Pool Supplies Ltd
Registered number: 06825852
Statement of Financial Position
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 180,722 188,046
Current assets
Stocks 101,240 96,624
Debtors 5 24,789 29,541
Cash at bank and in hand 23,514 48,293
149,543 174,458
Creditors: amounts falling due within one year 6 (279,860) (264,774)
Net current liabilities (130,317) (90,316)
Total assets less current liabilities 50,405 97,730
Creditors: amounts falling due after more than one year 7 (38,112) (96,827)
Provisions for liabilities (2,183) (2,824)
Net assets/(liabilities) 10,109 (1,921)
Capital and reserves
Called up share capital 120 120
Profit and loss account 9,989 (2,041)
Shareholders' funds 10,109 (1,921)
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 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.
J Spriggs
Director
Approved by the board on 12 November 2024
Pool Supplies Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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:
Freehold buildings over 20 years
Plant and machinery 25% reducing balance
Leasehold improvements over 10 years
Inventories
Inventories 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, 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. 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
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 4 4
3 Government grants
The company also received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.

2024 2023
£ £
Business interruption payments - 1,081
4 Tangible fixed assets
Land and buildings Plant and machinery etc Leasehold Improvements Total
£ £ £ £
Cost
At 1 March 2023 184,240 32,057 54,564 270,861
Additions - 832 - 832
At 29 February 2024 184,240 32,889 54,564 271,693
Depreciation
At 1 March 2023 11,055 17,926 53,834 82,815
Charge for the year 3,685 3,741 730 8,156
At 29 February 2024 14,740 21,667 54,564 90,971
Net book value
At 29 February 2024 169,500 11,222 - 180,722
At 28 February 2023 173,185 14,131 730 188,046
5 Debtors 2024 2023
£ £
Trade debtors 18,000 21,782
Prepayments 6,244 -
Other debtors 545 7,759
24,789 29,541
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 56,259 55,838
Obligations under finance lease and hire purchase contracts 2,456 4,913
Trade creditors 193,367 178,417
Accruals 1,450 1,395
Corporation tax 5,210 7,424
Other taxes and social security costs 5,154 5,338
Other creditors 15,965 11,449
279,860 264,774
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,112 94,371
Obligations under finance lease and hire purchase contracts - 2,456
38,112 96,827
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Spriggs
Repayable on demand 7,406 - 7,406 -
7,406 - 7,406 -
9 Other information
Pool Supplies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Osborne Road
Farnborough
Hampshire
GU14 6AA
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