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Registered number: 05451185
Wet 'n' Dry Boardsports Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Clouders (Audit & Accounts) Ltd
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05451185
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 16,461 16,146
16,461 16,146
CURRENT ASSETS
Stocks 74,500 90,000
Debtors 6 7,398 7,379
Cash at bank and in hand 73,931 70,554
155,829 167,933
Creditors: Amounts Falling Due Within One Year 7 (52,182 ) (63,461 )
NET CURRENT ASSETS (LIABILITIES) 103,647 104,472
TOTAL ASSETS LESS CURRENT LIABILITIES 120,108 120,618
Creditors: Amounts Falling Due After More Than One Year 8 (8,000 ) (16,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,128 ) (2,920 )
NET ASSETS 108,980 101,698
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 108,880 101,598
SHAREHOLDERS' FUNDS 108,980 101,698
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Graham Dodds
Director
27/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wet 'n' Dry Boardsports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05451185 . The registered office is Charter House 105 Leigh Road, Leigh On Sea, Essex, SS9 1JL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 45,000
As at 31 May 2024 45,000
Amortisation
As at 1 June 2023 45,000
As at 31 May 2024 45,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 9,472 38,745 7,645 22,460 78,322
Additions - - - 4,812 4,812
Disposals - (10,020 ) - (2,027 ) (12,047 )
As at 31 May 2024 9,472 28,725 7,645 25,245 71,087
Depreciation
As at 1 June 2023 6,377 28,628 6,052 21,119 62,176
Provided during the period 774 2,519 398 753 4,444
Disposals - (9,967 ) - (2,027 ) (11,994 )
As at 31 May 2024 7,151 21,180 6,450 19,845 54,626
Net Book Value
As at 31 May 2024 2,321 7,545 1,195 5,400 16,461
As at 1 June 2023 3,095 10,117 1,593 1,341 16,146
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,898 3,879
Other debtors 3,500 3,500
7,398 7,379
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 15,958 33,649
Bank loans and overdrafts 8,000 8,000
Corporation tax 1,969 2,020
Other taxes and social security 884 779
VAT 2,892 2,161
Other creditors 6,559 875
NEST pension - 121
Accruals and deferred income 1,557 1,493
Directors' loan accounts 14,363 14,363
52,182 63,461
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,000 16,000
8,000 16,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 2,000 4,000
2,000 4,000
11. Ultimate Controlling Party
The company is controlled by the directors.
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