Number
09961759
SWIM ON THE WILD SIDE LTD
Filleted Accounts
31 January 2024
SWIM ON THE WILD SIDE LTD
Registered number: 09961759
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 510 843
510 843
Current assets
Debtors 4 210 804
Cash at bank and in hand 111 692
321 1,496
Creditors: amounts falling due within one year 5 (8,663) (8,439)
Net current liabilities (8,342) (6,943)
Total assets less current liabilities (7,832) (6,100)
Provisions for liabilities (97) (154)
Net liabilities (7,929) (6,254)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (8,929) (7,254)
Shareholders' funds (7,929) (6,254)
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.
Mr. Graeme Stanley Sutton
Director
Approved by the board on 22 April 2024
SWIM ON THE WILD SIDE LTD
Notes to the Accounts
for the year ended 31 January 2024
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.
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:
Equipment over 4 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Equipment Total
£ £
Cost
At 1 February 2023 2,360 2,360
Additions - -
At 31 January 2024 2,360 2,360
Depreciation
At 1 February 2023 1,517 1,517
Charge for the year 333 333
At 31 January 2024 1,850 1,850
Net book value
At 31 January 2024 510 510
At 31 January 2023 843 843
4 Debtors 2024 2023
£ £
Trade debtors - 406
Prepayments 210 398
210 804
5 Creditors: amounts falling due within one year 2024 2023
£ £
Mr. Graeme Stanley Sutton 8,656 8,282
Accruals 7 157
8,663 8,439
6 Going concern
The company saw most of its order book cancelled due to the Covid 19 pandemic. However, it has a secure order book and the directors are confident of future profits. The company relies on the continued support of the directors, who have indicated their willingness to continue with this support. As a result they have adopted the going concern basis of accounting.
7 Ultimate controlling party and related party transactions
The company was under the control of Mr. Graeme Stanley Sutton and Mrs. Jane Ruth Sutton throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2024 2023
£ £
Balance owing (to) / from Mr. Graeme Stanley Sutton (8,656) (8,282)
Interest at 2.50% per annum is charged on balances over £10,000 owed to the company.
8 Other information
SWIM ON THE WILD SIDE LTD is a private company limited by shares and incorporated in England. Its registered office is:
Sunny Grove
Millbeck
Keswick
Cumbria
CA12 4PS
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