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REGISTERED NUMBER: 08952211 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SWIM WORKS LIMITED

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SWIM WORKS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Mrs J E Wilson
C J Wilson





REGISTERED OFFICE: 11 Highcroft
Husbands Bosworth
Lutterworth
Leicestershire
LE17 6LF





REGISTERED NUMBER: 08952211 (England and Wales)





ACCOUNTANTS: Bernard Rogers & Co
Bank Gallery
High Street
Kenilworth
Warwickshire
CV8 1LY

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 313 161
Tangible assets 5 56,413 51,881
56,726 52,042

CURRENT ASSETS
Debtors 6 250,127 246,053
Cash at bank 148,680 156,991
398,807 403,044
CREDITORS
Amounts falling due within one year 7 215,013 169,158
NET CURRENT ASSETS 183,794 233,886
TOTAL ASSETS LESS CURRENT
LIABILITIES

240,520

285,928

CREDITORS
Amounts falling due after more than one
year

8

-

4,837
NET ASSETS 240,520 281,091

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 240,518 281,089
SHAREHOLDERS' FUNDS 240,520 281,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:




C J Wilson - Director



Mrs J E Wilson - Director


SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Swim Works Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net fees receivable, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leased pool improvements - in accordance with the property
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

During the year the company has also made payments to the directors' pension schemes. The assets of the scheme are held separately from those of the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 45 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 170
Additions 170
At 31 March 2024 340
AMORTISATION
At 1 April 2023 9
Charge for year 18
At 31 March 2024 27
NET BOOK VALUE
At 31 March 2024 313
At 31 March 2023 161

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Leased Fixtures
pool and Motor
improvements fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 21,068 13,084 64,490 34,085 132,727
Additions - 3,275 35,250 2,923 41,448
Disposals - (1,412 ) - (6,735 ) (8,147 )
At 31 March 2024 21,068 14,947 99,740 30,273 166,028
DEPRECIATION
At 1 April 2023 16,854 12,236 32,245 19,511 80,846
Charge for year 2,107 1,275 24,935 7,734 36,051
Eliminated on disposal - (1,412 ) - (5,870 ) (7,282 )
At 31 March 2024 18,961 12,099 57,180 21,375 109,615
NET BOOK VALUE
At 31 March 2024 2,107 2,848 42,560 8,898 56,413
At 31 March 2023 4,214 848 32,245 14,574 51,881

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 64,490
DEPRECIATION
At 1 April 2023 32,245
Charge for year 16,122
At 31 March 2024 48,367
NET BOOK VALUE
At 31 March 2024 16,123
At 31 March 2023 32,245

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests 242,092 239,180
Other debtors 8,035 6,873
250,127 246,053

SWIM WORKS LIMITED (REGISTERED NUMBER: 08952211)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 4,837 19,347
Trade creditors 2,690 17,055
Taxation and social security 25,385 29,457
Other creditors 182,101 103,299
215,013 169,158

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts - 4,837

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors own the swimming pool and buildings from which the company operates and, during the year, rent was paid to the directors amounting to £125,667 (2023 £100,000).

10. RELATED PARTY DISCLOSURES

At 31 March 2024 other creditors include loans made to the company by the directors amounting to £627 (2023 £6,032). The loans are interest free with no fixed date for repayment.

The directors are also directors of Aqua Sensory Limited and Waters touch CiC, companies registered in England. During the year debtors include loans made by the company to Aqua Sensory Limited amounting to £31,678 (2023 £28,965) and made to Waters touch CiC £507 (2023 308). Both the loans are interest free with no fixed date for repayment.

11. CONTROLLING PARTY

The controlling party is the directors.