Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr R Blatchford 15/12/2023 29/07/2002 Mr R Kirk 14/10/2010 Ms S Retallick 15/12/2023 07/01/1998 29 November 2024 The principal activity of the company is that of a pharmacy operator. 03475069 2024-02-29 03475069 bus:Director1 2024-02-29 03475069 bus:Director2 2024-02-29 03475069 bus:Director3 2024-02-29 03475069 2023-02-28 03475069 core:CurrentFinancialInstruments 2024-02-29 03475069 core:CurrentFinancialInstruments 2023-02-28 03475069 core:ShareCapital 2024-02-29 03475069 core:ShareCapital 2023-02-28 03475069 core:RetainedEarningsAccumulatedLosses 2024-02-29 03475069 core:RetainedEarningsAccumulatedLosses 2023-02-28 03475069 core:LandBuildings 2023-02-28 03475069 core:Vehicles 2023-02-28 03475069 core:OtherPropertyPlantEquipment 2023-02-28 03475069 core:LandBuildings 2024-02-29 03475069 core:Vehicles 2024-02-29 03475069 core:OtherPropertyPlantEquipment 2024-02-29 03475069 core:CostValuation 2023-02-28 03475069 core:CostValuation 2024-02-29 03475069 bus:OrdinaryShareClass1 2024-02-29 03475069 bus:OrdinaryShareClass2 2024-02-29 03475069 2023-03-01 2024-02-29 03475069 bus:FilletedAccounts 2023-03-01 2024-02-29 03475069 bus:SmallEntities 2023-03-01 2024-02-29 03475069 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03475069 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03475069 bus:Director1 2023-03-01 2024-02-29 03475069 bus:Director2 2023-03-01 2024-02-29 03475069 bus:Director3 2023-03-01 2024-02-29 03475069 core:Vehicles 2023-03-01 2024-02-29 03475069 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03475069 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 03475069 2022-03-01 2023-02-28 03475069 core:LandBuildings 2023-03-01 2024-02-29 03475069 core:Subsidiary1 2023-03-01 2024-02-29 03475069 core:Subsidiary1 1 2023-03-01 2024-02-29 03475069 core:Subsidiary1 1 2022-03-01 2023-02-28 03475069 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 03475069 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03475069 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 03475069 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 03475069 1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 03475069 (England and Wales)

POOLEARTH LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

POOLEARTH LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

POOLEARTH LIMITED

BALANCE SHEET

As at 29 February 2024
POOLEARTH LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 53,434 77,522
Investments 4 2,499,763 2,499,763
2,553,197 2,577,285
Current assets
Stocks 168,635 149,234
Debtors 5 535,559 454,958
Cash at bank and in hand 927,762 1,189,562
1,631,956 1,793,754
Creditors: amounts falling due within one year 6 ( 2,441,345) ( 2,077,866)
Net current liabilities (809,389) (284,112)
Total assets less current liabilities 1,743,808 2,293,173
Provision for liabilities ( 10,857) ( 11,184)
Net assets 1,732,951 2,281,989
Capital and reserves
Called-up share capital 7 150 150
Profit and loss account 1,732,801 2,281,839
Total shareholder's funds 1,732,951 2,281,989

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.

Director's responsibilities:

The financial statements of Poolearth Limited (registered number: 03475069) were approved and authorised for issue by the Director on 29 November 2024. They were signed on its behalf by:

Mr R Kirk
Director
POOLEARTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
POOLEARTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Poolearth Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-73 Hyde Park Road, Mutley, Plymouth, PL3 4JN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £809,389. The Company is supported through loans from the Subsidiary Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Subsidiary Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Other property, plant and equipment 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 33 43

3. Tangible assets

Land and buildings Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 March 2023 405,116 31,785 224,565 661,466
Additions 0 0 2,406 2,406
Disposals 0 ( 8,945) 0 ( 8,945)
At 29 February 2024 405,116 22,840 226,971 654,927
Accumulated depreciation
At 01 March 2023 374,168 13,741 196,035 583,944
Charge for the financial year 13,426 4,350 8,071 25,847
Disposals 0 ( 8,298) 0 ( 8,298)
At 29 February 2024 387,594 9,793 204,106 601,493
Net book value
At 29 February 2024 17,522 13,047 22,865 53,434
At 28 February 2023 30,948 18,044 28,530 77,522
Leased assets included above:
Net book value
At 29 February 2024 17,522 0 0 17,522
At 28 February 2023 30,948 0 0 30,948

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 2,499,763
At 29 February 2024 2,499,763
Carrying value at 29 February 2024 2,499,763
Carrying value at 28 February 2023 2,499,763

Investments in shares

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Name of entity Registered office Principal activity Class of
shares
Ownership
29.02.2024
Ownership
28.02.2023
Held
Poolearth Torquay Limited 71-73 Hyde Park Road, Mutley, Plymouth, Devon, PL3 4JN The principal activity of Poolearth Torquay Limited is that of a pharmacy operator. Ordinary 100.00% 100.00% Direct

5. Debtors

2024 2023
£ £
Trade debtors 399,241 370,460
Amounts owed by Group undertakings 28,755 0
Prepayments and accrued income 23,983 24,992
VAT recoverable 60,433 49,886
Other debtors 23,147 9,620
535,559 454,958

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 728,383 663,077
Amounts owed to Group undertakings 1,612,641 1,325,512
Accruals 92,318 70,986
Taxation and social security 6,547 16,172
Other creditors 1,456 2,119
2,441,345 2,077,866

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary B shares of £ 1.00 each 50 50
100 Ordinary shares of £ 1.00 each 100 100
150 150

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 474,479 569,890

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members of the group.

10. Ultimate controlling party

Parent Company:

Poolearth Healthcare Limited
71-73 Hyde Park Road
Mutley
Plymouth
United Kingdom
PL3 4JN

During the financial year, there was a management buyout and Poolearth Healthcare Limited is the new parent company.