Grayfox Swimming Pools Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01310004

GRAYFOX SWIMMING POOLS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

GRAYFOX SWIMMING POOLS LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5	130,669	51,848
Investments	6	7,950	7,950
		----------	---------
		138,619	59,798

Current assets

Stocks		70,500	71,423
Debtors	7	302,595	360,721
Cash at bank and in hand		220,388	188,476
		----------	----------
		593,483	620,620

Creditors: amounts falling due within one year	8	( 168,493)		( 200,413)
		----------		----------
Net current assets			424,990	420,207
			----------	----------
Total assets less current liabilities			563,609	480,005

Provisions

Taxation including deferred tax	( 10,519)	( 4,556)
	----------	----------
Net assets	553,090	475,449
	----------	----------

GRAYFOX SWIMMING POOLS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	552,990	475,349
	----------	----------
Shareholders funds	553,090	475,449
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 7 May 2025 , and are signed on behalf of the board by:

N N G Gray

Director

Company registration number: 01310004

GRAYFOX SWIMMING POOLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mere House, Stow, Lincoln, Lincs, LN1 2BZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Fixed asset investments Fixed asset investments are initially recorded at cost, and subsequently stated at fair value with changes in fair value being recognised in profit or loss. Where a fair value cannot be reliably measured, investments are stated at cost less any accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & equipment	-	15% straight line
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2023: 14 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	36,233	47,258	120,008	203,499
Additions	6,530	–	106,212	112,742
Disposals	( 732)	( 2,186)	( 46,653)	( 49,571)
	---------	---------	----------	----------
At 31 December 2024	42,031	45,072	179,567	266,670
	---------	---------	----------	----------
Depreciation
At 1 January 2024	29,838	32,510	89,303	151,651
Charge for the year	2,234	2,019	22,901	27,154
Disposals	( 732)	( 889)	( 41,183)	( 42,804)
	---------	---------	----------	----------
At 31 December 2024	31,340	33,640	71,021	136,001
	---------	---------	----------	----------
Carrying amount
At 31 December 2024	10,691	11,432	108,546	130,669
	---------	---------	----------	----------
At 31 December 2023	6,395	14,748	30,705	51,848
	---------	---------	----------	----------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2024 and 31 December 2024	7,950
	-------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------

Carrying amount
At 31 December 2024	7,950
	-------
At 31 December 2023	7,950
	-------

7. Debtors

	2024	2023
	£	£
Trade debtors	259,042	286,672
Other debtors	43,553	74,049
	----------	----------
	302,595	360,721
	----------	----------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	73,421	50,702
Corporation tax	48,006	–
Social security and other taxes	33,345	129,287
Other creditors	13,721	20,424
	----------	----------
	168,493	200,413
	----------	----------

9. Directors' advances, credits and guarantees

At the year end the directors' loans were overdrawn by £31,691. This was repaid after the year end and no interest was charged on the balance.