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Company No: 02454921 (England and Wales)

LAGOON WATERSPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

LAGOON WATERSPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

LAGOON WATERSPORTS LIMITED

BALANCE SHEET

As at 31 October 2023
LAGOON WATERSPORTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 521,876 586,215
521,876 586,215
Current assets
Stocks 72,000 72,000
Debtors 4 27,772 44,670
Cash at bank and in hand 5,799 8,897
105,571 125,567
Creditors: amounts falling due within one year 5 ( 245,548) ( 268,586)
Net current liabilities (139,977) (143,019)
Total assets less current liabilities 381,899 443,196
Creditors: amounts falling due after more than one year 6 ( 205,092) ( 149,033)
Provision for liabilities ( 92,663) ( 121,151)
Net assets 84,144 173,012
Capital and reserves
Called-up share capital 7 300 300
Share premium account 79,749 79,749
Profit and loss account 4,095 92,963
Total shareholders' funds 84,144 173,012

For the financial year ending 31 October 2023 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 Lagoon Watersports Limited (registered number: 02454921) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

H R Dawkins
Director
LAGOON WATERSPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
LAGOON WATERSPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
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

Lagoon Watersports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kingsway, Hove, BN3 4LX, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 & reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery etc. 6.5 years straight line
10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 32

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 372,894 1,010,578 1,383,472
Additions 0 48,598 48,598
Disposals 0 ( 43,321) ( 43,321)
At 31 October 2023 372,894 1,015,855 1,388,749
Accumulated depreciation
At 01 November 2022 296,085 501,172 797,257
Charge for the financial year 3,466 75,421 78,887
Disposals 0 ( 9,271) ( 9,271)
At 31 October 2023 299,551 567,322 866,873
Net book value
At 31 October 2023 73,343 448,533 521,876
At 31 October 2022 76,809 509,406 586,215

4. Debtors

2023 2022
£ £
Trade debtors 27,772 28,342
Corporation tax 0 13,360
Other debtors 0 2,968
27,772 44,670

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 57,139 53,320
Trade creditors 46,322 120,139
Other taxation and social security 45,483 31,647
Other creditors 96,604 63,480
245,548 268,586

The Bank loan which is £19,060 is secured against a personal asset of one of the Directors. Within Other creditors is a balance of £14,265 on which a personal guarantee has been provided.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 130,686 63,620
Other creditors 74,406 85,413
205,092 149,033

The Bank loan is secured against a personal asset of one of the Directors. Within Other creditors is a balance of £22,541 on which a personal guarantee has been provided.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,000 Ordinary shares shares of £ 0.10 each 300 300