S & L SWIM SCHOOL LIMITED
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 143
Current assets
Cash at bank and in hand 43,417 47,943
43,417 47,943
Creditors: amounts falling due within one year 4 (38,745) (43,480)
Net current assets 4,672 4,463
Total assets less current liabilities 4,672 4,606
Net assets 4,672 4,606
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,572 4,506
Shareholders' funds 4,672 4,606
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S. BAILIE
Director
Approved by the board on 20 November 2023
S & L SWIM SCHOOL LIMITED
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods and rendering of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 33% straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office equipment etc.
£
Cost
At 1 August 2022 1,853
At 31 July 2023 1,853
Depreciation
At 1 August 2022 1,710
Charge for the year 143
At 31 July 2023 1,853
Net book value
At 31 July 2023 -
At 31 July 2022 143
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 23,180 24,833
Corporation tax 4,271 6,289
P.A.Y.E. and other social security costs 39 39
Directors' loan account 11,255 12,319
38,745 43,480
5 Controlling party
Mrs. S. Bailie and Mrs. L. Alexander, the directors of the company at the Balance Sheet date, each own 50% of the issued share capital of the company.
6 Other information
S & L SWIM SCHOOL LIMITED is a private company limited by shares and incorporated in England (Company Number 07700506). Its registered office is 49, Cauldon Avenue, Bradwell, Newcastle-under-Lyme, Staffordshire, ST5 8QF.
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