Company registration number 10795519 (England and Wales)
LET'S DIVE IN! LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LET'S DIVE IN! LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LET'S DIVE IN! LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
34,744
18,811
Current assets
Trade and other receivables
6
17,573
6,789
Cash and cash equivalents
105,217
160,801
122,790
167,590
Current liabilities
7
(7,333)
(19,685)
Net current assets
115,457
147,905
Total assets less current liabilities
150,201
166,716
Deferred income
(13,117)
(24,644)
Net assets
137,084
142,072
Equity
Called up share capital
8
100
100
Retained earnings
136,984
141,972
Total equity
137,084
142,072

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Mrs K T Woolland
Director
Company registration number 10795519 (England and Wales)
LET'S DIVE IN! LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Let's Dive In! Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Gwendale, MAIDENHEAD, SL6 6SH.

1.1
Accounting convention
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 then as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from the provision of swimming courses is recognised evenly over the period of the swimming course.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Fixtures and fittings
20% straight line
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

LET'S DIVE IN! LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and represents cash in hand.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are recognised at transaction price.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade payables are recognised at transaction price.

LET'S DIVE IN! LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Expenditure

Due to a coding issue with the VAT on income in the prior year’s accounts this had to be addressed in the current year. This has resulted in the accrued VAT to be repaid and is reflected in the expenditure for this year.

4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
LET'S DIVE IN! LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2023
29,057
Additions
23,690
At 31 May 2024
52,747
Depreciation and impairment
At 1 June 2023
10,246
Depreciation charged in the year
7,757
At 31 May 2024
18,003
Carrying amount
At 31 May 2024
34,744
At 31 May 2023
18,811
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
15,260
4,788
Prepayments and accrued income
2,313
2,001
17,573
6,789
7
Current liabilities
2024
2023
£
£
Trade payables
214
-
0
Corporation tax
5,958
18,409
Accruals and deferred income
1,161
1,276
7,333
19,685
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100

 

2024-05-312023-06-01false03 February 2025CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs K T WoollandMr S Woollandfalsefalse107955192023-06-012024-05-31107955192024-05-31107955192023-05-3110795519core:OtherPropertyPlantEquipment2024-05-3110795519core:OtherPropertyPlantEquipment2023-05-3110795519core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3110795519core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3110795519core:CurrentFinancialInstruments2024-05-3110795519core:CurrentFinancialInstruments2023-05-3110795519core:ShareCapital2024-05-3110795519core:ShareCapital2023-05-3110795519core:RetainedEarningsAccumulatedLosses2024-05-3110795519core:RetainedEarningsAccumulatedLosses2023-05-3110795519bus:Director12023-06-012024-05-3110795519core:FurnitureFittings2023-06-012024-05-3110795519core:ComputerEquipment2023-06-012024-05-31107955192022-06-012023-05-3110795519core:OtherPropertyPlantEquipment2023-05-3110795519core:OtherPropertyPlantEquipment2023-06-012024-05-3110795519bus:PrivateLimitedCompanyLtd2023-06-012024-05-3110795519bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3110795519bus:FRS1022023-06-012024-05-3110795519bus:AuditExemptWithAccountantsReport2023-06-012024-05-3110795519bus:Director22023-06-012024-05-3110795519bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP