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Company No: 09319282 (England and Wales)

LEISURESHOPDIRECT LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LEISURESHOPDIRECT LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LEISURESHOPDIRECT LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
LEISURESHOPDIRECT LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr B Donovan
Ms J Mardall (Appointed 19 October 2023)
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 09319282 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
LEISURESHOPDIRECT LTD

BALANCE SHEET

As at 31 December 2023
LEISURESHOPDIRECT LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 1,400
Tangible assets 4 56,847 45,436
56,847 46,836
Current assets
Stocks 751,889 798,635
Debtors 5 44,147 170,726
Cash at bank and in hand 126,365 59,603
922,401 1,028,964
Creditors: amounts falling due within one year 6 ( 324,104) ( 367,004)
Net current assets 598,297 661,960
Total assets less current liabilities 655,144 708,796
Creditors: amounts falling due after more than one year 7 ( 24,845) ( 27,500)
Provision for liabilities ( 14,069) ( 10,361)
Net assets 616,230 670,935
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 616,130 670,835
Total shareholders' funds 616,230 670,935

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

Directors' responsibilities:

The financial statements of Leisureshopdirect Ltd (registered number: 09319282) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mr B Donovan
Director
LEISURESHOPDIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LEISURESHOPDIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leisureshopdirect Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 10 years straight line
Vehicles 15 % reducing balance
Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 11

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 10,000 7,000 17,000
At 31 December 2023 10,000 7,000 17,000
Accumulated amortisation
At 01 January 2023 10,000 5,600 15,600
Charge for the financial year 0 1,400 1,400
At 31 December 2023 10,000 7,000 17,000
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 0 1,400 1,400

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 73,929 41,859 0 2,448 14,913 133,149
Additions 0 0 36,190 496 234 36,920
At 31 December 2023 73,929 41,859 36,190 2,944 15,147 170,069
Accumulated depreciation
At 01 January 2023 60,341 16,894 0 638 9,840 87,713
Charge for the financial year 12,960 4,188 4,976 573 2,812 25,509
At 31 December 2023 73,301 21,082 4,976 1,211 12,652 113,222
Net book value
At 31 December 2023 628 20,777 31,214 1,733 2,495 56,847
At 31 December 2022 13,588 24,965 0 1,810 5,073 45,436

5. Debtors

2023 2022
£ £
Trade debtors 3,281 15,410
Amounts owed by directors 0 68,935
Prepayments 1,681 2,363
VAT recoverable 33,635 69,416
Other debtors 5,550 14,602
44,147 170,726

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 253,739 314,078
Amounts owed to directors 8,292 0
Accruals 2,939 2,300
Taxation and social security 28,821 29,285
Obligations under finance leases and hire purchase contracts 6,780 0
Other creditors 13,533 11,341
324,104 367,004

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 17,500 27,500
Obligations under finance leases and hire purchase contracts (secured) 7,345 0
24,845 27,500

Hire purchase liabilities are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
51 Ordinary B shares of £ 1.00 each (2022: nil shares) 51 0
49 Ordinary J shares of £ 1.00 each (2022: nil shares) 49 0
Nil Ordinary shares (2022: 100 shares of £ 1.00 each) 0 100
100 100

During the financial year, 100 Ordinary shares were converted into 51 Ordinary B shares and 49 Ordinary J shares.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to/(by) directors 8,292 (68,935)

The company operates a Loan Account with the company director . There is no fixed date of repayment and bears interest on balances greater than £10,000 at the rate stipulated by HMRC.