Registered number
03532259
Dive Centre Ltd
Filleted Accounts
26 February 2024
Dive Centre Ltd
Registered number: 03532259
Balance Sheet
as at 26 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 17,661 21,161
Tangible assets 4 175,829 188,631
193,490 209,792
Current assets
Stocks 869,019 751,063
Debtors 5 118,370 93,300
Cash at bank and in hand 3,207 2,376
990,596 846,739
Creditors: amounts falling due within one year 6 (399,940) (354,738)
Net current assets 590,656 492,001
Total assets less current liabilities 784,146 701,793
Creditors: amounts falling due after more than one year 7 (610,046) (507,793)
Net assets 174,100 194,000
Capital and reserves
Called up share capital 5,002 5,002
Other reserves 8 250,000 250,000
Profit and loss account (80,902) (61,002)
Shareholders' funds 174,100 194,000
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.
Mark Layton
Director
Approved by the board on 20 February 2025
Dive Centre Ltd
Notes to the Accounts
for the period from 28 February 2023 to 26 February 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold 10% straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 28 February 2023 70,078
At 26 February 2024 70,078
Amortisation
At 28 February 2023 48,917
Provided during the period 3,500
At 26 February 2024 52,417
Net book value
At 26 February 2024 17,661
At 27 February 2023 21,161
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 28 February 2023 45,065 545,525 35,901 626,491
Additions - 9,782 - 9,782
At 26 February 2024 45,065 555,307 35,901 636,273
Depreciation
At 28 February 2023 34,664 369,735 33,461 437,860
Charge for the period 2,253 19,721 610 22,584
At 26 February 2024 36,917 389,456 34,071 460,444
Net book value
At 26 February 2024 8,148 165,851 1,830 175,829
At 27 February 2023 10,401 175,790 2,440 188,631
5 Debtors 2024 2023
£ £
Trade debtors 28,819 3,661
Other debtors 89,551 89,639
118,370 93,300
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 199,718 149,881
Taxation and social security costs 7,022 1,117
Other creditors 193,200 203,740
399,940 354,738
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 38,476 43,954
Other creditors 571,570 463,839
610,046 507,793
8 Other reserves 2024 2023
£ £
At 28 February 2023 250,000 250,000
At 26 February 2024 250,000 250,000
9 Other information
Dive Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Diving Centre Building
Quay Road
Teignmouth
Devon
TQ14 8ER
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