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COMPANY REGISTRATION NUMBER: 1452184
Letts Swimming Pools Ltd
Unaudited Financial Statements
31 December 2023
Letts Swimming Pools Ltd
Financial Statements
Year Ended 31st December 2023
Contents
Pages
Director's Report
1
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
2
Statement of Income and Retained Earnings
3
Statement of Financial Position
4 to 5
Notes to the Financial Statements
6 to 10
Letts Swimming Pools Ltd
Director's Report
Year Ended 31st December 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Director
The director who served the company during the year was as follows:
P. Letts
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 June 2024 and signed on behalf of the board by:
P. Letts
Company Secretary
Letts Swimming Pools Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Letts Swimming Pools Ltd
Year Ended 31st December 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31st December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
21 June 2024
Letts Swimming Pools Ltd
Statement of Income and Retained Earnings
Year Ended 31st December 2023
2023
2022
Note
£
£
Turnover
2,924,131
2,784,344
Cost of sales
2,624,273
2,405,562
------------
------------
Gross Profit
299,858
378,782
Administrative expenses
154,652
150,765
Other operating income
36,082
50,686
---------
---------
Operating Profit
181,288
278,703
---------
---------
Profit Before Taxation
5
181,288
278,703
Tax on profit
41,295
36,500
---------
---------
Profit for the Financial Year and Total Comprehensive Income
139,993
242,203
---------
---------
Dividends paid and payable
( 141,000)
( 99,000)
Retained Earnings at the Start of the Year
401,549
258,346
---------
---------
Retained Earnings at the End of the Year
400,542
401,549
---------
---------
All the activities of the company are from continuing operations.
Letts Swimming Pools Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
855,391
861,529
Investments
7
1
1
---------
---------
855,392
861,530
Current Assets
Stocks
129,778
150,296
Debtors
8
140,896
149,212
Cash at bank and in hand
92,339
167,731
---------
---------
363,013
467,239
Creditors: amounts falling due within one year
9
537,174
593,268
---------
---------
Net Current Liabilities
174,161
126,029
---------
---------
Total Assets Less Current Liabilities
681,231
735,501
Creditors: amounts falling due after more than one year
10
268,038
323,317
Provisions
Taxation including deferred tax
11,651
9,635
---------
---------
Net Assets
401,542
402,549
---------
---------
Capital and Reserves
Called up share capital
1,000
1,000
Profit and loss account
400,542
401,549
---------
---------
Shareholders Funds
401,542
402,549
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Letts Swimming Pools Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 June 2024 , and are signed on behalf of the board by:
P. Letts
Director
Company registration number: 1452184
Letts Swimming Pools Ltd
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tools and implements
-
25% Reducing Balance
Office equipment
-
25% Reducing Balance
Motor vehicles
-
25% Reducing Balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 9 ).
5. Profit Before Taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
15,535
17,581
--------
--------
6. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1st January 2023
808,786
27,158
22,866
108,844
967,654
Additions
11,995
11,995
Disposals
( 16,200)
( 16,200)
---------
--------
--------
---------
---------
At 31st December 2023
808,786
27,158
22,866
104,639
963,449
---------
--------
--------
---------
---------
Depreciation
At 1st January 2023
22,354
22,502
61,269
106,125
Charge for the year
1,201
91
14,243
15,535
Disposals
( 13,602)
( 13,602)
---------
--------
--------
---------
---------
At 31st December 2023
23,555
22,593
61,910
108,058
---------
--------
--------
---------
---------
Carrying amount
At 31st December 2023
808,786
3,603
273
42,729
855,391
---------
--------
--------
---------
---------
At 31st December 2022
808,786
4,804
364
47,575
861,529
---------
--------
--------
---------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1st January 2023 and 31st December 2023
1
----
Impairment
At 1st January 2023 and 31st December 2023
----
Carrying amount
At 31st December 2023
1
----
At 31st December 2022
1
----
The company holds more than 20% of the issued share capital of the companies listed below,
Subsidiary undertakings
Name
Letts Swim Limited 100%
On the 28th October 2020 the company acquired the entire share capital of Letts Swim Limited, A members only, private access swimming pool, located in Hadleigh, Suffolk.
Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so.
8. Debtors
2023
2022
£
£
Trade debtors
134,102
143,594
Other debtors
6,794
5,618
---------
---------
140,896
149,212
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
47,693
90,500
Trade creditors
256,352
223,465
Amounts owed to group undertakings and undertakings in which the company has a participating interest
48,283
17,483
Corporation tax
39,279
42,809
Social security and other taxes
59,731
35,979
Other creditors
85,836
183,032
---------
---------
537,174
593,268
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
162,825
158,981
Other Loan
100,000
150,000
Other creditors
5,213
14,336
---------
---------
268,038
323,317
---------
---------