REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
Erne Leisure Development Company Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
Erne Leisure Development Company Limited |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Erne Leisure Development Company Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Quaker Buildings |
High Street |
Lurgan |
Craigavon |
Co. Armagh |
BT66 8BB |
BANKERS: |
13 Market Street |
Lurgan |
Co. Armagh |
BT66 6AR |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Balance Sheet - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Erne Leisure Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Short | Cruiser | Plant and |
leasehold | fleet | machinery |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Office & |
sundry | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
At the year end the directors feel that the fair value of the cruiser fleet, is not materially different to the carrying amount. |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Amounts owed to group undertakings |
8. | SECURED DEBTS |
The company's bank overdraft is secured by an unlimited composite guarantee from Erne Leisure Development Company Limited, Shannon Leisure Development Company Limited and Lakeview Marina Limited. The bank also has first fixed charge over boats and vessels. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
Transfer from other reserves | (1,033 | ) |
At 31 October 2023 |
Erne Leisure Development Company Limited (Registered number: NI027882) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
McCleary & Company Ltd. |
12. | OTHER FINANCIAL COMMITMENTS |
At the year end the company had annual commitments under non-cancellable operating leases as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Expiry date: |
Between one and five years | 16,020 | 16,020 |
13. | RELATED PARTY DISCLOSURES |
Erne Leisure Development Company Limited ("ELDC"), Shannon Leisure Development Company Limited ("SLDC"), and Hausboot Irland GmbH ("HBI"), are all wholly owned subsidiaries of Lakeview Marina Limited ("LM"). |
Lakeview Marina Limited |
The amount owed to LM at the year end was £1,144,145 (2022: £1,144,145). No interest was charged in the year. |
Shannon Leisure Development Company Limited |
ELDC charged SLDC £338,440 for services, and £27,801 for other sundry items supplied during the year. SLDC paid expenses of £13,508 on behalf of ELDC. At the year end the amount due from SLDC amounted to £1,396,630 (2022: £1,419,557). |
The company is a wholly owned subsidiary of Lakeview Marina Limited, a company incorporated in the Republic of Ireland. Lakeview Marina Limited is a 100% owned subsidiary of Locaboat Developpement SAS, a company registered in France. The registered office address of Locaboat Developpement SAS is 60 rue Saint Andre des Arts, 75006 Paris. |
The ultimate controlling party is Locaboat Group SAS, which owns 100% of Locaboat Developpement SAS and is deemed to have control. Locaboat Group SAS is registered in France. The registered office is at 60 rue Saint Andre des Arts, 75006 Paris. |