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Company Registration number: 06307718

Stay Fast Leisure Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Stay Fast Leisure Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Stay Fast Leisure Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,315

6,194

Current assets

 

Stocks

50,850

27,850

Debtors

5

45,896

171,770

Cash at bank and in hand

 

128,956

73,934

 

225,702

273,554

Creditors: Amounts falling due within one year

6

(110,848)

(130,138)

Net current assets

 

114,854

143,416

Total assets less current liabilities

 

116,169

149,610

Provisions for liabilities

(250)

(1,177)

Net assets

 

115,919

148,433

Capital and reserves

 

Called up share capital

450

450

Retained earnings

115,469

147,983

Shareholders' funds

 

115,919

148,433

 

Stay Fast Leisure Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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.

Company registration number: 06307718

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

.........................................
Mr S C Gascoigne
Director

 

Stay Fast Leisure Limited

Notes to the financial statements for the Year Ended 31 December 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:
27 Lapwing Road
Driffield
YO25 5LF
 

These financial statements were authorised for issue by the Board on 23 February 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with the
applicable accounting standards.

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 £.

Going concern

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

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.

 

Stay Fast Leisure Limited

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

2

ACCOUNTING POLICIES (continued)

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% reducing balance

 

Stay Fast Leisure Limited

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

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

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 employee service in the current and prior periods.

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

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.

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.

 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.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Stay Fast Leisure Limited

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

4

TANGIBLE ASSETS

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

3,504

16,167

4,983

24,654

Disposals

-

(9,167)

-

(9,167)

At 31 December 2023

3,504

7,000

4,983

15,487

Depreciation

At 1 January 2023

2,428

11,505

4,527

18,460

Charge for the year

269

56

114

439

Eliminated on disposal

-

(4,727)

-

(4,727)

At 31 December 2023

2,697

6,834

4,641

14,172

Carrying amount

At 31 December 2023

807

166

342

1,315

At 31 December 2022

1,076

4,662

456

6,194

 

Stay Fast Leisure Limited

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

5

DEBTORS

Current

2023
£

2022
£

Trade debtors

45,170

148,193

Prepayments

726

627

Other debtors

-

22,950

 

45,896

171,770

6

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,258

35,100

Taxation and social security

21,315

5,680

Accruals and deferred income

4,229

28,070

Other creditors

69,046

61,288

110,848

130,138