Swim Studio Limited
Unaudited Financial Statements
For the year ended 31 July 2024
Pages for Filing with Registrar
Company Registration No. 08638471 (England and Wales)
Swim Studio Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Swim Studio Limited
Balance Sheet
As at 31 July 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
201,646
359,314
Current assets
Cash at bank and in hand
97,646
9,653
Creditors: amounts falling due within one year
4
(691,009)
(584,397)
Net current liabilities
(593,363)
(574,744)
Total assets less current liabilities
(391,717)
(215,430)
Creditors: amounts falling due after more than one year
5
(34,606)
(57,293)
Net liabilities
(426,323)
(272,723)
Capital and reserves
Called up share capital
6
25,000
25,000
Profit and loss reserves
(451,323)
(297,723)
Total equity
(426,323)
(272,723)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Swim Studio Limited
Balance Sheet (Continued)
As at 31 July 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
S Williams
Director
Company Registration No. 08638471
Swim Studio Limited
Notes to the Financial Statements
For the year ended 31 July 2024
Page 3
1
Accounting policies
Company information
Swim Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 has net liabilities of £426,323 (2023: £272,723). During the year new site set up costs have been incurred leading to an increased loss during the period. All sites are now fully operational, and the company is expected become cash generative.
The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future and is providing funds to allow the company to meet its liabilities as and when they fall due. Accordingly these financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
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:
Plant and machinery
4 years 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.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
Swim Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
Page 4
1.7
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.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Swim Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023: 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
589,955
Additions
85,281
At 31 July 2024
675,236
Depreciation and impairment
At 1 August 2023
230,641
Depreciation charged in the year
242,949
At 31 July 2024
473,590
Carrying amount
At 31 July 2024
201,646
At 31 July 2023
359,314
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,864
17,060
Trade creditors
26,406
16,200
Taxation and social security
279,334
113,762
Other creditors
26,843
127,497
Accruals and deferred income
337,562
309,878
691,009
584,397
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
34,606
57,293
Swim Studio Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 6
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
7
Related party transactions
At the balance sheet date an amount of £17 (2023 - £2,940 owed to director) was included within other debtors: amounts falling due within one year in respect of amounts owed to director.
At the balance sheet date an amount of £11,352 (2023: £124,257) was included within other creditors in respect of amounts owed to a company in which S Williams has a controlling interest.