Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Brian Hepburn 06/03/2001 Karen Hepburn 06/03/2001 20 September 2024 The principal activity of the company continues to be that of the provision of wet leisure services. SC216403 2024-03-31 SC216403 bus:Director1 2024-03-31 SC216403 bus:Director2 2024-03-31 SC216403 2023-03-31 SC216403 core:CurrentFinancialInstruments 2024-03-31 SC216403 core:CurrentFinancialInstruments 2023-03-31 SC216403 core:ShareCapital 2024-03-31 SC216403 core:ShareCapital 2023-03-31 SC216403 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC216403 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC216403 core:PlantMachinery 2023-03-31 SC216403 core:Vehicles 2023-03-31 SC216403 core:FurnitureFittings 2023-03-31 SC216403 core:PlantMachinery 2024-03-31 SC216403 core:Vehicles 2024-03-31 SC216403 core:FurnitureFittings 2024-03-31 SC216403 2022-03-31 SC216403 bus:OrdinaryShareClass1 2024-03-31 SC216403 2023-04-01 2024-03-31 SC216403 bus:FilletedAccounts 2023-04-01 2024-03-31 SC216403 bus:SmallEntities 2023-04-01 2024-03-31 SC216403 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC216403 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC216403 bus:Director1 2023-04-01 2024-03-31 SC216403 bus:Director2 2023-04-01 2024-03-31 SC216403 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC216403 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 SC216403 core:FurnitureFittings 2023-04-01 2024-03-31 SC216403 2022-04-01 2023-03-31 SC216403 core:PlantMachinery 2023-04-01 2024-03-31 SC216403 core:Vehicles 2023-04-01 2024-03-31 SC216403 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC216403 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC216403 (Scotland)

AQUA LEISURE LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

AQUA LEISURE LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

AQUA LEISURE LTD.

BALANCE SHEET

AS AT 31 MARCH 2024
AQUA LEISURE LTD.

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 505,809 531,013
505,809 531,013
Current assets
Stocks 389,026 390,613
Debtors 4 2,244,165 805,029
Cash at bank and in hand 1,106,821 2,020,226
3,740,012 3,215,868
Creditors: amounts falling due within one year 5 ( 521,483) ( 449,446)
Net current assets 3,218,529 2,766,422
Total assets less current liabilities 3,724,338 3,297,435
Provision for liabilities 6 ( 75,188) ( 78,225)
Net assets 3,649,150 3,219,210
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 3,639,150 3,209,210
Total shareholders' funds 3,649,150 3,219,210

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Aqua Leisure Ltd. (registered number: SC216403) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Brian Hepburn
Director
Karen Hepburn
Director
AQUA LEISURE LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
AQUA LEISURE LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

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

General information and basis of accounting

Aqua Leisure Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Brackonan, Easter Brightmony,Auldearn, Nairn, IV12 5JZ, United Kingdom.

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

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.

Tangible fixed assets

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

Plant and machinery 4 years straight line
Vehicles 7 years straight line
Fixtures and fittings 10 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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

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

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

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

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

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 271,327 379,855 447,627 1,098,809
Additions 6,236 75,305 1,240 82,781
Disposals 0 0 ( 166,834) ( 166,834)
At 31 March 2024 277,563 455,160 282,033 1,014,756
Accumulated depreciation
At 01 April 2023 207,915 95,345 264,536 567,796
Charge for the financial year 26,459 51,092 18,317 95,868
Disposals 0 0 ( 154,717) ( 154,717)
At 31 March 2024 234,374 146,437 128,136 508,947
Net book value
At 31 March 2024 43,189 308,723 153,897 505,809
At 31 March 2023 63,412 284,510 183,091 531,013

4. Debtors

2024 2023
£ £
Trade debtors 350,133 404,585
Amounts owed by associates 1,443,900 0
Other debtors 450,132 400,444
2,244,165 805,029

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 174,890 121,433
Taxation and social security 323,658 301,960
Other creditors 22,935 26,053
521,483 449,446

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 78,225) ( 92,635)
Credited to the Statement of Income and Retained Earnings 3,037 14,410
At the end of financial year ( 75,188) ( 78,225)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease commitments 805 805

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by directors 133,057 103,758

The opening balance of the above loan was £103,758, advances of £304,299 were made in the year and repayments of £275,000, resulting in a closing balance of £133,057. The loan is unsecured, interest free, and has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts owed by associated company 1,443,870 0

The controlling shareholders of Aqua Leisure Limited are also the controlling shareholders of the above associated company . The above balance is unsecured, interest free, and has no fixed term of repayment.