Company registration number 03863973 (England and Wales)
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
BALANCE SHEET
AS AT 1 JANUARY 2023
01 January 2023
- 1 -
1 January 2023
31 December 2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
395,029
468,174
Current assets
Stocks
214,719
205,242
Debtors
4
6,205,834
4,593,679
Cash at bank and in hand
1,298,333
580,087
7,718,886
5,379,008
Creditors: amounts falling due within one year
5
(2,083,949)
(937,146)
Net current assets
5,634,937
4,441,862
Total assets less current liabilities
6,029,966
4,910,036
Provisions for liabilities
6
(11,110)
(11,110)
Net assets
6,018,856
4,898,926
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
6,018,756
4,898,826
Total equity
6,018,856
4,898,926

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 28 November 2023 and are signed on its behalf by:
Mr J A Gowans
Director
Company registration number 03863973 (England and Wales)
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 JANUARY 2023
- 2 -
1
Accounting policies
Company information

Fawns Recreational Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Digby Street, Kettering, Northamptonshire, England, NN16 8YJ.

1.1
Reporting period

The accounts have been prepared to the period ended 1 January 2023 but the financial information relates to the year ended 31 December 2022. The comparative figures are for the year ended 31 December 2021.

1.2
Accounting convention

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies has been consistently applied to all the years presented, unless otherwise stated,

 

Statement of compliance

These financial statements were prepared in accordance with the provision of Financial Reporting Standard 102, Section 1A Small entities 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

 

Basis of Preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

These financial statements are presented in sterling which is also the functional currency for the company.

 

Summary of disclosure exemptions

The company has taken an exemption from disclosing intra-group related party transactions as permitted by paragraph 33.1A of FRS 102.

 

Name of parent group

These financial statements are consolidated in the financial statements of Jardentome Limited,

 

The financial statements of Jardentome Limited may be obtained from Wicksteed Leisure Limited, Digby Street, Kettering, NN16 8YJ.

1.3
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making the assessment the Directors have considered the company's current financial position, the impact of COVID 19 and its likely impact on future cash flow. Therefore the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities Turnover is shown net of value added tax, returns and rebates after eliminating sales within the company.

 

Sales of goods:

Sale of goods is recognised when all significant risks and rewards of ownership are transferred to the buyer. This occurs on delivery of the goods.

 

Installation Projects:

Revenue from installation projects is recognised at agreed stages of completion of a given project.

FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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
10 years straight line
Plant and equipment
5 years straight line
Office equipment
3 to 5 years straight line
Motor vehicles
4 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.

1.6
Stocks

Stocks are stated at the lower of the costs and estimated selling price less the costs to complete and sell. Cost is determined by using the first-in, first-out (FIFO)method.

 

The costs of finished goods and work in progress comprises direct material and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

1.7
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 current liabilities.

1.8
Financial instruments

The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where there transaction is measured at the present value of future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method,

 

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment is recognised in the profit or loss.

 

If there is a decrease in the impairment loss from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit or loss.

 

Financial assets are derecognised when (a) the contractual rights to the cashflows from the asset expire or are settles, or (b) substantially all the risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Trade Debtors

Trade debtors are amounts due from customers for playground equipment sold or installation services performed in the ordinary course of business.

 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables,

Basic financial liabilities

Basic financial liabilities include trade and other payables and loans from fellow Group companies, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

 

Offsetting

Financial assets and liabilities are offset and the net amount presented in the financial instruments when there is a legally enforceable right to set off the recognised amounts and there is an interion to settle on a net basis or to realise the asset and settle the liability simultaneously.

Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least 12 months after the reporting date. IF there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

1.10
Taxation

The tax expense for the period comprises corporation tax.

 

The corporation tax charge is calculated on the basis if tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

1.11
Retirement benefits

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to to employee service in the current and prior periods.

 

Contribution to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.12
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.

1.13
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.

1.14
Foreign exchange

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting date.

2
Employees

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

2023
2021
Number
Number
Total
50
44
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Motor vehicles
Total
as restated
£
£
£
£
£
Cost
At 1 January 2022
333,698
56,716
174,184
238,038
802,636
Additions
-
0
1,118
20,011
33,000
54,129
Disposals
-
0
-
0
-
0
(52,601)
(52,601)
At 1 January 2023
333,698
57,834
194,195
218,437
804,164
Depreciation and impairment
At 1 January 2022
13,274
38,889
152,672
129,627
334,462
Depreciation charged in the period
31,974
5,005
12,951
59,164
109,094
Eliminated in respect of disposals
-
0
-
0
-
0
(34,421)
(34,421)
At 1 January 2023
45,248
43,894
165,623
154,370
409,135
Carrying amount
At 1 January 2023
288,450
13,940
28,572
64,067
395,029
At 31 December 2021
320,424
17,827
21,512
108,411
468,174
4
Debtors
2023
2021
as restated
Amounts falling due within one year:
£
£
Trade debtors
1,767,837
748,777
Amounts owed by group undertakings
4,166,766
3,604,780
Other debtors
271,231
240,122
6,205,834
4,593,679
5
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
885,680
479,782
Amounts owed to group undertakings
312,690
86,025
Corporation tax
231,553
32,278
Other taxation and social security
370,137
197,477
Other creditors
283,889
141,584
2,083,949
937,146
FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
- 7 -
6
Provisions for liabilities
2023
2021
£
£
Deferred tax liabilities
11,110
11,110
7
Called up share capital
2023
2021
2023
2021
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 qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Fawns Recreational Services Limited (the 'company') for the period ended 1 January 2023 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for qualified opinion paragraph, the financial statements:

Basis for qualified opinion

As a result of being appointed as auditors after the company’s period end date, the counting of physical inventories at the period end was not performed and thus we did not observe this process. We were unable to satisfy ourselves by alternative means concerning the existence of stock held at 1 January 2023, which are included in the balance sheet at £214,719, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

 

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.

FAWNS RECREATIONAL SERVICES LIMITED
ANNUAL REPORT AND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 JANUARY 2023
8
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
David Stevens BA FCA
Statutory Auditor:
Ellacotts Audit Services Limited
Date of audit report:
28 November 2023
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
2021
£
£
97,581
22,438
10
Parent company

The company's immediate parent is Wicksteed Leisure Limited, a company incorporated in England and Wales.

 

The company's ultimate parent is Jardentome Limited, a company also incorporated in England and Wales. It's registered office is Digby Street, Kettering, NN16 8YJ. Copies of the consolidated financial statements of Jardentome Limited are available from the registered office upon request.

11
Prior period adjustment

A prior period adjustment has been raised to remove an investment property which was recorded at cost at £437,887. From review of the investment property's title deeds it was determined that the property was owned by a different company within the group and therefore should not have been recorded in Fawns Recreational Services Limited. The £437,887 has been reallocated to intercompany debtors and had no effect on the prior period's profit and loss account.

 

A second prior period adjustment has been raised to reallocate building improvements with a net book value of £320,424 from freehold land and buildings to leasehold improvements. Improvements had been made by Fawns Recreational Services Limited to the property that they are leasing from their parent company. Again, this prior period adjustment had no effect on the prior period's profit and loss account.

Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2021
£
Total adjustments
-
Profit as previously reported
217,594
Profit as adjusted
217,594
2023-01-012022-01-01false28 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedThe Hon. C E J HowardMr J A GowansMr G Scottfalse038639732022-01-012023-01-01038639732023-01-01038639732021-12-3103863973core:LeaseholdImprovements2023-01-0103863973core:PlantMachinery2023-01-0103863973core:ComputerEquipment2023-01-0103863973core:MotorVehicles2023-01-0103863973core:LeaseholdImprovements2021-12-3103863973core:PlantMachinery2021-12-3103863973core:ComputerEquipment2021-12-3103863973core:MotorVehicles2021-12-3103863973core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-0103863973core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103863973core:CurrentFinancialInstruments2023-01-0103863973core:CurrentFinancialInstruments2021-12-3103863973core:ShareCapital2023-01-0103863973core:ShareCapital2021-12-3103863973core:RetainedEarningsAccumulatedLosses2023-01-0103863973core:RetainedEarningsAccumulatedLosses2021-12-3103863973bus:Director22022-01-012023-01-0103863973core:PlantMachinery2022-01-012023-01-01038639732021-01-012021-12-3103863973core:LeaseholdImprovements2021-12-3103863973core:PlantMachinery2021-12-3103863973core:ComputerEquipment2021-12-3103863973core:MotorVehicles2021-12-31038639732021-12-3103863973core:LeaseholdImprovements2022-01-012023-01-0103863973core:ComputerEquipment2022-01-012023-01-0103863973core:MotorVehicles2022-01-012023-01-0103863973core:WithinOneYear2023-01-0103863973core:WithinOneYear2021-12-3103863973bus:PrivateLimitedCompanyLtd2022-01-012023-01-0103863973bus:SmallCompaniesRegimeForAccounts2022-01-012023-01-0103863973bus:FRS1022022-01-012023-01-0103863973bus:Audited2022-01-012023-01-0103863973bus:Director12022-01-012023-01-0103863973bus:Director32022-01-012023-01-0103863973bus:FullAccounts2022-01-012023-01-01xbrli:purexbrli:sharesiso4217:GBP