Company registration number 00228812 (England and Wales)
WINDERMERE AQUATIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
WINDERMERE AQUATIC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
WINDERMERE AQUATIC LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,405,485
11,458,442
Investments
5
57,339
57,339
11,462,824
11,515,781
Current assets
Stocks
1,046,119
1,169,679
Debtors
6
663,405
641,314
Cash at bank and in hand
330,014
577,514
2,039,538
2,388,507
Creditors: amounts falling due within one year
7
(1,357,880)
(1,707,727)
Net current assets
681,658
680,780
Total assets less current liabilities
12,144,482
12,196,561
Creditors: amounts falling due after more than one year
8
(3,605,844)
(3,666,795)
Provisions for liabilities
(484,892)
(482,330)
Net assets
8,053,746
8,047,436
Capital and reserves
Called up share capital
9
60,000
60,000
Revaluation reserve
4,659,695
4,656,822
Profit and loss reserves
3,334,051
3,330,614
Total equity
8,053,746
8,047,436

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

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WINDERMERE AQUATIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
Mr G F Armer
Director
Company registration number 00228812 (England and Wales)
WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

Windermere Aquatic Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glebe Road, Bowness-on-Windermere, Windermere, LA23 3HE.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents sales to external customers at invoiced amounts less value added tax.

Boat sales are recognised when orders have been received and the boats are in a ready state for collection by the customer.

Clothing and equipment retail sales are recognised when the goods are sold and supplied to the customer.

Service and parts sales are recognised when the service has been performed or the part has been supplied to the customer.

Berthing sales are recognised in the period to which the berthing relates.

Rentals receivable are recognised in the period to which the rent relates.

Freedom Boat Club joining fees are recognised at the time of receipt. The annual membership fees are recognised in the period in which the membership relates.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
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:

Freehold land and buildings
nil - 2% per annum straight line
Plant and equipment - pontoons
5% per annum straight line
Plant and equipment - other
5-20% per annum straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.9
Cash at bank and in hand

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.

1.10
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipated to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

1.16

Other operating income

Commission earned on boat sales made on behalf of third parties is recognised when an order has been received and the third party's boat is in a ready state for collection by the customer.

Rental income in relation to property within tangible fixed assets which is leased to external parties is recognised in the period to which the rent relates.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
35
35
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
215,000
Amortisation and impairment
At 1 February 2024 and 31 January 2025
215,000
Carrying amount
At 31 January 2025
-
0
At 31 January 2024
-
0
WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 February 2024
10,654,918
3,740,609
14,395,527
Additions
18,546
99,133
117,679
Disposals
(28,815)
(37,303)
(66,118)
At 31 January 2025
10,644,649
3,802,439
14,447,088
Depreciation and impairment
At 1 February 2024
826,794
2,110,291
2,937,085
Depreciation charged in the year
24,869
145,703
170,572
Eliminated in respect of disposals
(28,815)
(37,239)
(66,054)
At 31 January 2025
822,848
2,218,755
3,041,603
Carrying amount
At 31 January 2025
9,821,801
1,583,684
11,405,485
At 31 January 2024
9,828,124
1,630,318
11,458,442

Land and buildings comprise the following items:

Freehold land and buildings on Glebe Road which are stated at a valuation obtained on 23 November 2011, by independent valuers J N Rushby MSc MRICS FRGS of Colliers International at open market value of £8,500,000 (which included some fixtures and fittings and pontoons) and subsequent additions at cost.

Freehold land and buildings at Beech Hill which are stated at a Directors' valuation on 23 November 2011 of £450,000 and a subsequent addition at cost of £110,000.

Freehold land and buildings at Waterhead are stated at cost acquired in 2012 of £1,010,000 together with subsequent additions at cost.

The directors consider the above valuations to be a fair indication of the fair value of the land and buildings at 31 January 2025.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £5,070,360 (2024 - £5,073,339), being cost £5,886,773 (2024 - £5,868,227) and depreciation £816,413 (2024 - £794,888).

WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
50,002
50,002
Other investments other than loans
7,337
7,337
57,339
57,339
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
87,718
91,624
Other debtors
575,687
549,690
663,405
641,314
7
Creditors: amounts falling due within one year
2025
2024
£
£
Other borrowings
-
0
230,253
Trade creditors
256,994
169,202
Amounts owed to group undertakings
50,002
50,002
Taxation and social security
156,666
239,005
Deferred income
770,621
799,194
Other creditors
80,146
48,832
Accruals
43,451
171,239
1,357,880
1,707,727

Certain other borrowings of £nil (2024: £230,253) are secured by fixed charges on the stock concerned.

Certain other creditors of £47,971 (2023: £43,960) are secured by a first legal charge over certain assets of the company.

WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,376,914
3,379,722
Other creditors
137,348
185,468
Deferred income
91,582
101,605
3,605,844
3,666,795

Certain bank loans and overdrafts of £3,376,914 (2024: £3,379,722) are secured by a first legal charge and a debenture over certain assets of the company placing a fixed and floating charge over these assets.

Certain other creditors of £137,348 (2024: £185,468) are secured by a first legal charge over certain assets of the company.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
29,000
29,000
29,000
29,000
B Ordinary shares of £1 each
13,000
13,000
13,000
13,000
C Ordinary shares of £1 each
3,000
3,000
3,000
3,000
D Ordinary shares of £1 each
3,000
3,000
3,000
3,000
E Ordinary shares of £1 each
3,000
3,000
3,000
3,000
F Ordinary shares of £1 each
3,000
3,000
3,000
3,000
G Ordinary shares of £1 each
3,000
3,000
3,000
3,000
H Ordinary shares of £1 each
3,000
3,000
3,000
3,000
60,000
60,000
60,000
60,000
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
50,002
50,002
WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Related party transactions
(Continued)
- 10 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Directors
333,521
297,533
11
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
297,533
35,988
333,521
297,533
35,988
333,521
12
Prior period adjustment
Reconciliation of changes in equity
1 February
31 January
2023
2024
Notes
£
£
Adjustments to prior year
Fixed Assets
(i)
213,594
258,150
Deferred tax
(i)
40,139
49,108
Total adjustments
253,733
307,258
Equity as previously reported
7,789,817
7,740,178
Equity as adjusted
8,043,550
8,047,436
Analysis of the effect upon equity
Revaluation reserve
93,534
113,045
Profit and loss reserves
160,199
194,213
253,733
307,258
WINDERMERE AQUATIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
12
Prior period adjustment
(Continued)
- 11 -
Notes to reconciliation
(i) Fixed assets

The fixed asset adjustments have arisen following an exercise undertaken by management during the year to assess the useful economic life of all fixed assets and also ensure they are classified appropriately in the financial statements. The associated adjustments to deferred taxation balance are as a result of this.

2025-01-31 2024-02-01 false false false 17 June 2025 CCH Software CCH Accounts Production 2024.301 No description of principal activity Mr G F Armer Ms J C Henderson Mr G F Armer 00228812 2024-02-01 2025-01-31 00228812 2025-01-31 00228812 2024-01-31 00228812 core:LandBuildings 2025-01-31 00228812 core:OtherPropertyPlantEquipment 2025-01-31 00228812 core:LandBuildings 2024-01-31 00228812 core:OtherPropertyPlantEquipment 2024-01-31 00228812 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 00228812 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00228812 core:Non-currentFinancialInstruments core:AfterOneYear 2025-01-31 00228812 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 00228812 core:CurrentFinancialInstruments 2025-01-31 00228812 core:CurrentFinancialInstruments 2024-01-31 00228812 core:Non-currentFinancialInstruments 2025-01-31 00228812 core:Non-currentFinancialInstruments 2024-01-31 00228812 core:ShareCapital 2025-01-31 00228812 core:ShareCapital 2024-01-31 00228812 core:RevaluationReserve 2025-01-31 00228812 core:RevaluationReserve 2024-01-31 00228812 core:RetainedEarningsAccumulatedLosses 2025-01-31 00228812 core:RetainedEarningsAccumulatedLosses 2024-01-31 00228812 core:ShareCapitalOrdinaryShares 2025-01-31 00228812 core:ShareCapitalOrdinaryShares 2024-01-31 00228812 bus:CompanySecretaryDirector1 2024-02-01 2025-01-31 00228812 core:Goodwill 2024-02-01 2025-01-31 00228812 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-01 2025-01-31 00228812 2023-02-01 2024-01-31 00228812 core:NetGoodwill 2024-01-31 00228812 core:NetGoodwill 2025-01-31 00228812 core:NetGoodwill 2024-01-31 00228812 core:LandBuildings 2024-01-31 00228812 core:OtherPropertyPlantEquipment 2024-01-31 00228812 2024-01-31 00228812 core:LandBuildings 2024-02-01 2025-01-31 00228812 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 00228812 core:WithinOneYear 2025-01-31 00228812 core:WithinOneYear 2024-01-31 00228812 core:Non-currentFinancialInstruments 1 2025-01-31 00228812 core:Non-currentFinancialInstruments 1 2024-01-31 00228812 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 00228812 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 00228812 bus:FRS102 2024-02-01 2025-01-31 00228812 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 00228812 bus:Director1 2024-02-01 2025-01-31 00228812 bus:Director2 2024-02-01 2025-01-31 00228812 bus:CompanySecretary1 2024-02-01 2025-01-31 00228812 bus:FullAccounts 2024-02-01 2025-01-31 xbrli:pure xbrli:shares iso4217:GBP