Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 492,226 | 521,876 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand | (
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| 85,985 | 105,571 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (239,423) | (139,977) | ||
| Total assets less current liabilities | 252,803 | 381,899 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | (
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| Net (liabilities)/assets | (
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Lagoon Watersports Limited (registered number:
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H R Dawkins
Director |
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.
Lagoon Watersports Limited (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 Kingsway, Hove, BN3 4LX, United Kingdom.
The financial statements have been prepared under the historical cost convention 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 £.
The directors have prepared the financial statements on a going concern basis, which assumes that the company will continue to operate for the foreseeable future. The directors have considered the company's current financial position, cash flow forecasts, and the availability of financing to support its operations.
The company operates in the watersports industry, providing rental services and various watersports activities. Despite the seasonal nature of the business, the directors are confident in the company's ability to generate sufficient revenue to meet its obligations as they fall due. The company has a strong customer base and has implemented measures to manage costs effectively.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Land and buildings |
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| Plant and machinery |
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| 10 -
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 November 2023 |
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| Additions |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||
| At 01 November 2023 |
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| Charge for the financial year |
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| At 31 October 2024 |
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| Net book value | |||||
| At 31 October 2024 | 69,878 | 422,348 | 492,226 | ||
| At 31 October 2023 | 73,343 | 448,533 | 521,876 |
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| £ | £ | ||
| Trade debtors |
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| £ | £ | ||
| Bank loans and overdrafts (secured) |
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| Trade creditors |
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| Other taxation and social security |
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| Other creditors |
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| £ | £ | ||
| Bank loans (secured) |
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| Other creditors |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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