Company registration number 04085144 (England and Wales)
CROW WOOD LEISURE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CROW WOOD LEISURE LIMITED
COMPANY INFORMATION
Directors
A W Brown
S Brown
O Brown
H A Lord
S Burge
O Foucre
Company number
04085144
Registered office
Crow Wood Leisure Centre
Holme Road
Burnley
Lancashire
United Kingdom
BB12 0RT
Auditor
Azets Audit Services
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
CROW WOOD LEISURE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 18
CROW WOOD LEISURE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Fair review of the business

The principal activity of the company is that of leisure centre, hotel and restaurant operators.

The company has generated increased turnover of £16,950,405 and maintained margin creating a profit before tax of £1,226,592.

During this financial year the business has been severely disrupted by major construction work requiring temporary relocation of facilities, reduced capacity and several overnight closures to facilitate new mains services.

The company has again made significant donations to local charities throughout the year totalling over £70,000 and these include:

 

During this year the company received planning permission and completed approximately 60% of a major 1 megawatt Solar farm which will generate approximately 30% of the companies overall electricity for the next 25 years. This Solar field went live in July 2024, on time and on budget.

The company fleet of cars are fully electric, with one exception where a suitable fully electric replacement is not available.

The gym and dance studios have received a total refurbishment following a £2 million investment and membership revenue is at record levels.

Construction of our new spa extension commenced in the previous year and is programmed to complete in August 2024 following a further £14m investment.

Nat West are providing the finance for this project and at year end contracts for Steelwork, Pools, specialists roofing, Electrical and Mechanical packages totalling approximately £5m have been entered into.

I have enormous respect and confidence in our Board of Directors and senior management team and we view the future growth and profitability of the business with confidence.

Key performance indicators

The key performance indicators of the company are considered to be turnover, gross profit margin and profit before tax.

 

 

2024

2023

 

£

£

Turnover

16,950,405

16,179,389

Gross profit

7,209,734

6,783,455

Profit before taxation

1,226,592

1,200,535

Retained earnings

4,173,379

3,256,787

On behalf of the board

A W Brown
Director
2 August 2024
CROW WOOD LEISURE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

A W Brown
S Brown
O Brown
H A Lord
S Burge
O Foucre
Financial instruments

The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, and hire purchase agreements. The main purpose of these instruments is to finance the business' operations and the development of its facilities.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

 

Trade debtors are managed in respect of credit and cash flow risk in policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

 

Trade creditors risk is managed by ensuring sufficient funds are available to meet amounts due.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

The company provides management training courses. Employees are given clear career paths and the group focuses on promotion from within.

Post reporting date events

The company is in the process of constructing a new Spa which is due to open in August 2024.

CROW WOOD LEISURE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A W Brown
Director
2 August 2024
CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED
- 4 -
Opinion

We have audited the financial statements of Crow Wood Leisure Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor’s report is not a guarantee that the company will continue in operation.

 

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CROW WOOD LEISURE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CROW WOOD LEISURE LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Julie Flintoff
Senior Statutory Auditor
For and on behalf of Azets Audit Services
2 September 2024
2024-09-02
Chartered Accountants
Statutory Auditor
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
CROW WOOD LEISURE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,950,405
16,179,389
Cost of sales
(9,740,671)
(9,395,934)
Gross profit
7,209,734
6,783,455
Administrative expenses
(5,979,463)
(5,741,237)
Other operating income
-
0
159,264
Operating profit
4
1,230,271
1,201,482
Interest receivable and similar income
7
503
-
0
Interest payable and similar expenses
8
(4,182)
(947)
Profit before taxation
1,226,592
1,200,535
Tax on profit
9
(310,000)
(192,207)
Profit for the financial year
916,592
1,008,328
Retained earnings brought forward
3,256,787
2,248,459
Retained earnings carried forward
4,173,379
3,256,787

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CROW WOOD LEISURE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,115,186
3,450,341
Current assets
Stocks
11
276,768
258,627
Debtors
12
1,660,222
4,146,277
Cash at bank and in hand
63,138
289,543
2,000,128
4,694,447
Creditors: amounts falling due within one year
13
(4,986,026)
(4,208,372)
Net current (liabilities)/assets
(2,985,898)
486,075
Total assets less current liabilities
5,129,288
3,936,416
Creditors: amounts falling due after more than one year
14
(50,908)
(84,628)
Provisions for liabilities
Deferred tax liability
16
905,000
595,000
(905,000)
(595,000)
Net assets
4,173,380
3,256,788
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
4,173,379
3,256,787
Total equity
4,173,380
3,256,788
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
A W Brown
Director
Company Registration No. 04085144
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
1
Accounting policies
Company information

Crow Wood Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Crow Wood Leisure Centre, Holme Road, Burnley, Lancashire, United Kingdom, BB12 0RT.

 

The company's principal activities and nature of operations are detailed in the Strategic Report.

 

The company is tax resident in the United Kingdom.

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Andrew Brown Leisure Limited. These consolidated financial statements are available from its registered office, Holme Road, Burnley, Lancashire, BB12 0RT.

 

Crow Wood Leisure Limited is a wholly owned subsidiary of Andrew Brown Leisure Limited and the results of Crow Wood Leisure Limited are included in the consolidated financial statements of Andrew Brown Leisure Limited.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite net current liabilities of £true2,985,898.

 

The directors are optimistic about future trading performance as bookings continue to be made across all facilities offered within the company’s trading sectors. The company is near to completing construction of a major project which will double the size of the Spa and increase the capacity of one of the restaurants. Undoubtably, this will further strengthen the potential future profitability of the company.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 10 -
1.3
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.

Turnover represents the invoiced amount of food and drink sold and other services provided net of value added tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Property improvements
2% straight line basis
Fixtures and fittings
5-33% straight line basis
Motor vehicles
25% straight line basis

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.

1.5
Impairment of fixed assets

If any indication of impairment 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.

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated net realisable value.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand.

1.8
Financial instruments

The company only has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

 

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 11 -
1.10
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.

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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values remain appropriate.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Accomodation, leisure facilities and restaurants
16,950,405
16,179,389
2024
2023
£
£
Other revenue
Interest income
503
-
Grants received
-
159,264
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(159,264)
Fees payable to the company's auditor for the audit of the company's financial statements
8,000
8,000
Depreciation of owned tangible fixed assets
201,168
355,000
Profit on disposal of tangible fixed assets
(4,045)
(25,891)
Operating lease charges
1,851,900
1,770,804
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
5
Employees

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

2024
2023
Number
Number
Senior management
10
10
Leisure centre, spa and restaurant staff
356
365
Total
366
375

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,106,854
6,551,383
Social security costs
544,897
467,308
Pension costs
116,054
159,398
7,767,805
7,178,089
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
701,315
444,716
Company pension contributions to defined contribution schemes
4,372
60,000
705,687
504,716
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
190,000
85,706
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
503
-
0
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
4,182
947
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(22,793)
Deferred tax
Origination and reversal of timing differences
310,000
215,000
Total tax charge
310,000
192,207

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,226,592
1,200,535
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
306,648
228,102
Tax effect of expenses that are not deductible in determining taxable profit
-
0
1,395
Depreciation on assets not qualifying for tax allowances
2,909
2,119
Under/(over) provided in prior years
443
(22,793)
Utilisation of losses within the group
-
0
(28,220)
Permanently enhanced capital allowances
-
0
(36,896)
Difference between actual tax rate and tax rate on deferred tax movement
-
0
48,500
Taxation charge for the year
310,000
192,207
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
10
Tangible fixed assets
Property improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
676,466
5,686,273
66,621
6,429,360
Additions
-
0
4,850,993
38,275
4,889,268
Disposals
-
0
-
0
(33,825)
(33,825)
At 30 April 2024
676,466
10,537,266
71,071
11,284,803
Depreciation and impairment
At 1 May 2023
137,652
2,825,492
15,875
2,979,019
Depreciation charged in the year
15,000
173,854
12,314
201,168
Eliminated in respect of disposals
-
0
-
0
(10,570)
(10,570)
At 30 April 2024
152,652
2,999,346
17,619
3,169,617
Carrying amount
At 30 April 2024
523,814
7,537,920
53,452
8,115,186
At 30 April 2023
538,814
2,860,781
50,746
3,450,341

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Fixtures and fittings
123,413
123,413
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
276,768
258,627
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,255
6,037
Amounts owed by group undertakings
1,394,360
3,932,712
Prepayments and accrued income
256,607
207,528
1,660,222
4,146,277
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
15
27,767
31,950
Trade creditors
1,690,795
591,776
Taxation and social security
303,218
286,276
Other creditors
17,096
16,818
Accruals and deferred income
2,947,150
3,281,552
4,986,026
4,208,372

Finance lease obligations of £27,767 (2023: £31,950) are secured against the fixed assets to which they relate.

Within accruals and deferred income is an amount in respect of deposits received for services to be provided by the group in future periods. At the balance sheet date the amount of deposits received is £2,386,424 (2023: £3,065,572).

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
15
50,908
84,628

Finance lease obligations of £50,908 (2023: £84,628) are secured against the fixed assets to which they relate.

15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
31,950
31,950
In two to five years
58,575
84,628
90,525
116,578
Less: future finance charges
(11,850)
-
0
78,675
116,578

Finance lease payments represent rentals payable by the company for certain items of fixtures and fittings. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

 

The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £123,413 (2023: £123,413).

 

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.

CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,023,000
595,000
Tax losses
(118,000)
-
905,000
595,000
2024
Movements in the year:
£
Liability at 1 May 2023
595,000
Charge to profit or loss
310,000
Liability at 30 April 2024
905,000
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,054
159,398

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Included in the financial statements is an amount of £45,152 (2023: £39,545) owing by the company with regard to pensions. This represents amounts that have been deducted at the year end but paid to the scheme after the year end.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
1
1
1
1
CROW WOOD LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
19
Financial commitments, guarantees and contingent liabilities

Guarantee

The company's bankers hold a composite guarantee securing the bank borrowings of the company and other group companies. At 30 April 2024, the total bank borrowings of the group amounted to £13,611,365 (2023: £5,820,062). All borrowings are held by Andrew Brown Leisure Limited.

 

The bank hold a fixed and floating charge over the undertaking and all property and assets present and future of the company, as well as an unlimited guarantee over the company.

20
Related party transactions

The company has taken advantage of the exemptions provided by FRS 102 in relation to paragraph 33.1A from disclosing transactions and balances with other group companies.

21
Ultimate controlling party

The company is a wholly owned subsidiary of Andrew Brown Leisure Limited, a company incorporated in England.

 

The ultimate controlling party is A W Brown by virtue of his family interest.

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