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Registration number: 06654333

Gala Leisure UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Gala Leisure UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Gala Leisure UK Limited

Company Information

Director

Mr S Everitt

Company secretary

Mr John Everitt

Registered office

Wild Rose Cottage
Grange Lane
Cookham
Berks
SL6 9RP

Accountants

AIMS Accountants for Business
36 Wattleton Road
Beaconsfield
Bucks
HP9 1SE

 

Gala Leisure UK Limited

(Registration number: 06654333)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,164

13,807

Current assets

 

Debtors

5

4,953

36,388

Cash at bank and in hand

 

12,130

64,717

 

17,083

101,105

Creditors: Amounts falling due within one year

6

(26,126)

(134,836)

Net current liabilities

 

(9,043)

(33,731)

Total assets less current liabilities

 

121

(19,924)

Creditors: Amounts falling due after more than one year

6

(40,000)

(17,769)

Net liabilities

 

(39,879)

(37,693)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(39,979)

(37,793)

Shareholders' deficit

 

(39,879)

(37,693)

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 March 2024
 

.........................................
Mr S Everitt
Director

 

Gala Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Wild Rose Cottage
Grange Lane
Cookham
Berks
SL6 9RP

These financial statements were authorised for issue by the director on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Gala Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Plant and machinery

15% SL

Vehicles

20% SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Gala Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

16,631

8,781

25,412

At 31 July 2023

16,631

8,781

25,412

Depreciation

At 1 August 2022

6,654

4,951

11,605

Charge for the year

3,326

1,317

4,643

At 31 July 2023

9,980

6,268

16,248

Carrying amount

At 31 July 2023

6,651

2,513

9,164

At 31 July 2022

9,977

3,830

13,807

5

Debtors

Current

2023
£

2022
£

Prepayments

794

31,855

Other debtors

4,159

4,533

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

5,229

105,037

Other creditors

20,897

29,799

26,126

134,836

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

40,000

17,769

 

Gala Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

17,769

Other borrowings

40,000

-

40,000

17,769

9

Related party transactions

 

Gala Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

8,920