R V SMITH LEISURE LTD.

Company Registration Number:
00724766 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

R V SMITH LEISURE LTD.

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

R V SMITH LEISURE LTD.

Balance sheet

As at 31 December 2022


Notes

2022

9 months to 31 December 2021


£

£
Fixed assets
Intangible assets: 3 18,216 26,303
Tangible assets: 4 103,453 63,697
Total fixed assets: 121,669 90,000
Current assets
Stocks: 1,094,457 897,252
Debtors:   729,247 793,829
Cash at bank and in hand: 7,130 6,242
Total current assets: 1,830,834 1,697,323
Creditors: amounts falling due within one year:   (891,450) (602,852)
Net current assets (liabilities): 939,384 1,094,471
Total assets less current liabilities: 1,061,053 1,184,471
Creditors: amounts falling due after more than one year:   (642,182) (726,089)
Total net assets (liabilities): 418,871 458,382
Capital and reserves
Called up share capital: 750,000 750,000
Profit and loss account: (331,129) (291,618)
Shareholders funds: 418,871 458,382

The notes form part of these financial statements

R V SMITH LEISURE LTD.

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 September 2023
and signed on behalf of the board by:

Name: A Walder-Smith
Status: Director

The notes form part of these financial statements

R V SMITH LEISURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Improvements to property - 10% straight linePlant, vehicles and equipment - 25% on reducing balance and at variable rates 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 .

Intangible fixed assets and amortisation policy

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Website - 20% straight line

Valuation and information policy

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.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.

Other accounting policies

Employee benefitsThe 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.

R V SMITH LEISURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 9 months to 31 December 2021
Average number of employees during the period 12 12

R V SMITH LEISURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible Assets

Total
Cost £
At 01 January 2022 64,649
At 31 December 2022 64,649
Amortisation
At 01 January 2022 38,346
Charge for year 8,087
At 31 December 2022 46,433
Net book value
At 31 December 2022 18,216
At 31 December 2021 26,303

R V SMITH LEISURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Tangible Assets

Total
Cost £
At 01 January 2022 129,956
Additions 47,875
At 31 December 2022 177,831
Depreciation
At 01 January 2022 66,259
Charge for year 8,119
At 31 December 2022 74,378
Net book value
At 31 December 2022 103,453
At 31 December 2021 63,697