Silverfin false false 30/04/2024 01/05/2023 30/04/2024 J Boyles-White 03/11/2021 W B Smith 03/11/2021 14 January 2025 The principal activity of the Company during the financial period was that of installation and maintenance of pools and spas.
The prior period for the Company ran from incorporation, being 3 November 2021, through to 30 April 2023.
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Company No: 13721621 (England and Wales)

SW POOLS & LEISURE LTD
(Formerly KB POOLS AND SPA (SW) LIMITED)

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SW POOLS & LEISURE LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SW POOLS & LEISURE LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SW POOLS & LEISURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Tangible assets 3 2,621 2,939
Investments 1 1
2,622 2,940
Current assets
Stocks 7,500 2,370
Debtors 4 8,693 17,504
Cash at bank and in hand 7,774 11,008
23,967 30,882
Creditors: amounts falling due within one year 5 ( 92,091) ( 65,321)
Net current liabilities (68,124) (34,439)
Total assets less current liabilities (65,502) (31,499)
Net liabilities ( 65,502) ( 31,499)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 65,504 ) ( 31,501 )
Total shareholders' deficit ( 65,502) ( 31,499)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of SW Pools & Leisure Ltd (registered number: 13721621) were approved and authorised for issue by the Board of Directors on 14 January 2025. They were signed on its behalf by:

J Boyles-White
Director
SW POOLS & LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SW POOLS & LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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 period, unless otherwise stated.

General information and basis of accounting

SW Pools & Leisure Ltd (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 2nd Floor Stratus House Emperor Way, Exeter Business Park, Exeter, EX1 3QS, United Kingdom. The principal place of business is Winslade Park, Manor Drive, Exeter, EX5 1FY.

The financial statements have been prepared under the historical cost convention, modified to include 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £65,502. The Company is supported through loans from associated companies. 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 associated companies 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.

Reporting period length

The Company has previously prepared accounts for the long period from 3 November 2021 to 30 April 2023. It should be noted the comparative figures cover a period of 18 months.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 10 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.04.2024
Period from
03.11.2021 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 May 2023 3,177 3,177
At 30 April 2024 3,177 3,177
Accumulated depreciation
At 01 May 2023 238 238
Charge for the financial year 318 318
At 30 April 2024 556 556
Net book value
At 30 April 2024 2,621 2,621
At 30 April 2023 2,939 2,939

4. Debtors

30.04.2024 30.04.2023
£ £
Trade debtors 6,186 3,593
Prepayments and accrued income 1,803 10,056
VAT recoverable 704 3,854
Other debtors 0 1
8,693 17,504

5. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 2,687 1,311
Amounts owed to Group undertakings 82,361 60,070
Accruals 3,099 3,000
Other taxation and social security 3,764 797
Other creditors 180 143
92,091 65,321

6. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2