Hydropool Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10476744 (England and Wales)

Financial Statements for the Year Ended 30 September 2018

for

Hydropool Europe Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A Lovallo

G R Meisenzahl

K Teague

REGISTERED OFFICE:

c/o Pramex International Ltd

8th Floor South

11 Old Jewry

London

EC2R 8DU

REGISTERED NUMBER:

10476744 (England and Wales)

AUDITORS:

HB Accountants

Amwell House

19 Amwell Street

Hoddesdon

Hertfordshire

EN11 8TS

FIXED ASSETS

Tangible assets

4

39,755

51,595

CURRENT ASSETS

Stocks

631,750

603,953

Debtors

5

289,841

218,781

Cash at bank

65,562

104,574

987,153

927,308

CREDITORS

Amounts falling due within one year

6

983,859

1,046,220

NET CURRENT ASSETS/(LIABILITIES)

3,294

(118,912

)

TOTAL ASSETS LESS CURRENT LIABILITIES

43,049

(67,317

)

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

42,949

(67,417

)

SHAREHOLDERS' FUNDS

43,049

(67,317

)

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 31 July 2019 and were signed on its behalf by:

K Teague - Director

1.	STATUTORY INFORMATION

Hydropool Europe Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

All amounts are rounded to the nearest £.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Turnover is recognised in line with section 23 with FRS102 when all conditions for the sale of

goods are met. Any payment received in advance from customers is not recognised in the

turnover figures for the period, these amounts are included as 'Customer deposits' within the

Creditors due within 1 year.

Tangible fixed assets

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

Land and buildings

-

20% on cost

Plant and machinery etc

-

33% on cost and 20% on cost

Stocks

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

for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’

and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial

instruments.

Financial instruments are recognised in the company's balance sheet when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements , when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include supplier deposits, prepayments, cash and bank

balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method unless the

arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets

classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, customer deposits, accruals and loans from

fellow group companies are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present

value of the future payments discounted at a market rate of interest. Financial liabilities

classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Amounts payable are classified as current

liabilities if payment is due within one year or less. If not, they are presented as non-current

liabilities. Trade creditors are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of

exchange ruling at the statement of financial position date. Transactions in foreign

currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company is dependant upon the continued financial support of its parent company

which has undertaken to financially support the company for the next 12 months and the

foreseeable future. The financial statements have therefore been prepared on a going

concern basis.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense,

unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the

employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is

demonstrably committed to terminate the employment of an employee or to provide

termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2017

31,324

26,831

58,155

Additions

255

-

255

At 30 September 2018

31,579

26,831

58,410

DEPRECIATION

At 1 October 2017

4,026

2,534

6,560

Charge for year

6,520

5,575

12,095

At 30 September 2018

10,546

8,109

18,655

NET BOOK VALUE

At 30 September 2018

21,033

18,722

39,755

At 30 September 2017

27,298

24,297

51,595

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

69,872

-

Amounts owed by group undertakings

8,845

7,700

Other debtors

113,700

113,700

VAT

-

19,682

Prepayments

97,424

77,699

289,841

218,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade creditors

55,956

92,992

Amounts owed to group undertakings

767,508

898,862

Tax

30,598

-

Social security and other taxes

7,743

5,114

VAT

20,565

-

Other creditors

-

1,188

Customer deposits

78,750

33,823

Pension

1,344

-

Accruals and deferred income

21,395

14,241

983,859

1,046,220

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.18

30.9.17

£

£

Within one year

215,000

215,000

Between one and five years

483,750

698,750

698,750

913,750

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.18

30.9.17

value:

£

£

100

Ordinary

£1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Grover (Senior Statutory Auditor)

for and on behalf of HB Accountants

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland', not to disclose related party transactions with wholly owned subsidiaries within the

group.

11.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Hydropool Inc, a company incorporated in Canada.

Hydropool Inc prepare consolidated financial statements and copies can be obtained from its

registered office address - 335 Superior Blvd, Mississauga, ON L5T 2L6 CANADA.

The ultimate parent company is Jupiter Holidng Corp, a company registered the the USA.