Company registration number 10020791 (England and Wales)
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
679,312
840,089
Current assets
Stocks
4,432
5,525
Debtors
5
134,017
134,191
Cash at bank and in hand
408,598
917,425
547,047
1,057,141
Creditors: amounts falling due within one year
6
(584,605)
(677,376)
Net current (liabilities)/assets
(37,558)
379,765
Total assets less current liabilities
641,754
1,219,854
Creditors: amounts falling due after more than one year
7
(308,611)
(700,852)
Provisions for liabilities
(121,682)
(115,531)
Net assets
211,461
403,471
Capital and reserves
Called up share capital
211
211
Share premium account
11,356
11,356
Profit and loss reserves
199,894
391,904
Total equity
211,461
403,471
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 31 March 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
C B Walthew
Director
Company Registration No. 10020791
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Walthew Leisure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 34 Clifton Road Industrial Estate, Clifton Road, Cambridge, Cambs, CB1 7EB.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Change in accounting estimate
The Plant and Machinery depreciation accounting policy has changed from being straight line over 7 years, to 10 years. The directors conclude that this is a more accurate representation of the useful life of the Companies climbing walls.
1.3
Turnover
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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Leasehold improvements
20% reducing balance basis
Plant and equipment
10 years straight line basis
Fixtures and fittings
20% straight line basis
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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 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.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 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.
Impairment of financial assets
Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Exceptional item
During the prior year the company suffered extensive closure due to the COVID 19 pandemic and were able to claim on their insurance policy for lost revenue during that period.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
65
66
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2022
606,147
598,354
128,160
1,332,661
Additions
920
519
3,920
5,359
Disposals
(30,055)
(30,055)
At 31 March 2023
577,012
598,873
132,080
1,307,965
Depreciation and impairment
At 1 April 2022 (as restated)
283,724
139,031
69,817
492,572
Depreciation charged in the year
64,890
66,381
11,956
143,227
Eliminated in respect of disposals
(7,146)
(7,146)
At 31 March 2023
341,468
205,412
81,773
628,653
Carrying amount
At 31 March 2023
235,544
393,461
50,307
679,312
At 31 March 2022
322,423
459,323
58,343
840,089
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,982
18,003
Other debtors
121,035
116,188
134,017
134,191
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
113,600
148,044
Trade creditors
54,083
22,514
Corporation tax
8,046
30,344
Other taxation and social security
51,912
30,689
Other creditors
356,964
445,785
584,605
677,376
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
Within other creditors are HP liabilities that are secured over the assets in which they relate.
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
284,333
627,563
Other creditors
24,278
73,289
308,611
700,852
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
Within other creditors are HP liabilities that are secured over the assets in which they relate.
8
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
£
£
312,708
453,203
9
Related party transactions
At the balance sheet date the company owed £255,132 (2022: £294,903) to C Walthew and E Walthew, the directors.
At the balance sheet date the company owed £27,500 (2022: £nil) to Irene Williams Trust, shareholder.
10
Parent company
The company was controlled throughout the year by the directors acting in concert.
11
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Fixed assets
Tangible assets
669,131
170,958
840,089
Capital and reserves
Profit and loss reserves
220,946
170,958
391,904
WALTHEW LEISURE LTD
T/A CLIP 'N CLIMB CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Prior period adjustment
(Continued)
- 9 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Cost of sales
(418,264)
85,479
(332,785)
Profit for the financial period
15,861
85,479
101,340
Notes to reconciliation
Due to the Covid 19 pandemic, the directors have concluded that it was aggressive to depreciate the climbing walls held by the company whilst they were not in use. A prior year adjustment has therefore been included to adjust for this.
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