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COMPANY REGISTRATION NUMBER: SC700431
MML Leisure Ltd
Filleted Unaudited Financial Statements
31 October 2023
MML Leisure Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
MML Leisure Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MML Leisure Ltd
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MML Leisure Ltd for the year ended 31 October 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of MML Leisure Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of MML Leisure Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MML Leisure Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MML Leisure Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MML Leisure Ltd. You consider that MML Leisure Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MML Leisure Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
30 July 2024
MML Leisure Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,638,747
397,743
Current assets
Debtors
5
1,070,619
104,098
Cash at bank and in hand
71,383
17,734
------------
---------
1,142,002
121,832
Creditors: amounts falling due within one year
6
1,778,862
570,253
------------
---------
Net current liabilities
636,860
448,421
------------
---------
Total assets less current liabilities
1,001,887
( 50,678)
Provisions
223,171
------------
--------
Net assets/(liabilities)
778,716
( 50,678)
------------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
778,616
( 50,778)
---------
--------
Shareholders funds/(deficit)
778,716
( 50,678)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MML Leisure Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr K Martin
Director
Company registration number: SC700431
MML Leisure Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 23 Royal Exchange Place, Glasgow, G1 3AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change of value.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Leasehold improvements
-
10% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
4. Tangible assets
Fixtures and fittings
Leasehold improvements
Total
£
£
£
Cost
At 1 November 2022
246,625
186,143
432,768
Additions
192,400
1,177,963
1,370,363
---------
------------
------------
At 31 October 2023
439,025
1,364,106
1,803,131
---------
------------
------------
Depreciation
At 1 November 2022
23,928
11,097
35,025
Charge for the year
65,009
64,350
129,359
---------
------------
------------
At 31 October 2023
88,937
75,447
164,384
---------
------------
------------
Carrying amount
At 31 October 2023
350,088
1,288,659
1,638,747
---------
------------
------------
At 31 October 2022
222,697
175,046
397,743
---------
------------
------------
5. Debtors
2023
2022
£
£
Trade debtors
456,084
30,803
Other debtors
614,535
73,295
------------
---------
1,070,619
104,098
------------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,615
70,679
Social security and other taxes
1,237
Other creditors
1,762,247
498,337
------------
---------
1,778,862
570,253
------------
---------
7. Directors' advances, credits and guarantees
At the period end, the company owed the director £nil. (2022:£4,446) The amount is unsecured, interest free and repayable on demand.
8. Related party transactions
During the year MML Leisure Ltd charged rent, recharged utilities and provided management services to Dramsip Ltd, a company under common control. The amount invoiced for these services during the year was £443,000. At the balance sheet date, the company owed from Dramsip Limited, in respect of advance payments, £358,792 (2022 - Owed to Dramsip Limited £38,882). During the year MML Leisure Ltd charged rent, recharged utilities and provided management services to Pintplace Limited, a company under common control. The amount invoiced for these services during the year was £843,000. At the balance sheet date, the company owed to Pintplace Ltd, in respect of advance payments, £1,131,174 (2022 - £29,300). During the year MML Leisure Ltd charged rent, recharged utilities and provided management services to Liquor Twist Limited, a company in which Mr K Martin has an interest. The amount invoiced for these services during the year was £42,360, there were no outstanding balances at the balance sheet date. During the year MML Leisure Ltd , the company was owed £276 from RES Events Limited, a company under common control (2022:NIL). During the year MML Leisure Ltd charged recharged utilities to RES Facilities Limited, a company in which Mr G Macculloch has an interest. The amount invoiced for these services during the year was £30,155. this amount was outstanding at the balance sheet date.