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REGISTERED NUMBER: 02452107 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BUCKINGHAM SWIMMING POOLS LIMITED

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BUCKINGHAM SWIMMING POOLS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: P A Walton-Collett
R S Hefford





REGISTERED OFFICE: Dalehouse Lane
Kenilworth
Warwickshire
CV8 2EB





REGISTERED NUMBER: 02452107 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 291,982 146,773

CURRENT ASSETS
Stocks 6 78,308 158,601
Debtors 7 1,323,203 1,957,891
Cash at bank and in hand 1,499,242 528,298
2,900,753 2,644,790
CREDITORS
Amounts falling due within one year 8 1,862,656 1,534,937
NET CURRENT ASSETS 1,038,097 1,109,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,330,079

1,256,626

CREDITORS
Amounts falling due after more than one
year

9

(148,620

)

(122,888

)

PROVISIONS FOR LIABILITIES (68,000 ) (30,000 )
NET ASSETS 1,113,459 1,103,738

CAPITAL AND RESERVES
Called up share capital 11 50,000 50,000
Retained earnings 12 1,063,459 1,053,738
SHAREHOLDERS' FUNDS 1,113,459 1,103,738

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





P A Walton-Collett - Director


BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Buckingham Swimming Pools 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced value of work certified, excluding value added tax.

Employment support income
Grant income received from the UK's Coronavirus Job Retention Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income.

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Improvements to property-10% on cost
Plant and machinery-25% on cost
Fixtures and fittings-10% to 25% on cost
Motor vehicles-25% on cost

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

The investment property is included at fair value. Gains are recognised in the Statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress
The value attributed to construction contracts, after provision for foreseeable losses and net of payments on account, is included in debtors as amounts recoverable on contracts. Where payments on account exceed turnover the difference is included in creditors as excess payments on account.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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.

Warranty work
Provision is made in the accounts for material claims at the year end. As expenditure on warranty work is generally immaterial other warranty costs are charged to the profit and loss account as they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 26 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 74,359 19,342 221,177 324,710 639,588
Additions 6,423 1,890 7,408 233,470 249,191
Disposals - - - (138,525 ) (138,525 )
At 31 December 2023 80,782 21,232 228,585 419,655 750,254
DEPRECIATION
At 1 January 2023 71,853 17,028 199,608 204,326 492,815
Charge for year 722 1,707 8,405 79,315 90,149
Eliminated on disposal - - - (124,692 ) (124,692 )
At 31 December 2023 72,575 18,735 208,013 158,949 458,272
NET BOOK VALUE
At 31 December 2023 8,207 2,497 20,572 260,706 291,982
At 31 December 2022 2,506 2,314 21,569 120,384 146,773

At 31st December 2023 assets with a net book value of £267,297 (2022 - £128,322) were subject to hire purchase agreements.



6. STOCKS
2023 2022
£    £   
Work-in-progress 6,942 78,601
Finished goods 71,366 80,000
78,308 158,601

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 414,335 458,341
Amounts recoverable on contracts 462,255 1,059,791
Prepayments 33,723 26,869
910,313 1,545,001

Amounts falling due after more than one year:
Amounts owed by group undertakings 412,890 412,890

Aggregate amounts 1,323,203 1,957,891

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts 103,470 45,514
Trade creditors 1,538,145 1,370,453
Taxation 14,000 13,090
Social security and other taxes 84,568 41,478
Other creditors 4,965 3,451
Accrued expenses 87,508 30,951
1,862,656 1,534,937

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 30,000 30,000
Bank loans - 2-5 years 15,000 45,000
Hire purchase contracts 103,620 47,888
148,620 122,888

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 207,090 93,402

The hire purchase creditors are secured against the relevant fixed assets.

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

12. RESERVES
Retained
earnings
£   

At 1 January 2023 1,053,738
Profit for the year 168,301
Dividends (158,580 )
At 31 December 2023 1,063,459

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Gibbs FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

14. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 58,608 103,714

15. FINANCIAL COMMITMENTS

Funding an intercompany loan to the parent company
The company was acquired by Buckingham Swimming Pools Group Limited (BSPG) in June 2019 in a management buyout, partly funded by the Vendors with a loan to BSPG repayable over a six year period. The Vendor loan is secured by fixed and floating charges over the assets of the both BSPG and the company.

BSPG funds repayments with an intercompany loan from the company, depending on future profitability, the consideration and Vendor loan may increase. The fair value total Vendor loan at 31/12/23 is measured as £377k (2022 £536k), repayable over 18 months, with repayments funded by the company in 2024 expected to be at the rate of circa £190k per annum, which is not included in the balance sheet.

Other operating leases
Other financial commitments and guarantees in respect of operating leases for property and office equipment, which are not included in the balance sheet, amount to £31,916 (2022: £53,472) in total.

16. RELATED PARTY DISCLOSURES

Debtors due after more than one year includes £412,890 (2022: £412,890) in respect of an intercompany loan to the new holding company, Buckingham Swimming Pools Group Limited. This represents amounts advanced to BSPG to fund Vendor its loan commitments following the June 2019 management buyout. This loan will ultimately be repaid to the company from the proceeds of intercompany dividends.

BUCKINGHAM SWIMMING POOLS LIMITED (REGISTERED NUMBER: 02452107)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

17. ULTIMATE CONTROLLING PARTY

The company is 100% owned by BSPH (2008) Limited (formerly Buckingham Swimming Pools Holdings Limited), a company registered in England whose registered office is Dalehouse Lane, Kenilworth, Warwickshire, CV8 2EB.

The company's ultimate parent company is Buckingham Swimming Pools Group Limited, a company registered in England whose registered office is Dalehouse Lane, Kenilworth, Warwickshire, CV8 2EB.