Company registration number 02363370 (England and Wales)
LUXURIOUS LEISURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LUXURIOUS LEISURE LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
LUXURIOUS LEISURE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
Share capital
Share premium account
Investment property revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
1,000
8,000
-
0
331,998
711,295
1,052,293
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
-
(11,008)
(11,008)
Balance at 31 December 2022
1,000
8,000
-
0
331,998
700,287
1,041,285
Year ended 31 December 2023:
Profit
-
-
-
-
85,774
85,774
Other comprehensive income:
Transfers
-
-
25,854
-
(25,854)
-
Total comprehensive income
-
-
25,854
-
59,920
111,628
Balance at 31 December 2023
1,000
8,000
25,854
331,998
760,207
1,127,059
LUXURIOUS LEISURE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
888,851
925,277
Investment properties
4
250,000
215,528
1,138,851
1,140,805
Current assets
Debtors
5
239,479
186,679
Cash at bank and in hand
228,724
132,546
468,203
319,225
Creditors: amounts falling due within one year
6
(471,377)
(418,745)
Net current liabilities
(3,174)
(99,520)
Total assets less current liabilities
1,135,677
1,041,285
Provisions for liabilities
(8,618)
-
0
Net assets
1,127,059
1,041,285
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
8,000
8,000
Investment property revaluation reserve
25,854
-
0
Other reserves
331,998
331,998
Profit and loss reserves
760,207
700,287
Total equity
1,127,059
1,041,285
LUXURIOUS LEISURE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

The directors of the company have 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 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 members have 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.

The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr W E Atkins
Director
Company Registration No. 02363370
LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Luxurious Leisure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Greenwood House, Greenwood Court, Skyliner Way, Bury St. Edmunds, Suffolk, IP32 7GY.

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. 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Freehold land and buildings
2% on cost
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2023
2022
Number
Number
Total
5
5
LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor  Vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
882,350
281,244
78,139
240,879
1,482,612
Additions
45,000
5,000
-
0
-
0
50,000
Disposals
(16,763)
(3,319)
-
0
-
0
(20,082)
At 31 December 2023
910,587
282,925
78,139
240,879
1,512,530
Depreciation and impairment
At 1 January 2023
188,011
198,796
65,337
105,191
557,335
Depreciation charged in the year
11,771
21,800
1,920
33,922
69,413
Eliminated in respect of disposals
-
0
(3,069)
-
0
-
0
(3,069)
At 31 December 2023
199,782
217,527
67,257
139,113
623,679
Carrying amount
At 31 December 2023
710,805
65,398
10,882
101,766
888,851
At 31 December 2022
694,339
82,448
12,802
135,688
925,277
4
Investment property
2023
£
Fair value
At 1 January 2023
215,528
Revaluations
34,472
At 31 December 2023
250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
215,528
215,528
Accumulated depreciation
-
-
Carrying amount
215,528
215,528
LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
238,638
185,755
Other debtors
841
924
239,479
186,679
6
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
199,935
190,627
Trade creditors
5,688
123
Corporation tax
30,195
2,213
Other taxation and social security
22,042
11,081
Other creditors
180,887
191,431
Accruals and deferred income
32,630
23,270
471,377
418,745
7
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
8,618
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Charge to other comprehensive income
8,618
Liability at 31 December 2023
8,618

A deferred tax asset of £20,963 at 25% (2022 - £25,398 at 25%) on tax losses totalling £83,850 (2022 - £101,591) has not been recognised because there is insufficient evidence that this asset is recoverable. This asset will become recoverable when the company makes taxable trading profits.

 

A deferred tax asset of £36,272 at 25% (2022 - £2,162 at 25%) for accelerated capital allowances has not been recognised because there is insufficient evidence that this asset is recoverable.

LUXURIOUS LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
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