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Company No: 04851042 (England and Wales)

WRD LEISURE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

WRD LEISURE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

WRD LEISURE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
WRD LEISURE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 1,128
Tangible assets 4 35,607 47,390
35,607 48,518
Current assets
Stocks 29,876 22,764
Debtors 5 154,459 154,261
Cash at bank and in hand 36,426 105,396
220,761 282,421
Creditors: amounts falling due within one year 6 ( 213,930) ( 195,609)
Net current assets 6,831 86,812
Total assets less current liabilities 42,438 135,330
Creditors: amounts falling due after more than one year 7 ( 26,664) ( 42,671)
Provision for liabilities ( 6,773) ( 8,912)
Net assets 9,001 83,747
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account 8,801 83,547
Total shareholders' funds 9,001 83,747

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of WRD Leisure Limited (registered number: 04851042) were approved and authorised for issue by the Director on 05 March 2024. They were signed on its behalf by:

D Tierney
Director
WRD LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
WRD LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

WRD Leisure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 67 Broad Street, Chipping Sodbury, BS37 6AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. 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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Computer software 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 36

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 September 2022 68,301 1,600 69,901
At 31 August 2023 68,301 1,600 69,901
Accumulated amortisation
At 01 September 2022 67,173 1,600 68,773
Charge for the financial year 1,128 0 1,128
At 31 August 2023 68,301 1,600 69,901
Net book value
At 31 August 2023 0 0 0
At 31 August 2022 1,128 0 1,128

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 September 2022 48,319 63,622 19,368 131,309
Additions 4,806 0 2,018 6,824
Disposals ( 3,882) ( 11,410) ( 2,818) ( 18,110)
At 31 August 2023 49,243 52,212 18,568 120,023
Accumulated depreciation
At 01 September 2022 24,631 48,662 10,626 83,919
Charge for the financial year 6,224 3,484 2,535 12,243
Disposals ( 3,086) ( 6,687) ( 1,973) ( 11,746)
At 31 August 2023 27,769 45,459 11,188 84,416
Net book value
At 31 August 2023 21,474 6,753 7,380 35,607
At 31 August 2022 23,688 14,960 8,742 47,390

5. Debtors

2023 2022
£ £
Amounts owed by related parties 139,616 149,746
Accrued income 9,230 0
Corporation tax 5,613 0
Other debtors 0 4,515
154,459 154,261

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 16,000 15,996
Trade creditors 94,339 90,210
Amounts owed to directors 787 619
Other loans 0 1,740
Accruals and deferred income 22,167 2,600
Taxation and social security 45,775 47,152
Other creditors 34,862 37,292
213,930 195,609

The bank loans are secured by way of a government backed guarantee.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 26,664 42,671

The bank loans are secured by way of a government back guarantee.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 64,700 55,499
between one and five years 258,800 376,701
after five years 188,708 204,002
512,208 636,202

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,488 1,288

10. Related party transactions

At the year end, the company was owed £139,616 (2022: £149,746) by an LLP under common control. The loan is interest free and there are no fixed dates for repayment.

At the year end, the company owed £787 to the directors (2022: £619). Interest has been charged at 2% when overdrawn and there are no fixed dates for repayment.

During the year the directors were paid dividends totalling £33,000 (2022: £37,000).