Silverfin false 27/02/2023 28/02/2022 27/02/2023 Janet Elizabeth Martin 16/06/1999 Thomas Richard Eliot Martin 21/11/2001 09 April 2024 The principal activity of the Company during the financial year was that of an investment company. 03774099 2023-02-27 03774099 bus:Director1 2023-02-27 03774099 bus:Director2 2023-02-27 03774099 2022-02-27 03774099 core:CurrentFinancialInstruments 2023-02-27 03774099 core:CurrentFinancialInstruments 2022-02-27 03774099 core:ShareCapital 2023-02-27 03774099 core:ShareCapital 2022-02-27 03774099 core:RetainedEarningsAccumulatedLosses 2023-02-27 03774099 core:RetainedEarningsAccumulatedLosses 2022-02-27 03774099 core:CostValuation 2022-02-27 03774099 core:AdditionsToInvestments 2023-02-27 03774099 core:DisposalsRepaymentsInvestments 2023-02-27 03774099 core:RevaluationsIncreaseDecreaseInInvestments 2023-02-27 03774099 core:FurtherSpecificIncreaseDecreaseInInvestments2ComponentTotalChangeInInvestments 2023-02-27 03774099 core:CostValuation 2023-02-27 03774099 2022-02-28 2023-02-27 03774099 bus:FullAccounts 2022-02-28 2023-02-27 03774099 bus:SmallEntities 2022-02-28 2023-02-27 03774099 bus:AuditExemptWithAccountantsReport 2022-02-28 2023-02-27 03774099 bus:PrivateLimitedCompanyLtd 2022-02-28 2023-02-27 03774099 bus:Director1 2022-02-28 2023-02-27 03774099 bus:Director2 2022-02-28 2023-02-27 03774099 2021-02-28 2022-02-27 iso4217:GBP xbrli:pure

Company No: 03774099 (England and Wales)

STEADFAST LEISURE LIMITED

Unaudited Financial Statements
For the financial year ended 27 February 2023
Pages for filing with the registrar

STEADFAST LEISURE LIMITED

Unaudited Financial Statements

For the financial year ended 27 February 2023

Contents

STEADFAST LEISURE LIMITED

COMPANY INFORMATION

For the financial year ended 27 February 2023
STEADFAST LEISURE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 27 February 2023
DIRECTORS Janet Elizabeth Martin
Thomas Richard Eliot Martin
SECRETARY Janet Elizabeth Martin
REGISTERED OFFICE 2 New Street Square
London
EC4A 3BZ
United Kingdom
COMPANY NUMBER 03774099 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
STEADFAST LEISURE LIMITED

BALANCE SHEET

As at 27 February 2023
STEADFAST LEISURE LIMITED

BALANCE SHEET (continued)

As at 27 February 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 50,000 50,000
Investments 4 337,477 363,476
387,477 413,476
Current assets
Debtors 5 17,291 17,282
Cash at bank and in hand 30,083 22,226
47,374 39,508
Creditors: amounts falling due within one year 6 ( 20,332) ( 11,059)
Net current assets 27,042 28,449
Total assets less current liabilities 414,519 441,925
Net assets 414,519 441,925
Capital and reserves
Called-up share capital 1 1
Profit and loss account 414,518 441,924
Total shareholder's funds 414,519 441,925

For the financial year ending 27 February 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 Steadfast Leisure Limited (registered number: 03774099) were approved and authorised for issue by the Board of Directors on 09 April 2024. They were signed on its behalf by:

Janet Elizabeth Martin
Director
STEADFAST LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 2023
STEADFAST LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 27 February 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

Steadfast 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 2 New Street Square, London, EC4A 3BZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have considered the use of the going concern basis in the preparation of the financial statements in light of the current market conditions and conclude that it is appropriate. In coming to this conclusion, the directors have considered the cash requirements of the Company for the period of 12 months from the signing of the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. Turnover relates to dividend income and is recognised in accordance with the dividend income accounting policy noted below.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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 Balance Sheet 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 28 February 2022 50,000
As at 27 February 2023 50,000

Valuation

£50,000 continues to be the directors' best estimate of the market value at the year end date.

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 28 February 2022 363,476 363,476
Additions 68 68
Disposals ( 5,103) ( 5,103)
Movement in fair value ( 21,498) ( 21,498)
Movement in foreign exchange 534 534
At 27 February 2023 337,477 337,477
Carrying value at 27 February 2023 337,477 337,477
Carrying value at 27 February 2022 363,476 363,476

5. Debtors

2023 2022
£ £
Other debtors 17,291 17,282

6. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 1,132 6,259
Other creditors 19,200 4,800
20,332 11,059

7. Related party transactions

The directors received no remuneration for their services in the current period (2022: £nil). The directors are the only key management personnel of the Company.

Included within debtors is a loan made to directors of £17,282 (2022: £17,282). The loan is interest free and repayable on demand.

During the prior year, £302,761 of loans owed from companies owned by the shareholders sons in a personal capacity were waived as agreed with the counterparty.

8. Ultimate controlling party

There is no one ultimate controlling party.