Company registration number 01017944 (England and Wales)
PRINCE'S LEISURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PRINCE'S LEISURE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr M McGuirk
Mr J D C Hambling
Secretary
Mr J D C Hambling
Company number
01017944
Registered office
Hardys Yard
London Road
Riverhead
Sevenoaks
Kent
TN13 2DN
Auditor
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Prince's Golf Club
Sandwich Bay
Sandwich
Kent
CT13 9QB
Bankers
Barclays Bank Plc
9 St Georges Street
Canterbury
Kent
CT1 2JX
PRINCE'S LEISURE GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
PRINCE'S LEISURE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The directors present the strategic report for the year ended 28 February 2023.

Fair review of the business

The financial results are set out in the income statement. The turnover is analysed by activity in note 2 to the financial statements.

 

Revenue has increased to £4.9m (2022 - £4.5m). There is a profit before taxation for the year of £787k (2022 - £901k).

 

At the year end the company had negative shareholders’ funds of £1.8m (2022 - £2.4m). The overall results and financial position are in line with expectations.

Principal risks and uncertainties

The directors consider the main risk to the business to be reputational risk, which could affect the company’s excellent relationship with its customers. Management believe that this reputation is key to the future success, along with the ability to provide services which are valued by the customers. As a result, directors are continually exploring ways to improve the experience. In the coming year this includes the development of a new short game course, as well as exploring ways to raise the profile of the course within the industry.

Key performance indicators

The company's senior management use the following key performance indicators (KPIs):

2023 2022

Revenue            £4,905,847        £4,467,515    

Gross profit percentage        43.4%            45.9%         

Revenue per £1 of staff costs    £3.14            £3.10        

 

Revenue, gross profit margin and revenue to staff cost remain the key performance indicators that the directors have identified to be the most effective method for monitoring the company’s performance.

On behalf of the board

Mr J D C Hambling
Director
20 November 2023
PRINCE'S LEISURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2023.

Principal activities

The principal activities of the company continued to be that of running a golf club and public house.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M McGuirk
Mr J D C Hambling
Auditor

The auditor, Carpenter Box, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J D C Hambling
Director
20 November 2023
PRINCE'S LEISURE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCE'S LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRINCE'S LEISURE GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Prince's Leisure Group Limited (the 'company') for the year ended 28 February 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PRINCE'S LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRINCE'S LEISURE GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: compliance with the UK Companies Act.

PRINCE'S LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRINCE'S LEISURE GROUP LIMITED
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Carpenter Box
23 November 2023
Chartered Accountants
Statutory Auditor
Worthing
Carpenter Box is a trading name of Carpenter Box Limited
PRINCE'S LEISURE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
Year
Year
ended
ended
28 February
28 February
2023
2022
Notes
£
£
Revenue
2
4,905,847
4,467,515
Cost of sales
(2,775,507)
(2,417,700)
Gross profit
2,130,340
2,049,815
Administrative expenses
(1,279,599)
(1,216,796)
Other operating income
34,063
197,863
Operating profit
3
884,804
1,030,882
Investment income
6
7,949
-
0
Finance costs
5
(106,069)
(130,061)
Profit before taxation
786,684
900,821
Tax on profit
7
(143,508)
(269,961)
Profit for the financial year
643,176
630,860

The income statement has been prepared on the basis that all operations are continuing operations.

PRINCE'S LEISURE GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 8 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
8
4,673,072
4,811,749
Investments
9
1,000
1,000
4,674,072
4,812,749
Current assets
Inventories
10
152,326
110,958
Trade and other receivables
11
64,358
50,296
Cash and cash equivalents
637,056
717,374
853,740
878,628
Current liabilities
12
(1,869,056)
(1,559,776)
Net current liabilities
(1,015,316)
(681,148)
Total assets less current liabilities
3,658,756
4,131,601
Non-current liabilities
13
(5,115,539)
(6,219,678)
Provisions for liabilities
Deferred tax liability
14
334,697
346,579
(334,697)
(346,579)
Net liabilities
(1,791,480)
(2,434,656)
Equity
Called up share capital
16
2,000,000
2,000,000
Retained earnings
(3,791,480)
(4,434,656)
Total equity
(1,791,480)
(2,434,656)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr M McGuirk
Mr J D C Hambling
Director
Director
Company registration number 01017944 (England and Wales)
PRINCE'S LEISURE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 March 2021
2,000,000
(5,065,516)
(3,065,516)
Period ended 28 February 2022:
Profit and total comprehensive income
-
630,860
630,860
Balance at 28 February 2022
2,000,000
(4,434,656)
(2,434,656)
Period ended 28 February 2023:
Profit and total comprehensive income
-
643,176
643,176
Balance at 28 February 2023
2,000,000
(3,791,480)
(1,791,480)
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 10 -
1
Accounting policies
Company information

Prince's Leisure Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

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.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Ramac Holdings (Trading) Limited. These consolidated financial statements are available from its registered office.

1.2
Going concern

At the time of approving the financial statementstrue the company was in a net current liability and net liability position, however, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future on the basis that the company will continue to receive financial support from the parent. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Revenue

All revenue, excluding subscriptions, 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 trade discounts.

 

Subscription income is spread evenly over the period to which the subscription relates.

PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost or valuation of assets, less their estimated residual values, over their expected useful lives on the following bases:

Land and buildings freehold
2% per annum on the cost of the building element
Plant and machinery
12% to 24% per annum on cost
Fixtures, fittings & equipment
12.5% to 24% per annum on cost
Motor vehicles
12.5% to 24% per annum on cost

Freehold land and assets in the course of construction are not depreciated.

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 the income statement.

 

The carrying value of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

1.5
Non-current investments

Investments held as fixed assets are shown at cost less provision for impairment.

1.6
Impairment of non-current 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).

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on cost of the purchase on first in first out basis. A provision is made for obsolete and slow moving stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.9
Financial assets and liabilities

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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 12 -
Classification of financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies and 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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

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

1.14
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.

1.15
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.

PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 13 -
2
Revenue

An analysis of the company's revenue is as follows:

2023
2022
£
£
Revenue
Bar
857,871
716,205
Catering
913,656
817,996
Pro shop
439,381
391,913
Subscriptions and entry fees
365,356
391,914
Green fees
1,572,440
1,428,969
Accomodation
757,143
720,518
4,905,847
4,467,515
Other significant revenue
Interest income
7,949
-
Grants received
27,051
191,660
Sundry income
34,063
6,203

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. All revenue is generated from the sale of services with the exception of bar, catering and pro shop revenue which is generated from the sale of goods.

3
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
(27,051)
(191,660)
Fees payable to the company's auditor for the audit of the company's financial statements
5,400
5,400
Depreciation of owned property, plant and equipment
248,077
232,450
Profit on disposal of property, plant and equipment
(3,218)
(17,406)
Operating lease charges
30,000
48,000
4
Employees

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

2023
2022
Number
Number
Management and administration
4
3
Golf club, gym and public house operations
71
70
Total
75
73
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Employees
(Continued)
- 14 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,400,695
1,300,454
Social security costs
119,472
101,252
Pension costs
43,400
38,556
1,563,567
1,440,262
5
Finance costs
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
106,069
130,061
6
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
7,949
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,949
-
0
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 15 -
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
159,445
144,682
Adjustments in respect of prior periods
(4,055)
-
0
Total current tax
155,390
144,682
Deferred tax
Origination and reversal of timing differences
(11,882)
55,395
Changes in tax rates
-
0
69,884
Total deferred tax
(11,882)
125,279
Total tax charge
143,508
269,961

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
786,684
900,821
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
149,470
171,156
Tax effect of expenses that are not deductible in determining taxable profit
(148)
(202)
Adjustments in respect of prior years
(4,055)
-
0
Effect of change in corporation tax rate
(177)
79,139
Permanent capital allowances in excess of depreciation
(6,243)
-
0
Depreciation on assets not qualifying for tax allowances
15,804
15,804
Deferred tax adjustments in respect of prior years
(10,527)
-
0
Rounding and other adjustments
(616)
4,064
Taxation charge for the period
143,508
269,961
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 16 -
8
Property, plant and equipment
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor                    vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
5,688,956
2,302,111
885,574
23,297
8,899,938
Additions
-
0
109,507
-
0
-
0
109,507
Disposals
-
0
(55,229)
(438,757)
(12,854)
(506,840)
At 28 February 2023
5,688,956
2,356,389
446,817
10,443
8,502,605
Depreciation and impairment
At 1 March 2022
1,247,689
1,942,175
875,031
23,294
4,088,189
Depreciation charged in the year
113,779
130,100
4,198
-
0
248,077
Eliminated in respect of disposals
-
0
(55,222)
(438,658)
(12,853)
(506,733)
At 28 February 2023
1,361,468
2,017,053
440,571
10,441
3,829,533
Carrying amount
At 28 February 2023
4,327,488
339,336
6,246
2
4,673,072
At 28 February 2022
4,441,267
359,936
10,543
3
4,811,749
9
Fixed asset investments
2023
2022
£
£
Unlisted investments
1,000
1,000

The investment represents the cost of £1,000 secured debenture stock in Sandwich Bay (Residents) Limited which is registered in England and Wales.

Movements in non-current investments
Unlisted investments
£
Cost or valuation
At 1 March 2022 & 28 February 2023
1,000
Carrying amount
At 28 February 2023
1,000
At 28 February 2022
1,000
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 17 -
10
Inventories
2023
2022
£
£
Consumables
54,992
33,509
Finished goods and goods for resale
97,334
77,449
152,326
110,958
11
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
20,121
29,993
Other receivables
1,760
3,760
Prepayments and accrued income
42,477
16,543
64,358
50,296
12
Current liabilities
2023
2022
£
£
Trade payables
333,548
324,096
Corporation tax
300,072
144,682
Other taxation and social security
84,306
68,794
Other payables
735,241
668,117
Accruals and deferred income
415,889
354,087
1,869,056
1,559,776
13
Non-current liabilities
2023
2022
£
£
Amounts owed to group undertakings
5,115,539
6,219,678
14
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
334,697
346,579
PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
14
Deferred taxation
(Continued)
- 18 -
2023
Movements in the year:
£
Liability at 1 March 2022
346,579
Credit to profit and loss
(11,882)
Liability at 28 February 2023
334,697

The directors have considered the deferred tax assets and liabilities notes above and concluded that it is not possible to state the estimated assets and liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,400
38,556

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000

Ordinary shares have attached to them full voting and dividend rights.

17
Financial commitments, guarantees and contingent liabilities

The company's overdraft facility has been provided under a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of a cross guarantee with the parent undertaking, Ramac Holdings (Trading) Limited, and its fellow subsidiary undertakings.

 

The total exposure under this agreement at the year end was £1,016,985 (2022 - £881,194).

18
Controlling party

The ultimate parent company is Ramac Holdings (Trading) Limited by virtue of 100% shareholding in the company. The registered office and principal place of business is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.

 

The ultimate controlling parties are Mr M McGuirk and Mr J Hambling, directors, acting jointly in their capacity as trustees of the trusts that are the majority shareholders of Ramac Holdings (Trading) Limited.

PRINCE'S LEISURE GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 19 -
19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
13,598
19,058
Between two and five years
32,861
46,459
46,459
65,517
20
Related party transactions
Transactions with related parties

In accordance with the requirements in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland the company has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

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