Registered number
03532259
Dive Centre Ltd
Filleted Accounts
27 February 2023
Dive Centre Ltd
Registered number: 03532259
Balance Sheet
as at 27 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 21,161 24,661
Tangible assets 4 188,631 193,779
209,792 218,440
Current assets
Stocks 751,063 573,316
Debtors 5 93,300 67,408
Cash at bank and in hand 2,376 361
846,739 641,085
Creditors: amounts falling due within one year 6 (354,738) (247,635)
Net current assets 492,001 393,450
Total assets less current liabilities 701,793 611,890
Creditors: amounts falling due after more than one year 7 (507,793) (420,697)
Net assets 194,000 191,193
Capital and reserves
Called up share capital 5,002 5,002
Revaluation reserve 8 250,000 250,000
Profit and loss account (61,002) (63,809)
Shareholders' funds 194,000 191,193
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.
Mark Layton
Director
Approved by the board on 23 February 2024
Dive Centre Ltd
Notes to the Accounts
for the year ended 27 February 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 is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and building 10% straight line
Motor vehicles 25% reducing balance
Plant and equipment 7.5% reducing balance
Boats 10% reducing balance
Computer equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
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 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 28 February 2022 70,078
At 27 February 2023 70,078
Amortisation
At 28 February 2022 45,417
Provided during the year 3,500
At 27 February 2023 48,917
Net book value
At 27 February 2023 21,161
At 27 February 2022 24,661
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 28 February 2022 45,065 532,117 35,901 613,083
Additions - 13,408 - 13,408
At 27 February 2023 45,065 545,525 35,901 626,491
Depreciation
At 28 February 2022 32,411 354,246 32,647 419,304
Charge for the year 2,253 15,489 814 18,556
At 27 February 2023 34,664 369,735 33,461 437,860
Net book value
At 27 February 2023 10,401 175,790 2,440 188,631
At 27 February 2022 12,654 177,871 3,254 193,779
5 Debtors 2023 2022
£ £
Trade debtors 3,661 12,907
Other debtors 89,639 54,501
93,300 67,408
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 149,881 99,208
Taxation and social security costs 1,117 1,808
Other creditors 203,740 146,619
354,738 247,635
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 43,954 48,345
Other creditors 463,839 372,352
507,793 420,697
8 Revaluation reserve 2023 2022
£ £
At 28 February 2022 250,000 250,000
At 27 February 2023 250,000 250,000
9 Other information
Dive Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Diving Centre Building
Quay Road
Teignmouth
Devon
TQ14 8ER
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