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COMPANY REGISTRATION NUMBER: 08184937
Poolview Limited
Filleted Unaudited Financial Statements
31 October 2023
Poolview Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
783,233
Tangible assets
6
73,397
61,890
----------
---------
856,630
61,890
Current assets
Stocks
175,000
Debtors
7
745,341
695,100
Cash at bank and in hand
783,984
635,424
-------------
-------------
1,704,325
1,330,524
Creditors: amounts falling due within one year
8
874,836
263,648
-------------
-------------
Net current assets
829,489
1,066,876
-------------
-------------
Total assets less current liabilities
1,686,119
1,128,766
Creditors: amounts falling due after more than one year
9
249,847
Provisions
Taxation including deferred tax
15,630
9,819
-------------
-------------
Net assets
1,420,642
1,118,947
-------------
-------------
Poolview Limited
Statement of Financial Position (continued)
31 October 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,420,542
1,118,847
-------------
-------------
Shareholders funds
1,420,642
1,118,947
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mr Paul Brown
Director
Company registration number: 08184937
Poolview Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 Main Street, Kinoulton, Nottingham, NG12 3EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
5. Intangible assets
Development costs
£
Cost
Additions
Additions from internal developments
783,233
----------
At 31 October 2023
783,233
----------
Amortisation
At 1 November 2022 and 31 October 2023
----------
Carrying amount
At 31 October 2023
783,233
----------
At 31 October 2022
----------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
17,482
102,743
22,132
142,357
Additions
35,114
35,114
---------
----------
---------
----------
At 31 October 2023
17,482
137,857
22,132
177,471
---------
----------
---------
----------
Depreciation
At 1 November 2022
13,791
46,845
19,831
80,467
Charge for the year
737
21,732
1,138
23,607
---------
----------
---------
----------
At 31 October 2023
14,528
68,577
20,969
104,074
---------
----------
---------
----------
Carrying amount
At 31 October 2023
2,954
69,280
1,163
73,397
---------
----------
---------
----------
At 31 October 2022
3,691
55,898
2,301
61,890
---------
----------
---------
----------
7. Debtors
2023
2022
£
£
Trade debtors
599,528
556,401
Other debtors
145,813
138,699
----------
----------
745,341
695,100
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,718
( 29,342)
Corporation tax
118,813
172,453
Social security and other taxes
59,626
109,319
Other creditors
694,679
11,218
----------
----------
874,836
263,648
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
249,847
----------
----
10. Directors' advances, credits and guarantees
The director's have borrowed money from the company on an interest free unsecured basis. The amount outstanding on these loans at the year end was £115,000 (2022 : £115,000). The loans are repayable on demand.