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Registered number: 01823941










ASTRALPOOL UK LTD










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ASTRALPOOL UK LTD
 

COMPANY INFORMATION


Directors
L A Chipper 
D M Rodriguez 
F Camps Ferrer 
D W Thompson-Smith 
N Stephenson 




Company secretary
L A Chipper



Registered number
01823941



Registered office
Delme One
Delme Place

Cams Hall Estate

Fareham

Hampshire

PO16 8UX




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
ASTRALPOOL UK LTD
 

CONTENTS



Page
Directors' Report
 
1 - 2
Directors' Responsibilities Statement
 
3
Independent Auditor's Report
 
4 - 6
Statement of Comprehensive Income
 
7
Statement of Financial Position
 
8 - 9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 34


 
ASTRALPOOL UK LTD
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £1,356,208 (2022 - £1,449,926).

The Directors have paid a dividend of £1,449,926 (2022: £823,529) in the year ended 31 December 2023.

Directors

The Directors who served during the year were:

L A Chipper 
D M Rodriguez 
F Camps Ferrer 
D W Thompson-Smith 
N Stephenson 

Future developments

The Directors aim to maintain the management policies which have resulted in the Company’s growth in recent years.
Fluidra continues to anticipate that globally sales will remain close to the results of 2023, with low single digit growth. Locally the Directors anticipate sales for 2024 to be in line with these expectations.
Late in Quarter 4 of 2023, Astralpool took over the sole UK distribution of Zodiac Swimming Pool Products (a Fluidra brand). It is anticipated that this offers considerable growth opportunities for the business.
The Directors feel that the changes that took place in late 2022 and early 2023 will start to have a positive impact on the business enabling profitability to be maintained at currently levels and moving forward increased.
Directors' liabilities
The Company has granted an indemnity to one or more of its Directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force at the date of approving the Directors' Report.
Strategic Report
The Directors have taken advantage of the exemption in Companies Act 2006 (Section 414B) for including a strategic review statement as it would be entitled to prepare accounts for the year in accordance with the small companies regime but for being a member of an ineligible group.
Going concern
The Directors have considered the ability of the Company to continue as a going concern and this is considered to be the most significant estimate made by the Directors in preparing the financial statements. The Company is required to prepare annual budgets together with bi-annual reforecasting. Rolling cashflow statements covering the next four months are prepared and submitted to  the group treasury department on a monthly basis. In addition Group provide credit facilities  to all group companies
Based on these forecasts, the Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis in preparing these financial statements.

Page 1

 
ASTRALPOOL UK LTD
 

DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





N Stephenson
Director

Date: 10 September 2024

Page 2

 
ASTRALPOOL UK LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
ASTRALPOOL UK LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTRALPOOL UK LTD
 

Opinion


We have audited the financial statements of Astralpool UK Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
ASTRALPOOL UK LTD
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTRALPOOL UK LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ASTRALPOOL UK LTD
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASTRALPOOL UK LTD (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material         misstatements in respect of irregularities, including fraud, were as follows:
•  Enquiry of management and those charged with governance around actual and potential litigation and            claims;
•  Reviewing minutes of meetings of those charged with governance;
•  Reviewing financial statement disclosures and testing to supporting documentation to assess compliance             with applicable laws and regulations;
•  Performing audit work over the risk of management override of controls, including testing of journal                 entries and other adjustments for appropriateness, evaluating the business rationale of significant                     transactions outside the normal course of business and reviewing accounting estimates for bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Pitt BA BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

10 September 2024
Page 6

 
ASTRALPOOL UK LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
8,887,592
9,817,385

Cost of sales
  
(6,051,896)
(6,059,860)

Gross profit
  
2,835,696
3,757,525

Administrative expenses
  
(1,336,028)
(1,973,160)

Operating profit
 5 
1,499,668
1,784,365

Interest receivable and similar income
 9 
154,171
29,649

Interest payable and similar expenses
 10 
(28,476)
(3,741)

Profit before tax
  
1,625,363
1,810,273

Tax on profit
 11 
(269,155)
(360,347)

Profit for the financial year
  
1,356,208
1,449,926

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 34 form part of these financial statements.

All the activity of the Company has been generated through continuing operations in both the current and prior period.

Page 7

 
ASTRALPOOL UK LTD
REGISTERED NUMBER:01823941

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 13 
565,699
505,681

Current assets
  

Stocks
 14 
508,434
897,862

Debtors: amounts falling due after more than one year
 15 
33,680
99,992

Debtors: amounts falling due within one year
 15 
4,150,621
4,082,653

Cash at bank and in hand
 16 
7,164
405,135

  
4,699,899
5,485,642

Creditors: amounts falling due within one year
 17 
(1,140,484)
(1,467,447)

Contract liabilities
 4 
(184,307)
(245,057)

Net current assets
  
 
 
3,375,108
 
 
3,773,138

Total assets less current liabilities
  
3,940,807
4,278,819

  

Creditors: amounts falling due after more than one year
 18 
(407,777)
(353,161)

  
3,533,030
3,925,658

Provisions for liabilities
 20 
(264,807)
(563,717)

  

Net assets
  
3,268,223
3,361,941


Capital and reserves
  

Called up share capital 
 23 
40,000
40,000

Profit and loss account
  
3,228,223
3,321,941

  
3,268,223
3,361,941


Page 8

 
ASTRALPOOL UK LTD
REGISTERED NUMBER:01823941

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Stephenson
Director

Date: 10 September 2024

The notes on pages 11 to 34 form part of these financial statements.

Page 9

 
ASTRALPOOL UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
40,000
3,321,941
3,361,941



Profit for the year
-
1,356,208
1,356,208

Dividends: Equity capital (note 12)
-
(1,449,926)
(1,449,926)


At 31 December 2023
40,000
3,228,223
3,268,223



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
40,000
2,695,544
2,735,544



Profit for the year
-
1,449,926
1,449,926

Dividends: Equity capital (note 12)
-
(823,529)
(823,529)


At 31 December 2022
40,000
3,321,941
3,361,941


The notes on pages 11 to 34 form part of these financial statements.

Page 10

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Astralpool UK Limited is a private limited company incorporated and domiciled in the United Kingdom. The registered office of the Company up to 17 February 2023 was Unit 30, Palmerston Business Park, Fareham, Hampshire, PO14 1DJ. With effect from 17 February 2023 to 2 June 2023, the registered office of the Company was Ground Floor, West Wing, Cams Hall Estate, Fareham, Hampshire, PO16 8UX. With effect from 2 June 2023, the registered office of the Company was Delme One, Delme Place, Cams Hall Estate, Fareham, Hampshire, PO16 8UX.  
The principal activity of the Company is the manufacture and distribution of swimming pool and leisure equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The accounts are prepared in GBP and rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the ability of the Company to continue as a going concern and this is considered to be the most significant estimate made by the Directors in preparing the financial statements. The Company is required to prepare annual budgets together with bi-annual reforecasting. Rolling cashflow statements covering the next four months are prepared and submitted to  the group treasury department on a monthly basis. In addition Group provide credit facilities  to all group companies
Based on these forecasts, the Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis in preparing these financial statements.

Page 11

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Fluidra S.A. as at 31 December 2023 and these financial statements may be obtained from Av. Alcalde Barnils, 69, Sant Cugat Del Valles, Barcelona, 08174.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Page 12

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Revenue

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The Company recognises revenue when performance obligations have been satisfied. The Company’s activities are described in detail below. 
Sale of goods
The Company supplies swimming pools and related equipment. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
The Company offers discounts on its sales of goods at the time of invoicing which does not constitute variable consideration.
A receivable is recognised when the performance obligation is satisfied as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
The Company’s obligation to repair or replace faulty products under the standard warranty terms has been recognised as a provision. The Company recognises a provision in respect of credit notes for returns, refunds and other similar obligations.
With effect from the year ended 31 December 2023, the Company acts as distributor for certain products owned by Certikin International Limited. The Directors consider the Company to be acting as the principal on such sales. These sales are recognised when control of the products has transferred, being when the products are delivered to the customer and the customer has legal title to the goods. Delivery occurs when the products have been distributed to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the Company has objective evidence that all criteria for acceptance have been satisfied.
Sale of services
The Company undertakes certain sales on longer term projects. Revenue from project contracts is recognised on a stage of completion basis in relation to the proportion of total costs incurred out of the contracted costs over the life of the contract.

 
2.5

Leases

The Company as a lessee

The Company leases property and other assets for the purposes of its operations. Lease terms contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.
Until the 2018 financial year, leases were classified as an operating lease. From 1 January 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use.
 
Page 13

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Leases (continued)


Assets and liabilities arising from a lease are initially measured on a present value basis. The net present value of the lease liability includes the present value of the lease payments not made at the date of transition, lease payments made before the commencement date less any lease incentives received and an estimate of the costs expected to be incurred in returning the leased property to its original condition. Lease payments to be made under reasonably certain extension options are included in the measurement of the liability.
The lease payments are discounted using the rate implicit in the lease agreement. If that rate cannot be readily determined, the lessee's incremental borrowing rate is used.
Lease payments are allocated between their principal payments and the finance cost. The finance cost is charged to the Statement of Profit or Loss over the lease period. Right-of-use assets are depreciated over the life of the lease on a straight line basis.
Short term leases with a lease term of less than 12 months or leases with low value assets are recognised on a straight line basis as an expense in the Statement of Profit or Loss.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
Life of lease
Plant and machinery
-
10 - 25% per annum
Motor vehicles
-
20 - 33% per annum
Fixtures and fittings
-
10 - 33% per annum
Tooling
-
2.5 - 20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:
• Raw materials and consumables – purchase cost on a first-in, first-out basis
• Work in progress and finished goods – cost of direct materials and labour plus attributable overheads based on a normal level of activity, excluding borrowing costs
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
At each year end date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

  
2.8

Debtors

Trade debtors, which generally have 30-90 day terms, are recognised and carried at the lower of their original invoiced value and recoverable amount. Where the time value of money is material, receivables are carried at amortised cost. Provision for impairment is made through the Income Statement when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability or recovery is assessed as being remote.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.10

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company’s accounting policies in respect of financial instruments transactions are explained below:
Financial assets
Initial recognition and measurement
Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial assets at initial recognition.
All financial assets are recognised initially at fair value plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification as follows:
Financial assets at fair value through profit of loss
 
Page 15

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by IAS 39. The Company has not designated any financial assets upon initial recognition as at fair value through profit or loss.
Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
 
Page 16

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


Financial assets at fair value through profit and loss are carried in the Statement of Financial Position at fair value with changes in fair value recognised in the income statement.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate (EIR) method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance revenue in the income statement. Losses arising from impairment are recognised in the income statement in other operating expenses.
Financial liabilities
Initial recognition and measurement
Financial liabilities within the scope of IAS 39 are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequent measurement
The measurement of financial liabilities depends on their classification as follows:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in profit or loss.
Interest bearing loans and borrowings
Obligations for loans and borrowings are recognised when the Company becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.

  
2.11

Creditors

Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.

Page 17

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Foreign currency translation

The Company’s financial statements are presented in sterling, which is also the Company’s functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying an annual fixed rate provided by the Company's parent entity, with monthly profit and loss accounts and balance sheet results revalued using month end rates provided by group.
At each period end foreign currency monetary items (both monetary assets and liabilities) are translated using the closing rate provided by group. Non-monetary items measured at historical cost are translated using the exchange rate from group at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

  
2.13

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.15

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
The Company also contributes to some employees’ personal pension plans.

  
2.16

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to its net carrying amount.

Page 18

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.17

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

  
2.18

Provisions

General
A provision is recognised when the Company has a legal or constructive obligation as a result of a past event; it is probable that an outflow of economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. If the effect is material, expected future cash flows are discounted using a current pre-tax rate that reflects where appropriate, the risks specific to the liability.
Where the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when recovery is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. Where discounting is used, the increase in the provision due to unwinding the discount is recognised as a finance cost.
Warranty Provision
Costs of warranty include the cost of material necessary to repair a product during the warranty period. The warranty period is usually one to two years.
Dilapidation Provision
An asset retirement obligation has been recorded to reflect the Company’s legal commitment to reinstate leased property back to its original condition. The asset retirement obligation has been capitalised within property, plant and equipment and is being depreciated over the remainder of the associated property lease term. In determining the fair value of the provision, assumptions and estimates are made in relation to discount rates, the expected cost to dismantle and reinstate the property and the expected timing of those costs. The provision for dilapidations is recognised on a lease by lease basis and is based on the company’s best estimate of the likely committed cash outflow.

Page 19

 
ASTRALPOOL UK LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.19

Current and deferred taxation

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by year-end date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, with the following exceptions:
Deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the year-end date.
The carrying amount of deferred income tax assets is reviewed at each year end. Deferred income tax assets and liabilities are offset, only if a legally enforcement right exists to set off current tax assets against current tax liabilities, the deferred income taxes relate to the same taxation authority and that authority permits the company to make a single net payment.
Income tax is charged or credited to other comprehensive income if it relates to items that are charged or credited to other comprehensive income. Similarly, income tax is charged or credited directly to equity if it relates to items that are credited or charged directly to equity. Otherwise income tax is recognised in the income statement.

Page 20

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Company financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Company’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:
Leases (see note 22)
IFRS 16 requires the Company to account for its leases as right-of-use assets over the life of the lease agreement. The present value of the lease liability on inception requires management to assess various factors including the discount rate and the life of the lease and the extent to which any options to extend or break the lease are exercised. These factors have a resulting impact in determining the present value of the lease liability on inception.
Tangible fixed assets (See note 13)
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. 
Revenue (see note 4)
With effect from the year ended 31 December 2023, the Company acts as distributor for certain products owned by Certikin International Limited. The Directors consider the Company to be acting as the principal on such sales.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
 
Page 21

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Judgements in applying accounting policies (continued)

Stage of completion (see note 4)
The Company uses the percentage of completion method to determine the recognition of revenue on project contracts. The percentage of completion method depends on an accurate assessment of the costs to complete the contract. These assessments are made by personnel who have adequate and sufficient knowledge of the contracts as appropriate. The nature of the estimations means that actual outcomes may differ from those made in forecasts and budgets. If the outcome of a contract is that contract costs which exceed total contract revenue, the estimated loss is recognised immediately. 
Taxation (See note 11)
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective country in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the Company.
 
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
Stock Obsolescence (See note 14)
The Company provides for slow moving or obsolete stock based on a Fluidra group method of calculation. The calculation provides for obsolescence based on stock turnover data, to which a percentage is applied to arrive at the provision. The Fluidra group has applied judgement based on prior experience in determining the ranges of stock turnover and percentages applied to these. This provided a level of uncertainty and may generate an over or under-provision for stock obsolescence.
Dilapidations (See note 20)
An asset retirement obligation has been recorded to reflect the Company’s legal commitment to reinstate leased property back to its original condition. In determining the fair value of the provision, assumptions and estimates are made in relation to discount rates, the expected cost to dismantle and reinstate the property and the expected timing of those costs. Management has been supported in the determination of this estimate through the engagement of a professional surveyor skilled in evaluating asset restoration costs within the local jurisdiction.
Doubtful Debt Reserve (See note 15)
The Company provides for doubtful debts based on a Fluidra group method of calculation. The calculation makes provision for debts over 120 days old. The Company has applied judgement based on prior experience in determining the ageing of debt which requires provision. This provided a level of uncertainty and may generate an over or under-provision for bad debt provision.
Warranty (See note 20) 
Warranties are passed on from the manufacturer of the goods sold. Provisions are made where there may be additional costs incurred by the Company in providing these warranties.

Page 22

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Analysis of turnover

Analysis of turnover by country of destination:


2023
2022
£
£



United Kingdom
8,477,921
9,496,385

Europe
409,671
321,000

8,887,592
9,817,385

Analysis of turnover by category:


2023
2022
£
£



Sales of goods
7,980,869
7,593,957

Sales of services
906,723
2,223,428

8,887,592
9,817,385

The Company has recognised the following liabilities related to contracts with customers:


2023
2022
£
£



Contract liabilities - up-front payments
184,307
245,057

(i) Significant changes in contract assets and liabilities
The Company does not have any contract assets.

(ii) Revenue recognised in relation to contract liabilities
   
The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities.


2023
2022
£
£



Revenue recognised that was included in the contract liability balance at the beginning of the period.
245,057
438,160

Page 23

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
174,755
380,757

Exchange differences
2,160
19,002

Operating lease payments
52,750
78,952

Defined contribution pension cost
41,216
48,824

Cost of stocks recognised as an expense
5,610,241
5,863,924


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
26,250
25,000


7.

Employees

Staff costs, including Director’s remuneration, were as follows:

2023
2022
        £
        £
Wages and salaries

639,843

753,177
 
Social security costs

66,417

81,331
 
Cost of defined contribution and other pension schemes

41,216

48,824
 

747,476

883,332
 

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
5
7



Other employees
14
18

19
25

Page 24

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
105,662
70,653

Company contributions to defined contribution pension schemes
10,721
8,639

116,383
79,292


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
154,171
29,649


10.


Interest payable and similar expenses

2023
2022
£
£


IFRS 16 interest
28,476
3,741


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
327,840
394,472

Adjustments in respect of previous periods
(124,997)
(43,818)


Total current tax
202,843
350,654

Deferred tax


Origination and reversal of timing differences
10,217
9,693

Adjustments in respect of previous periods
56,095
-

Total deferred tax
66,312
9,693


Taxation on profit on ordinary activities
269,155
360,347
Page 25

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,625,363
1,810,273


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
381,960
343,952

Effects of:


Disallowed expenses and non-taxable income
(70,745)
856

Fixed asset differences
25,873
(7,682)

Adjustments to tax charge in respect of prior periods
(68,902)
(43,818)

Other differences
969
67,039

Total tax charge for the year
269,155
360,347


12.


Dividends

2023
2022
£
£


Dividends paid
1,449,926
823,529

On 4 December 2023, the Directors declared and paid a dividend per share of £36.25.

Page 26

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Motor vehicles
Property improvements
Plant and machinery
Fixtures, fittings and office equipment

£
£
£
£



Cost or valuation


At 1 January 2023 (as previously stated)
15,350
403,358
51,911
186,596


Prior Year Adjustment
-
-
-
-


At 1 January 2023 (as restated)
15,350
403,358
51,911
186,596


Additions
-
80,714
-
4,677


Disposals
-
(370,301)
(16,855)
(68,000)



At 31 December 2023

15,350
113,771
35,056
123,273



Depreciation


At 1 January 2023
6,396
370,301
36,747
169,082


Charge for the year on owned assets
5,117
20,917
8,982
10,254


Charge for the year on right-of-use assets
-
-
-
-


Disposals
-
(370,301)
(15,414)
(65,941)



At 31 December 2023

11,513
20,917
30,315
113,395



Net book value



At 31 December 2023
3,837
92,854
4,741
9,878



At 31 December 2022 (as restated)
8,954
33,057
15,164
17,514
Page 27

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Right-of-use assets
Total

£
£



Cost or valuation


At 1 January 2023 (as previously stated)
1,077,281
1,734,496


Prior Year Adjustment
356,798
356,798


At 1 January 2023 (as restated)
1,434,079
2,091,294


Additions
152,882
238,273


Disposals
(854,741)
(1,309,897)



At 31 December 2023

732,220
1,019,670



Depreciation


At 1 January 2023
1,003,087
1,585,613


Charge for the year on owned assets
-
45,270


Charge for the year on right-of-use assets
129,485
129,485


Disposals
(854,741)
(1,306,397)



At 31 December 2023

277,831
453,971



Net book value



At 31 December 2023
454,389
565,699



At 31 December 2022 (as restated)
430,992
505,681


The net book value of owned and leased assets included as "Tangible fixed assets" in the Statement of Financial Position is as follows:

As restated
2023
2022
£
£


Tangible fixed assets owned
111,310
74,689

Right-of-use tangible fixed assets
454,389
430,992

565,699
505,681

Page 28

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:

Net book value

As restated
2023
2022
£
£

Property
378,973
397,094

Motor vehicles
75,283
31,678

Office and computer equipment
133
2,220

454,389
430,992

Depreciation charge for the year ended

2023
2022
£
£

Property
93,349
309,775

Plant and machinery
2,088
3,253

Motor vehicles
34,048
16,939

Office and computer equipment
-
3,128

129,485
333,095


Amounts recognised in profit and loss in respect of right-of-use assets:

2023
2022
£
£

Interest expense
28,476
3,741

The total cash outflow on leases during the year ended 31 December 2023 is £135,805 (2022: £166,192).


14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
521,288
971,714

Obsolete stock provision
(12,854)
(73,852)

508,434
897,862





Page 29

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
33,680
99,992


2023
2022
£
£

Due within one year

Trade debtors
1,511,237
1,825,249

Amounts owed by group undertakings
2,509,596
2,076,102

Other debtors
38,535
117,025

Prepayments and accrued income
91,253
64,277

4,150,621
4,082,653


The amounts owed by group undertakings relate to sales under normal commercial terms. Trade debtors are stated after provisions for impairment of £34,983 (2022: £4,204).
Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
Amounts owed by group undertakings includes cash pooling of £2,505,587 (2022: £2,051,059).


16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,164
405,135



17.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
230,751
206,398

Amounts owed to group undertakings
610,748
621,654

Corporation tax
70,247
271,305

Other taxation and social security
67,513
93,545

IFRS 16 lease liability
52,749
37,880

Accruals and deferred income
108,476
236,665

1,140,484
1,467,447


Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.

Page 30

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

IFRS 16 lease liability
407,777
353,161



19.


Deferred taxation




2023


£






At beginning of year
99,992


Charged to profit or loss
(66,312)



At end of year
33,680

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
33,680
99,992

Page 31

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Provisions




Credit note
Warranty
Dilapidation
Total

£
£
£
£





At 1 January 2023
46,969
16,748
500,000
563,717


Charged/(credited) to profit and loss
53,609
11,198
(272,210)
(207,403)


Utilised in year
(46,969)
(16,748)
(27,790)
(91,507)



At 31 December 2023
53,609
11,198
200,000
264,807

Credit note provision
The credit note provision reflects the best estimate of future credit notes to be issued on sales. These are expected to be utilised within 12 months of the year-end.
Warranty provision
The warranty provision reflects the best estimate of future claims under product warranties which are usually given for two years from the date of the sale. The warranty costs are expected to be utilised by 31 December 2024.
Dilapidation provision
The dilapidation provision represents management's best estimate of the expected future costs to be incurred to return leased premises to their original condition. 
This provision will be utilised on termination of the lease. Of this provision, £50,000 is expected to be utilised by 31 December 2032 and £150,000 is expected to be utilised within one year of the reporting date.
These dilapidation costs have been calculated by independent property specialists and management's best estimate of the anticipated costs.


21.


Reserves

Profit and loss account
The Statement of Comprehensive Income includes all current and prior period profits and losses.

Page 32

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.

Leases

Company as a lessee

The Company leases its principal place of business. The periodic rent is fixed over the lease term. The Company also leases motor vehicles, computer equipment and plant and machinery.

Lease liabilities are due as follows:

As restated
2023
2022
£
£

IFRS 16 lease liability
52,749
37,880

IFRS 16 lease liability 1-2 yrs
76,930
52,655

IFRS 16 lease liability 2-5 yrs
181,645
189,853

IFRS 16 lease liability 5+ yrs
149,202
110,653

460,526
391,041


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

IFRS 16 lease charges payable
28,476
3,741


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40,000 (2022 - 40,000) Ordinary shares of £1 each
40,000
40,000

Ordinary shares entitle the holder to one vote per share and dividend rights.



24.


Pension commitments

The Company operates a defined contribution pension scheme. The cost charge for the year includes contributions payable by the Company to the fund plans and amounted to £41,216 (2022: £48,824). No amounts were outstanding to be paid at 31 December 2023 (2022: £Nil). 

Page 33

 
ASTRALPOOL UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Prior year adjustment

During the preparation of the financial statements for the year ended 31 December 2023, the Directors have reviewed the terms of a property lease entered into in December 2022. The Directors have revised their determination of the date of commencement of the lease and, as a result, have recorded a prior year adjustment to account for this in the year ended 31 December 2022.
The effect of this adjustment 31 December 2022 is an increase to right-of-use assets and IFRS 16 lease liabilities of £356,796. There has been no impact on net assets at 31 December 2022 or profit for the year ended 31 December 2022 as a result of this prior year adjustment.


26.


Related party transactions

During the year ended 31 December 2023, the partner of a Director received remuneration of £54,133 for services rendered as an employee (2022: £44,000).


27.


Controlling party

The Company is a subsidiary undertaking of Fluidra Commercial S.L. incorporated in Spain.
The largest group in which the results of the Company are consolidated is that headed by Fluidra S.A. incorporated in Spain. The smallest group in which they consolidated is that headed by Fluidra Commercial S.L. incorporated in Spain. The consolidated accounts of these are available to the public and may be obtained from Av. Alcalde Barnils, 69, Sant Cugat Del Valles, Barcelona, 08174.

Page 34