Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29172023-03-01truefalseNo description of principal activity13trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04262974 2023-03-01 2024-02-29 04262974 2022-03-01 2023-02-28 04262974 2024-02-29 04262974 2023-02-28 04262974 2022-03-01 04262974 c:Director3 2023-03-01 2024-02-29 04262974 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 04262974 d:Buildings d:LongLeaseholdAssets 2024-02-29 04262974 d:Buildings d:LongLeaseholdAssets 2023-02-28 04262974 d:PlantMachinery 2023-03-01 2024-02-29 04262974 d:PlantMachinery 2024-02-29 04262974 d:PlantMachinery 2023-02-28 04262974 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04262974 d:MotorVehicles 2023-03-01 2024-02-29 04262974 d:FurnitureFittings 2023-03-01 2024-02-29 04262974 d:ComputerEquipment 2023-03-01 2024-02-29 04262974 d:ComputerEquipment 2024-02-29 04262974 d:ComputerEquipment 2023-02-28 04262974 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04262974 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04262974 d:Goodwill 2023-03-01 2024-02-29 04262974 d:Goodwill 2024-02-29 04262974 d:Goodwill 2023-02-28 04262974 d:CurrentFinancialInstruments 2024-02-29 04262974 d:CurrentFinancialInstruments 2023-02-28 04262974 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04262974 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04262974 d:ShareCapital 2024-02-29 04262974 d:ShareCapital 2023-02-28 04262974 d:RetainedEarningsAccumulatedLosses 2024-02-29 04262974 d:RetainedEarningsAccumulatedLosses 2023-02-28 04262974 c:FRS102 2023-03-01 2024-02-29 04262974 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 04262974 c:FullAccounts 2023-03-01 2024-02-29 04262974 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04262974 2 2023-03-01 2024-02-29 04262974 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 04262974 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 iso4217:GBP xbrli:pure
Registered number: 04262974






THE AQUA SPORTS COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










img753c.png

 
THE AQUA SPORTS COMPANY LIMITED
REGISTERED NUMBER:04262974

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
18,607
13,194

  
18,608
13,195

Current assets
  

Stocks
  
36,178
45,915

Debtors: amounts falling due within one year
 6 
11,922
5,110

Cash at bank and in hand
 7 
5,006
48,334

  
53,106
99,359

Creditors: amounts falling due within one year
 8 
(77,280)
(62,312)

Net current (liabilities)/assets
  
 
 
(24,174)
 
 
37,047

Total assets less current liabilities
  
(5,566)
50,242

Provisions for liabilities
  

Deferred tax
 9 
(774)
(1,636)

  
 
 
(774)
 
 
(1,636)

Net (liabilities)/assets
  
(6,340)
48,606


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(6,440)
48,506

  
(6,340)
48,606


Page 1

 
THE AQUA SPORTS COMPANY LIMITED
REGISTERED NUMBER:04262974
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies 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: 




R Harper
Director

Date: 5 October 2024

Page 2

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Aqua Sports Company Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Mercers Country Park, Nutfield Marsh Road, Merstham, Surrey, RH1 4EU.
The principal activity of the company continued to be that of water sports training, courses and facilities.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the company has net liabilities, the financial statements have been prepared on the going
concern basis due to the continued support of the director.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest 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.

 
2.7

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 payment obligations.

The contributions are recognised as an expense in profit or loss 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.

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
10% straight line
Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
20% reducing balance
Computer equipment
-
25% reducing balance

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are 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 profit or loss.

Page 5

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in
Page 6

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 13).

Page 7

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
176,000



At 29 February 2024

176,000



Amortisation


At 1 March 2023
175,999



At 29 February 2024

175,999



Net book value



At 29 February 2024
1



At 28 February 2023
1



Page 8

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







L/Term Leasehold Property
Plant & machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
77,733
58,364
2,160
138,257


Additions
-
8,299
-
8,299



At 29 February 2024

77,733
66,663
2,160
146,556



Depreciation


At 1 March 2023
69,998
53,765
1,300
125,063


Charge for the year on owned assets
963
1,470
453
2,886



At 29 February 2024

70,961
55,235
1,753
127,949



Net book value



At 29 February 2024
6,772
11,428
407
18,607



At 28 February 2023
7,735
4,599
860
13,194


6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
3,056
-

Prepayments and accrued income
916
5,110

Tax recoverable
7,950
-

11,922
5,110


Page 9

 
THE AQUA SPORTS COMPANY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
5,006
48,334

5,006
48,334



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Taxation and social security
3,883
11,023

Other creditors
25,406
22,553

Accruals and deferred income
47,991
28,736

77,280
62,312



9.


Deferred taxation






2024
2023


£

£






At beginning of year
(1,636)
(2,471)


Charged to profit or loss
862
835



At end of year
(774)
(1,636)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(774)
(1,636)

(774)
(1,636)

 
Page 10