Silverfin false false 31/10/2024 01/11/2023 31/10/2024 H R Dawkins 25/02/1994 S J Rouse 27 July 2025 The principal activity of the company during the financial year was the tuition of watersports. 02454921 2024-10-31 02454921 bus:Director1 2024-10-31 02454921 2023-10-31 02454921 core:CurrentFinancialInstruments 2024-10-31 02454921 core:CurrentFinancialInstruments 2023-10-31 02454921 core:Non-currentFinancialInstruments 2024-10-31 02454921 core:Non-currentFinancialInstruments 2023-10-31 02454921 core:ShareCapital 2024-10-31 02454921 core:ShareCapital 2023-10-31 02454921 core:SharePremium 2024-10-31 02454921 core:SharePremium 2023-10-31 02454921 core:RetainedEarningsAccumulatedLosses 2024-10-31 02454921 core:RetainedEarningsAccumulatedLosses 2023-10-31 02454921 core:LandBuildings 2023-10-31 02454921 core:PlantMachinery 2023-10-31 02454921 core:LandBuildings 2024-10-31 02454921 core:PlantMachinery 2024-10-31 02454921 core:CurrentFinancialInstruments core:Secured 2024-10-31 02454921 bus:OrdinaryShareClass1 2024-10-31 02454921 2023-11-01 2024-10-31 02454921 bus:FilletedAccounts 2023-11-01 2024-10-31 02454921 bus:SmallEntities 2023-11-01 2024-10-31 02454921 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 02454921 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02454921 bus:Director1 2023-11-01 2024-10-31 02454921 bus:Director2 2023-11-01 2024-10-31 02454921 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 02454921 core:PlantMachinery core:TopRangeValue 2023-11-01 2024-10-31 02454921 core:PlantMachinery 2023-11-01 2024-10-31 02454921 2022-11-01 2023-10-31 02454921 core:LandBuildings 2023-11-01 2024-10-31 02454921 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 02454921 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 02454921 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 02454921 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02454921 (England and Wales)

LAGOON WATERSPORTS LIMITED

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

LAGOON WATERSPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

LAGOON WATERSPORTS LIMITED

BALANCE SHEET

As at 31 October 2024
LAGOON WATERSPORTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 492,226 521,876
492,226 521,876
Current assets
Stocks 67,500 72,000
Debtors 4 18,886 27,772
Cash at bank and in hand ( 401) 5,799
85,985 105,571
Creditors: amounts falling due within one year 5 ( 325,408) ( 245,548)
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 ( 197,652) ( 205,092)
Provision for liabilities ( 62,505) ( 92,663)
Net (liabilities)/assets ( 7,354) 84,144
Capital and reserves
Called-up share capital 7 300 300
Share premium account 79,749 79,749
Profit and loss account ( 87,403 ) 4,095
Total shareholders' (deficit)/funds ( 7,354) 84,144

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:

The financial statements of Lagoon Watersports Limited (registered number: 02454921) were approved and authorised for issue by the Board of Directors on 27 July 2025. They were signed on its behalf by:

H R Dawkins
Director
LAGOON WATERSPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
LAGOON WATERSPORTS LIMITED

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

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 £.

Going concern

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.

Turnover

Turnover represents the total value of sales made by the company during the financial year, net of value-added tax and discounts. The company generates revenue from the rental of watersports equipment and the provision of various watersports activities.

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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 & reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 6.5 years straight line
10 - 25 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 28

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 November 2023 372,894 1,015,855 1,388,749
Additions 0 37,581 37,581
At 31 October 2024 372,894 1,053,436 1,426,330
Accumulated depreciation
At 01 November 2023 299,551 567,322 866,873
Charge for the financial year 3,465 63,766 67,231
At 31 October 2024 303,016 631,088 934,104
Net book value
At 31 October 2024 69,878 422,348 492,226
At 31 October 2023 73,343 448,533 521,876

4. Debtors

2024 2023
£ £
Trade debtors 18,886 27,772

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 23,061 57,139
Trade creditors 30,717 46,322
Other taxation and social security 42,452 45,483
Other creditors 229,178 96,604
325,408 245,548

Bank loans included in the above totalling £17,954 are secured against a personal asset of one of the Directors.

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

2024 2023
£ £
Bank loans (secured) 129,119 130,686
Other creditors 68,533 74,406
197,652 205,092

The Bank loan is secured against a personal asset of one of the Directors.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,000 Ordinary shares shares of £ 0.10 each 300 300