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Registration number: 02716426

Waterside Leisure UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Waterside Leisure UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Waterside Leisure UK Limited

Company Information

Directors

J. O. Chadwick

S. J. Chadwick

Registered office

Unit 3
Hayhill Industrial Estate
Barrow upon Soar
Loughborough
Leicestershire
LE12 8LD

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Waterside Leisure UK Limited

(Registration number: 02716426)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

254,676

282,379

Current assets

 

Stocks

6

203,129

246,876

Debtors

7

3,108

19,061

Cash at bank and in hand

 

63,337

42,148

 

269,574

308,085

Creditors: Amounts falling due within one year

8

(78,313)

(76,371)

Net current assets

 

191,261

231,714

Total assets less current liabilities

 

445,937

514,093

Creditors: Amounts falling due after more than one year

8

(136,719)

(145,959)

Provisions for liabilities

(7,612)

(10,067)

Net assets

 

301,606

358,067

Capital and reserves

 

Called up share capital

9

12,000

12,000

Retained earnings

289,606

346,067

Shareholders' funds

 

301,606

358,067

 

Waterside Leisure UK Limited

(Registration number: 02716426)
Balance Sheet as at 31 December 2023

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 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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
J. O. Chadwick
Director

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3
Hayhill Industrial Estate
Barrow upon Soar
Loughborough
Leicestershire
LE12 8LD

These financial statements were authorised for issue by the Board on 9 February 2024.

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 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 the profit and loss account, 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.

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Fixtures, fittings and equipment

15% straight line

Motor vehicles

20% straight line

Plant and machinery

15% straight line

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.

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 trade debtors.

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 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. 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 useful life of the asset. 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 6 (2022 - 8).

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Profit/loss before tax

Arrived at after charging:

2023
£

2022
£

Depreciation

13,906

27,595

5

Tangible assets

Freehold property
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

265,962

23,558

130,380

35,105

455,005

Disposals

-

-

(22,995)

-

(22,995)

At 31 December 2023

265,962

23,558

107,385

35,105

432,010

Depreciation

At 1 January 2023

29,457

14,923

103,889

24,357

172,626

Charge for the year

5,319

1,777

4,232

2,578

13,906

Eliminated on disposal

-

-

(9,198)

-

(9,198)

At 31 December 2023

34,776

16,700

98,923

26,935

177,334

Carrying amount

At 31 December 2023

231,186

6,858

8,462

8,170

254,676

At 31 December 2022

236,505

8,635

26,491

10,748

282,379

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

203,129

246,876

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

-

15,368

Prepayments

682

1,808

Other debtors

2,426

1,885

 

3,108

19,061

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

14,500

21,167

Trade creditors

 

2,601

2,473

Taxation and social security

 

26,568

44,036

Accruals and deferred income

 

2,900

2,900

Other creditors

 

31,744

5,795

 

78,313

76,371

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £4,500 (2022 - £11,167).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

136,719

145,959

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £109,593 (2022 - £119,136).

Creditors include bank loans repayable by instalments of £91,593 (2022 - £90,991) due after more than five years.

 

Waterside Leisure UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

12,000

12,000

12,000

12,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

136,719

139,814

Hire purchase contracts

-

6,145

136,719

145,959

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,500

15,500

Hire purchase contracts

-

5,667

14,500

21,167

11

Related party transactions

During the year the directors and a former director received dividends of £77,266 (2022 - £94,205).