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REGISTERED NUMBER: 02580836 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2023

for

SUMMIT LEISURE (MARKET STREET) LIMITED

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SUMMIT LEISURE (MARKET STREET) LIMITED

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr K Shaw
Mr A Shaw
Miss T Shaw



SECRETARY: Miss T Shaw



REGISTERED OFFICE: Fairway House
Links Business Park
St. Mellons
Cardiff
CF3 OLT



REGISTERED NUMBER: 02580836 (England and Wales)



ACCOUNTANTS: Hayvenhursts
Fairway House
Links Business Park
St Mellons
Cardiff
CF3 0LT



BANKERS: Barclays Bank Plc
1st Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF



SOLICITORS: Kippax Beaumont Lewis
28 Mawdsley Street
Bolton
Lancs
BL1 1LF

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Balance Sheet
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 368,000 368,000
Tangible assets 5 370,058 329,163
Investments 6 393,188 393,188
1,131,246 1,090,351

CURRENT ASSETS
Stocks 2,476 2,926
Debtors 7 1,211,213 1,149,625
Cash at bank and in hand 100,004 179,924
1,313,693 1,332,475
CREDITORS
Amounts falling due within one year 8 (168,119 ) (209,020 )
NET CURRENT ASSETS 1,145,574 1,123,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,276,820

2,213,806

PROVISIONS FOR LIABILITIES (9,342 ) (1,237 )
NET ASSETS 2,267,478 2,212,569

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Balance Sheet - continued
31 JULY 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 308 308
Share premium 388,587 388,587
Retained earnings 1,878,583 1,823,674
SHAREHOLDERS' FUNDS 2,267,478 2,212,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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 22 February 2024 and were signed on its behalf by:




Mr A Shaw - Director



Mr K Shaw - Director


SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Summit Leisure (Market Street) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Goodwill
Purchased goodwill is included in the financial statements on a cost basis. The company's directors have performed an impairment review in respect of the value of the company's purchased goodwill. In the directors opinion the value of the goodwill is not less than its original purchase cost and therefore do not consider it to be appropriate to provide for any amortisation in respect of goodwill. This impairment review is performed on an annual basis. The non amortisation of goodwill is a departure from FRS No.10 'Goodwill and Intangible assets'. In the opinion of the company's directors the amount of amortisation is not material in the company's financial statements.


Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over lease term
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.


SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Consolidation
The company and its subsidiary comprise a small group. The company has therefore taken advantage of the exemption provided by section 248 of the Companies Act 1985 and not prepared group financial statements.

Investments
Investments in group companies are stated at cost less any provision required for a permanent fall in diminution.

Turnover
Turnover is derived from gaming machine income which is VAT exempt, and subject to Machine Games Duty.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 368,000
NET BOOK VALUE
At 31 July 2023 368,000
At 31 July 2022 368,000

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 August 2022 314,595 88,803 64,559
Additions - - 29,096
At 31 July 2023 314,595 88,803 93,655
DEPRECIATION
At 1 August 2022 - 87,190 59,467
Charge for year - 604 3,081
At 31 July 2023 - 87,794 62,548
NET BOOK VALUE
At 31 July 2023 314,595 1,009 31,107
At 31 July 2022 314,595 1,613 5,092

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 August 2022 87,938 9,500 565,395
Additions 18,250 - 47,346
At 31 July 2023 106,188 9,500 612,741
DEPRECIATION
At 1 August 2022 80,206 9,369 236,232
Charge for year 2,733 33 6,451
At 31 July 2023 82,939 9,402 242,683
NET BOOK VALUE
At 31 July 2023 23,249 98 370,058
At 31 July 2022 7,732 131 329,163

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022
and 31 July 2023 393,188
NET BOOK VALUE
At 31 July 2023 393,188
At 31 July 2022 393,188

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts due from related
companies

1,203,019

1,133,825
Prepayments and accrued income 8,194 15,800
1,211,213 1,149,625

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 26,630 22,189
Tax 4,046 50,867
Social security and other taxes 16,152 14,673
Other creditors 61,699 61,699
Due to Allied Real Limited 53,722 53,722
Accrued expenses 5,870 5,870
168,119 209,020

SUMMIT LEISURE (MARKET STREET) LIMITED (REGISTERED NUMBER: 02580836)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

9. RELATED PARTY DISCLOSURES

K Shaw, A Shaw, and Miss T Shaw are directors of Summit Leisure (Deansgate) Limited, Summit Leisure (KC) Limited, K Shaw & Sons Limited and Summit Leisure (Swinton) Limited. K Shaw is a director of the company's wholly owned subsidiary, Allied Real Limited.


As at 31 July 2023 the company owed £53,722 to Allied Real Limited.

As at 31 July 2023 the company was owed the following amounts from related entities:

Summit Leisure (Swinton) Limited - £222,068 (2022 - £217,068), Summit Leisure (Deansgate) Limited - £920,951 (2022 - £626,757), Summit Leisure (KC) Limited - £60,000 (2022 - £50,000).






10. ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors.