Registration number: 05591734

Cornwall Pools Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 10

Cornwall Pools Limited

(Registration number: 05591734)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	121,102	142,142
Current assets
Stocks	6	133,002	136,850
Debtors	7	156,293	176,595
Cash at bank and in hand		494	40,329
		289,789	353,774
Creditors: Amounts falling due within one year	8	(407,486)	(480,119)
Net current liabilities		(117,697)	(126,345)
Total assets less current liabilities		3,405	15,797
Creditors: Amounts falling due after more than one year	8	(75,589)	(139,427)
Provisions for liabilities		(8,010)	-
Net liabilities		(80,194)	(123,630)
Capital and reserves
Called up share capital		2	2
Retained earnings		(80,196)	(123,632)
Shareholders' deficit		(80,194)	(123,630)

Cornwall Pools Limited

(Registration number: 05591734)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2025 and signed on its behalf by:
 

N C Brawn Director

R Brawn Director

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hendra Road
St Dennis
St Austell
Cornwall
PL26 8EQ

These financial statements were authorised for issue by the Board on 7 November 2025.

2	Accounting policies

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The directors have confirmed that they are willing to support the business in the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years over the estimated useful economic life

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvements	10% straight line
Demo pool	10% straight line
Furniture, fittings and equipment	20% reducing balance and 33% straight line
Motor vehicles	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 15 (2024 - 22).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 March 2024	116,300	116,300
At 28 February 2025	116,300	116,300
Amortisation
At 1 March 2024	116,300	116,300
At 28 February 2025	116,300	116,300
Carrying amount
At 28 February 2025	-	-
At 29 February 2024	-	-

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5	Tangible assets

	Long leasehold land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2024	54,773	47,875	44,591	173,162	320,401
Additions	-	2,365	1,427	16,499	20,291
Disposals	-	-	(35,600)	(28,487)	(64,087)
At 28 February 2025	54,773	50,240	10,418	161,174	276,605
Depreciation
At 1 March 2024	32,802	21,709	39,389	84,359	178,259
Charge for the year	5,477	3,761	1,359	25,602	36,199
Eliminated on disposal	-	-	(33,362)	(25,593)	(58,955)
At 28 February 2025	38,279	25,470	7,386	84,368	155,503
Carrying amount
At 28 February 2025	16,494	24,770	3,032	76,806	121,102
At 29 February 2024	21,971	26,166	5,202	88,803	142,142

Included within the net book value of land and buildings above is £16,494 (2024 - £21,971) in respect of long leasehold land and buildings.
 

6

Stocks

	2025 £	2024 £
Work in progress	61,700	42,500
Finished goods and goods for resale	71,302	94,350
	133,002	136,850

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Debtors

	2025 £	2024 £
Trade debtors	114,760	132,802
Other debtors	41,212	42,392
Prepayments	321	1,401
	156,293	176,595

8

Creditors

Due within one year	Note	2025 £	2024 £
Loans and borrowings	9	117,083	94,105
Trade creditors		208,190	225,004
Social security and other taxes		74,196	149,080
Other creditors		1,820	6,680
Accruals		6,197	5,250
		407,486	480,119
Due after one year
Loans and borrowings	9	75,589	139,427

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	66,964	61,736
Bank overdrafts	34,584	21,901
Hire purchase agreements	15,535	10,468
	117,083	94,105

Cornwall Pools Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	48,057	109,665
Hire purchase agreements	27,532	29,762
	75,589	139,427

The hire purchase agreements are secured by the assets to which they relate.

The bank overdraft is secured by a fixed and floating charge over the company's assets.

10	Related party transactions

Transactions with directors

2025	At 1 March 2024 £	Advances to director £	Repayments by director £	At 28 February 2025 £
N C Brawn
N C and R Brawn	25,896	36,004	(30,409)	31,491

2024	At 1 March 2023 £	Advances to directors £	Repayments by director £	At 29 February 2024 £
N C Brawn N C and R Brawn	28,896	18,736	(21,736)	25,896