Company Registration No. 04242490 (England and Wales)
FIRST STROKES SWIM SCHOOLS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia (Colchester)
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
FIRST STROKES SWIM SCHOOLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FIRST STROKES SWIM SCHOOLS LIMITED
BALANCE SHEET
AS AT 29 DECEMBER 2024
29 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,961
23,173
Tangible assets
5
1,949,020
1,914,602
1,956,981
1,937,775
Current assets
Stocks
19,250
18,900
Debtors
6
74,749
62,054
93,999
80,954
Creditors: amounts falling due within one year
7
(1,036,541)
(891,275)
Net current liabilities
(942,542)
(810,321)
Total assets less current liabilities
1,014,439
1,127,454
Creditors: amounts falling due after more than one year
8
(658,051)
(801,237)
Provisions for liabilities
(102,449)
(107,097)
Net assets
253,939
219,120
Capital and reserves
Called up share capital
2,177
2,177
Revaluation reserve
211,644
215,787
Profit and loss reserves
40,118
1,156
Total equity
253,939
219,120
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 December 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.
FIRST STROKES SWIM SCHOOLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
29 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
G Dovey
Director
Company registration number 04242490 (England and Wales)
FIRST STROKES SWIM SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
First Strokes Swim Schools Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Strokes Pool, 342 London Road, Stanway, Colchester, Essex, UK, CO3 8LT.
1.1
Accounting convention
These financial statements have been prepared in on a going concern basis, in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of land and buildings. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the company had net current liabilities of £942,542.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Intangible fixed assets - goodwill
Intangible assets are written off in equal instalments over their estimated useful economic life.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website
5 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FIRST STROKES SWIM SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Land and buildings Freehold
50 years straight line
Land and buildings Leasehold
6 years straight line
Plant and machinery
20% reducing balance
Fixtures & fittings
15% reducing balance
Equipment
33% reducing balance
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.9
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 current liabilities.
1.10
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
FIRST STROKES SWIM SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
84
71
FIRST STROKES SWIM SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 6 -
4
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 30 December 2023 and 29 December 2024
147,115
2,502
149,617
Amortisation and impairment
At 30 December 2023
125,049
1,395
126,444
Amortisation charged for the year
14,711
501
15,212
At 29 December 2024
139,760
1,896
141,656
Carrying amount
At 29 December 2024
7,355
606
7,961
At 29 December 2023
22,066
1,107
23,173
5
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures & fittings
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 30 December 2023
2,244,951
29,564
63,501
85,035
26,600
2,449,651
Additions
84,676
2,499
5,293
1,721
94,189
At 29 December 2024
2,329,627
29,564
66,000
90,328
28,321
2,543,840
Depreciation
At 30 December 2023
394,408
29,564
37,856
52,487
20,734
535,049
Depreciation charged in the year
45,962
5,629
5,676
2,504
59,771
At 29 December 2024
440,370
29,564
43,485
58,163
23,238
594,820
Carrying amount
At 29 December 2024
1,889,257
22,515
32,165
5,083
1,949,020
At 29 December 2023
1,850,543
25,645
32,548
5,866
1,914,602
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,841
17,929
Other debtors
60,908
44,125
74,749
62,054
FIRST STROKES SWIM SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
260,855
224,164
Trade creditors
95,784
28,647
Corporation tax
243,906
149,368
Other taxation and social security
78,283
110,977
Other creditors
357,713
378,119
1,036,541
891,275
Legal charges were created on 3 March 2015 and 24 June 2015 in relation to loans secured by National Westminster Bank PLC and The Royal Bank of Scotland PLC respectively. Both charges were secured on the company's assets.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
658,051
797,446
Other creditors
3,791
658,051
801,237
Legal charges were created on 3 March 2015 and 24 June 2015 in relation to loans secured by National Westminster Bank PLC and The Royal Bank of Scotland PLC respectively. Both charges were secured on the company's assets.
9
Directors' transactions
No guarantees have been given or received in the period.