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Registration number: 10661392

Linzee Leisure Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Linzee Leisure Limited
(Registration number: 10661392)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Linzee Leisure Limited
(Registration number: 10661392)

Company Information

Directors

Ms V Osborne

Mr P Harnett

Registered office

Meadfoot Bay Hotel
Meadfoot Sea Road
Torquay
TQ1 2LQ

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Linzee Leisure Limited
(Registration number: 10661392)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,000

12,500

Tangible assets

5

80,820

102,047

 

90,820

114,547

Current assets

 

Stocks

6

-

9,404

Debtors

7

6,446

13,433

Cash at bank and in hand

 

132,286

195,472

 

138,732

218,309

Creditors: Amounts falling due within one year

8

(195,662)

(213,149)

Net current (liabilities)/assets

 

(56,930)

5,160

Total assets less current liabilities

 

33,890

119,707

Creditors: Amounts falling due after more than one year

8

(80,000)

(80,000)

Provisions for liabilities

-

(4,747)

Net (liabilities)/assets

 

(46,110)

34,960

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(46,210)

34,860

Total equity

 

(46,110)

34,960

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.

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.

 

Linzee Leisure Limited
(Registration number: 10661392)

Balance Sheet as at 31 March 2023

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.

Approved and authorised by the Board on 29 December 2023 and signed on its behalf by:
 

.........................................
Ms V Osborne
Director

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Meadfoot Bay Hotel
Meadfoot Sea Road
Torquay
TQ1 2LQ
England

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

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.

Going concern

The directors have prepared the financial statements on a going concern basis. This assumption is based on their belief that the company would remain solvent if it were not for the amounts owed to directors and associated companies.

The company ceased to trade during the financial year ended 31 March 2023, and there are no plans to recommence trading activities. However, it is the intention of the directors to keep the company in existence for the foreseeable future to address and resolve the outstanding amounts owed to directors and associated companies.

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.

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Government grants

The Coronavirus Job Retention Scheme Grant, Retail, Hospitality & Leisure Grant and Additional Restrictions Grant have been recognised under the accrual model and are credited to other income over the periods in which the compensated costs have been recognised.

Tax

The tax expense for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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

Fixtures and fittings

25% reducing balance

Plant and machinery

10% straight line

Office equipment

40% straight line/ 25% 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 is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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 the 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.

Stocks

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

The cost of finished goods and work in progress comprises direct materials 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 or loss.

Trade creditors

Trade creditors are obligations to pay for goods or 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 twelve 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.

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.

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.

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 16).

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

25,000

25,000

At 31 March 2023

25,000

25,000

Amortisation

At 1 April 2022

12,500

12,500

Amortisation charge

2,500

2,500

At 31 March 2023

15,000

15,000

Carrying amount

At 31 March 2023

10,000

10,000

At 31 March 2022

12,500

12,500

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

84,563

128,691

213,254

Additions

3,914

1,160

5,074

At 31 March 2023

88,477

129,851

218,328

Depreciation

At 1 April 2022

36,636

74,571

111,207

Charge for the year

13,354

12,947

26,301

At 31 March 2023

49,990

87,518

137,508

Carrying amount

At 31 March 2023

38,487

42,333

80,820

At 31 March 2022

47,927

54,120

102,047

6

Stocks

2023
£

2022
£

Other stocks

-

9,404

 

Linzee Leisure Limited
(Registration number: 10661392)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Other debtors

-

1,349

Prepayments and accrued income

6,446

12,084

Total current trade and other debtors

6,446

13,433

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

13,515

15,534

Taxation and social security

11,641

15,664

Other creditors

159,229

177,373

Accrued expenses

11,277

4,578

195,662

213,149

2023
£

2022
£

Due after one year

Other non-current financial liabilities

80,000

80,000