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Registered number: 08180926
















KINGS OF WESSEX FITNESS AND LEISURE LIMITED



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

































KINGS OF WESSEX FITNESS AND LEISURE LIMITED
REGISTERED NUMBER:08180926

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
37,675
85,459

  
37,675
85,459

Current assets
  

Debtors: amounts falling due within one year
 6 
41,398
125,189

Cash at bank and in hand
  
566,540
407,925

  
607,938
533,114

Creditors: amounts falling due within one year
 7 
(184,199)
(153,896)

Net current assets
  
 
 
423,739
 
 
379,218

Total assets less current liabilities
  
461,414
464,677

  

Pension liability
  
-
(174,000)

Net assets
  
461,414
290,677


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
461,413
290,676

  
461,414
290,677


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr B Kirkup
Director

Date: 25 March 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 1


KINGS OF WESSEX FITNESS AND LEISURE LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
1
290,676
290,677


Comprehensive income for the year

Profit for the year
-
183,989
183,989

Actuarial gains on pension scheme
-
203,000
203,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(216,252)
(216,252)


Total transactions with owners
-
(216,252)
(216,252)


At 31 August 2023
1
461,413
461,414


The notes on pages 3 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2021
1
(560,772)
(560,771)


Comprehensive income for the year

Profit for the year
-
72,448
72,448

Actuarial gains on pension scheme
-
779,000
779,000
Total comprehensive income for the year
-
851,448
851,448


At 31 August 2022
1
290,676
290,677


The notes on pages 3 to 13 form part of these financial statements.

Page 2


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


GENERAL INFORMATION

Kings of Wessex Fitness and Leisure Limited is a private company limited by shares registered in England and Wales. The registered address is Station Road, Cheddar, Somerset, BS27 3AQ. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Wessex Learning Trust as at 31 August 2023 and these financial statements may be obtained from the registered office.

 
2.3

GOING CONCERN

The company is dependent on its parent company, Wessex Learning Trust for financial support. The Directors have assessed resources available and likely future cash flows at the date of approving these financial statements. 
Based on the above the Directors have 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. With this in mind, the Director's believe that the going concern basis remains appropriate for the preparation of the financial statements.

Page 3


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.8

PENSIONS

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a finance expense. 

Page 5


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

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

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% Straight Line
Fixtures and fittings
-
20% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 7


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (continued)


2.15
FINANCIAL INSTRUMENTS (CONTINUED)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 10, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2016 has been used by the actuary in valuing the pensions liability at 31 August 2019. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. 
Critical areas of judgment:
The Company obtains use of fixed assets as lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 64 (2022: 64).

Page 8


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Total

£
£
£



COST OR VALUATION


At 1 September 2022
19,494
320,279
339,773



At 31 August 2023

19,494
320,279
339,773



DEPRECIATION


At 1 September 2022
11,696
242,618
254,314


Charge for the year on owned assets
7,798
39,986
47,784



At 31 August 2023

19,494
282,604
302,098



NET BOOK VALUE



At 31 August 2023
-
37,675
37,675



At 31 August 2022
7,798
77,661
85,459


6.


DEBTORS

2023
2022
£
£


Other debtors
21,641
25,691

Prepayments and accrued income
19,757
7,874

Deferred taxation
-
91,624

41,398
125,189



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
26,537
33,787

Taxation and social insurance
4,426
23,991

Other creditors
29,795
7,501

Deferred income
123,441
88,617

184,199
153,896


Page 9


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


DEFERRED TAXATION




2023


£






At beginning of year
91,624


Charged to profit or loss
(91,624)



AT END OF YEAR
-

The deferred tax asset is made up as follows:

2023
2022
£
£


Pension deficit
-
91,624

-
91,624


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2022: 1) Ordinary share of £1.00
1
1


Page 10


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


PENSION COMMITMENTS

The Company operates a Defined Benefit Pension Scheme.

The pension cost and provision for the year ending 31 August 2023 are based on the advice of a professionally qualified actuary. The most recent formal valuation is dated 31 August 2016.



Reconciliation of present value of plan liabilities:


2023
2022
£
£

RECONCILIATION OF PRESENT VALUE OF PLAN LIABILITIES


At the beginning of the year
851,000
1,538,000

Current service cost
85,000
124,000

Interest income
36,000
27,000

Actuarial gains/losses
(156,000)
(842,000)

Contributions
(13,000)
16,000

Benefits paid
28,000
(12,000)

Derecognition of surplus
25,000
-

AT THE END OF THE YEAR
856,000
851,000



Reconciliation of present value of plan assets:


2023
2022
£
£


At the beginning of the year
677,000
691,000

Interest income
30,000
12,000

Return on assets less interest
73,000
(63,000)

Member Contributions
27,000
16,000

Employer Contributions
64,000
34,000

Benefits paid
(13,000)
(12,000)

Administration expense
(2,000)
(1,000)

AT THE END OF THE YEAR
856,000
677,000

Page 11


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
10.PENSION COMMITMENTS (CONTINUED)


Composition of plan assets:


2023
2022
£
£


Equities
646,000
487,000

Bonds
114,000
95,000

Property
68,000
63,000

Cash
28,000
32,000

TOTAL PLAN ASSETS
856,000
677,000

2023
2022
£
£


Fair value of plan assets
856,000
677,000

Present value of plan liabilities
(856,000)
(851,000)

NET PENSION SCHEME LIABILITY
-
(174,000)


The amounts recognised in profit or loss are as follows:

2023
2022
£
£


Interest on obligation
(36,000)
(27,000)

Interest income on plan assets
28,000
11,000

TOTAL
(8,000)
(16,000)


Actual return on scheme assets
13,000
(51,000)

13,000
(51,000)





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2023
2022
%
%
Discount rate


5.25

4.25
 
Future salary increases


3.85

3.85
 
Future pension increases


2.85

2.85
 
Inflation assumption


2.85

2.85
 
Mortality rates



 
- for a male aged 65 now


21.3 Years

23.4 Years
 
Page 12


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
 
10.PENSION COMMITMENTS (CONTINUED)

- at 65 for a male aged 45 now


22.9 Years

24.9 Years
 
- for a female aged 65 now


23.4 Years

24.8 Years
 
- at 65 for a female member aged 45 now


24.8 Years

26.3 Years
 






11.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption contained within FRS 102 (section 33.1A) from disclosing transactions with fellow group companies.


12.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The Ultimate Parent Undertaking is Wessex Learning Trust, an exempt charity incorporated in England and Wales. There is no ultimate controlling party.
 


13.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 18 April 2024 by Simon Morrison FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Bath Limited.

Page 13