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COMPANY REGISTRATION NUMBER: 05363147
Ideal Leisure Limited
Filleted Unaudited Abridged Financial Statements
31 March 2018
Ideal Leisure Limited
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
FIXED ASSETS
Tangible assets
4
900,441
902,170
Investments
5
103
103
---------
---------
900,544
902,273
CURRENT ASSETS
Debtors
507,969
541,365
Cash at bank and in hand
4,669
---------
---------
507,969
546,034
CREDITORS: amounts falling due within one year
619,826
950,017
---------
---------
NET CURRENT LIABILITIES
111,857
403,983
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
788,687
498,290
CREDITORS: amounts falling due after more than one year
221,807
200,636
PROVISIONS
149,057
149,057
---------
---------
NET ASSETS
417,823
148,597
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
390,712
390,712
Profit and loss account
27,011
( 242,215)
---------
---------
SHAREHOLDERS FUNDS
417,823
148,597
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Ideal Leisure Limited
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
M Boyle
Director
Company registration number: 05363147
Ideal Leisure Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit L, Building 9 Swanwick Shore, Swanwick, Southampton, SO31 1ZL.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revaluation of tangible fixed assets Properties are revalued based on open market value by the director.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
3/625 Straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Office Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. TANGIBLE ASSETS
£
Cost
At 1 April 2017
927,475
Additions
4,373
---------
At 31 March 2018
931,848
---------
Depreciation
At 1 April 2017
25,305
Charge for the year
6,102
---------
At 31 March 2018
31,407
---------
Carrying amount
At 31 March 2018
900,441
---------
At 31 March 2017
902,170
---------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 March 2018
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 31 March 2017
Aggregate cost
525,586
Aggregate depreciation
(28,688)
---------
Carrying value
496,898
---------
5. INVESTMENTS
£
Cost
At 1 April 2017 and 31 March 2018
103
----
Impairment
At 1 April 2017 and 31 March 2018
----
Carrying amount
At 31 March 2018
103
----
At 31 March 2017
103
----
6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
All transactions undertaken by the company with companies that the director has an interest in are considered to be at an arms length basis and are of a trading nature.
7. CONTROLLING PARTY
The ultimate controlling party is considered to be M Boyle by virtue of his 100% interest in the issued ordinary share capital of the company.