ACCOUNTS - Final Accounts preparation

Registered number: 10066675

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2025

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REGISTERED NUMBER:10066675

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	83,644		16,799
Cash at bank and in hand	6	115,331		103,627
		198,975		120,426
Creditors: amounts falling due within one year	7	(198,975)		(120,426)
Net current assets			-		-
Total assets less current liabilities			-		-

Net assets			-		-

Capital and reserves
	-	-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr G T Ayling

Director

Date: 19 March 2026

The notes on pages 2 to 5 form part of these financial statements.

Page 1

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	GENERAL INFORMATION

The company is limited by guarantee, incorporated in England within the United Kingdom. The registered office is Mount Kelly Foundation, Parkwood Road, Tavistock, Devon, PL19 0HZ.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The directors have witnessed a 10% decrease in footfall which has seen a corresponding decline in revenues across the year. However, the directors continue to risk assess the commercial swimming environment and have explored new business opportunities utilising the current business structure. It is anticipated these new revenue generating initiatives will compensate for the income reduction, which is perceived to be as a result of a challenging wider economic environment.
The Mount Kelly Foundation will continue to provide grant support for the foreseeable future. As such, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2025 was unqualified.

The audit report was signed on 24 April 2026 by Nathan Coughlin BSc FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 33 (2024: 30).

DEBTORS

					2025	2024
					£	£


Trade debtors	16,096	10,913
Amounts owed by group undertakings	60,390	-
Prepayments and accrued income	7,158	5,886
	83,644	16,799

6.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

	Cash at bank and in hand	115,331	103,627

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	6,235	4,618
Amounts owed to group undertakings	111,659	39,926
Accruals and deferred income	81,081	75,882
	198,975	120,426


8.	COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 4

MOUNT KELLY SWIMMING LIMITED

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

9.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,159 (2024: £10,677). No contributions were payable to the fund at the reporting date (2024: £nil).

10.	RELATED PARTY TRANSACTIONS

As the company is a wholly owned subsidiary of The Mount Kelly Foundation, the company has taken exemption under FRS 102 1AC.35 in not disclosing related party transactions with the parent entity.

11.	CONTROLLING PARTY

The ultimate parent entity is The Mount Kelly Foundation , a registered charity. Consolidated financial statements are prepared by the charity and are available from its registered office at Mount Kelly, Parkwood Road, Tavistock, Devon, PL19 0HZ.

Page 5