Registered number
03996072
The Swan Pool & Spa Centre Limited
Filleted Accounts
31 January 2024
The Swan Pool & Spa Centre Limited
Registered number: 03996072
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 14,021 17,929
Current assets
Stocks 138,619 197,727
Debtors 5 12,697 11,731
Cash at bank and in hand 11,752 6,281
163,068 215,739
Creditors: amounts falling due within one year 6 (24,381) (17,851)
Net current assets 138,687 197,888
Total assets less current liabilities 152,708 215,817
Provisions for liabilities (2,664) (3,407)
Net assets 150,044 212,410
Capital and reserves
Called up share capital 4 4
Profit and loss account 150,040 212,406
Shareholders' funds 150,044 212,410
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N S Arnold
Director
Approved by the board on 28 June 2024
The Swan Pool & Spa Centre Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance basis
Plant and machinery 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 150,000
At 31 January 2024 150,000
Amortisation
At 1 February 2023 150,000
At 31 January 2024 150,000
Net book value
At 31 January 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 5,745 122,363 128,108
At 31 January 2024 5,745 122,363 128,108
Depreciation
At 1 February 2023 1,149 109,030 110,179
Charge for the year 575 3,333 3,908
At 31 January 2024 1,724 112,363 114,087
Net book value
At 31 January 2024 4,021 10,000 14,021
At 31 January 2023 4,596 13,333 17,929
5 Debtors 2024 2023
£ £
Trade debtors 12,697 11,731
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,497 3,394
Taxation and social security costs 12,477 (6,321)
Other creditors 3,407 20,778
24,381 17,851
7 Other information
The Swan Pool & Spa Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mansbridge Road
West End
Southampton
Hampshire
SO18 3HW
The Swan Pool & Spa Centre Limited 03996072 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 N S Arnold No description of principal activity 03996072 2022-02-01 2023-01-31 03996072 core:WithinOneYear 2023-01-31 03996072 core:ShareCapital 2023-01-31 03996072 core:RetainedEarningsAccumulatedLosses 2023-01-31 03996072 2023-02-01 2024-01-31 03996072 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03996072 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03996072 bus:Director40 2023-02-01 2024-01-31 03996072 1 2023-02-01 2024-01-31 03996072 2 2023-02-01 2024-01-31 03996072 core:LandBuildings 2023-02-01 2024-01-31 03996072 core:PlantMachinery 2023-02-01 2024-01-31 03996072 countries:England 2023-02-01 2024-01-31 03996072 bus:FRS102 2023-02-01 2024-01-31 03996072 bus:FilletedAccounts 2023-02-01 2024-01-31 03996072 2024-01-31 03996072 core:WithinOneYear 2024-01-31 03996072 core:ShareCapital 2024-01-31 03996072 core:RetainedEarningsAccumulatedLosses 2024-01-31 03996072 core:Goodwill 2024-01-31 03996072 core:LandBuildings 2024-01-31 03996072 core:PlantMachinery 2024-01-31 03996072 2023-01-31 03996072 core:Goodwill 2023-01-31 03996072 core:LandBuildings 2023-01-31 03996072 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure