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Company registration number: 01601373

Shirley Aquatics (1984) Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Shirley Aquatics (1984) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Shirley Aquatics (1984) Limited

(Registration number: 01601373)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

499,178

566,204

Current assets

 

Stocks

5

565,854

645,532

Debtors

6

182,425

153,618

Cash at bank and in hand

 

103,569

158,193

 

851,848

957,343

Creditors: Amounts falling due within one year

7

(206,605)

(138,780)

Net current assets

 

645,243

818,563

Total assets less current liabilities

 

1,144,421

1,384,767

Creditors: Amounts falling due after more than one year

7

(55,791)

(45,583)

Net assets

 

1,088,630

1,339,184

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

1,038,630

1,289,184

Total equity

 

1,088,630

1,339,184

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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 15 July 2024 and signed on its behalf by:
 


R Cook
Director

   
 

Shirley Aquatics (1984) 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 and Wales.

The address of its registered office is:
Becketts Farm
Alcester Road
Wythall
West Midlands
B47 6AJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

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

 

Shirley Aquatics (1984) Limited

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

Depreciation of tangible assets

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

Leasehold improvements

Over the life of the lease

Plant and machinery

15% reducing balance

Motor vehicles

20% 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Shirley Aquatics (1984) 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 Profit and Loss Account 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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

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 profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 30 (2022 - 30).

 

Shirley Aquatics (1984) Limited

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

655,071

61,847

492,576

1,209,494

Additions

-

37,969

-

37,969

At 31 December 2023

655,071

99,816

492,576

1,247,463

Depreciation

At 1 January 2023

321,418

33,038

288,834

643,290

Charge for the year

65,507

8,926

30,562

104,995

At 31 December 2023

386,925

41,964

319,396

748,285

Carrying amount

At 31 December 2023

268,146

57,852

173,180

499,178

At 31 December 2022

333,653

28,809

203,742

566,204

Included within the net book value of land and buildings above is £268,146 (2022 - £333,653) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

565,854

645,532

6

Debtors

Current

2023
£

2022
£

Prepayments

12,067

7,770

Other debtors

170,358

145,848

 

182,425

153,618

 

Shirley Aquatics (1984) 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

8

28,283

23,640

Trade creditors

 

161,849

69,245

Taxation and social security

 

13,473

42,895

Accruals and deferred income

 

3,000

3,000

 

206,605

138,780

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £18,383 (2022 - £13,704).

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,900

9,936

Hire purchase contracts

18,383

13,704

28,283

23,640

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,112

25,976

Hire purchase contracts

39,679

19,607

55,791

45,583

Bank borrowings

Bank borrowings is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 12 June 2026. The carrying amount at year end is £26,012 (2022 - £35,912).

Secured creditors
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £39,679 (2022 - £19,607).

 

Shirley Aquatics (1984) Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

R Cook

Interest bearing current account

120,438

14,117

(28,719)

105,836

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

J T Cook

Interest bearing current account

116,746

1,331

(118,077)

-

R Cook

Interest bearing current account

-

120,438

-

120,438