Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Mr R Blatchford 15/12/2023 04/04/2008 Mr R Kirk 14/10/2010 Ms S Retallick 15/12/2023 04/04/2008 29 November 2024 The principal activity of the company is that of a pharmacy operator. 05092450 2024-02-29 05092450 bus:Director1 2024-02-29 05092450 bus:Director2 2024-02-29 05092450 bus:Director3 2024-02-29 05092450 2023-02-28 05092450 core:CurrentFinancialInstruments 2024-02-29 05092450 core:CurrentFinancialInstruments 2023-02-28 05092450 core:ShareCapital 2024-02-29 05092450 core:ShareCapital 2023-02-28 05092450 core:RetainedEarningsAccumulatedLosses 2024-02-29 05092450 core:RetainedEarningsAccumulatedLosses 2023-02-28 05092450 core:Goodwill 2023-02-28 05092450 core:Goodwill 2024-02-29 05092450 core:LandBuildings 2023-02-28 05092450 core:FurnitureFittings 2023-02-28 05092450 core:LandBuildings 2024-02-29 05092450 core:FurnitureFittings 2024-02-29 05092450 bus:OrdinaryShareClass1 2024-02-29 05092450 2023-03-01 2024-02-29 05092450 bus:FilletedAccounts 2023-03-01 2024-02-29 05092450 bus:SmallEntities 2023-03-01 2024-02-29 05092450 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05092450 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05092450 bus:Director1 2023-03-01 2024-02-29 05092450 bus:Director2 2023-03-01 2024-02-29 05092450 bus:Director3 2023-03-01 2024-02-29 05092450 core:Goodwill core:TopRangeValue 2023-03-01 2024-02-29 05092450 core:Goodwill 2023-03-01 2024-02-29 05092450 core:FurnitureFittings 2023-03-01 2024-02-29 05092450 2022-03-01 2023-02-28 05092450 core:LandBuildings 2023-03-01 2024-02-29 05092450 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 05092450 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05092450 (England and Wales)

POOLEARTH TORQUAY LIMITED

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

POOLEARTH TORQUAY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

POOLEARTH TORQUAY LIMITED

BALANCE SHEET

As at 29 February 2024
POOLEARTH TORQUAY LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 84,603
Tangible assets 4 337,115 345,776
337,115 430,379
Current assets
Stocks 154,405 169,825
Debtors 5 2,067,965 1,762,185
Cash at bank and in hand 2,142 3,282
2,224,512 1,935,292
Creditors: amounts falling due within one year 6 ( 797,538) ( 720,174)
Net current assets 1,426,974 1,215,118
Total assets less current liabilities 1,764,089 1,645,497
Provision for liabilities ( 9,120) ( 12,504)
Net assets 1,754,969 1,632,993
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 1,754,869 1,632,893
Total shareholder's funds 1,754,969 1,632,993

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 Torquay Limited (registered number: 05092450) 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 TORQUAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
POOLEARTH TORQUAY 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 Torquay 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 £.

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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
Fixtures and fittings 25 % reducing balance

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.

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 32 27

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 2,164,438 2,164,438
At 29 February 2024 2,164,438 2,164,438
Accumulated amortisation
At 01 March 2023 2,079,835 2,079,835
Charge for the financial year 84,603 84,603
At 29 February 2024 2,164,438 2,164,438
Net book value
At 29 February 2024 0 0
At 28 February 2023 84,603 84,603

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 389,586 159,768 549,354
Additions 0 8,498 8,498
At 29 February 2024 389,586 168,266 557,852
Accumulated depreciation
At 01 March 2023 86,636 116,942 203,578
Charge for the financial year 4,908 12,251 17,159
At 29 February 2024 91,544 129,193 220,737
Net book value
At 29 February 2024 298,042 39,073 337,115
At 28 February 2023 302,950 42,826 345,776
Leased assets included above:
Net book value
At 29 February 2024 48,568 0 48,568
At 28 February 2023 49,723 0 49,723

5. Debtors

2024 2023
£ £
Trade debtors 380,619 370,085
Amounts owed by Group undertakings 1,612,641 1,325,512
Prepayments 14,704 12,150
VAT recoverable 53,195 49,091
Other debtors 6,806 5,347
2,067,965 1,762,185

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 680,900 616,479
Amounts owed to director 0 4,190
Accruals 56,472 54,322
Taxation and social security 53,330 40,929
Other creditors 6,836 4,254
797,538 720,174

7. Called-up share capital

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

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 36,975 76,268

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
PL3 4JN
United Kingdom