REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LEISURETEC DISTRIBUTION LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
3,117,575 | 2,632,070 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
CURRENT ASSETS |
Inventories | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Capital redemption reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
Interest paid |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 486,080 | 797,819 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
67,324 |
Cash and cash equivalents at end of year |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 8,128 | - |
Finance income | (24,493 | ) | (1,553 | ) |
3,199,590 | 2,725,799 |
Increase in inventories | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) |
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 | 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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
31.12.23 | 31.12.22 |
£ | £ |
Director's remuneration |
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 |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Corporation tax interest |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
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 |
Ordinary A shares of £1 each |
Interim |
Ordinary B shares of £1 each |
Interim |
8. | PROPERTY, PLANT AND EQUIPMENT |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | INVENTORIES |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
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) |
Payments on account |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 159,741 | 141,460 |
Other creditors |
Directors' current accounts | 550,176 | 64,096 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 13) |
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 |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 400 | 400 |
Ordinary A | £1 | 50 | 50 |
Ordinary B | £1 | 5 | 5 |
455 | 455 |
17. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 5,783,729 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 December 2023 | 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. |