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Registration number: 05703958

Avos Watersports Den Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Avos Watersports Den Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 10

 

Avos Watersports Den Limited

Company Information

Director

Mr Christopher Atherton

Registered office

Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

Avos Watersports Den Limited

(Registration number: 05703958)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

448,708

47,418

Current assets

 

Stocks

5

632,832

342,250

Debtors

6

9,286

8,751

Cash at bank and in hand

 

56,293

732

 

698,411

351,733

Creditors: Amounts falling due within one year

7

(722,267)

(109,530)

Net current (liabilities)/assets

 

(23,856)

242,203

Total assets less current liabilities

 

424,852

289,621

Creditors: Amounts falling due after more than one year

7

(199,314)

(26,667)

Net assets

 

225,538

262,954

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

225,536

262,952

Shareholders' funds

 

225,538

262,954

 

Avos Watersports Den Limited

(Registration number: 05703958)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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 Profit and Loss Account.

Approved and authorised by the director on 1 July 2024
 

.........................................
Mr Christopher Atherton
Director

 

Avos Watersports Den Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

2

262,952

262,954

Loss for the year

-

(36,416)

(36,416)

Dividends

-

(1,000)

(1,000)

At 30 November 2023

2

225,536

225,538

Share capital
£

Retained earnings
£

Total
£

At 1 December 2021

2

189,958

189,960

Profit for the year

-

74,994

74,994

Dividends

-

(2,000)

(2,000)

At 30 November 2022

2

262,952

262,954

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ
United Kingdom

These financial statements were authorised for issue by the director on 1 July 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Tangible assets

Tangible assets are stated in the balance sheet 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

Leasehold property

2 % straight line method

Leasehold improvements

15% reducing balance basis

Fixtures and fittings

20% reducing balance basis

Vehicles

25% reducing balance

Plant and equipment

25% reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 5 (2022 - 5).

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Leasehold property and improvements
£

Furniture, fittings and equipment
 £

Vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 December 2022

8,252

7,860

62,588

48,693

127,393

Additions

404,123

20,025

-

-

424,148

At 30 November 2023

412,375

27,885

62,588

48,693

551,541

Depreciation

At 1 December 2022

7,537

5,857

29,866

36,715

79,975

Charge for the year

8,189

3,495

8,180

2,994

22,858

At 30 November 2023

15,726

9,352

38,046

39,709

102,833

Carrying amount

At 30 November 2023

396,649

18,533

24,542

8,984

448,708

At 30 November 2022

715

2,003

32,722

11,978

47,418

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Stocks

632,832

342,250

6

Debtors

2023
£

2022
£

Other debtors

9,286

8,751

9,286

8,751

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

18,676

14,816

trade creditors

411,048

67,172

Amount owed to director

264,510

1,234

Taxation and social security

19,649

20,664

Other creditors

8,384

5,644

722,267

109,530

Due after one year

Loans and borrowings

199,314

26,667

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

199,314

26,667

Creditors include a bank loan of of £191,324 (2022 - £Nil) which is secured by a fixed charge over the company's leasehold property.

 

Avos Watersports Den Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £500.00 (2022 - £1,000.00) per each Ordinary

 

1,000

 

2,000