Company Registration No. 03799654 (England and Wales)
CLIFFORDS LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
CLIFFORDS LEISURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CLIFFORDS LEISURE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
573,180
299,868
573,180
299,868
Current assets
Stocks
41,816
33,502
Debtors
4
88,157
146,520
Cash at bank and in hand
67,860
228,994
197,833
409,016
Creditors: amounts falling due within one year
5
(1,005,277)
(959,163)
Net current liabilities
(807,444)
(550,147)
Total assets less current liabilities
(234,264)
(250,279)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(234,266)
(250,281)
Total equity
(234,264)
(250,279)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
SW Orrin
Director
Company Registration No. 03799654
CLIFFORDS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Cliffords Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Pratts Farm Cottages, Pratts Farm Lane, Little Waltham, Chelmsford, Essex, CM3 3PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a subsidiary of Cliffords Limited qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At 30 June 2023, the company had net liabilities of £234,264true. The financial statements have been prepared on a going concern basis, which assumes the continued financial support of the immediate parent company, Cliffords Limited. This company has confirmed that they will continue to provide the company with adequate financial support to enable it to continue to trade as a going concern for at least 12 months from the date of these financial statements. After making appropriate enquiries, the Directors have satisfied themselves that such support is likely to be available and hence have concluded the going concern basis is appropriate.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Deposits received for events are included in the turnover at the date the event takes place.
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.
1.4
Tangible fixed assets
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:
Plant and machinery
5 - 10 years straight line
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.
CLIFFORDS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and net realisable value. 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.
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 Section 1A to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CLIFFORDS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Employee benefits
The 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.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.11
Key management staff and directors of the former Cliffords Limited Group now split their time between a number of the demerged companies, which all remain under common control.
The related employment costs are initially borne by Cliffords Limited then re-charged to each of the relevant companies on an estimated time spent basis by way of a Management Charge. These accounts include this Company’s proportion of the Management Charges, which are treated as a cost in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2022: 23).
CLIFFORDS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2022
441,505
Additions
354,138
At 30 June 2023
795,643
Depreciation and impairment
At 1 July 2022
141,636
Depreciation charged in the year
80,827
At 30 June 2023
222,463
Carrying amount
At 30 June 2023
573,180
At 30 June 2022
299,868
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,530
25,713
Other debtors
70,627
120,807
88,157
146,520
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,252
96,872
Amounts due to parent undertakings
566,227
60,059
Other taxation and social security
99,161
74,738
Other creditors
235,637
727,494
1,005,277
959,163
CLIFFORDS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Related party transactions
At the year end, the company owed £566,227 (2022: £60,059) to its immediate parent company and £nil (2022: £520,054) to companies under common control. Both of these amounts are included within creditors in the notes to the financial statements.
At the year end, the company was owed £nil (2022: £63,700) from companies under common control. This amount is included within debtors in the notes to the financial statements.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total commitments
229,497
58,508
8
Parent company
For this year and the preceding period, the immediate parent company was Cliffords Limited, a company registered in England and Wales.
The ultimate parent undertaking was Stubbings Holdings Limited, a company registered in England and Wales.