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Registration number: 04156702

World of Leisure Limited t/a View Gardens

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

World of Leisure Limited t/a View Gardens

Contents

Company Information

1

Statement Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

World of Leisure Limited t/a View Gardens

Company Information

Directors

Mrs RI Collins

Mr MA Collins

Registered office

Witherdens Farm
Old Chelmsford Road
Raweth
Wickford
Essex
SS11 8SJ

Accountants

Smiths Accountancy Services Limited
Chartered Certified Accountants
20 May Avenue
Canvey Island
Essex
SS8 7EE

 

World of Leisure Limited t/a View Gardens

(Registration number: 04156702)
Statement Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,292

2,842

Tangible assets

5

1,501,201

984,748

Investment property

6

375,000

365,000

 

1,877,493

1,352,590

Current assets

 

Stocks

7

181,412

368,762

Debtors

8

1,632,401

1,716,373

Cash at bank and in hand

 

206,987

554,377

 

2,020,800

2,639,512

Creditors: Amounts falling due within one year

9

(1,037,442)

(1,105,018)

Net current assets

 

983,358

1,534,494

Total assets less current liabilities

 

2,860,851

2,887,084

Creditors: Amounts falling due after more than one year

9

(7,338)

(175,035)

Provisions for liabilities

(48,266)

(28,680)

Net assets

 

2,805,247

2,683,369

Capital and reserves

 

Called up share capital

10

750,004

750,004

Retained earnings

2,055,243

1,933,365

Shareholders' funds

 

2,805,247

2,683,369

 

World of Leisure Limited t/a View Gardens

(Registration number: 04156702)
Statement Financial Position 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 Income Statement.

Approved and authorised by the Board on 21 September 2024 and signed on its behalf by:
 

.........................................
Mrs RI Collins
Director

.........................................
Mr MA Collins
Director

 

World of Leisure Limited t/a View Gardens

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:
Witherdens Farm
Old Chelmsford Road
Raweth
Wickford
Essex
SS11 8SJ

These financial statements were authorised for issue by the Board on 21 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

Rental income is recognised in the period in which it is earned in accordance with the terms of the lease.

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.

 

World of Leisure Limited t/a View Gardens

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 statement financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% reducing balance

Plant and machinery

20% reducing balance

Fixtures fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

0%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

World of Leisure Limited t/a View Gardens

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% 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 receivables.

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

Trade creditors

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

 

World of Leisure Limited t/a View Gardens

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

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 income statement 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.

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 shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement 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.

 

World of Leisure Limited t/a View Gardens

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 16).

 

World of Leisure Limited t/a View Gardens

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

31,000

31,000

At 31 December 2023

31,000

31,000

Amortisation

At 1 January 2023

28,158

28,158

Amortisation charge

1,550

1,550

At 31 December 2023

29,708

29,708

Carrying amount

At 31 December 2023

1,292

1,292

At 31 December 2022

2,842

2,842

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,031,649

416,962

18,495

1,467,106

Additions

437,000

75,281

57,484

569,765

At 31 December 2023

1,468,649

492,243

75,979

2,036,871

Depreciation

At 1 January 2023

161,809

313,324

7,225

482,358

Charge for the year

13,628

33,273

6,411

53,312

At 31 December 2023

175,437

346,597

13,636

535,670

Carrying amount

At 31 December 2023

1,293,212

145,646

62,343

1,501,201

At 31 December 2022

869,840

103,638

11,270

984,748

Included within the net book value of land and buildings above is £1,293,212 (2022 - £869,840) in respect of freehold land and buildings.
 

 

World of Leisure Limited t/a View Gardens

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

6

Investment properties

2023
£

At 1 January

365,000

Additions

10,000

At 31 December

375,000

The directors have based the valuation of the investment property on the estimated value on the internet.

There has been no valuation of investment property by an independent valuer.

7

Stocks

2023
£

2022
£

Raw materials and consumables

179,937

366,687

Other inventories

1,475

2,075

181,412

368,762

8

Debtors

Current

2023
£

2022
£

Trade debtors

63,517

63,457

Prepayments

14,177

20,355

Other debtors

1,554,707

1,632,561

 

1,632,401

1,716,373

 

World of Leisure Limited t/a View Gardens

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

4,003

50,000

Trade creditors

 

165,721

217,411

Taxation and social security

 

63,097

99,623

Accruals and deferred income

 

36,036

37,918

Other creditors

 

768,585

700,066

 

1,037,442

1,105,018

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

7,338

175,035

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

750,001

750,001

750,001

750,001

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

750,004

750,004

750,004

750,004

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

175,035

Hire purchase contracts

7,338

-

7,338

175,035

 

World of Leisure Limited t/a View Gardens

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

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

50,000

Hire purchase contracts

4,003

-

4,003

50,000

12

Related party transactions

The company has lent £1,551,869 to DRC Properties Ltd, a company in which Mr MA Collins is a director and shareholder.

Transactions with directors

2023

At 1 January 2023
£

Advances / (credits) director
£

At 31 December 2023
£

Directors loan accounts

(675,356)

(68,314)

(743,670)

 

2022

At 1 January 2022
£

Advances / (credits) director
£

At 31 December 2022
£

Directors loan accounts

(278,810)

(396,546)

(675,356)

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,080

19,080

Contributions paid to money purchase schemes

9,500

12,000

28,580

31,080

Other transactions with directors

Rent £ 16,200 has been charged to the company by a director.
Dividends of £ 2,000 have been paid to the directors.