Caseware UK (AP4) 2023.0.135 2023.0.135 true2023-03-01falseThe principal activity of the company is running Horsham Golf and Fitness Club and other associated activities.4238trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06408328 2023-03-01 2024-02-29 06408328 2022-03-01 2023-02-28 06408328 2024-02-29 06408328 2023-02-28 06408328 c:Director2 2023-03-01 2024-02-29 06408328 d:Buildings 2023-03-01 2024-02-29 06408328 d:Buildings 2024-02-29 06408328 d:Buildings 2023-02-28 06408328 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06408328 d:PlantMachinery 2023-03-01 2024-02-29 06408328 d:PlantMachinery 2024-02-29 06408328 d:PlantMachinery 2023-02-28 06408328 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06408328 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 06408328 d:Goodwill 2024-02-29 06408328 d:Goodwill 2023-02-28 06408328 d:CurrentFinancialInstruments 2024-02-29 06408328 d:CurrentFinancialInstruments 2023-02-28 06408328 d:Non-currentFinancialInstruments 2024-02-29 06408328 d:Non-currentFinancialInstruments 2023-02-28 06408328 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 06408328 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 06408328 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 06408328 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 06408328 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 06408328 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 06408328 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 06408328 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 06408328 d:ShareCapital 2024-02-29 06408328 d:ShareCapital 2023-02-28 06408328 d:RetainedEarningsAccumulatedLosses 2024-02-29 06408328 d:RetainedEarningsAccumulatedLosses 2023-02-28 06408328 c:OrdinaryShareClass1 2023-03-01 2024-02-29 06408328 c:OrdinaryShareClass1 2024-02-29 06408328 c:OrdinaryShareClass1 2023-02-28 06408328 c:OrdinaryShareClass2 2023-03-01 2024-02-29 06408328 c:OrdinaryShareClass2 2024-02-29 06408328 c:OrdinaryShareClass2 2023-02-28 06408328 c:FRS102 2023-03-01 2024-02-29 06408328 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06408328 c:FullAccounts 2023-03-01 2024-02-29 06408328 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06408328 d:WithinOneYear 2024-02-29 06408328 d:WithinOneYear 2023-02-28 06408328 d:BetweenOneFiveYears 2024-02-29 06408328 d:BetweenOneFiveYears 2023-02-28 06408328 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 06408328 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 06408328 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 06408328 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 06408328 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 06408328 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 06408328 d:TaxLossesCarry-forwardsDeferredTax 2024-02-29 06408328 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 06408328 d:OtherDeferredTax 2024-02-29 06408328 d:OtherDeferredTax 2023-02-28 06408328 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-02-29 06408328 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-02-28 06408328 d:LeasedAssetsHeldAsLessee 2024-02-29 06408328 d:LeasedAssetsHeldAsLessee 2023-02-28 06408328 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06408328










Horsham Leisure Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 29 February 2024

 
Horsham Leisure Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Horsham Leisure Limited for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horsham Leisure Limited for the year ended 29 February 2024 which comprise  the Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Horsham Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 19 April 2024Our work has been undertaken solely to prepare for your approval the financial statements of Horsham Leisure Limited and state those matters that we have agreed to state to the Board of Directors of Horsham Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horsham Leisure Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Horsham Leisure Limited 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 Horsham Leisure Limited. You consider that Horsham Leisure Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Horsham Leisure Limited. 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.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
29 July 2024
Page 1

 
Horsham Leisure Limited
Registered number: 06408328

Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
4,071,676
4,000,145

  
4,071,676
4,000,145

Current assets
  

Stocks
  
189,047
152,771

Debtors: amounts falling due within one year
 6 
39,272
75,523

Cash at bank and in hand
  
186,760
301,192

  
415,079
529,486

Creditors: amounts falling due within one year
 7 
(1,434,939)
(545,064)

Net current liabilities
  
 
 
(1,019,860)
 
 
(15,578)

Total assets less current liabilities
  
3,051,816
3,984,567

Creditors: amounts falling due after more than one year
 8 
(293,139)
(1,347,568)

Provisions for liabilities
  

Deferred tax
 11 
(168,292)
(133,604)

  
 
 
(168,292)
 
 
(133,604)

Net assets
  
2,590,385
2,503,395


Capital and reserves
  

Called up share capital 
 12 
1,301,000
1,301,000

Profit and loss account
  
1,289,385
1,202,395

  
2,590,385
2,503,395


Page 2

 
Horsham Leisure Limited
Registered number: 06408328

Balance Sheet (continued)
As at 29 February 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N Burke
Director
Date: 26 July 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

1.


General information

The company is a private company limited by share capital incorporated in England and Wales within the United Kingdom.
The address of its registered office is:
1 Leazes Avenue
Chaldon
Caterham
Surrey
CR3 5AG

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

These financial statements are presented in sterling and are rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Membership income is recognised over the period to which it relates.

Page 4

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Hire purchase and finance leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a reducing balance or straight line method.

Depreciation is provided on the following basis:

Freehold property
-
over 20 - 50 years on a straight line basis
Plant and machinery
-
15% per annum on a reducing balance or over 3 years on a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Non-depreciated land includes landscaped land operating as a golf course.

Page 5

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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 in value.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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


 
Page 6

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.13

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 - 38).

Page 8

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
360,000



At 29 February 2024

360,000



Amortisation


At 1 March 2023
360,000



At 29 February 2024

360,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 9

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

5.


Tangible fixed assets







Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 March 2023
3,838,879
942,136
4,781,015


Additions
130,519
37,031
167,550



At 29 February 2024

3,969,398
979,167
4,948,565



Depreciation


At 1 March 2023
232,177
548,693
780,870


Charge for the year on owned assets
30,444
65,575
96,019



At 29 February 2024

262,621
614,268
876,889



Net book value



At 29 February 2024
3,706,777
364,899
4,071,676



At 28 February 2023
3,606,702
393,443
4,000,145

Included within freehold property is land at cost £3,047,218 which is not depreciated.



The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Plant and machinery
100,108
118,858

100,108
118,858

Page 10

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
21,730
18,406

Amounts owed by related undertakings
9,915
42,209

Other debtors
-
1,000

Prepayments and accrued income
7,627
13,908

39,272
75,523



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
1,020,053
80,537

Trade creditors
171,758
140,415

Corporation tax
-
80,918

Other taxation and social security
41,464
49,366

Obligations under hire purchase contracts
32,617
29,555

Other creditors
34,740
34,059

Accruals and deferred income
134,307
130,214

1,434,939
545,064



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
17,500
1,038,238

Net obligations under hire purchase contracts
42,477
76,168

Other creditors
233,162
233,162

293,139
1,347,568


Page 11

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
1,020,053
80,537


1,020,053
80,537

Amounts falling due 1-2 years

Bank loans
17,500
76,322


17,500
76,322

Amounts falling due 2-5 years

Bank loans
-
961,916


-
961,916


1,037,553
1,118,775



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
32,617
29,245

Between 1-5 years
42,477
76,846

75,094
106,091

Page 12

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

11.


Deferred taxation






2024


£






At beginning of year
(133,604)


Charged to profit or loss
(34,688)



At end of year
(168,292)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(191,274)
(168,819)

Tax losses carried forward
22,982
34,692

Short term timing differences
-
523

(168,292)
(133,604)


12.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



20 (2023 - 20) Ordinary A shares of £50 each
1,000
1,000
26,000 (2023 - 26,000) Ordinary B shares of £50 each
1,300,000
1,300,000

1,301,000

1,301,000



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £12,593 (2023 - £11,040). Contributions totalling £Nil (2023 - £2,093) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
Horsham Leisure Limited
 

 
Notes to the Financial Statements
For the Year Ended 29 February 2024

14.


Commitments under operating leases

At 29 February 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
26,550
-

Later than 1 year and not later than 5 years
87,606
-

114,156
-


15.


Related party transactions

During the year the company made the following related party transactions:
Fresh Golf Limited
(Same directors)
During the year Fresh Golf Limited charged costs of £60,401 (2023 - £36,320) to the company. At the balance sheet date the amount due from Fresh Golf Limited was £9,915 (2023 - £42,209).


Page 14