Swimfarms Limited 05153584 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the operation of a swimming school Digita Accounts Production Advanced 6.30.9574.0 true true 05153584 2023-02-01 2024-01-31 05153584 2024-01-31 05153584 core:RetainedEarningsAccumulatedLosses 2024-01-31 05153584 core:ShareCapital 2024-01-31 05153584 core:CurrentFinancialInstruments 2024-01-31 05153584 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05153584 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 05153584 core:OtherPropertyPlantEquipment 2024-01-31 05153584 bus:SmallEntities 2023-02-01 2024-01-31 05153584 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05153584 bus:FilletedAccounts 2023-02-01 2024-01-31 05153584 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05153584 bus:RegisteredOffice 2023-02-01 2024-01-31 05153584 bus:Director2 2023-02-01 2024-01-31 05153584 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05153584 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 05153584 core:PlantMachinery 2023-02-01 2024-01-31 05153584 countries:England 2023-02-01 2024-01-31 05153584 core:OtherPropertyPlantEquipment 2023-01-31 05153584 2022-02-01 2023-01-31 05153584 2023-01-31 05153584 core:RetainedEarningsAccumulatedLosses 2023-01-31 05153584 core:ShareCapital 2023-01-31 05153584 core:CurrentFinancialInstruments 2023-01-31 05153584 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05153584 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-01-31 05153584 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 05153584 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-01-31 05153584 core:OtherPropertyPlantEquipment 2023-01-31 05153584 core:PreviouslyStatedAmount 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 05153584

Swimfarms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Swimfarms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Swimfarms Limited

Company Information

Director

Mr R E Kitching

Registered office

The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

 

Swimfarms Limited

(Registration number: 05153584)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

65,746

27,931

Current assets

 

Debtors

5

426,649

335,374

Cash at bank and in hand

 

91,559

136,603

 

518,208

471,977

Creditors: Amounts falling due within one year

6

(197,505)

(164,137)

Net current assets

 

320,703

307,840

Total assets less current liabilities

 

386,449

335,771

Creditors: Amounts falling due after more than one year

6

(14,000)

(20,000)

Provisions for liabilities

(12,377)

(1,999)

Net assets

 

360,072

313,772

Capital and reserves

 

Called up share capital

2

2

Retained earnings

360,070

313,770

Shareholders' funds

 

360,072

313,772

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2024
 

.........................................
Mr R E Kitching
Director

 

Swimfarms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

These financial statements were authorised for issue by the director on 25 October 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.

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 balance sheet 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.

 

Swimfarms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 & machinery

20% reducing balance

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 the director) during the year, was 2 (2023 - 2).

4

Tangible Assets

Property, plant and equipment
 £

Cost or valuation

At 1 February 2023

264,651

Additions

55,815

At 31 January 2024

320,466

Depreciation

At 1 February 2023

236,720

Charge for the year

18,000

At 31 January 2024

254,720

Carrying amount

At 31 January 2024

65,746

At 31 January 2023

27,931

 

Swimfarms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

28,390

23,399

Prepayments

2,912

2,911

Other debtors

395,347

309,064

 

426,649

335,374

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

6,000

15,000

Trade creditors

 

37,400

9,991

Taxation and social security

 

19,408

19,075

Other creditors

 

134,697

120,071

 

197,505

164,137

Due after one year

 

Loans and borrowings

14,000

20,000

7

Related party transactions

The following amounts are due from companies which are under the common control of the Director :

• £171,800 (2023 : £151,800) which is interest free and repayable on demand from Thirstee Business (Southern) Limited.
• £124,354 (2023 : £124,354) which is interest free and repayable on demand from Thirstee Limited.
• £26,887 (2023 : £25,847) which is interest free and repayable on demand from The Lapstone Pub Limited.
• £44,000 (2023: £nil) which is interest free and repayable on demand from Moody Cow Enterprises Limited.

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,060

8,885