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COMPANY REGISTRATION NUMBER: 02338635
Status Leisure Limited
Filleted Unaudited Financial Statements
30 September 2023
Status Leisure Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Status Leisure Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Status Leisure Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Status Leisure Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Status Leisure Limited in accordance with the terms of our engagement letter dated 8 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Status Leisure Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Status Leisure Limited and its director for our work or for this report.
It is your duty to ensure that Status Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Status Leisure Limited. You consider that Status Leisure Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Status Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
20 February 2024
Status Leisure Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,091,137
2,675,268
Current assets
Stocks
686,595
Debtors
7
2,661,256
2,235,013
Investments
8
59,767
49,920
Cash at bank and in hand
37,654
437,073
------------
------------
3,445,272
2,722,006
Creditors: amounts falling due within one year
9
( 287,394)
( 392,545)
------------
------------
Net current assets
3,157,878
2,329,461
------------
------------
Total assets less current liabilities
4,249,015
5,004,729
Creditors: amounts falling due after more than one year
10
( 925,959)
( 1,782,208)
Provisions
Taxation including deferred tax
( 10,909)
( 10,909)
------------
------------
Net assets
3,312,147
3,211,612
------------
------------
Status Leisure Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
88
88
Non-distributable reserve
296,089
589,451
Profit and loss account
3,015,970
2,622,073
------------
------------
Shareholders funds
3,312,147
3,211,612
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr R D Law
Director
Company registration number: 02338635
Status Leisure Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The place of business is Abbeydale Hall, Abbeydale Road South, Sheffield, S17 3LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director considers it appropriate to prepare the financial statements on a going concern basis, which assumes the continued support of its creditors and bank facilities.
Revenue recognition
The turnover shown in the profit and loss account is the amount derived from ordinary activities and stated exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
straight line over a maximum lease period of 50 years
Fixtures and fittings
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Government grants
Income from government grants is in respect of support provided as a result of the coronavirus pandemic from the Small Business Grant Scheme, claim under Job retention Scheme and interest support under the Business Bounce Back Loan scheme.
6. Tangible assets
Freehold property
Long leasehold property
Investment property
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 Oct 2022
1,605,284
904,412
250,000
5,505
2,765,201
Additions
7,995
23,500
31,495
Disposals
( 1,605,284)
( 1,605,284)
------------
---------
---------
--------
--------
------------
At 30 Sep 2023
904,412
250,000
13,500
23,500
1,191,412
------------
---------
---------
--------
--------
------------
Depreciation
At 1 Oct 2022
84,867
5,066
89,933
Charge for the year
8,280
2,062
10,342
------------
---------
---------
--------
--------
------------
At 30 Sep 2023
93,147
7,128
100,275
------------
---------
---------
--------
--------
------------
Carrying amount
At 30 Sep 2023
811,265
250,000
6,372
23,500
1,091,137
------------
---------
---------
--------
--------
------------
At 30 Sep 2022
1,605,284
819,545
250,000
439
2,675,268
------------
---------
---------
--------
--------
------------
The investment property is accounted for at its fair value at each reporting date by the directors.
Tangible assets held at valuation
Freehold properties are included at directors valuation. Long leasehold properties are included at directors valuation. Deferred tax is provided on any revaluations.
7. Debtors
2023
2022
£
£
Trade debtors
20,895
73,059
Other debtors
2,640,361
2,161,954
------------
------------
2,661,256
2,235,013
------------
------------
8. Investments
2023
2022
£
£
Other investments -Investec
59,767
49,920
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,219
10,000
Trade creditors
6,247
20,283
Corporation tax
39,100
65,000
Social security and other taxes
10,149
15,908
Other creditors
221,679
281,354
---------
---------
287,394
392,545
---------
---------
Bank borrowings of £10,000 (2022 £10,000) are in respect of a Business Bounce Back Loan as part of the government support due to the coronavirus pandemic. Interest is charged at 2.5% and the loan is repayable over 5 years with repayments starting on the first anniversary of the loan.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
820,833
1,679,167
Other creditors
105,126
103,041
---------
------------
925,959
1,782,208
---------
------------
Bank borrowings of £802,500 (2022 £1,652,500) are in respect of a 5 year facility renewed in February 2021 for a further 5 years. Security is provided by specific charges on properties owned by the company.
Bank borrowings of £18,333 (2022 £26,667) are in respect of a Business Bounce Back Loan as part of the government support due to the coronavirus pandemic. Interest is charged at 2.5% and the loan is repayable over 5 years with repayments starting on the first anniversary of the loan.