Company No: 12883012 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	24,500		25,670
		24,500		25,670
Current assets
Stocks	4	178,279		190,126
Debtors	5	28,752		27,795
Cash at bank and in hand		3,661		30,332
		210,692		248,253
Creditors: amounts falling due within one year	6	( 79,446)		( 94,337)
Net current assets		131,246		153,916
Total assets less current liabilities		155,746		179,586
Creditors: amounts falling due after more than one year	7	( 277,116)		( 301,393)
Net liabilities		( 121,370)		( 121,807)
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		( 121,372 )		( 121,809 )
Total shareholders' deficit		( 121,370)		( 121,807)

For the financial year ending 30 April 2026 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 Mad Water Sports Limited (registered number: 12883012) were approved and authorised for issue by the Board of Directors on 14 October 2026. They were signed on its behalf by:

L A Kirk 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

Mad Water Sports 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 15 Dunveth Business Park, West Hill, Wadebridge, PL27 7FE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and 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 assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £121,370. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of water sports equipment is recognised when the goods are physically delivered to the customer.

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 reducing balance basis over its expected useful life, as follows:

Vehicles	15 % reducing balance
Fixtures and fittings	20 % reducing balance
Office equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Tangible assets

	Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 May 2025	33,897		2,274		6,220		42,391
Additions	1,989		0		1,284		3,273
At 30 April 2026	35,886		2,274		7,504		45,664
Accumulated depreciation
At 01 May 2025	12,633		1,342		2,746		16,721
Charge for the financial year	3,412		187		844		4,443
At 30 April 2026	16,045		1,529		3,590		21,164
Net book value
At 30 April 2026	19,841		745		3,914		24,500
At 30 April 2025	21,264		932		3,474		25,670

4. Stocks

	2026		2025
	£		£
Stocks	178,279		190,126

5. Debtors

	2026		2025
	£		£
Trade debtors	3,242		1,491
Other debtors	25,510		26,304
	28,752		27,795

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank overdrafts	3,923		0
Trade creditors	49,718		73,166
Other taxation and social security	13,461		6,327
Obligations under finance leases and hire purchase contracts	5,720		5,720
Other creditors	6,624		9,124
	79,446		94,337

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

	2026		2025
	£		£
Obligations under finance leases and hire purchase contracts	377		6,096
Other creditors	276,739		295,297
	277,116		301,393

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2