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Company registration number: 12362110
Aqua Park Lakeside Limited
Unaudited filleted financial statements
31 December 2023
Aqua Park Lakeside Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aqua Park Lakeside Limited
Directors and other information
Directors Mr Simon Spencer Paramour James
Mrs Helen Judith Paramour James
Company number 12362110
Registered office Suite 4 Europa Houae
Europa way
Lichfield
Staffordshire
WS14 9TZ
Business address Water Sports Centre
Bull Brig Lane, Whitwell
Oakham
Rutland
LE15 8BL
Accountants Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Bankers Nat West Bank Plc
47 Market Street
Lichfield
Staffordshire
WS13 6LE
Aqua Park Lakeside Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Aqua Park Lakeside Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aqua Park Lakeside Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Aqua Park Lakeside Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aqua Park Lakeside Limited and state those matters that we have agreed to state to the board of directors of Aqua Park Lakeside Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aqua Park Lakeside Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aqua Park Lakeside Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aqua Park Lakeside Limited. You consider that Aqua Park Lakeside Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aqua Park Lakeside Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
26 June 2024
Aqua Park Lakeside Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 7,251 26,540
Debtors 5 49,498 28,312
Cash at bank and in hand 8,993 46,366
_______ _______
65,742 101,218
Creditors: amounts falling due
within one year 6 ( 35,330) ( 69,650)
_______ _______
Net current assets 30,412 31,568
_______ _______
Total assets less current liabilities 30,412 31,568
Creditors: amounts falling due
after more than one year 7 ( 14,869) ( 24,400)
_______ _______
Net assets 15,543 7,168
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 15,541 7,166
_______ _______
Shareholders funds 15,543 7,168
_______ _______
For the year ending 31 December 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2024 , and are signed on behalf of the board by:
Mr Simon Spencer Paramour James
Director
Company registration number: 12362110
Aqua Park Lakeside Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Aqua Park Lakeside Limited, Suite 4 Europa Houae, Europa way, Lichfield, Staffordshire, WS14 9TZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from Aqua park income is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on booking); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 43 ).
5. Debtors
2023 2022
£ £
Trade debtors 39,919 635
Other debtors 9,579 27,677
_______ _______
49,498 28,312
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors - 55,246
Corporation tax 1,964 1,169
Social security and other taxes 1,031 1,088
Other creditors 22,335 2,147
_______ _______
35,330 69,650
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 14,869 24,400
_______ _______
8. Related party transactions
The directors have a controlling interest in Aqua Parks Group Limited. During the year the company paid management charges of £nil (2022 £105,000) and site equipment rental of £40,000 (2022 £105,000 to this company)At the balance sheet date there was an amount of £37'615 due from (2022 £54,000 due to) Aqua Parks Group Limited.
9. Controlling party
The company is controlled by the directors who own 100% of the issued share capital.