Aegean Spas Limited 2157280 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the retail of spas and ancilliary products. Digita Accounts Production Advanced 6.30.9574.0 true true 2157280 2023-01-01 2023-12-31 2157280 2023-12-31 2157280 bus:Director1 1 2023-12-31 2157280 bus:Director2 1 2023-12-31 2157280 bus:OrdinaryShareClass1 2023-12-31 2157280 core:CurrentFinancialInstruments 2023-12-31 2157280 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 2157280 core:Non-currentFinancialInstruments 2023-12-31 2157280 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 2157280 core:FurnitureFittings 2023-12-31 2157280 core:PlantMachinery 2023-12-31 2157280 bus:SmallEntities 2023-01-01 2023-12-31 2157280 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 2157280 bus:FilletedAccounts 2023-01-01 2023-12-31 2157280 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 2157280 bus:RegisteredOffice 2023-01-01 2023-12-31 2157280 bus:Director1 2023-01-01 2023-12-31 2157280 bus:Director1 1 2023-01-01 2023-12-31 2157280 bus:Director2 2023-01-01 2023-12-31 2157280 bus:Director2 1 2023-01-01 2023-12-31 2157280 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 2157280 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 2157280 core:FurnitureFittings 2023-01-01 2023-12-31 2157280 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 2157280 core:PlantMachinery 2023-01-01 2023-12-31 2157280 countries:England 2023-01-01 2023-12-31 2157280 2022-12-31 2157280 bus:Director1 1 2022-12-31 2157280 bus:Director2 1 2022-12-31 2157280 core:FurnitureFittings 2022-12-31 2157280 core:PlantMachinery 2022-12-31 2157280 2022-01-01 2022-12-31 2157280 2022-12-31 2157280 bus:Director1 1 2022-12-31 2157280 bus:Director2 1 2022-12-31 2157280 bus:OrdinaryShareClass1 2022-12-31 2157280 core:CurrentFinancialInstruments 2022-12-31 2157280 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 2157280 core:Non-currentFinancialInstruments 2022-12-31 2157280 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 2157280 core:FurnitureFittings 2022-12-31 2157280 core:PlantMachinery 2022-12-31 2157280 bus:Director1 1 2022-01-01 2022-12-31 2157280 bus:Director2 1 2022-01-01 2022-12-31 2157280 bus:Director1 1 2021-12-31 2157280 bus:Director2 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Aegean Spas Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 2157280

 

Aegean Spas Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Aegean Spas Limited

(Registration number: 2157280)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,155

11,548

Current assets

 

Stocks

5

23,500

26,200

Debtors

6

113,338

115,273

Cash at bank and in hand

 

595

595

 

137,433

142,068

Creditors: Amounts falling due within one year

7

(111,744)

(107,420)

Net current assets

 

25,689

34,648

Total assets less current liabilities

 

35,844

46,196

Creditors: Amounts falling due after more than one year

7

(24,785)

(38,322)

Provisions for liabilities

(1,929)

(2,194)

Net assets

 

9,130

5,680

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

9,030

5,580

Shareholders' funds

 

9,130

5,680

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Aegean Spas Limited

(Registration number: 2157280)
Statement of financial position as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 10 June 2024 and signed on its behalf by:
 

.........................................
Mr C Perry
Director

 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 10 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture, fittings and equipment

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

47,470

24,488

71,958

Additions

-

834

834

At 31 December 2023

47,470

25,322

72,792

Depreciation

At 1 January 2023

42,146

18,264

60,410

Charge for the year

532

1,695

2,227

At 31 December 2023

42,678

19,959

62,637

Carrying amount

At 31 December 2023

4,792

5,363

10,155

At 31 December 2022

5,324

6,224

11,548

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

23,500

26,200

6

Debtors

Current

2023
£

2022
£

Trade debtors

22,734

28,427

Prepayments

290

240

Other debtors

90,314

86,606

 

113,338

115,273

 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

25,374

49,416

Trade creditors

 

39,015

50,437

Taxation and social security

 

28,174

3,567

Accruals and deferred income

 

4,000

4,000

Other creditors

 

15,181

-

 

111,744

107,420

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,785

38,322

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Aegean Spas Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

9,585

Other borrowings

24,785

28,737

24,785

38,322

Current loans and borrowings

2023
£

2022
£

Bank borrowings

11,941

15,156

Bank overdrafts

3,433

24,260

Other borrowings

10,000

10,000

25,374

49,416

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr C Perry

Loan

59,704

81,351

(59,704)

81,351

Mr M D Ward

Loan

1,332

-

(1,332)

-

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr C Perry

Loan

(322)

60,026

59,704

Mr M D Ward

Loan

(966)

2,298

1,332