Company registration number 10421694 (England and Wales)
LIME LEISURE (SUNDERLAND) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LIME LEISURE (SUNDERLAND) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LIME LEISURE (SUNDERLAND) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,506
19,588
Current assets
Stocks
1,498
1,498
Debtors
4
33,887
5,295
Cash at bank and in hand
25,335
28,553
60,720
35,346
Creditors: amounts falling due within one year
5
(1,469,870)
(1,120,896)
Net current liabilities
(1,409,150)
(1,085,550)
Total assets less current liabilities
(1,392,644)
(1,065,962)
Provisions for liabilities
6
(3,374)
(3,891)
Net liabilities
(1,396,018)
(1,069,853)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(1,396,118)
(1,069,953)
Total equity
(1,396,018)
(1,069,853)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 22 November 2023 and are signed on its behalf by:
LA Wrout
Director
Company registration number 10421694 (England and Wales)
LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Lime Leisure (Sunderland) Limited is a private company limited by shares incorporated in England and Wales.

 

The registered office is Sycamore Lodge, Nookside, Grindon, Sunderland, Tyne & Wear, SR4 8PQ.

 

The business address is Victors, 36 Low Row, Sunderland, SR1 3PY.

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.

The financial statements of the company are consolidated in the financial statements of SLW (Holdings) Limited. These consolidated financial statements are available from its registered office, Sycamore Lodge, Nookside, Grindon, Sunderland, Tyne & Wear, SR4 8PQ.

1.2
Going concern

The directors have adopted the going concern basis in preparing these financial statements after a detailed review of the company's position, performance and cash flows. The directors recognise that the economic climate remains challenging, and the hospitality industry is highly susceptible to liquidity risk, however the directors have a reasonable expectation that the company has access to adequate resources across the group to continue in operational existence for the foreseeable future.true

 

The company's net liability position and continued economic uncertainty means that additional funding from the parent company is likely to be required to ensure the company can continue to operate for at least the next 12 months.

 

The directors have obtained a letter of support from the company's ultimate parent undertaking, SLW (Holdings) Limited, confirming that it will continue to provide financial support to the company.  The support enables the company to operate as a going concern and to meet its obligations as they fall due for a period of not less than 12 months from the date on which the financial statements are approved by the directors. Given the resources available to SLW (Holdings) Limited, the directors have a reasonable expectation that additional funding will be made available to the company if needed. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from the company's principal activities and is exclusive of value added tax. Income from restaurant and public house facilities is recognised when the respective service is provided. Amounts relating to future accounting periods are carried forward within accruals and deferred income.

LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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:

Tenant improvements
10% straight line
Fixtures, fittings & equipment
25% reducing balance

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 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).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 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.

LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group 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.

 

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.

1.8
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.

1.9
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, if considered material to the financial statements.

 

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases

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.

1.12
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.

 

Grant income includes amounts of £Nil (2022 - £13,627) receivable in relation to the Coronavirus Job Retention Scheme and £Nil (2022 - £26,100) receivable in relation to other local council coronavirus support.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
22
3
Tangible fixed assets
Tenant improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
539
60,003
60,542
Additions
-
0
2,370
2,370
At 31 March 2023
539
62,373
62,912
Depreciation and impairment
At 1 April 2022
176
40,778
40,954
Depreciation charged in the year
54
5,398
5,452
At 31 March 2023
230
46,176
46,406
Carrying amount
At 31 March 2023
309
16,197
16,506
At 31 March 2022
363
19,225
19,588
LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,295
5,295
Other debtors
28,592
-
0
33,887
5,295
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,423
12,562
Amounts owed to group undertakings
1,405,616
1,070,286
Taxation and social security
1,156
6,958
Other creditors
9,675
31,090
1,469,870
1,120,896
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,374
3,891
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - going concern

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1.2 to the financial statements concerning the company's ability to continue as a going concern.

Senior Statutory Auditor:
Paul Gainford
Statutory Auditor:
Sumer Auditco Limited
LIME LEISURE (SUNDERLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
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
£
£
Within one year
119,318
113,769
Between two and five years
417,613
487,215
In over five years
-
0
49,716
536,931
650,700
10
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts owed to related parties
£
£
Fellow subsidiaries
1,405,616
1,070,286

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts owed by related parties
£
£
Fellow subsidiaries
5,295
5,295
11
Parent company

The immediate parent company is Derwent Manor Limited, a company incorporated in England & Wales.

 

The ultimate parent company is SLW (Holdings) Limited, a company incorporated in England & Wales.

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