2021-04-012022-03-312022-03-31false09526458Sellers Leisure 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Sellers Leisure Limited

Registered Number
09526458
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2022

Sellers Leisure Limited
Company Information
for the year from 1 April 2021 to 31 March 2022

Directors

SELLERS, Christine Ann
SELLERS, Mark
SELLERS, Samson
SELLERS, Samson
SELLERS, William

Registered Address

Thriftwood Country Park Plaxdale Green Road
Stansted
Sevenoaks
TN15 7PB

Registered Number

09526458 (England and Wales)
Sellers Leisure Limited
Statement of Financial Position
31 March 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Intangible assets5109,945149,945
Tangible assets66,643,9126,352,970
6,753,8576,502,915
Current assets
Stocks11309,332592,596
Debtors12147,172151,724
Cash at bank and on hand510,168917,297
966,6721,661,617
Creditors amounts falling due within one year13(1,455,134)(2,002,354)
Net current assets (liabilities)(488,462)(340,737)
Total assets less current liabilities6,265,3956,162,178
Creditors amounts falling due after one year14(2,749,034)(2,903,635)
Provisions for liabilities15(71,000)(64,161)
Net assets3,445,3613,194,382
Capital and reserves
Called up share capital1,501,0001,501,000
Profit and loss account1,944,3611,693,382
Shareholders' funds3,445,3613,194,382
The financial statements were approved and authorised for issue by the Board of Directors on 9 September 2022, and are signed on its behalf by:
SELLERS, Mark
Director
Registered Company No. 09526458
Sellers Leisure Limited
Notes to the Financial Statements
for the year ended 31 March 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’; residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Freehold property - 2% straight line Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance Fixtures and fittings - 15% reducing balance Office equipment - 3 years straight line Other assets - 10% straight line
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20222021
Average number of employees during the year1818
5.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 April 21200,10026,612226,712
At 31 March 22200,10026,612226,712
Amortisation and impairment
At 01 April 2176,767-76,767
Charge for year40,000-40,000
At 31 March 22116,767-116,767
Net book value
At 31 March 2283,33326,612109,945
At 31 March 21123,33326,612149,945
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 216,322,05984,87691,237116,13650,6706,664,978
Additions267,86523,653158,56116,23919,306485,624
Disposals--(55,431)-(1,232)(56,663)
At 31 March 226,589,924108,529194,367132,37568,7447,093,939
Depreciation and impairment
At 01 April 21165,74953,27826,45041,68924,842312,008
Charge for year78,07911,63123,59812,86616,531142,705
On disposals--(4,619)-(67)(4,686)
At 31 March 22243,82864,90945,42954,55541,306450,027
Net book value
At 31 March 226,346,09643,620148,93877,82027,4386,643,912
At 31 March 216,156,31031,59864,78774,44725,8286,352,970
7.Description of financial commitments other than capital commitments
At 31 March 2022 the company had future minimum lease payments due under non-cancellable operating leases totalling £3,189 (2021 - £6,378).
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £10,222 (2021 - £3,193).
9.Description of event after reporting date
On 11 March 2020, the World Health Organisation declared the COVID-19 virus a pandemic, following which a series of new measures were implemented by the Government in United Kingdom, together with other countries in the world. In light of COVID-19, management have reviewed the current business status and have no intentions of ceasing the company or liquidating, nor do they believe that there are any material uncertainties that cast significant doubt on the company's ability to trade post year end. As such, they have deemed the going concern basis of preparation of the financial statements to be appropriate. During the year the company took advantage of the support provided by the Government and furloughed certain staff under the Coronavirus Job Retention Scheme. They also received discretionary grants from local councils.
10.Further information regarding the company's financial position
In respect of these Financial Statements the comparative income statement has had £10,560 moved from administrative expenses to interest payable and similar charges, £8,316 moved from administrative expenses to gain on disposal of assets and £55,563 moved from administrative expenses to distribution costs. These reclassifications have not affected the reported profit position which remains the same.
11.Stocks
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.

2022

2021

££
Other stocks309,332592,596
Total309,332592,596
12.Debtors

2022

2021

££
Trade debtors / trade receivables110,75459,750
Other debtors12,38917,963
Prepayments and accrued income24,02974,011
Total147,172151,724
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
13.Creditors within one year

2022

2021

££
Trade creditors / trade payables7,521202,555
Bank borrowings and overdrafts213,237208,006
Taxation and social security136,401178,488
Finance lease and HP contracts6,4816,481
Other creditors675,130981,896
Accrued liabilities and deferred income416,364424,928
Total1,455,1342,002,354
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans are secured by means of a fixed charge over certain freehold and leasehold land and a floating charge over the remaining assets of the company. Obligations under finance leases and hire purchase contracts are secured against the asset to which they relate.
14.Creditors after one year

2022

2021

££
Bank borrowings and overdrafts2,742,5532,890,673
Other creditors6,48112,962
Total2,749,0342,903,635
Long term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans are secured by means of a fixed charge over certain freehold and leasehold land and a floating charge over the remaining assets of the company. Obligations under finance leases and hire purchase contracts are secured against the asset to which they relate. The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is: £1,889,604 (2021 - £2,058,649).
15.Provisions for liabilities
The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

2022

2021

££
Net deferred tax liability (asset)71,00064,161
Total71,00064,161