Registered number
14877319
Get Watersports Limited
Unaudited Filleted Accounts
31 May 2024
Get Watersports Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Get Watersports Limited
Company Information
Directors
Mr G Dufty (appointed 18 May 2023)
Miss E Maidment (appointed 18 May 2023)
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
10 The Gannets
Stubbington
Fareham
PO14 3SY
Registered number
14877319
Get Watersports Limited
Registered number: 14877319
Directors' Report
The directors present their report and accounts for the year ended 31 May 2024.
Principal activities
The company was incorporated on 18 May 2023 and started to trade on 6 June 2023. It's principal activity during the year was that of wholesale importing and sales.
Directors
The following persons served as directors during the year:
Mr G Dufty (appointed 18 May 2023)
Miss E Maidment (appointed 18 May 2023)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 February 2025 and signed on its behalf.
Mr G Dufty
Director
Get Watersports Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Get Watersports Limited for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Get Watersports Limited for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
14 February 2025
Get Watersports Limited
Registered number: 14877319
Balance Sheet
as at 31 May 2024
Notes 2024
£
Current assets
Stocks 13,566
Debtors 3 9,829
Cash at bank and in hand 12,749
36,144
Creditors: amounts falling due within one year 4 (19,499)
Net current assets 16,645
Net assets 16,645
Capital and reserves
Called up share capital 100
Profit and loss account 16,545
Shareholders' funds 16,645
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Miss E Maidment
Director
Approved by the board on 14 February 2025
Get Watersports Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024
Number
Average number of persons employed by the company 2
3 Debtors 2024
£
Trade debtors 9,829
4 Creditors: amounts falling due within one year 2024
£
Trade creditors 6,602
Taxation and social security costs 2,823
Other creditors 10,074
19,499
5 Other information
Get Watersports Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 The Gannets
Stubbington
Fareham
PO14 3SY
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