REGISTERED NUMBER: 02452107 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BUCKINGHAM SWIMMING POOLS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P A Walton-Collett

R S Hefford

REGISTERED OFFICE:

Dalehouse Lane

Kenilworth

Warwickshire

CV8 2EB

REGISTERED NUMBER:

02452107 (England and Wales)

AUDITORS:

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

254,893

291,982

CURRENT ASSETS

Stocks

6

167,075

78,308

Debtors

7

1,562,181

1,323,203

Cash at bank and in hand

1,644,915

1,499,242

3,374,171

2,900,753

CREDITORS

Amounts falling due within one year

8

2,468,335

1,862,656

NET CURRENT ASSETS

905,836

1,038,097

TOTAL ASSETS LESS CURRENT LIABILITIES

1,160,729

1,330,079

CREDITORS

Amounts falling due after more than one year

9

(55,826

)

(148,620

)

PROVISIONS FOR LIABILITIES

(46,000

)

(68,000

)

NET ASSETS

1,058,903

1,113,459

CAPITAL AND RESERVES

Called up share capital

11

50,000

50,000

Retained earnings

12

1,008,903

1,063,459

SHAREHOLDERS' FUNDS

1,058,903

1,113,459

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

P A Walton-Collett - Director

1.	STATUTORY INFORMATION

Buckingham Swimming Pools Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced value of work certified, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

10% to 25% on cost

Motor vehicles

-

25% on cost

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place..

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress

The value attributed to construction contracts, after provision for foreseeable losses and net of payments on account, is included in debtors as amounts recoverable on contracts. Where payments on account exceed turnover the difference is included in creditors as excess payments on account.

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset in measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Warranty work

Provision is made in the accounts for material claims at the year end. As expenditure on warranty work is generally immaterial other warranty costs are charged to the profit and loss account as they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 27 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2024

80,782

21,232

228,585

419,655

750,254

Additions

-

462

17,976

59,307

77,745

Disposals

-

-

-

(24,017

)

(24,017

)

At 31 December 2024

80,782

21,694

246,561

454,945

803,982

DEPRECIATION

At 1 January 2024

72,575

18,735

208,013

158,949

458,272

Charge for year

936

972

10,571

102,355

114,834

Eliminated on disposal

-

-

-

(24,017

)

(24,017

)

At 31 December 2024

73,511

19,707

218,584

237,287

549,089

NET BOOK VALUE

At 31 December 2024

7,271

1,987

27,977

217,658

254,893

At 31 December 2023

8,207

2,497

20,572

260,706

291,982

At 31st December 2024 assets with a net book value of £219,138 (2023 - £267,297) were subject to hire purchase agreements.

6.

STOCKS

2024

2023

£

£

Work-in-progress

94,301

6,942

Finished goods

72,774

71,366

167,075

78,308

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

420,445

414,335

Amounts recoverable on contracts

675,109

462,255

Prepayments

53,737

33,723

1,149,291

910,313

Amounts falling due after more than one year:

Amounts owed by group undertakings

412,890

412,890

Aggregate amounts

1,562,181

1,323,203

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

30,000

30,000

Hire purchase contracts

97,249

103,470

Trade creditors

2,133,173

1,538,145

Taxation

86,091

14,000

Social security and other taxes

74,902

84,568

Other creditors

5,085

4,965

Accrued expenses

41,835

87,508

2,468,335

1,862,656

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

15,000

30,000

Bank loans - 2-5 years

-

15,000

Hire purchase contracts

40,826

103,620

55,826

148,620

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

138,075

207,090

The hire purchase creditors are secured against the relevant fixed assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

50,000

Ordinary

£1

50,000

50,000

12.

RESERVES

Retained

earnings

£

At 1 January 2024

1,063,459

Profit for the year

180,875

Dividends

(235,431

)

At 31 December 2024

1,008,903

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Halkett FCCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

14.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

-

58,608

15.	FINANCIAL COMMITMENTS

Funding an intercompany loan to the parent company

The company was acquired by Buckingham Swimming Pools Group Limited (BSPG) in June 2019 in a management buyout, partly funded by the Vendors with a loan to BSPG repayable over a six year period. The Vendor loan is secured by fixed and floating charges over the assets of the both BSPG and the company.

BSPG funds repayments with an intercompany loan from the company, depending on future profitability, the consideration and Vendor loan may increase. The fair value total Vendor loan at 31/12/24 is measured as £238k (2023: £377k), repayable over 6 months, with repayments funded by the company in 2025 expected to be at the rate of circa £238k per annum, which is not included in the balance sheet.

Other operating leases

Other financial commitments and guarantees in respect of operating leases for property and office equipment, which are not included in the balance sheet, amount to £278,160 (2023: £31,916) in total.

16.	RELATED PARTY DISCLOSURES

Debtors due after more than one year includes £412,890 (2023: £412,890) in respect of an intercompany loan to the new holding company, Buckingham Swimming Pools Group Limited. This represents amounts advanced to BSPG to fund Vendor its loan commitments following the June 2019 management buyout. This loan will ultimately be repaid to the company from the proceeds of intercompany dividends.

17.	ULTIMATE CONTROLLING PARTY

The company is 100% owned by BSPH (2008) Limited (formerly Buckingham Swimming Pools Holdings Limited), a company registered in England whose registered office is Dalehouse Lane, Kenilworth, Warwickshire, CV8 2EB.

The company's ultimate parent company is Buckingham Swimming Pools Group Limited, a company registered in England whose registered office is Dalehouse Lane, Kenilworth, Warwickshire, CV8 2EB.