Company registration number 06766721 (England and Wales)
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
69,928
73,373
Current assets
Stocks
4,992
9,935
Debtors
5
73,720
64,216
Cash at bank and in hand
51,605
78,943
130,317
153,094
Creditors: amounts falling due within one year
6
(23,156)
(20,342)
Net current assets
107,161
132,752
Total assets less current liabilities
177,089
206,125
Creditors: amounts falling due after more than one year
7
(224,550)
(194,855)
Net (liabilities)/assets
(47,461)
11,270
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(47,463)
11,268
Total equity
(47,461)
11,270
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr M J Holden
Director
Company registration number 06766721 (England and Wales)
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Riverside Swimming Academy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside House, Riverside Industrial Estate, Branch Road, Lower Darwen, Lancashire, BB3 0PR.

1.1
Accounting convention

These financial statements have been prepared 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 The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the financial support of its fellow group and connected companies in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true

 

On this basis the directors have continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4
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.

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 Leasehold
10% - 35% reducing balance
Plant and machinery
33.33% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
40% reducing balance
Motor vehicles
25% 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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
2
2
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
220,577
111,582
332,159
Additions
-
0
8,004
8,004
At 30 June 2024
220,577
119,586
340,163
Depreciation and impairment
At 1 July 2023
163,307
95,479
258,786
Depreciation charged in the year
5,729
5,720
11,449
At 30 June 2024
169,036
101,199
270,235
Carrying amount
At 30 June 2024
51,541
18,387
69,928
At 30 June 2023
57,270
16,103
73,373
RIVERSIDE SWIMMING ACADEMY LIMITED
TRADING AS SPLASH @ RIVERSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
73,720
64,216

Included within Other debtors are loans owed by connected companies. The balances outstanding are £46,534 (2023: £43,612).

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,490
19,300
Other creditors
1,666
1,042
23,156
20,342
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
224,550
194,855

Included within Other creditors are loans owed to connected companies. The balances outstanding are £224,550 (2023: £194,855).

 

A loan of £165,524 (2023: £165,411) owed to Red Rose Drylining Limited, included in the above total, is secured by a fixed and floating charge over the assets of this company.

8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
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