Company No: 02454921 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	494,864		492,226
		494,864		492,226
Current assets
Stocks		65,000		67,500
Debtors	4	24,921		18,886
Cash at bank and in hand		730		( 401)
		90,651		85,985
Creditors: amounts falling due within one year	5	( 358,401)		( 325,408)
Net current liabilities		(267,750)		(239,423)
Total assets less current liabilities		227,114		252,803
Creditors: amounts falling due after more than one year	6	( 266,630)		( 197,652)
Provision for liabilities		( 39,174)		( 62,505)
Net liabilities		( 78,690)		( 7,354)
Capital and reserves
Called-up share capital	7	300		300
Share premium account		79,749		79,749
Profit and loss account		( 158,739 )		( 87,403 )
Total shareholders' deficit		( 78,690)		( 7,354)

For the financial year ending 31 October 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Lagoon Watersports Limited (registered number: 02454921) were approved and authorised for issue by the Board of Directors on 30 July 2026. They were signed on its behalf by:

H R Dawkins Director

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.

Post year end the continued cost management along with a focus on profitable areas of the business have resulted in positive results in terms of profitability and cash management.

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 etc.	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

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		20

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 November 2024	372,894		1,053,436		1,426,330
Additions	0		80,600		80,600
Disposals	( 475)		( 52,567)		( 53,042)
At 31 October 2025	372,419		1,081,469		1,453,888
Accumulated depreciation
At 01 November 2024	303,016		631,088		934,104
Charge for the financial year	3,466		67,197		70,663
Disposals	( 190)		( 45,553)		( 45,743)
At 31 October 2025	306,292		652,732		959,024
Net book value
At 31 October 2025	66,127		428,737		494,864
At 31 October 2024	69,878		422,348		492,226

4. Debtors

	2025		2024
	£		£
Trade debtors	24,921		18,886

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	64,674		23,061
Trade creditors	19,595		30,717
Other taxation and social security	22,745		42,452
Other creditors	251,387		229,178
	358,401		325,408

Bank loans included in the above totalling £19,646 are secured against a personal asset of one of the Directors.

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

	2025		2024
	£		£
Bank loans (secured)	155,543		129,119
Obligations under finance leases and hire purchase contracts	36,885		0
Other creditors	74,202		68,533
	266,630		197,652

Included in the above are bank loans totalling £77,506 which are secured against a personal asset of one of the Directors and £49,002 which is secured by personal guarantees from the Directors.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
3,000 Ordinary shares shares of £ 0.10 each	300		300