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Filleted

Registration number: 04921305

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Company Information

Director

Mr Martin Robert James

Registered office

5 Beechwood Place
Narberth
Pembrokeshire
SA67 7EE

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

(Registration number: 04921305)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

637

849

Current assets

 

Cash at bank and in hand

 

420

888

Creditors: Amounts falling due within one year

8

(3,082)

(792)

Net current (liabilities)/assets

 

(2,662)

96

Net (liabilities)/assets

 

(2,025)

945

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

(2,035)

935

Total equity

 

(2,025)

945

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 February 2025
 

.........................................
Mr Martin Robert James
Director

   
     
 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Beechwood Place
Narberth
Pembrokeshire
SA67 7EE

These financial statements were authorised for issue by the director on 18 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

212

-

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

32,000

32,000

At 31 October 2024

32,000

32,000

Amortisation

At 1 November 2023

32,000

32,000

At 31 October 2024

32,000

32,000

Carrying amount

At 31 October 2024

-

-

Revalued assets for the year ended 31 October 2023

6

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

13,820

13,820

At 31 October 2024

13,820

13,820

Depreciation

At 1 November 2023

12,971

12,971

Charge for the year

212

212

At 31 October 2024

13,183

13,183

Carrying amount

At 31 October 2024

637

637

At 31 October 2023

849

849

7

Debtors

2024
£

2023
£

-

-

 

Martin James Swimming Ltd

trading as Martin James Swimming Limited

Notes to the Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other related parties

 

2,287

53

Other creditors

 

795

739

 

3,082

792

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share class 1 of £1 each

10

10

10

10

         

10

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr Martin Robert James

Interest free loan repayable on demand

53

(4,362)

6,596

2,287

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Martin Robert James

Interest free loan repayable on demand

43

(6,700)

6,711

53