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Registration number: 05427177

Lounge Leisure Limited

trading as CASA

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Lounge Leisure Limited

trading as CASA

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Lounge Leisure Limited

trading as CASA

(Registration number: 05427177)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

204,733

239,793

Current assets

 

Stocks

5

15,134

9,116

Debtors

6

18,176

18,254

Cash at bank and in hand

 

32,978

37,401

 

66,288

64,771

Creditors: Amounts falling due within one year

7

(161,431)

(143,176)

Net current liabilities

 

(95,143)

(78,405)

Total assets less current liabilities

 

109,590

161,388

Creditors: Amounts falling due after more than one year

7

(29,167)

(45,833)

Provisions for liabilities

(751)

(2,692)

Net assets

 

79,672

112,863

Capital and reserves

 

Called up share capital

3

3

Retained earnings

79,669

112,860

Shareholders' funds

 

79,672

112,863

 

Lounge Leisure Limited

trading as CASA

(Registration number: 05427177)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 July 2024
 

.........................................
Mr Nicholas Paul Wilks
Company secretary and director

 

Lounge Leisure Limited

trading as CASA

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
No 1
Bridge Street
Stafford
Staffordshire
ST16 2HJ

These financial statements were authorised for issue by the director on 22 July 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. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Lounge Leisure Limited

trading as CASA

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of bar drinks and snacks 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.

Government grants

Government Grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Any amounts outstanding at the year end will be included within other debtors.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Lounge Leisure Limited

trading as CASA

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

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:

Asset class

Depreciation method and rate

Leasehold property

4% straight line

Computer equipment

25% straight line

Fixtures and fittings

33.33% straight line

Plant and machinery

25% straight line

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lounge Leisure Limited

trading as CASA

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 26 (2022 - 25).

4

Tangible assets

Leasehold property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 November 2022

570,292

277,074

75,103

63,755

986,224

Additions

-

4,835

-

-

4,835

At 31 October 2023

570,292

281,909

75,103

63,755

991,059

Depreciation

At 1 November 2022

355,952

261,043

70,592

58,844

746,431

Charge for the year

22,812

11,764

3,009

2,310

39,895

At 31 October 2023

378,764

272,807

73,601

61,154

786,326

Carrying amount

At 31 October 2023

191,528

9,102

1,502

2,601

204,733

At 31 October 2022

214,340

16,031

4,511

4,911

239,793

Included within the net book value of land and buildings above is £191,528 (2022 - £214,340) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

15,134

9,116

6

Debtors

Current

2023
£

2022
£

Prepayments

18,176

18,254

 

18,176

18,254

 

Lounge Leisure Limited

trading as CASA

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

16,667

16,667

Trade creditors

 

48,555

22,494

Taxation and social security

 

36,329

55,252

Other creditors

 

59,880

48,763

 

161,431

143,176

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

29,167

45,833

8

Loans and borrowings

Bank borrowings

Santander UK plc is denominated in £ with a nominal interest rate of 3.8%, and the final instalment is due on 1 July 2026. The carrying amount at year end is £45,833 (2022 - £62,500).

Contains fixed and floating charge over all property or undertaking of the company. Contains negative pledge.