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Registered number: 11983370
Gold Strokes Swim School Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11983370
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 - 700
Tangible Assets 4 5,178 2,371
5,178 3,071
CURRENT ASSETS
Stocks 5 5,300 1,000
Debtors 6 143 170
Cash at bank and in hand 46,751 80,853
52,194 82,023
Creditors: Amounts Falling Due Within One Year 7 (28,673 ) (35,434 )
NET CURRENT ASSETS (LIABILITIES) 23,521 46,589
TOTAL ASSETS LESS CURRENT LIABILITIES 28,699 49,660
Creditors: Amounts Falling Due After More Than One Year 8 (3,333 ) (7,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (984 ) (451 )
NET ASSETS 24,382 41,876
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 24,380 41,874
SHAREHOLDERS' FUNDS 24,382 41,876
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Wylie
Director
30/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Equipment 20% Reducing balance
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 8 (2023: 9)
8 9
3. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 3,500
As at 31 July 2024 3,500
Amortisation
As at 1 August 2023 2,800
Provided during the period 700
As at 31 July 2024 3,500
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 700
4. Tangible Assets
Equipment
£
Cost
As at 1 August 2023 4,865
Additions 4,117
Disposals (1,784 )
As at 31 July 2024 7,198
Depreciation
As at 1 August 2023 2,494
Provided during the period 666
Disposals (1,140 )
As at 31 July 2024 2,020
Net Book Value
As at 31 July 2024 5,178
As at 1 August 2023 2,371
5. Stocks
2024 2023
£ £
Finished goods 5,300 1,000
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 143 170
143 170
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 4,000 4,000
Corporation tax 1,093 11,336
Other taxes and social security - 198
VAT 11,992 8,785
Other creditors 123 80
Accruals and deferred income 7,500 11,000
Directors' loan accounts 3,965 35
28,673 35,434
The above Director's loan is unsecured, interest free and repayable on demand.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,333 7,333
3,333 7,333
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 984 451
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Matthew Wylie 14,566 15,050
Mr Matthew Davison 5,814 15,050
12. General Information
Gold Strokes Swim School Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11983370 . The registered office is 11 Thornbridge, Teal Farm, Washington, NE38 8TH.
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