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Company No: 00587269 (England and Wales)

WATERSPLASH LEISURE LTD

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

WATERSPLASH LEISURE LTD

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

WATERSPLASH LEISURE LTD

BALANCE SHEET

As at 31 October 2024
WATERSPLASH LEISURE LTD

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,923 5,169
Investment property 5 2,183,585 1,673,422
2,187,508 1,678,591
Current assets
Debtors 6 148,967 234,504
Cash at bank and in hand 18,249 55,004
167,216 289,508
Creditors: amounts falling due within one year 7 ( 918,098) ( 564,083)
Net current liabilities (750,882) (274,575)
Total assets less current liabilities 1,436,626 1,404,016
Creditors: amounts falling due after more than one year 8 ( 484,859) ( 406,501)
Net assets 951,767 997,515
Capital and reserves
Called-up share capital 1,504 1,504
Fair value reserve 3,482 3,482
Capital redemption reserve 500 500
Profit and loss account 946,281 992,029
Total shareholder's funds 951,767 997,515

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Watersplash Leisure Ltd (registered number: 00587269) were approved and authorised for issue by the Board of Directors on 24 March 2025. They were signed on its behalf by:

R A Davies
Director
P Cooke
Director
WATERSPLASH LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
WATERSPLASH LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Watersplash Leisure Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 15 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 933,881 933,881
At 31 October 2024 933,881 933,881
Accumulated amortisation
At 01 November 2023 933,881 933,881
At 31 October 2024 933,881 933,881
Net book value
At 31 October 2024 0 0
At 31 October 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2023 1,251 46,995 48,246
At 31 October 2024 1,251 46,995 48,246
Accumulated depreciation
At 01 November 2023 787 42,290 43,077
Charge for the financial year 70 1,176 1,246
At 31 October 2024 857 43,466 44,323
Net book value
At 31 October 2024 394 3,529 3,923
At 31 October 2023 464 4,705 5,169

5. Investment property

Investment property
£
Valuation
As at 01 November 2023 1,673,422
Additions 510,163
As at 31 October 2024 2,183,585

Valuation

The director has reviewed the values of the investment properties in the accounts and is confident the value in the accounts represents fair value. The director felt a necessary fair value adjustment was not needed for the year under review.

There has been no valuation of investment property by an independent valuer.

6. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 119,729 212,560
Other debtors 29,238 21,944
148,967 234,504

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 16,760 16,760
Amounts owed to associates 882,635 526,623
Taxation and social security 2,693 4,318
Other creditors 16,010 16,382
918,098 564,083

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 481,599 397,085
Other creditors 3,260 9,416
484,859 406,501

The bank loans are secured on the investment properties of the company.