Kingdom Spas and Hot Tubs Ltd 08089092 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is retail sale and installation of hot tubs Digita Accounts Production Advanced 6.30.9574.0 true true 08089092 2022-11-01 2023-10-31 08089092 2023-10-31 08089092 bus:OrdinaryShareClass1 2023-10-31 08089092 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 08089092 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 08089092 core:CurrentFinancialInstruments 2023-10-31 08089092 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 08089092 core:Non-currentFinancialInstruments 2023-10-31 08089092 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 08089092 core:FurnitureFittingsToolsEquipment 2023-10-31 08089092 core:MotorVehicles 2023-10-31 08089092 bus:SmallEntities 2022-11-01 2023-10-31 08089092 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 08089092 bus:FilletedAccounts 2022-11-01 2023-10-31 08089092 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08089092 bus:RegisteredOffice 2022-11-01 2023-10-31 08089092 bus:Director1 2022-11-01 2023-10-31 08089092 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 08089092 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08089092 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 08089092 core:MotorVehicles 2022-11-01 2023-10-31 08089092 core:PlantMachinery 2022-11-01 2023-10-31 08089092 countries:England 2022-11-01 2023-10-31 08089092 2022-10-31 08089092 core:FurnitureFittingsToolsEquipment 2022-10-31 08089092 core:MotorVehicles 2022-10-31 08089092 2021-11-01 2022-10-31 08089092 2022-10-31 08089092 bus:OrdinaryShareClass1 2022-10-31 08089092 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 08089092 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 08089092 core:CurrentFinancialInstruments 2022-10-31 08089092 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 08089092 core:Non-currentFinancialInstruments 2022-10-31 08089092 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 08089092 core:FurnitureFittingsToolsEquipment 2022-10-31 08089092 core:MotorVehicles 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Kingdom Spas and Hot Tubs Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

Registration number: 08089092

 

Kingdom Spas and Hot Tubs Ltd

Contents

Director's Report

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Kingdom Spas and Hot Tubs Ltd

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mr J Hayes

Going concern

The directors and shareholders have exprerssed their willingness to support the working cashflow requirements of the company over the ensuing year.

The company has had a significantly challangeing year, largely due to the centre where the showroom is located being placed into receivership part way through the accounting period. Due to the troubles occuring at the centre, footfall into the showroom declined steadily throughout the accounting period.

The receivership issues have been resolved by the date of approval of these financial statements and the subsequent impact on the business is expected to be increased footfall in the showroom and improved results moving forward.

To assist with the issues, Mr J Hunnisett, a former shareholder of the company, resolves not to request repayment of his loan to the company within the next 12 months. The current balance of his loan to the company stands at £44,169.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 13 June 2024
 

.........................................
Mr J Hayes
Director

 

Kingdom Spas and Hot Tubs Ltd

(Registration number: 08089092)
Statement of financial position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,192

9,590

Current assets

 

Stocks

5

74,596

147,178

Debtors

6

59,042

79,777

Cash at bank and in hand

 

12,952

27,532

 

146,590

254,487

Creditors: Amounts falling due within one year

7

(157,811)

(185,834)

Net current (liabilities)/assets

 

(11,221)

68,653

Total assets less current liabilities

 

(4,029)

78,243

Creditors: Amounts falling due after more than one year

7

(62,818)

(95,533)

Net liabilities

 

(66,847)

(17,290)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(66,947)

(17,390)

Shareholders' deficit

 

(66,847)

(17,290)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 13 June 2024
 

.........................................
Mr J Hayes
Director

 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 13 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The directors and shareholders have expressed a willingness to support the working cashflow requirements of the company over the ensuing year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 4).

 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

6,250

15,320

21,570

At 31 October 2023

6,250

15,320

21,570

Depreciation

At 1 November 2022

6,250

5,730

11,980

Charge for the year

-

2,398

2,398

At 31 October 2023

6,250

8,128

14,378

Carrying amount

At 31 October 2023

-

7,192

7,192

At 31 October 2022

-

9,590

9,590

5

Stocks

2023
£

2022
£

Other inventories

74,596

147,178

6

Debtors

Current

2023
£

2022
£

Trade debtors

56,771

65,813

Prepayments

-

1,710

Other debtors

2,271

12,254

 

59,042

79,777

 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

35,151

60,553

Trade creditors

 

30,057

7,595

Taxation and social security

 

26,277

35,619

Accruals and deferred income

 

3,203

2,000

Other creditors

 

63,123

80,067

 

157,811

185,834

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

62,818

95,533

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Kingdom Spas and Hot Tubs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

59,417

89,417

Hire purchase contracts

3,401

6,116

62,818

95,533

Current loans and borrowings

2023
£

2022
£

Bank borrowings

30,000

30,000

Bank overdrafts

2,289

27,691

Hire purchase contracts

2,862

2,862

35,151

60,553