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Registration number: 05591734

Cornwall Pools Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Cornwall Pools Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Cornwall Pools Limited

(Registration number: 05591734)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

142,142

112,874

Current assets

 

Stocks

6

136,850

121,385

Debtors

7

176,595

203,165

Cash at bank and in hand

 

40,329

41,383

 

353,774

365,933

Creditors: Amounts falling due within one year

8

(480,119)

(465,806)

Net current liabilities

 

(126,345)

(99,873)

Total assets less current liabilities

 

15,797

13,001

Creditors: Amounts falling due after more than one year

8

(139,427)

(161,487)

Provisions for liabilities

-

5,646

Net liabilities

 

(123,630)

(142,840)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(123,632)

(142,842)

Shareholders' deficit

 

(123,630)

(142,840)

 

Cornwall Pools Limited

(Registration number: 05591734)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 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 28 November 2024 and signed on its behalf by:
 

N C Brawn
Director

R Brawn
Director

 
     
 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Hendra Road
St Dennis
St Austell
Cornwall
PL26 8EQ

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months therefore the financial statements have been prepared on a going concern basis.

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 sales/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.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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 years over the estimated useful economic life

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% straight line

Demo pool

10% straight line

Furniture, fittings and equipment

20% reducing balance and 33% straight line

Motor vehicles

25% reducing balance

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 stocks 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 22 (2023 - 22).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

116,300

116,300

At 29 February 2024

116,300

116,300

Amortisation

At 1 March 2023

116,300

116,300

At 29 February 2024

116,300

116,300

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

54,773

34,945

44,441

159,884

294,043

Additions

-

12,930

150

67,343

80,423

Disposals

-

-

-

(54,065)

(54,065)

At 29 February 2024

54,773

47,875

44,591

173,162

320,401

Depreciation

At 1 March 2023

27,325

17,030

36,896

99,918

181,169

Charge for the year

5,477

4,679

2,493

23,072

35,721

Eliminated on disposal

-

-

-

(38,631)

(38,631)

At 29 February 2024

32,802

21,709

39,389

84,359

178,259

Carrying amount

At 29 February 2024

21,971

26,166

5,202

88,803

142,142

At 28 February 2023

27,448

17,915

7,545

59,966

112,874

Included within the net book value of land and buildings above is £21,971 (2023 - £27,448) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Work in progress

42,500

24,532

Finished goods and goods for resale

94,350

96,853

136,850

121,385

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

2024
£

2023
£

Trade debtors

132,802

157,816

Other debtors

42,392

42,087

Prepayments

1,401

3,262

176,595

203,165

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

94,105

70,989

Trade creditors

 

225,004

186,145

Social security and other taxes

 

149,080

199,473

Other creditors

 

6,680

4,199

Accruals

 

5,250

5,000

 

480,119

465,806

Due after one year

 

Loans and borrowings

9

139,427

161,487

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

109,665

161,487

Hire purchase agreements

29,762

-

139,427

161,487

Current loans and borrowings

2024
£

2023
£

Bank borrowings

61,736

52,753

Bank overdrafts

21,901

18,236

Hire purchase agreements

10,468

-

94,105

70,989

 

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

The hire purchase agreement is secured by the asset to which it relates.

The bank overdraft is secured by a fixed and floating charge over the company's assets.

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £Nil (2023 - £5,020).

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

N C Brawn

N C and R Brawn

28,896

18,736

(21,736)

25,896

2023

At 1 March 2022
£

Advances to directors
£

Repayments by director
£

At 28 February 2023
£

N C Brawn
N C and R Brawn

36,526

221,370

(229,000)

28,896