XL Pools Limited 05300994 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the design and installation of swimming and spa pools. Digita Accounts Production Advanced 6.30.9574.0 true 05300994 2023-01-01 2023-12-31 05300994 2023-12-31 05300994 bus:CompanySecretaryDirector1 1 2023-12-31 05300994 bus:Director1 1 2023-12-31 05300994 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-12-31 05300994 core:CurrentFinancialInstruments 2023-12-31 05300994 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05300994 core:Non-currentFinancialInstruments 2023-12-31 05300994 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05300994 core:Goodwill 2023-12-31 05300994 core:MotorVehicles 2023-12-31 05300994 core:OfficeEquipment 2023-12-31 05300994 core:PlantMachinery 2023-12-31 05300994 bus:SmallEntities 2023-01-01 2023-12-31 05300994 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05300994 bus:FilletedAccounts 2023-01-01 2023-12-31 05300994 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05300994 bus:RegisteredOffice 2023-01-01 2023-12-31 05300994 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 05300994 bus:CompanySecretaryDirector1 1 2023-01-01 2023-12-31 05300994 bus:Director1 2023-01-01 2023-12-31 05300994 bus:Director1 1 2023-01-01 2023-12-31 05300994 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05300994 core:Goodwill 2023-01-01 2023-12-31 05300994 core:MotorVehicles 2023-01-01 2023-12-31 05300994 core:OfficeEquipment 2023-01-01 2023-12-31 05300994 core:PlantMachinery 2023-01-01 2023-12-31 05300994 core:Vehicles 2023-01-01 2023-12-31 05300994 countries:EnglandWales 2023-01-01 2023-12-31 05300994 2022-12-31 05300994 bus:CompanySecretaryDirector1 1 2022-12-31 05300994 bus:Director1 1 2022-12-31 05300994 core:Goodwill 2022-12-31 05300994 core:MotorVehicles 2022-12-31 05300994 core:OfficeEquipment 2022-12-31 05300994 core:PlantMachinery 2022-12-31 05300994 2022-01-01 2022-12-31 05300994 2022-12-31 05300994 bus:CompanySecretaryDirector1 1 2022-12-31 05300994 bus:Director1 1 2022-12-31 05300994 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-12-31 05300994 core:CurrentFinancialInstruments 2022-12-31 05300994 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05300994 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 05300994 core:Non-currentFinancialInstruments 2022-12-31 05300994 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05300994 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-12-31 05300994 core:Goodwill 2022-12-31 05300994 core:MotorVehicles 2022-12-31 05300994 core:OfficeEquipment 2022-12-31 05300994 core:PlantMachinery 2022-12-31 05300994 core:PreviouslyStatedAmount 2022-12-31 05300994 bus:CompanySecretaryDirector1 1 2022-01-01 2022-12-31 05300994 bus:Director1 1 2022-01-01 2022-12-31 05300994 bus:CompanySecretaryDirector1 1 2021-12-31 05300994 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 05300994

XL Pools Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

XL Pools Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

XL Pools Limited

Company Information

Directors

A A Exell

H E Smith

Company secretary

H E Smith

Registered office

Suite G
1 Elwick Road
Ashford
Kent
TN23 1PD

 

XL Pools Limited

(Registration number: 05300994)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

122,116

115,312

Other financial assets

6

324,573

303,137

 

446,689

418,449

Current assets

 

Stocks

749,299

380,500

Debtors

7

555,773

368,488

Cash at bank and in hand

 

731,450

1,109,261

 

2,036,522

1,858,249

Creditors: Amounts falling due within one year

8

(822,540)

(738,288)

Net current assets

 

1,213,982

1,119,961

Total assets less current liabilities

 

1,660,671

1,538,410

Creditors: Amounts falling due after more than one year

8

(15,661)

(25,780)

Provisions for liabilities

(50,413)

(65,414)

Net assets

 

1,594,597

1,447,216

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,594,497

1,447,116

Total equity

 

1,594,597

1,447,216

 

XL Pools Limited

(Registration number: 05300994)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:



 

.........................................

A A Exell

Director

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Suite G
1 Elwick Road
Ashford
Kent
TN23 1PD

The principal place of business is:
Unit 5
The Glenmore Centre
Moat Way, Orbital Park
Ashford
Kent
TN24 0TL

These financial statements were authorised for issue by the Board on 11 November 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 Section 1A of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Where the outcome of a transaction involving the rendering of services can be estimated reliably, the company recognises revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period (the percentage of completion method). Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Construction contract revenue recognition

Where the outcome of a construction contract can be estimated reliably, the company recognises contract revenue and costs relating to the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (the percentage of completion method).

Where the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable and contract costs are recognised as an expense in the period in which they are incurred.

Where it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately, with a corresponding provision made for an onerous contract.

Government grants

The company applies the accrual model for accounting for government grants. A grant is classified either as a grant relating to revenue or a grant relating to assets.

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Taxation

The tax expense for the period consists of current tax and deferred tax.

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 all 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 or loss. The carrying amount of deferred tax assets (if any) 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.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% per annum, straight line basis

Motor vehicles

25% per annum, reducing balance basis

Plant and machinery

25% per annum, straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum

Impairment of fixed assets
At the end of each reporting period, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset concerned is estimated in order to determine the extent of the impairment loss and the impairment loss is provided for in arriving at the carrying value of the asset.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Operating leases

Rentals payable under operating leases are charged to the profit and loss account as incurred.

Defined contribution pension obligations

The company operates defined contribution pension schemes for the directors and certain employees. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the schemes.

Financial instruments

A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments which are not basic financial instruments, apart from its other non-current financial assets.

The other non-current financial assets consist of listed investments and are not considered to be basic financial instruments. They are therefore stated in the balance sheet at fair value, and adjustments to fair value are made each year through the profit and loss account.

The fair value of the other non-current financial assets is established by the company's brokers at the balance sheet date with reference to the market value of each investment at that date.


3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 12 (2022 - 11).

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Amortisation

At 1 January 2023

50,000

50,000

At 31 December 2023

50,000

50,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

55,159

13,525

235,797

304,481

Additions

10,700

-

47,250

57,950

Disposals

(2,440)

-

(24,953)

(27,393)

At 31 December 2023

63,419

13,525

258,094

335,038

Depreciation

At 1 January 2023

27,210

10,066

151,893

189,169

Charge for the year

13,119

3,285

32,140

48,544

Eliminated on disposals

(2,440)

-

(22,351)

(24,791)

At 31 December 2023

37,889

13,351

161,682

212,922

Carrying amount

At 31 December 2023

25,530

174

96,412

122,116

At 31 December 2022

27,949

3,459

83,904

115,312

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Other non-current financial assets

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

303,138

303,138

Additions

85,260

85,260

Disposals

(81,344)

(81,344)

Fair value adjustments

17,519

17,519

At 31 December 2023

324,573

324,573

Carrying amount

At 31 December 2023

324,573

324,573

At 31 December 2022

303,137

303,137

The other non-current financial assets represent listed investments. The historical cost of these was £294,718 (2022 £297,609) at the balance sheet date.

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

89,062

260,942

Prepayments

2,308

5,000

Other debtors

464,403

102,546

 

555,773

368,488

Non-current debtors
 

£50,556 (2022 -£Nil) of other debtors is classified as non-current.

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,119

9,870

Trade creditors

 

332,048

196,340

Taxation and social security

 

176,039

194,995

Accruals and deferred income

 

285,878

319,178

Other creditors

 

18,456

17,905

 

822,540

738,288

Creditors falling due within one year include £5,033 (2022 - £2,413), which is secured by fixed and floating charges over the company's assets and undertaking.

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,661

25,780

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,119

9,870

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,661

25,780

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £141,250 (2022 - £145,000).

 

XL Pools Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions

Advances to directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

A A Exell

18,069

196,680

(58,412)

156,337

H E Smith

4,999

121,282

(37,822)

88,459

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

A A Exell

-

20,583

(2,514)

18,069

H E Smith

-

5,200

(201)

4,999

Advances to directors, and debit balances on directors' loan accounts, are unsecured, interest-free and repayable on the company's demand.