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Registration number: 4706070

Express Leisure (Newark) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2022

 

Express Leisure (Newark) Limited

Directors' Report for the Year Ended 31 March 2022

The directors present their report and the abridged financial statements for the year ended 31 March 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr Tavis Kirk

Mr David Kirk

Principal activity

The principal activity of the company is Motorkart Race Track

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

.........................................
Mr Tavis Kirk
Director

 

Express Leisure (Newark) Limited

(Registration number: 4706070)
Abridged Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

129,588

117,502

Current assets

 

Stocks

6

9,275

11,621

Debtors

-

5,023

Cash at bank and in hand

 

44,217

10,095

 

53,492

26,739

Prepayments and accrued income

 

5,590

4,955

Creditors: Amounts falling due within one year

(49,067)

(29,590)

Net current assets

 

10,015

2,104

Total assets less current liabilities

 

139,603

119,606

Creditors: Amounts falling due after more than one year

(95,398)

(94,878)

Provisions for liabilities

(13,656)

(7,556)

Accruals and deferred income

 

(1,200)

(1,200)

Net assets

 

29,349

15,972

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

28,349

14,972

Shareholders' funds

 

29,349

15,972

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Express Leisure (Newark) Limited

(Registration number: 4706070)
Abridged Balance Sheet as at 31 March 2022

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

.........................................
Mr Tavis Kirk
Director

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Circuit
Drove Lane
Winthorpe
Newark
Nottinghamshire
NG24 2RB

These financial statements were authorised for issue by the Board on 9 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Trade 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

15,301

10,753

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

57,711

129,895

4,250

191,856

Additions

-

6,385

22,235

28,620

Disposals

-

-

(4,250)

(4,250)

At 31 March 2022

57,711

136,280

22,235

216,226

Depreciation

At 1 April 2021

-

71,337

3,017

74,354

Charge for the year

-

9,742

5,559

15,301

Eliminated on disposal

-

-

(3,017)

(3,017)

At 31 March 2022

-

81,079

5,559

86,638

Carrying amount

At 31 March 2022

57,711

55,201

16,676

129,588

At 31 March 2021

57,711

58,558

1,233

117,502

Included within the net book value of land and buildings above is £57,711 (2021 - £57,711) in respect of freehold land and buildings.
 

6

Stocks

2022
£

2021
£

Merchandise

9,275

11,621

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

8

Related party transactions

 

Express Leisure (Newark) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

21,380

17,346