LEISURE ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 08938136
LEISURE ENERGY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
LEISURE ENERGY LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
Graham Clarkson
Neil Bland
Georgina Hyde
Michael Worsnop
Michael Ardis
appointed 14 May 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Leisure Energy Techology Centre
Units 6, 7, 8
Site 8 Gemini Business Park
Walter Nash Road
Kidderminster
DY11 7HJ
COMPANY REGISTRATION NUMBER
08938136 England and Wales
LEISURE ENERGY LTD
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 555,738 494,930
CURRENT ASSETS
Stock 288,000 -
Debtors 6 1,510,864 1,076,475
Cash at bank and in hand 2,727,307 2,126,702
4,526,171 3,203,177
CREDITORS: Amounts falling due within one year 7 2,483,877 1,536,378
NET CURRENT ASSETS 2,042,294 1,666,799
TOTAL ASSETS LESS CURRENT LIABILITIES 2,598,032 2,161,729
CREDITORS: Amounts falling due after more than one year 8 205,005 199,801
Provisions for liabilities and charges 88,941 79,002
NET ASSETS 2,304,086 1,882,926
CAPITAL AND RESERVES
Called up share capital 209 205
Distributable profit and loss account 2,303,875 1,882,719
Capital redemption reserve 2 2
SHAREHOLDERS' FUNDS 2,304,086 1,882,926
LEISURE ENERGY LTD
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Graham Clarkson Neil Bland
Director Director
Date approved by the board: 19 July 2024
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Leisure Energy Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Leisure Energy Techology Centre
Units 6, 7, 8
Site 8 Gemini Business Park
Walter Nash Road
Kidderminster
DY11 7HJ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of energy consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment Reducing balance basis at 25% per annum
Plant and machinery Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Leasehold improvements Reducing balance basis at 5% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 17 8
5 TANGIBLE ASSETS
Office equipment Plant and machinery Motor vehicles Leasehold improvements Total
£ £ £ £ £
Cost
At 1 April 2023 30,975 1,627 493,337 - 525,939
Additions 37,621 20,638 132,022 32,517 222,798
At 31 March 2024 68,596 22,265 625,359 32,517 748,737
Accumulated depreciation and impairments
At 1 April 2023 9,320 536 21,153 - 31,009
Charge for year 10,323 2,920 147,976 771 161,990
At 31 March 2024 19,643 3,456 169,129 771 192,999
Net book value
At 1 April 2023 21,655 1,091 472,184 - 494,930
At 31 March 2024 48,953 18,809 456,230 31,746 555,738
6 DEBTORS
2024 2023
£ £
Trade debtors 1,441,094 897,798
Prepayments and accrued income 27,444 128,161
Other debtors 42,326 50,516
1,510,864 1,076,475
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 1,169,100 922,042
Taxation and social security 459,357 311,814
Hire purchase contracts and finance leases 102,418 95,015
Accruals and deferred income 115,212 152,121
Other creditors 637,790 55,386
2,483,877 1,536,378
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases 205,005 199,801
9 SECURED DEBTS
The company had a loan from HSBC UK Bank Plc which had a fixed and floating charge over all assets and undertakings of the company. Interest was charged on this loan at 3.99% above base rate and was initially due to be repaid by the end of May 2026. This was fully repaid in May 2022.
10 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
Georgina Hyde - 22,125 - - 22,125
Michael Ardis - 20,152 - - 20,152
- 42,277 - - 42,277
LEISURE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Shareholder
2024 2023
£ £
Clarkson Alliance Project Management Limited (Shareholder) Credit loan balance 160,631 -
Graham Clarkson (Director and Shareholder) Credit loan balance 50,499 50,400
Essanden Consultants Limited (Shareholder) Credit loan balance 243,960 -
Hyland Renovation Advice and Management Limited (Shareholder) Credit loan balance 60,720 -
Gwytherin Holdings Limited (Shareholder) Credit loan balance 60,990 -
862 Holdings Limited (Shareholder) Credit loan balance 60,990 -
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