,427 13,314 139,072
Charge for year - 10,323 7,248 60 17,631
At 31 July 2023 2,349 105,305 35,675 13,374 156,703
NET BOOK VALUE
At 31 July 2023 - 126,500 41,078 181 167,759
At 31 July 2022 - 35,084 38,307 241 73,632

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 68,000
At 31 July 2023 68,000
NET BOOK VALUE
At 31 July 2023 68,000

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2023

5. STOCKS
2023 2022
£    £   
Stocks 48,275 8,500
Work-in-progress - 74,130
48,275 82,630

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 199,100 177,610
Other debtors 14,725 14,725
Directors' loan accounts - 32,064
VAT 1,686 -
Prepayments 22,552 20,577
238,063 244,976

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 9,889
Hire purchase contracts (see note 9) 14,139 -
Trade creditors 98,044 70,317
Corporation tax 22,044 41,940
Taxation and social security 13,316 6,354
VAT - 27,039
Other creditors 29,833 30,467
Directors' loan accounts 5,106 3,833
Accrued expenses 4,000 4,000
196,482 193,839

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 18,333 28,555
Hire purchase contracts (see note 9) 51,541 -
69,874 28,555

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 14,139 -
Between one and five years 51,541 -
65,680 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 56,463 64,723
Between one and five years 85,924 154,761
142,387 219,484

10. SECURED DEBTS

Hire purchase agreements are secured on the assets acquired.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
85 Ordinary A £1 85 85
5 Ordinary B £1 5 5
5 Ordinary C £1 5 5
95 95

Each class of share ranks pari passu in all respects save that the directors are empowered to vote and declare dividends to any one or more of the share classes separately.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mr J P W Clark
Balance outstanding at start of year 32,064 (222 )
Amounts advanced 81,664 130,286
Amounts repaid (115,000 ) (98,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,272 ) 32,064

ON THE LEVEL (WET ROOMS) LIMITED (REGISTERED NUMBER: 06086025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JULY 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Interest has been charged on the overdrawn directors loan account at the approved rates.