Registered number
02809399
Corrib Leisure (UK) Limited
Filleted Accounts
30 June 2023
Corrib Leisure (UK) Limited
Registered number: 02809399
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 4 370,000 340,000
Current assets
Cash at bank and in hand 41,433 36,921
Creditors: amounts falling due within one year 5 (6,687) (5,337)
Net current assets 34,746 31,584
Net assets 404,746 371,584
Capital and reserves
Called up share capital 300 300
Revaluation reserve 6 280,310 250,310
Profit and loss account 124,136 120,974
Shareholders' funds 404,746 371,584
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. D. Hunter
Director
Approved by the board on 24 October 2023
Corrib Leisure (UK) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Investments
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Changes in Equity in the period in which they arise.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 800
At 30 June 2023 800
Depreciation
At 1 July 2022 800
At 30 June 2023 800
Net book value
At 30 June 2023 -
4 Investments
Other
investments
£
Investment Properties
At 1 July 2022 340,000
Revaluation 30,000
At 30 June 2023 370,000
Historical cost
At 1 July 2022 89,690
At 30 June 2023 89,690
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 714 714
Taxation and social security costs 4,964 3,938
Other creditors 1,009 685
6,687 5,337
6 Revaluation reserve 2023 2022
£ £
At 1 July 2022 250,310 234,310
Gain on revaluation of land and buildings 30,000 16,000
At 30 June 2023 280,310 250,310
7 Share capital Nominal 2023 2023 2022
Value Number £ £
Allotted, called up and fully paid: £1 each 300 300 300
8 Controlling party
The company is controlled by the director.
9 Other information
Corrib Leisure (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Richmond Park,
Liverpool,
Merseyside,
L6 5AD.
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