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Registered number: 09671471
SwimpathUK LTD
Unaudited Financial Statements
For The Year Ended 31 July 2024
Mendip Accounting Solutions Ltd
6 Hill Road
Clevedon
North Somerset
BS21 7NE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09671471
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,869 9,778
9,869 9,778
CURRENT ASSETS
Stocks 5 81,700 60,700
Debtors 6 21,641 13,358
Cash at bank and in hand 68,741 97,749
172,082 171,807
Creditors: Amounts Falling Due Within One Year 7 (44,642 ) (21,556 )
NET CURRENT ASSETS (LIABILITIES) 127,440 150,251
TOTAL ASSETS LESS CURRENT LIABILITIES 137,309 160,029
Creditors: Amounts Falling Due After More Than One Year 8 (84,996 ) (113,852 )
NET ASSETS 52,313 46,177
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 52,312 46,176
SHAREHOLDERS' FUNDS 52,313 46,177
Page 1
Page 2
For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Stuart Phipps
Director
28/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
SwimpathUK LTD is a private company, limited by shares, incorporated in England & Wales, registered number 09671471 . The registered office is 4 Ryves Vale, Tickenham, Clevedon, BS21 6FZ.
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. 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 18% reducing balance
Motor Vehicles 18% reducing balance
Fixtures & Fittings 18% reducing balance
Computer Equipment 3 years straight line
2.4. 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.
2.5. 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 4
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 - 29,295 466 992 30,753
Additions 425 - - 2,254 2,679
As at 31 July 2024 425 29,295 466 3,246 33,432
Depreciation
As at 1 August 2023 - 19,517 466 992 20,975
Provided during the period 77 1,760 - 751 2,588
As at 31 July 2024 77 21,277 466 1,743 23,563
Net Book Value
As at 31 July 2024 348 8,018 - 1,503 9,869
As at 1 August 2023 - 9,778 - - 9,778
5. Stocks
2024 2023
£ £
Stock 81,700 60,700
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 18,269 6,414
Prepayments and accrued income 3,372 2,851
VAT - 4,093
21,641 13,358
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,889 12,092
Bank loans and overdrafts 202 442
Corporation tax 1,840 6,265
Other taxes and social security 1,784 1,565
VAT 11,755 -
Net wages 672 692
Accruals and deferred income 500 500
44,642 21,556
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 33,888 41,750
Other creditors 14,916 18,710
Directors loan account 36,192 53,392
84,996 113,852
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5