Company Registration No. 05354090 (England and Wales)
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
Company Registration No. 05354090
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
206,526
210,125
Current assets
Stocks
1,953
920
Debtors
4
165,076
161,713
Cash at bank and in hand
39,064
8,806
206,093
171,439
Creditors: amounts falling due within one year
5
(200,560)
(191,080)
Net current assets/(liabilities)
5,533
(19,641)
Total assets less current liabilities
212,059
190,484
Creditors: amounts falling due after more than one year
Loans and overdrafts
140,691
64,139
(140,691)
(64,139)
Net assets
71,368
126,345
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
71,268
126,245
Total equity
71,368
126,345
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
Company Registration No. 05354090
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
C Huyuk
Director
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
Hook Swim School And Aqua Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Hook Swim School, Hawkhurst Gardens, Chessington, Surrey, England, KT9 1AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for swimming instruction services supplied during the year, net of VAT and trade discounts. Income is recognised in the year in which the instruction is delivered, with any amounts paid in advance being included as deferred income within other creditors.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
99 years over the lease term
Plant and machinery
20% reducing balance
Equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
The leasehold property was previously held by the company's non trading subsidiary company, Hook Swim School and Therapy Centre Co. Limited. The investment in the subsidiary company was written down each year over the remaining term of the lease.
In August 2018, the original lease held by the subsidiary was surrendered and a new 99 year lease issued to Hook Swim School & Aqua Centre Limited.
Accordingly, and using the "substance over form" principle, the investment in subsidiary was written off, and replaced with a long leasehold interest at the same carrying value. The lease interest will be written off over 99 year lease term.
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
14
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
209,402
25,297
234,699
Additions
1,461
1,461
At 31 May 2023
209,402
26,758
236,160
Depreciation and impairment
At 1 June 2022
8,460
16,114
24,574
Depreciation charged in the year
2,115
2,945
5,060
At 31 May 2023
10,575
19,059
29,634
Carrying amount
At 31 May 2023
198,827
7,699
206,526
At 31 May 2022
200,942
9,183
210,125
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
165,076
161,713
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
591
2,292
Taxation and social security
90,401
57,711
Other creditors
109,568
131,077
200,560
191,080
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
140,691
64,139
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
-
4,806
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
HOOK SWIM SCHOOL AND AQUA CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
8
Related party transactions
At the balance sheet date the company was owed £132,451 (2022 - £130,511) by Swimland Ltd, its parent company.
At the balance sheet date the company owed £653 (2022 - £45,360) to the director C Huyuk.
At the balance sheet date the company was owed £5,034 (2022 - £4,066 Owed to the director) from the director, M Huyuk. This loan is interest free and repayable on demand.
9
Parent company
The parent company is Swimland Ltd, a company registered in England and Wales.