Company Registration No. 11149502 (England and Wales)
Schmidt Leisure Limited
Unaudited accounts
for the year ended 31 January 2023
Schmidt Leisure Limited
Unaudited accounts
Contents
Schmidt Leisure Limited
Company Information
for the year ended 31 January 2023
Company Number
11149502 (England and Wales)
Registered Office
Denmark House
143 High Street
Chalfont St Peter
Bucks
SL9 9QL
United Kingdom
Accountants
Lane Accounting Limited
Denmark House
143 High Street
Chalfont St Peter
Buckinghamshire
SL9 9QL
Schmidt Leisure Limited
Statement of financial position
as at 31 January 2023
Tangible assets
575,307
372,623
Cash at bank and in hand
134,127
23,978
Creditors: amounts falling due within one year
(217,913)
(80,429)
Net current assets/(liabilities)
110,004
(18,866)
Total assets less current liabilities
685,311
353,757
Creditors: amounts falling due after more than one year
(639,186)
(351,962)
Called up share capital
1
1
Profit and loss account
46,124
1,794
Shareholders' funds
46,125
1,795
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 October 2023 and were signed on its behalf by
Peter Schmidt
Director
Company Registration No. 11149502
Schmidt Leisure Limited
Notes to the Accounts
for the year ended 31 January 2023
Schmidt Leisure Limited is a private company, limited by shares, registered in England and Wales, registration number 11149502. The registered office is Denmark House , 143 High Street, Chalfont St Peter, Bucks, SL9 9QL, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% per annum of cost
Fixtures & fittings
20% per annum of cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Schmidt Leisure Limited
Notes to the Accounts
for the year ended 31 January 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 February 2022
461,828
6,206
468,034
Additions
700,296
158
700,454
Disposals
(383,296)
-
(383,296)
At 31 January 2023
778,828
6,364
785,192
At 1 February 2022
93,553
1,858
95,411
Charge for the year
155,766
1,273
157,039
On disposals
(42,565)
-
(42,565)
At 31 January 2023
206,754
3,131
209,885
At 31 January 2023
572,074
3,233
575,307
At 31 January 2022
368,275
4,348
372,623
Amounts falling due within one year
Accrued income and prepayments
10,589
9,861
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
41,233
28,365
Trade creditors
72,038
1,834
Loans from directors
99,332
48,931
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £41,233 (2022 - £28,364). The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
Schmidt Leisure Limited
Notes to the Accounts
for the year ended 31 January 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
521,105
245,753
Obligations under finance leases and hire purchase contracts
118,081
106,209
Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £639,186 (2022 - £351,962). The bank loan is secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
At 31 January 2023 Mr P Schmidt was owed £99,332 (2022 - £48,931 by the company. This is an interest bearing loan repayable on demand. Mr Schmidt did not charge interest during the year.
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).