REES LEISURE LIMITED
Company registration number 08773832 (England and Wales)
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
REES LEISURE LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
REES LEISURE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the provision of sporting events.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr C Rees
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C Rees
Director
5 August 2024
REES LEISURE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
1,590
Current assets
Stocks
7,836
7,836
Debtors
5
10,469
33,962
18,305
41,798
Creditors: amounts falling due within one year
6
(453,667)
(512,306)
Net current liabilities
(435,362)
(470,508)
Total assets less current liabilities
(435,362)
(468,918)
Creditors: amounts falling due after more than one year
7
(34,120)
(39,404)
Net liabilities
(469,482)
(508,322)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(469,483)
(508,323)
Total equity
(469,482)
(508,322)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

REES LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 5 August 2024
Mr C Rees
Director
Company registration number 08773832 (England and Wales)
REES LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Rees Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46 Leigh Road, Eastleigh, Southampton, SO50 9DT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

REES LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

REES LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
4
REES LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
5,534
Disposals
(5,534)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
3,944
Depreciation charged in the year
1,590
Eliminated in respect of disposals
(5,534)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
1,590
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,469
30,689
Amounts owed by group undertakings
-
0
1,318
Other debtors
-
0
1,955
10,469
33,962
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28,122
24,064
Trade creditors
47,394
65,503
Amounts owed to group undertakings
270,604
197,371
Taxation and social security
5,571
3,735
Other creditors
101,976
221,633
453,667
512,306
REES LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,120
39,404
2023-12-312023-01-01false05 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C Reesfalsefalse087738322023-01-012023-12-3108773832bus:Director12023-01-012023-12-31087738322023-12-31087738322022-12-3108773832core:OtherPropertyPlantEquipment2023-12-3108773832core:OtherPropertyPlantEquipment2022-12-3108773832core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108773832core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108773832core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108773832core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3108773832core:CurrentFinancialInstruments2023-12-3108773832core:CurrentFinancialInstruments2022-12-3108773832core:ShareCapital2023-12-3108773832core:ShareCapital2022-12-3108773832core:RetainedEarningsAccumulatedLosses2023-12-3108773832core:RetainedEarningsAccumulatedLosses2022-12-3108773832core:PlantMachinery2023-01-012023-12-31087738322022-01-012022-12-3108773832core:OtherPropertyPlantEquipment2022-12-3108773832core:OtherPropertyPlantEquipment2023-01-012023-12-3108773832core:WithinOneYear2023-12-3108773832core:WithinOneYear2022-12-3108773832core:Non-currentFinancialInstruments2023-12-3108773832core:Non-currentFinancialInstruments2022-12-3108773832bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108773832bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108773832bus:FRS1022023-01-012023-12-3108773832bus:AuditExemptWithAccountantsReport2023-01-012023-12-3108773832bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP