REGISTERED NUMBER: 05812497 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

ELITE SWIM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J Copley

Miss N Middleton-Groom

SECRETARY:

Miss N Middleton-Groom

REGISTERED OFFICE:

42 Huddersfield Road

Barnsley

South Yorkshire

S75 1DW

REGISTERED NUMBER:

05812497 (England and Wales)

ACCOUNTANTS:

Cameron Alexander Accountants Limited

Chartered Certified Accountants

42 Huddersfield Road

Barnsley

South Yorkshire

S75 1DW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,205

4,449

3,205

4,449

CURRENT ASSETS

Stocks

20,000

33,213

Debtors

6

1,990

29,712

Cash at bank

8,589

6,661

30,579

69,586

CREDITORS

Amounts falling due within one year

7

49,687

50,811

NET CURRENT (LIABILITIES)/ASSETS

(19,108

)

18,775

TOTAL ASSETS LESS CURRENT LIABILITIES

(15,903

)

23,224

CREDITORS

Amounts falling due after more than one year

8

(19,062

)

(21,768

)

PROVISIONS FOR LIABILITIES

-

(890

)

NET (LIABILITIES)/ASSETS

(34,965

)

566

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(34,967

)

564

SHAREHOLDERS' FUNDS

(34,965

)

566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 1 August 2017 and were signed on its behalf by:

Miss N Middleton-Groom - Director

1.	STATUTORY INFORMATION

Elite Swim Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

5,500

AMORTISATION

At 1 June 2016

and 31 May 2017

5,500

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

17,798

Additions

25

Disposals

(1,500

)

At 31 May 2017

16,323

DEPRECIATION

At 1 June 2016

13,349

Charge for year

1,069

Eliminated on disposal

(1,300

)

At 31 May 2017

13,118

NET BOOK VALUE

At 31 May 2017

3,205

At 31 May 2016

4,449

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

1,979

25,004

Other debtors

11

4,708

1,990

29,712

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

3,600

3,695

Trade creditors

20,103

18,063

Taxation and social security

-

1,196

Other creditors

25,984

27,857

49,687

50,811

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans

19,062

21,768

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

19,062

21,768

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank overdraft

-

95

Bank loans

22,662

25,368

22,662

25,463

The bank loan is secured by a personal guarantee from J Copley & N Groom.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Miss N Middleton-Groom.