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Company Registration number: 07964640

Hillcroft Leisure Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 May 2023

 

Hillcroft Leisure Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Hillcroft Leisure Limited

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

32,256

32,256

Tangible assets

5

4,844,856

4,719,253

 

4,877,112

4,751,509

Current assets

 

Stocks

108,246

134,400

Debtors

6

1,669,972

997,233

Cash at bank and in hand

 

270,011

515,133

 

2,048,229

1,646,766

Creditors: Amounts falling due within one year

7

(950,910)

(972,291)

Net current assets

 

1,097,319

674,475

Total assets less current liabilities

 

5,974,431

5,425,984

Creditors: Amounts falling due after more than one year

7

(441,779)

(502,224)

Provisions for liabilities

(295,857)

(283,823)

Net assets

 

5,236,795

4,639,937

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

5,226,795

4,629,937

Shareholders' funds

 

5,236,795

4,639,937

 

Hillcroft Leisure Limited

Balance Sheet as at 31 May 2023 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 July 2023 and signed on its behalf by:
 

.........................................
Mr J A Heath
Director

Company registration number: 07964640

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Southwaite Green Mill
Eamont Bridge
Penrith
CA10 2BY

These financial statements were authorised for issue by the Board on 7 July 2023.

2

ACCOUNTING POLICIES

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 have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation has been provided for on the land and buildings as the property is kept in a sound state of repair and in the opinion of the directors the residual value is so high and the useful economic life so long that the depreciation charge would be immaterial. This is not in accordance with the FRS 102 Section 1A. However this is required in order to give a true and fair view.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

No charge

Plant and machinery

20% reducing balance

Equipment

25% reducing balance

Caravan hire fleet

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and no amortisation is charged. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 11).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

32,256

32,256

At 31 May 2023

32,256

32,256

Amortisation

Carrying amount

At 31 May 2023

32,256

32,256

At 31 May 2022

32,256

32,256

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Equipment
 £

Plant and machinery
£

Caravan hire fleet
 £

Total
£

Cost or valuation

At 1 June 2022

3,204,192

279,737

677,259

1,629,582

5,790,770

Additions

65,950

9,805

98,905

371,888

546,548

Disposals

-

-

(122,365)

(81,470)

(203,835)

At 31 May 2023

3,270,142

289,542

653,799

1,920,000

6,133,483

Depreciation

At 1 June 2022

-

114,666

357,029

599,822

1,071,517

Charge for the year

-

37,355

66,301

213,655

317,311

Eliminated on disposal

-

-

(54,466)

(45,735)

(100,201)

At 31 May 2023

-

152,021

368,864

767,742

1,288,627

Carrying amount

At 31 May 2023

3,270,142

137,521

284,935

1,152,258

4,844,856

At 31 May 2022

3,204,192

165,071

320,230

1,029,760

4,719,253

 

Hillcroft Leisure Limited

Notes to the financial statements for the Year Ended 31 May 2023 (continued)

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

79,885

87,525

Prepayments

15,944

15,135

Other debtors

1,574,143

894,573

 

1,669,972

997,233

7

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

37,875

32,746

Trade creditors

155,666

147,360

Taxation and social security

142,685

98,837

Accruals and deferred income

293,154

313,223

Other creditors

321,530

380,125

950,910

972,291


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £37,875 (2022 - £32,746).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

441,779

502,224


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £441,779 (2022 - £502,224).