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Registration number: 11614700

APB Leisure Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

APB Leisure Limited
(Registration number: 11614700)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

APB Leisure Limited
(Registration number: 11614700)

Company Information

Directors

Mr A Baker

Mrs L J Baker

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

APB Leisure Limited
(Registration number: 11614700)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

2,200

Tangible assets

5

6,504

7,897

 

6,504

10,097

Current assets

 

Stocks

6

400

400

Debtors

7

3,185

13,623

Cash at bank and in hand

 

114,723

95,266

 

118,308

109,289

Creditors: Amounts falling due within one year

8

(26,261)

(27,042)

Net current assets

 

92,047

82,247

Total assets less current liabilities

 

98,551

92,344

Creditors: Amounts falling due after more than one year

8

(10,142)

(18,075)

Provisions for liabilities

(1,626)

(1,799)

Net assets

 

86,783

72,470

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

86,781

72,468

Total equity

 

86,783

72,470

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

APB Leisure Limited
(Registration number: 11614700)

Balance Sheet as at 30 November 2023

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mrs L J Baker
Director

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

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.

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Plant and machinery

20% straight line

Motor Vehicles

20% straight line

Computer equipment

33.33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

11,000

11,000

At 30 November 2023

11,000

11,000

Amortisation

At 1 December 2022

8,800

8,800

Amortisation charge

2,200

2,200

At 30 November 2023

11,000

11,000

Carrying amount

At 30 November 2023

-

-

At 30 November 2022

2,200

2,200

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

354

11,995

3,500

15,849

Additions

2,546

-

-

2,546

At 30 November 2023

2,900

11,995

3,500

18,395

Depreciation

At 1 December 2022

354

4,798

2,800

7,952

Charge for the year

840

2,399

700

3,939

At 30 November 2023

1,194

7,197

3,500

11,891

Carrying amount

At 30 November 2023

1,706

4,798

-

6,504

At 30 November 2022

-

7,197

700

7,897

6

Stocks

2023
£

2022
£

Other stocks

400

400

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

2023
£

2022
£

Other debtors

3,185

13,623

Total current trade and other debtors

3,185

13,623

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

7,999

7,999

Trade creditors

 

648

343

Taxation and social security

 

16,919

18,027

Other creditors

 

134

83

Accrued expenses

 

561

590

 

26,261

27,042

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,999.

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

10,142

18,075

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,249.

 

APB Leisure Limited
(Registration number: 11614700)

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Hire purchase contracts

2,999

2,999

7,999

7,999

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,893

12,827

Hire purchase contracts

2,249

5,248

10,142

18,075

10

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr A Baker

Interest free loan

13,623

23,776

(34,214)

3,185

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr A Baker

Interest free loan

-

18,256

(4,633)

13,623