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REGISTERED NUMBER: 02670240 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LEISURETEC DISTRIBUTION LIMITED

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 15


LEISURETEC DISTRIBUTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: M C Henden





REGISTERED OFFICE: Unit L3
Cherrycourt Way
Stanbridge Road
Leighton Buzzard
Bedfordshire
LU7 4UH





REGISTERED NUMBER: 02670240 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The aim of this strategic report is to present a balanced and comprehensive assessment of the development and performance of the business throughout 2023 and its position at the year end. This review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties that might face the Company.

2023 was another consistent year of growth with the business overall. Development of our premises, systems and infrastructure in 2022 contributed to a healthy increase in revenue and returns in 2023. We were able to capitalise with the further growth of our exclusive and semi-exclusive brands. Plus, the addition some new and exciting product ranges, which not only resulted in additional income from our business vertical but also continued to support expansion into horizontal markets too.

We have continued with our policy of reinvestment in the business overall and in 2023 paid particular attention to growing our team in terms of numbers, knowledge and skills to strengthen our position going into 2024 and beyond.

2024 will see further investment in key areas of the business to increase our efficiency and capability and underpin ongoing growth in revenue and greater market presence. Importantly we will continue to make our business a fun and rewarding place to work within our unique and exciting industry.

We continue to foster our healthy relationships with customers and suppliers and all other stakeholders to maintain our strong and respected industry reputation.

In pursuit of our mantra - Experience - Choice - Value - Service - we continue to focus on customer service throughout the buying and post-sales experience, whilst maintaining value and extensive choice from our substantial stock holding. We continue to be easy to deal with.

In our opinion the key financial performance indicators are as follows;

2023 2022 2021
Turnover £23,640,275 £18,639,343 £13,035,663
Gross profit £5,027,285 £4,333,691 £2,864,224
Operating profit £3,093,082 £2,630,517 £1,749,648


LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks to which the business is subject are economic risk, financial risk and customer risk. Details of these risks and the procedures in place to minimise these are as follows:

There will always be the danger and uncertainty of potential economic slowdown, which we have seen several times in our 30+ years, however with a very wide range of products, markets, suppliers and customers, we are not as susceptible as many businesses are to this type of local/global threat. Indeed many of our products are targeted towards the entertainment industry and people want to have fun, no matter the climate. If the cake gets smaller, we just go for a bigger slice of it.

A major strength is our careful management of cashflow and reserves to enable us to fluidly handle the ebb and flow of normal business and any unforeseen significant events.

As a scalable and well-financed business, we have no concerns about our future resilience. We will always have the importance of our stakeholders (team, customers, suppliers, service providers, banks etc.) in the forefront of our minds. We are very grateful to all for their support and contribution to our continued success.

'Brand Leisuretec' - is our business, from which our strong portfolio of quality products flow. We concentrate our efforts through marketing, service and relationships to maintain our brand, company image and standing in our industry.

ON BEHALF OF THE BOARD:





M C Henden - Director


31 July 2024

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
Interim dividends per share were paid as follows:

Ordinary A £2,200 -26 May 2023
Ordinary B £7,000 -26 May 2023
Ordinary £125 -1 June 2023
Ordinary B £3,000 -31 July 2023

The total distribution of dividends for the year ended 31 December 2023 will be £155,000.

FUTURE DEVELOPMENTS
Information on likely future developments in the business of the company has been included in the Strategic
Report on page 2.

DIRECTOR
M C Henden held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M C Henden - Director


31 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURETEC DISTRIBUTION LIMITED

Opinion
We have audited the financial statements of Leisuretec Distribution Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURETEC DISTRIBUTION LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEISURETEC DISTRIBUTION LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the nature of the industry and sector, control environment and business performance including the design of the key drivers for performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the company's policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including relevant specialists such as tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

31 July 2024

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

REVENUE 23,640,275 18,639,343

Cost of sales 18,612,990 14,305,652
GROSS PROFIT 5,027,285 4,333,691

Administrative expenses 1,934,203 1,703,174
OPERATING PROFIT 4 3,093,082 2,630,517

Interest receivable and similar income 24,493 1,553
3,117,575 2,632,070

Interest payable and similar expenses 5 8,128 -
PROFIT BEFORE TAXATION 3,109,447 2,632,070

Tax on profit 6 741,728 512,742
PROFIT FOR THE FINANCIAL
YEAR

2,367,719

2,119,328

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

2,367,719

2,119,328

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 8 1,562,796 1,617,577

CURRENT ASSETS
Inventories 9 8,267,489 5,904,397
Debtors 10 1,161,644 1,061,456
Cash at bank and in hand 1,031,001 329,255
10,460,134 7,295,108
CREDITORS
Amounts falling due within one year 11 3,687,127 2,629,983
NET CURRENT ASSETS 6,773,007 4,665,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,335,803

6,282,702

CREDITORS
Amounts falling due after more than one
year

12

(279,001

)

(435,268

)

PROVISIONS FOR LIABILITIES 15 (59,899 ) (63,250 )
NET ASSETS 7,996,903 5,784,184

CAPITAL AND RESERVES
Called up share capital 16 455 455
Capital redemption reserve 17 150 150
Retained earnings 17 7,996,298 5,783,579
SHAREHOLDERS' FUNDS 7,996,903 5,784,184

The financial statements were approved and authorised for issue by the director and authorised for issue on 31 July 2024 and were signed by:





M C Henden - Director


LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 455 3,989,251 150 3,989,856

Changes in equity
Dividends - (325,000 ) - (325,000 )
Total comprehensive income - 2,119,328 - 2,119,328
Balance at 31 December 2022 455 5,783,579 150 5,784,184

Changes in equity
Dividends - (155,000 ) - (155,000 )
Total comprehensive income - 2,367,719 - 2,367,719
Balance at 31 December 2023 455 7,996,298 150 7,996,903

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,380,823 396,223
Interest paid 28,138 26,032
Tax paid (939,208 ) (274,636 )
Net cash from operating activities 469,753 147,619

Cash flows from investing activities
Purchase of tangible fixed assets (51,728 ) (201,885 )
Interest received 24,493 1,553
Net cash from investing activities (27,235 ) (200,332 )

Cash flows from financing activities
Loan repayments in year (198,121 ) (158,175 )
Amount introduced by directors 486,080 797,819
Equity dividends paid (155,000 ) (325,000 )
Net cash from financing activities 132,959 314,644

Increase in cash and cash equivalents 575,477 261,931
Cash and cash equivalents at
beginning of year

2

329,255

67,324

Cash and cash equivalents at end of
year

2

904,732

329,255

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 3,109,447 2,632,070
Depreciation charges 105,305 95,282
Loss on disposal of fixed assets 1,203 -
Finance costs 8,128 -
Finance income (24,493 ) (1,553 )
3,199,590 2,725,799
Increase in inventories (2,363,092 ) (2,347,249 )
Increase in trade and other debtors (100,188 ) (203,280 )
Increase in trade and other creditors 644,513 220,953
Cash generated from operations 1,380,823 396,223

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,031,001 329,255
Bank overdrafts (126,269 ) -
904,732 329,255
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 329,255 67,324


LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 329,255 701,746 1,031,001
Bank overdrafts - (126,269 ) (126,269 )
329,255 575,477 904,732
Debt
Debts falling due within 1 year (145,089 ) 5,589 (139,500 )
Debts falling due after 1 year (435,268 ) 156,267 (279,001 )
(580,357 ) 161,856 (418,501 )
Total (251,102 ) 737,333 486,231

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Leisuretec Distribution Limited is a private company, limited by shares, registered in England and Wales. Its registered office is Church View Chambers, 38 Market Square, Toddington, Dunstable, Bedfordshire, LU5 6BS.

Its principal place of business is Unit L3, Cherrycourt Way, Leighton Buzzard LU7 4UH.

The presentation currency is £ sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

All fixed assets are initially recorded at cost.

The assets are carried at cost less accumulated depreciation and impairment.

Assets are removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When the inventory's market value drops below its book value on the statement of financial position an impairment correction is undertaken.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 891,280 767,383

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 1 1
Management and administration 15 14
Operational 8 7
24 22

31.12.23 31.12.22
£    £   
Director's remuneration 9,100 9,035

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Hire of plant and machinery 345 287
Depreciation - owned assets 105,306 95,282
Loss on disposal of fixed assets 1,203 -
Auditors' remuneration 13,000 13,000
Foreign exchange differences 322 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Corporation tax interest 8,128 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 745,079 470,920

Deferred tax (3,351 ) 41,822
Tax on profit 741,728 512,742

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 3,109,447 2,632,070
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

731,342

500,093

Effects of:
Expenses not deductible for tax purposes 862 391
Capital allowances in excess of depreciation - (29,564 )
Depreciation in excess of capital allowances 12,876 -
Deferred tax: origination and reversal of timing differences (3,352 ) 41,822
Total tax charge 741,728 512,742

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 50,000 160,000
Ordinary A shares of £1 each
Interim 55,000 100,000
Ordinary B shares of £1 each
Interim 50,000 65,000
155,000 325,000

8. PROPERTY, PLANT AND EQUIPMENT
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 1,398,195 291,822 367,887
Additions - 3,435 23,074
Disposals - - (6,350 )
At 31 December 2023 1,398,195 295,257 384,611
DEPRECIATION
At 1 January 2023 40,028 132,059 298,871
Charge for year 40,028 39,441 11,977
Eliminated on disposal - - (5,147 )
At 31 December 2023 80,056 171,500 305,701
NET BOOK VALUE
At 31 December 2023 1,318,139 123,757 78,910
At 31 December 2022 1,358,167 159,763 69,016

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. PROPERTY, PLANT AND EQUIPMENT - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 22,414 315,747 2,396,065
Additions - 25,219 51,728
Disposals - - (6,350 )
At 31 December 2023 22,414 340,966 2,441,443
DEPRECIATION
At 1 January 2023 8,787 298,743 778,488
Charge for year 2,726 11,134 105,306
Eliminated on disposal - - (5,147 )
At 31 December 2023 11,513 309,877 878,647
NET BOOK VALUE
At 31 December 2023 10,901 31,089 1,562,796
At 31 December 2022 13,627 17,004 1,617,577

9. INVENTORIES
31.12.23 31.12.22
£    £   
Stocks 8,267,489 5,904,397

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 707,501 622,164
Other debtors 61,578 61,583
Prepayments and accrued income 392,565 377,709
1,161,644 1,061,456

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 13) 265,769 145,089
Payments on account 344,126 369,657
Trade creditors 1,929,033 1,341,408
Tax 344,745 538,874
Social security and other taxes 24,285 24,733
VAT 159,741 141,460
Other creditors 60,434 -
Directors' current accounts 550,176 64,096
Accruals and deferred income 8,818 4,666
3,687,127 2,629,983

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 13) 279,001 435,268

13. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 126,269 -
Bank loans 139,500 145,089
265,769 145,089

Amounts falling due between two and five years:
Bank loans - 2-5 years 279,001 435,268

14. SECURED DEBTS

The bank overdraft is secured against the aggregate value of unencumbered UK book debts less than 90 days old.

15. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 59,899 63,250

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 63,250
Provided during year (3,351 )
Balance at 31 December 2023 59,899

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
400 Ordinary £1 400 400
50 Ordinary A £1 50 50
5 Ordinary B £1 5 5
455 455

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 5,783,579 150 5,783,729
Profit for the year 2,367,719 - 2,367,719
Dividends (155,000 ) - (155,000 )
At 31 December 2023 7,996,298 150 7,996,448

18. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Director 1
Balance outstanding at start of year (64,096 ) 733,723
Amounts advanced 702,000 164,001
Amounts repaid (1,188,080 ) (961,820 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (550,176 ) (64,096 )

LEISURETEC DISTRIBUTION LIMITED (REGISTERED NUMBER: 02670240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

18. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

The directors loan account is interest free, unsecured and repayable on demand.

The maximum the loan account was overdrawn during the year was £145,344 (2022: £733,723).

19. RELATED PARTY DISCLOSURES

During the period, rent and service charge payments totalling £311,400 (2022: £312,390) were paid to M C Henden.

During the year, a total of key management personnel compensation of £9,100 (2022: £9,035) was paid.