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Registered number: 06495113
4Strokes Swimming Academy UK Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06495113
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,270 13,634
16,270 13,634
CURRENT ASSETS
Stocks 5 5,140 1,690
Debtors 6 80,061 89,106
Cash at bank and in hand 9,920 30,047
95,121 120,843
Creditors: Amounts Falling Due Within One Year 7 (73,403 ) (89,391 )
NET CURRENT ASSETS (LIABILITIES) 21,718 31,452
TOTAL ASSETS LESS CURRENT LIABILITIES 37,988 45,086
Creditors: Amounts Falling Due After More Than One Year 8 (60,030 ) (84,030 )
NET LIABILITIES (22,042 ) (38,944 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (22,142 ) (39,044 )
SHAREHOLDERS' FUNDS (22,042) (38,944)
Page 1
Page 2
For the year ending 31 March 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
Ms Robyn Baxter
Director
27th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
4Strokes Swimming Academy UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06495113 . The registered office is Unit 1 Northedge Business Park, Alfreton Road, Derby, DE21 4BN.
2. Accounting Policies
2.1. 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.
2.2. 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.
2.3. 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:
Leasehold No depreciation
Plant & Machinery Straight line over 4 years
Fixtures & Fittings Straight line over 10 years
Computer Equipment Straight line over 3 years
2.4. 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.
2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 24)
24 24
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 10,029 22,352 146 687 33,214
Additions - 3,876 47 514 4,437
As at 31 March 2024 10,029 26,228 193 1,201 37,651
Depreciation
As at 1 April 2023 - 19,470 12 98 19,580
Provided during the period - 1,502 19 280 1,801
As at 31 March 2024 - 20,972 31 378 21,381
Net Book Value
As at 31 March 2024 10,029 5,256 162 823 16,270
As at 1 April 2023 10,029 2,882 134 589 13,634
5. Stocks
2024 2023
£ £
Finished goods 5,140 1,690
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 18,184 27,103
Directors' loan accounts 29,239 31,841
47,423 58,944
Due after more than one year
Other debtors 21,976 19,500
Corporation tax recoverable assets 10,662 10,662
32,638 30,162
80,061 89,106
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,709 32,052
Corporation tax 3,344 10,040
VAT 21,799 26,942
Other creditors 4,731 520
Accruals and deferred income 15,820 19,837
73,403 89,391
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 60,030 84,030
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Ms Robyn Baxter 15,941 - 748 - 15,193
Mrs Hayley Mitchell 15,900 - 1,855 - 14,045
The above loan is unsecured, interest free and repayable on demand.
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