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Company No: 11165492 (England and Wales)

L & R LEISURE LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

L & R LEISURE LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

L & R LEISURE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
L & R LEISURE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 229,398 234,405
229,398 234,405
Current assets
Debtors 4 4,079 0
Cash at bank and in hand 205,777 102,011
209,856 102,011
Creditors: amounts falling due within one year 5 ( 53,965) ( 23,494)
Net current assets 155,891 78,517
Total assets less current liabilities 385,289 312,922
Provision for liabilities 6 ( 13,264) ( 10,296)
Net assets 372,025 302,626
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 372,023 302,624
Total shareholders' funds 372,025 302,626

For the financial year ending 31 January 2024 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 L & R Leisure Ltd (registered number: 11165492) were approved and authorised for issue by the Board of Directors on 20 September 2024. They were signed on its behalf by:

Robert John William Phipps
Director
L & R LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
L & R LEISURE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

L & R Leisure 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 Fairway Pottery Road, Bovey Tracey, Newton Abbot, TQ13 9DS, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 Statement of Financial Position 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or educing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 February 2023 184,465 56,013 31,145 271,623
Additions 0 11,073 0 11,073
At 31 January 2024 184,465 67,086 31,145 282,696
Accumulated depreciation
At 01 February 2023 3,689 29,895 3,634 37,218
Charge for the financial year 3,689 6,889 5,502 16,080
At 31 January 2024 7,378 36,784 9,136 53,298
Net book value
At 31 January 2024 177,087 30,302 22,009 229,398
At 31 January 2023 180,776 26,118 27,511 234,405

4. Debtors

2024 2023
£ £
VAT recoverable 4,079 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,540 0
Amounts owed to directors 22,512 18,041
Accruals 2,452 2,649
Taxation and social security 24,461 2,804
53,965 23,494

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 10,296) 0
Charged to the Statement of Income and Retained Earnings ( 2,968) ( 10,296)
At the end of financial year ( 13,264) ( 10,296)

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to Directors 22,512 18,041