Silverfin false 31/03/2023 01/04/2022 31/03/2023 John Daryl Cross 03/03/2003 16 November 2023 The principal activity of the company continued to be that of electronic service engineers together with trading as 'Planet Laser', a laser arena, arcade and café bar. 04683591 2023-03-31 04683591 bus:Director1 2023-03-31 04683591 2022-03-31 04683591 core:CurrentFinancialInstruments 2023-03-31 04683591 core:CurrentFinancialInstruments 2022-03-31 04683591 core:Non-currentFinancialInstruments 2023-03-31 04683591 core:Non-currentFinancialInstruments 2022-03-31 04683591 core:ShareCapital 2023-03-31 04683591 core:ShareCapital 2022-03-31 04683591 core:RetainedEarningsAccumulatedLosses 2023-03-31 04683591 core:RetainedEarningsAccumulatedLosses 2022-03-31 04683591 core:OtherResidualIntangibleAssets 2022-03-31 04683591 core:OtherResidualIntangibleAssets 2023-03-31 04683591 core:LandBuildings 2022-03-31 04683591 core:OtherPropertyPlantEquipment 2022-03-31 04683591 core:LandBuildings 2023-03-31 04683591 core:OtherPropertyPlantEquipment 2023-03-31 04683591 bus:OrdinaryShareClass1 2023-03-31 04683591 2022-04-01 2023-03-31 04683591 bus:FullAccounts 2022-04-01 2023-03-31 04683591 bus:SmallEntities 2022-04-01 2023-03-31 04683591 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04683591 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04683591 bus:Director1 2022-04-01 2023-03-31 04683591 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-04-01 2023-03-31 04683591 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04683591 2021-04-01 2022-03-31 04683591 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 04683591 core:LandBuildings 2022-04-01 2023-03-31 04683591 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 04683591 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04683591 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04683591 (England and Wales)

LEISURE-TEK (EAST ANGLIA) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

LEISURE-TEK (EAST ANGLIA) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

LEISURE-TEK (EAST ANGLIA) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
LEISURE-TEK (EAST ANGLIA) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR John Daryl Cross
REGISTERED OFFICE Gascoyne House Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
United Kingdom
COMPANY NUMBER 04683591 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
LEISURE-TEK (EAST ANGLIA) LIMITED

BALANCE SHEET

As at 31 March 2023
LEISURE-TEK (EAST ANGLIA) LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,739 1,934
Tangible assets 4 520,325 464,463
522,064 466,397
Current assets
Stocks 5 20,000 20,000
Debtors 6 18,354 21,423
Cash at bank and in hand 51,205 43,757
89,559 85,180
Creditors: amounts falling due within one year 7 ( 214,873) ( 307,169)
Net current liabilities (125,314) (221,989)
Total assets less current liabilities 396,750 244,408
Creditors: amounts falling due after more than one year 8 ( 71,365) ( 31,667)
Net assets 325,385 212,741
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 325,285 212,641
Total shareholder's funds 325,385 212,741

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Leisure-Tek (East Anglia) Limited (registered number: 04683591) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

John Daryl Cross
Director
LEISURE-TEK (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
LEISURE-TEK (EAST ANGLIA) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leisure-Tek (East Anglia) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 13

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2022 1,950 1,950
At 31 March 2023 1,950 1,950
Accumulated amortisation
At 01 April 2022 16 16
Charge for the financial year 195 195
At 31 March 2023 211 211
Net book value
At 31 March 2023 1,739 1,739
At 31 March 2022 1,934 1,934

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 129,162 585,740 714,902
Additions 1,250 149,010 150,260
Disposals 0 ( 23,633) ( 23,633)
At 31 March 2023 130,412 711,117 841,529
Accumulated depreciation
At 01 April 2022 1,519 248,920 250,439
Charge for the financial year 0 75,184 75,184
Disposals 0 ( 4,419) ( 4,419)
At 31 March 2023 1,519 319,685 321,204
Net book value
At 31 March 2023 128,893 391,432 520,325
At 31 March 2022 127,643 336,820 464,463

5. Stocks

2023 2022
£ £
Stocks 20,000 20,000

6. Debtors

2023 2022
£ £
Trade debtors 104 320
Other debtors 18,250 21,103
18,354 21,423

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 93,688 89,258
Other taxation and social security 25,231 11,690
Obligations under finance leases and hire purchase contracts 15,254 16,885
Other creditors 70,700 179,336
214,873 307,169

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 21,667 31,667
Obligations under finance leases and hire purchase contracts 49,698 0
71,365 31,667

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to director 47,879 162,759