Silverfin false 31/12/2021 31/12/2021 01/01/2021 Minnie Maureen Borer 18/07/2011 Simon John Clark 24/07/1998 15 July 2022 The principal activity of the Company during the financial year was that of the retail of camping equipment and outdoor leisure wear. 03603607 2021-12-31 03603607 bus:Director1 2021-12-31 03603607 bus:Director2 2021-12-31 03603607 2020-12-31 03603607 core:CurrentFinancialInstruments 2021-12-31 03603607 core:CurrentFinancialInstruments 2020-12-31 03603607 core:Non-currentFinancialInstruments 2021-12-31 03603607 core:Non-currentFinancialInstruments 2020-12-31 03603607 core:ShareCapital 2021-12-31 03603607 core:ShareCapital 2020-12-31 03603607 core:RevaluationReserve 2021-12-31 03603607 core:RevaluationReserve 2020-12-31 03603607 core:CapitalRedemptionReserve 2021-12-31 03603607 core:CapitalRedemptionReserve 2020-12-31 03603607 core:RetainedEarningsAccumulatedLosses 2021-12-31 03603607 core:RetainedEarningsAccumulatedLosses 2020-12-31 03603607 core:LandBuildings 2020-12-31 03603607 core:LeaseholdImprovements 2020-12-31 03603607 core:Vehicles 2020-12-31 03603607 core:FurnitureFittings 2020-12-31 03603607 core:ComputerEquipment 2020-12-31 03603607 core:LandBuildings 2021-12-31 03603607 core:LeaseholdImprovements 2021-12-31 03603607 core:Vehicles 2021-12-31 03603607 core:FurnitureFittings 2021-12-31 03603607 core:ComputerEquipment 2021-12-31 03603607 2021-01-01 2021-12-31 03603607 bus:FullAccounts 2021-01-01 2021-12-31 03603607 bus:SmallEntities 2021-01-01 2021-12-31 03603607 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 03603607 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03603607 bus:Director1 2021-01-01 2021-12-31 03603607 bus:Director2 2021-01-01 2021-12-31 03603607 core:LandBuildings core:BottomRangeValue 2021-01-01 2021-12-31 03603607 core:LandBuildings core:TopRangeValue 2021-01-01 2021-12-31 03603607 core:LeaseholdImprovements core:TopRangeValue 2021-01-01 2021-12-31 03603607 core:Vehicles 2021-01-01 2021-12-31 03603607 core:FurnitureFittings 2021-01-01 2021-12-31 03603607 core:ComputerEquipment core:TopRangeValue 2021-01-01 2021-12-31 03603607 2020-01-01 2020-12-31 03603607 core:LandBuildings 2021-01-01 2021-12-31 03603607 core:LeaseholdImprovements 2021-01-01 2021-12-31 03603607 core:ComputerEquipment 2021-01-01 2021-12-31 03603607 core:Non-currentFinancialInstruments 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Company No: 03603607 (England and Wales)

TAUNTON LEISURE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

TAUNTON LEISURE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

TAUNTON LEISURE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2021
TAUNTON LEISURE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2021
DIRECTORS Minnie Maureen Borer
Simon John Clark
SECRETARY Jill Clark
REGISTERED OFFICE Victoria House
Victoria Street
Taunton
TA1 3FA
United Kingdom
COMPANY NUMBER 03603607 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
TAUNTON LEISURE LIMITED

BALANCE SHEET

As at 31 December 2021
TAUNTON LEISURE LIMITED

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 1,152,895 1,137,871
1,152,895 1,137,871
Current assets
Stocks 1,586,759 1,248,109
Debtors 4 581,662 737,100
Cash at bank and in hand 2,378,245 1,984,433
4,546,666 3,969,642
Creditors
Amounts falling due within one year 5 ( 1,840,157) ( 1,731,371)
Net current assets 2,706,509 2,238,271
Total assets less current liabilities 3,859,404 3,376,142
Creditors
Amounts falling due after more than one year 6 ( 69,447) ( 192,021)
Provisions for liabilities ( 31,243) ( 26,879)
Net assets 3,758,714 3,157,242
Capital and reserves
Called-up share capital 808,786 808,786
Revaluation reserve 432,635 441,702
Capital redemption reserve 808,784 808,784
Profit and loss account 1,708,509 1,097,970
Total shareholder's funds 3,758,714 3,157,242

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Taunton Leisure Limited (registered number: 03603607) were approved and authorised for issue by the Board of Directors on 15 July 2022. They were signed on its behalf by:

Simon John Clark
Director
TAUNTON LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
TAUNTON LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
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

Taunton Leisure 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 Victoria House, Victoria Street, Taunton, TA1 3FA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Leasehold improvements 20 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

In 2016 the company took advantage of the provision available during the transition to FRS102 to revalue its Freehold property, and to use this valuation as the deemed cost to be depreciated in future accounting periods.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the
creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 33

3. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2021 1,161,430 33,017 44,023 233,897 129,364 1,601,731
Additions 0 8,937 54,978 10,651 2,751 77,317
Disposals 0 0 0 ( 138,616) 0 ( 138,616)
At 31 December 2021 1,161,430 41,954 99,001 105,932 132,115 1,540,432
Accumulated depreciation
At 01 January 2021 115,038 15,809 37,856 203,522 91,635 463,860
Charge for the financial year 19,173 1,817 6,123 5,803 21,839 54,755
Disposals 0 0 0 ( 131,078) 0 ( 131,078)
At 31 December 2021 134,211 17,626 43,979 78,247 113,474 387,537
Net book value
At 31 December 2021 1,027,219 24,328 55,022 27,685 18,641 1,152,895
At 31 December 2020 1,046,392 17,208 6,167 30,375 37,729 1,137,871

Included within the net book value of land and buildings above is £790,003 (2020 - £804,802) in respect of freehold land and buildings and £237,216 (2020 - £241,590) in respect of long leasehold land and buildings.

Revaluation of tangible assets

The fair value of the company's Land and Buildings was revalued on 22 March 2016 by an independent valuer.
The properties were revalued at a market value of £1,137,500 using market based evidence for company accounts purposes. The name and qualification of the independent valuer are David White BSc FRICS, registered valuer, of Hatfield White.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £586,414 (2020 - £596,330).

4. Debtors

2021 2020
£ £
Trade debtors 3,369 4,041
Amounts owed by Group undertakings 558,303 699,325
Other debtors 19,990 33,734
581,662 737,100

5. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 122,574 122,574
Trade creditors 1,300,877 963,190
Other creditors 225,796 196,008
Corporation tax 133,377 99,131
Other taxation and social security 57,533 350,468
1,840,157 1,731,371

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

2021 2020
£ £
Bank loans 69,447 192,021

The bank loan is denominated in GBP with a nominal interest rate of 3.45%, and the final instalment is due on 30 April 2023. The carrying amount at year end is £192,021 (2020 - £314,595).

The bank loan is secured against the company's freehold property.

7. Off Balance Sheet arrangements

Since the year end the company has renewed the lease on its leasehold premises. The total financial commitment not included in the balance sheet to the next available break date is £62,400.

8. Ultimate controlling party

Parent Company:

Taunton Leisure (Holdings) Limited