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COMPANY REGISTRATION NUMBER: 07536207
Paradise Leisure Limited
Filleted Unaudited Financial Statements
31 January 2023
Paradise Leisure Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Paradise Leisure Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Paradise Leisure Limited
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paradise Leisure Limited for the year ended 31 January 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Paradise Leisure Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Paradise Leisure Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paradise Leisure Limited and its director for our work or for this report.
It is your duty to ensure that Paradise Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Paradise Leisure Limited. You consider that Paradise Leisure Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Paradise Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
6 October 2023
Paradise Leisure Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,373,028
1,420,620
Current assets
Stocks
22,900
22,900
Debtors
7
4,074
Cash at bank and in hand
23,943
39,771
--------
--------
50,917
62,671
Creditors: amounts falling due within one year
8
1,293,904
1,341,007
------------
------------
Net current liabilities
1,242,987
1,278,336
------------
------------
Total assets less current liabilities
130,041
142,284
Creditors: amounts falling due after more than one year
9
24,167
34,167
Provisions
10,595
10,595
---------
---------
Net assets
95,279
97,522
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
94,279
96,522
--------
--------
Shareholders funds
95,279
97,522
--------
--------
These 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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 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 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 financial statements .
Paradise Leisure Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr R Townsley
Director
Company registration number: 07536207
Paradise Leisure Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Paradise Lakeside Lodges, Storwood, York, YO42 4TD.
2. Statement of compliance
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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
-
2% straight line
Site fixtures and fittings
-
20% straight line
Log cabins and pods
-
10% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Log cabins and pods fixtures
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
240,000
---------
Amortisation
At 1 February 2022 and 31 January 2023
240,000
---------
Carrying amount
At 31 January 2023
---------
At 31 January 2022
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Site fixtures and fittings
Total
£
£
£
£
£
£
Cost
At 1 Feb 2022
1,998,052
39,792
6,958
564
258,097
2,303,463
Additions
2,413
608
615
2,500
6,136
------------
--------
-------
-------
---------
------------
At 31 Jan 2023
2,000,465
40,400
6,958
1,179
260,597
2,309,599
------------
--------
-------
-------
---------
------------
Depreciation
At 1 Feb 2022
780,641
36,975
6,220
564
58,443
882,843
Charge for the year
40,607
741
185
186
12,009
53,728
------------
--------
-------
-------
---------
------------
At 31 Jan 2023
821,248
37,716
6,405
750
70,452
936,571
------------
--------
-------
-------
---------
------------
Carrying amount
At 31 Jan 2023
1,179,217
2,684
553
429
190,145
1,373,028
------------
--------
-------
-------
---------
------------
At 31 Jan 2022
1,217,411
2,817
738
199,654
1,420,620
------------
--------
-------
-------
---------
------------
7. Debtors
2023
2022
£
£
Other debtors
4,074
-------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
649
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,229,295
1,293,645
Corporation tax
10,601
15,518
Social security and other taxes
4,130
Other creditors
43,359
17,714
------------
------------
1,293,904
1,341,007
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,167
34,167
--------
--------
10. Director's advances, credits and guarantees
The amount owed to Mr R Townsley , director, as at 31 January 2023 amounted to £ 40,359 (2022 : £12,051).
11. Related party transactions
The amount owed to Townsley Leisure Parks Limi ted as at 31 January 2023 amounted to £ 1,229,295 (2022 : £1,293,643).
12. Controlling party
The company is owned by Townsley Leisure Parks Limited , a company registered in England and Wales.