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Company No: 10213151 (England and Wales)

123 POOLS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

123 POOLS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

123 POOLS LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
123 POOLS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mrs K Sanderson
Mr N Sanderson
REGISTERED OFFICE Bexley Garage
2 Bexley Lane
Torquay
TQ2 5BB
United Kingdom
COMPANY NUMBER 10213151 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
123 POOLS LIMITED

BALANCE SHEET

As at 30 November 2023
123 POOLS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 61 78
Tangible assets 4 158,165 161,061
158,226 161,139
Current assets
Stocks 5 202,886 222,476
Debtors 6 12,405 1,291
Cash at bank and in hand 3,378 55,062
218,669 278,829
Creditors: amounts falling due within one year 7 ( 35,619) ( 70,158)
Net current assets 183,050 208,671
Total assets less current liabilities 341,276 369,810
Creditors: amounts falling due after more than one year 8 ( 87,500) ( 93,500)
Provision for liabilities ( 939) ( 1,191)
Net assets 252,837 275,119
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 252,737 275,019
Total shareholders' funds 252,837 275,119

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.

Directors' responsibilities:

The financial statements of 123 Pools Limited (registered number: 10213151) were approved and authorised for issue by the Board of Directors on 01 September 2024. They were signed on its behalf by:

Mr N Sanderson
Director
123 POOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
123 POOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

123 Pools Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bexley Garage, 2 Bexley Lane, Torquay, Devon, TQ2 5BB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 December 2022 170 170
At 30 November 2023 170 170
Accumulated amortisation
At 01 December 2022 92 92
Charge for the financial year 17 17
At 30 November 2023 109 109
Net book value
At 30 November 2023 61 61
At 30 November 2022 78 78

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 December 2022 163,431 12,758 176,189
Additions 0 31 31
At 30 November 2023 163,431 12,789 176,220
Accumulated depreciation
At 01 December 2022 7,352 7,776 15,128
Charge for the financial year 1,668 1,259 2,927
At 30 November 2023 9,020 9,035 18,055
Net book value
At 30 November 2023 154,411 3,754 158,165
At 30 November 2022 156,079 4,982 161,061

Included within the net book value of Land and buildings above is £154,441 (2022: £156,079) in respect of freehold land and buildings.

5. Stocks

2023 2022
£ £
Stocks 202,886 222,476

6. Debtors

2023 2022
£ £
Trade debtors 12,405 1,291

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,000 6,000
Trade creditors 242 0
Other taxation and social security 1,692 7,497
Other creditors 27,685 56,661
35,619 70,158

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 87,500 93,500

Bank borrowings are secured on property owned by the company.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100