REGISTERED NUMBER: 03364956 (England and Wales) |
Sevan Leisure Holdings Limited |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
REGISTERED NUMBER: 03364956 (England and Wales) |
Sevan Leisure Holdings Limited |
Report of the Directors and |
Unaudited |
Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Contents of the Consolidated Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Consolidated Income Statement | 4 |
Consolidated Other Comprehensive Income | 5 |
Consolidated Statement of Financial Position | 6 |
Company Statement of Financial Position | 8 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Notes to the Consolidated Financial Statements | 12 |
Sevan Leisure Holdings Limited |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Report of the Directors |
for the year ended 30 June 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of an investment management company, nightclubs, catering and other related services. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Sevan Leisure Holdings Limited |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sevan Leisure Holdings Limited for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and the related notes from the company's and the group's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Sevan Leisure Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sevan Leisure Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Sevan Leisure Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sevan Leisure Holdings Limited the company and the group and the company's Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Sevan Leisure Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sevan Leisure Holdings Limited. You consider that Sevan Leisure Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Sevan Leisure Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Alton & Co |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
7 October 2024 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Consolidated |
Income Statement |
for the year ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 4,650,158 | 4,678,552 |
Cost of sales | 1,190,038 | 1,427,119 |
GROSS PROFIT | 3,460,120 | 3,251,433 |
Administrative expenses | 3,222,860 | 3,237,504 |
237,260 | 13,929 |
Other operating income | 30,018 | 170,455 |
OPERATING PROFIT | 267,278 | 184,384 |
Interest receivable and similar income | 7,929 | 112 |
275,207 | 184,496 |
Interest payable and similar expenses | 102,974 | 71,935 |
PROFIT BEFORE TAXATION | 172,233 | 112,561 |
Tax on profit | 37,200 | 96,035 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 135,033 | 16,526 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Consolidated |
Other Comprehensive Income |
for the year ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 135,033 | 16,526 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
135,033 |
16,526 |
Total comprehensive income attributable to: |
Owners of the parent | 135,033 | 16,526 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Consolidated Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 6 | 913,049 | 971,858 |
Investments | 7 | - | - |
Investment property | 8 | 2,660,000 | 2,660,000 |
3,573,049 | 3,631,858 |
CURRENT ASSETS |
Inventories | 52,096 | 51,275 |
Debtors | 9 | 407,696 | 353,440 |
Cash at bank and in hand | 245,686 | 179,591 |
705,478 | 584,306 |
CREDITORS |
Amounts falling due within one year | 10 | 1,253,157 | 1,016,399 |
NET CURRENT LIABILITIES | (547,679 | ) | (432,093 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,025,370 |
3,199,765 |
CREDITORS |
Amounts falling due after more than one year |
11 |
(832,970 |
) |
(959,229 |
) |
PROVISIONS FOR LIABILITIES | 15 | (325,382 | ) | (349,735 | ) |
NET ASSETS | 1,867,018 | 1,890,801 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Consolidated Statement of Financial Position - continued |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 16 | 54,764 | 54,764 |
Fair value reserve | 17 | 823,291 | 823,291 |
Retained earnings | 17 | 988,963 | 1,012,746 |
SHAREHOLDERS' FUNDS | 1,867,018 | 1,890,801 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by: |
Mr R Halil - Director |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Company Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Company Statement of Financial Position - continued |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 210,100 | 94,652 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Consolidated Statement of Changes in Equity |
for the year ended 30 June 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 54,764 | 985,753 | 992,574 | 2,033,091 |
Changes in equity |
Dividends | - | (158,816 | ) | - | (158,816 | ) |
Total comprehensive income | - | 185,809 | (169,283 | ) | 16,526 |
Balance at 30 June 2023 | 54,764 | 1,012,746 | 823,291 | 1,890,801 |
Changes in equity |
Dividends | - | (158,816 | ) | - | (158,816 | ) |
Total comprehensive income | - | 135,033 | - | 135,033 |
Balance at 30 June 2024 | 54,764 | 988,963 | 823,291 | 1,867,018 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Company Statement of Changes in Equity |
for the year ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Sevan Leisure Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the results of Sevan Leisure Holdings Limited and its subsidiary undertakings made up to 30 June 2020. The merger method of accounting is used to consolidate the results of the subsidiary undertakings. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The company's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. Further information about key assumptions concerning the future, and other key sources of estimation uncertainty, are set out in the notes. |
Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the event or customers order is executed and is derived from the ordinary activities of the companies. Rental income is recognised when the rent becomes due at quarter end dates. With respect to grants the accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for or the condition for the grant has been fulfilled. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is determined using a first in first out stock valuation method. Net realisable value is the selling price of the stock less any cost to sell. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. |
All intra group transactions, balances, income and expenses are eliminated in full on consolidation. |
Investment in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
5. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary Shares shares of £1 each |
Interim | 158,816 | 158,816 |
6. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST |
At 1 July 2023 | 497,665 | 312,587 | 306,352 |
Additions | - | 8,597 | - |
At 30 June 2024 | 497,665 | 321,184 | 306,352 |
DEPRECIATION |
At 1 July 2023 | 76,078 | 248,488 | 134,081 |
Charge for year | 8,453 | 9,678 | 14,437 |
At 30 June 2024 | 84,531 | 258,166 | 148,518 |
NET BOOK VALUE |
At 30 June 2024 | 413,134 | 63,018 | 157,834 |
At 30 June 2023 | 421,587 | 64,099 | 172,271 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
6. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 464,250 | 418,295 | 1,999,149 |
Additions | 14,411 | - | 23,008 |
At 30 June 2024 | 478,661 | 418,295 | 2,022,157 |
DEPRECIATION |
At 1 July 2023 | 265,999 | 302,645 | 1,027,291 |
Charge for year | 31,901 | 17,348 | 81,817 |
At 30 June 2024 | 297,900 | 319,993 | 1,109,108 |
NET BOOK VALUE |
At 30 June 2024 | 180,761 | 98,302 | 913,049 |
At 30 June 2023 | 198,251 | 115,650 | 971,858 |
Included in cost of land and buildings is freehold land of £75,000 (2023 - £75,000) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 | 42,350 |
Additions | 5,045 |
At 30 June 2024 | 47,395 |
DEPRECIATION |
At 1 July 2023 | 10,613 |
Charge for year | 5,366 |
At 30 June 2024 | 15,979 |
NET BOOK VALUE |
At 30 June 2024 | 31,416 |
At 30 June 2023 | 31,737 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
6. | PROPERTY, PLANT AND EQUIPMENT - continued |
Company |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/O Woodies, Thetford Road, New Malden, KT3 5DX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Woodies, Thetford Road, New Malden, KT3 5DX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Woodies, Thetford Road, New Malden, KT3 5DX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Woodies, Thetford Road, New Malden, KT3 5DX |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Woodies, Thetford Road, New Malden, KT3 5DX |
Nature of business: |
% |
Class of shares: | holding |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
8. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 | 2,660,000 |
NET BOOK VALUE |
At 30 June 2024 | 2,660,000 |
At 30 June 2023 | 2,660,000 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2016 | 1,000,000 |
Valuation in 2017 | 200,000 |
Valuation in 2019 | 25,400 |
Cost | 1,434,600 |
2,660,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,434,600 | 1,434,600 |
Investment property was valued on fair values basis on 30 June 2024 by Mr R Halil a director . |
The value of the investment properties have been assessed by the directors and in their opinion due to the volatility of the property market in the area where the properties are located there was no significant change in the value of the properties since last year. |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Inter company | 20 | 20 | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 20,100 | 10,100 |
Rent deposit | 20,000 | 20,000 | - | - |
Other debtors | 37,255 | - | - | - |
Directors' current accounts | 197,427 | 197,427 | 197,427 | 197,427 |
S455 tax refundable | 66,632 | 66,632 | 66,632 | 66,632 |
Prepayments | 66,262 | 59,261 |
407,696 | 353,440 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 12) | 325,143 | 163,089 |
Other loans (see note 12) | 13,528 | 14,994 |
Hire purchase contracts (see note 13) | 12,655 | 11,196 |
Trade creditors | 284,382 | 201,654 |
Amounts owed to group undertakings | - | - |
Corporation tax | 93,593 | 122,742 |
Pensions control account | 9,668 | 9,898 | 9,668 | 9,898 |
Social security and other taxes | 40,246 | 43,766 |
VAT | 206,925 | 203,664 | 206,925 | 203,664 |
Net wages control | 209,100 | 196,568 | 28,031 | 26,015 |
Accrued holiday pay | 17,487 | 21,286 | - | - |
Other creditors | 424 | 474 | - | - |
Accrued expenses | 40,006 | 27,068 |
1,253,157 | 1,016,399 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 12) | 824,108 | 943,417 |
Hire purchase contracts (see note 13) | 8,862 | 15,812 |
832,970 | 959,229 |
Amounts falling due in more than five years: |
Group |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 550,000 | 580,000 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 208,743 | 46,689 |
Bank loans | 116,400 | 116,400 |
Deposit (branches) | 13,528 | 14,994 | - | - |
338,671 | 178,083 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 116,400 | 116,400 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 157,708 | 247,017 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 550,000 | 580,000 | - | - |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year | 15,270 | 13,258 |
Between one and five years | 11,608 | 18,914 |
26,878 | 32,172 |
Finance charges repayable: |
Within one year | 2,615 | 2,062 |
Between one and five years | 2,746 | 3,102 |
5,361 | 5,164 |
Net obligations repayable: |
Within one year | 12,655 | 11,196 |
Between one and five years | 8,862 | 15,812 |
21,517 | 27,008 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 390,766 | 201,172 |
Between one and five years | 1,761,330 | 1,370,027 |
In more than five years | 2,769,894 | 1,911,548 |
4,921,990 | 3,482,747 |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 940,508 | 1,059,817 |
Bank loans are secured by way of fixed charge over 21 - 25 Lewishamway SE14 6PP and a floating charge over all the other assets of company. |
15. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 325,382 | 349,735 | 295 | 850 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 349,735 |
Credit to Income Statement during year | (24,353 | ) |
Tax on fair value gain |
Excess cap. all. over deprre |
Balance at 30 June 2024 | 325,382 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Utilised during year | ( |
) |
Excess depri. over cap. all. |
Balance at 30 June 2024 |
Included in deferred tax is an amount of £274,430 (2022 - 274,430) being the tax provision on the gains that would be realised should the investment property be disposed off at the fair value. |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary Shares | £1 | 54,764 | 54,764 |
17. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 1,012,746 | 823,291 | 1,836,037 |
Profit for the year | 135,033 | 135,033 |
Dividends | (158,816 | ) | (158,816 | ) |
At 30 June 2024 | 988,963 | 823,291 | 1,812,254 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
18. | CONTINGENT LIABILITIES |
All bank accounts of companies in the group are secured by an Unlimited Multilateral Guarantees of all companies in the group. At the year end the net liabilities of the group under the Multilateral guarantees amounted to nil (2023 - 46,689). |
Sevan Leisure Holdings Limited (Registered number: 03364956) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30 June 2024 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Mr R Halil |
Balance outstanding at start of year | 197,427 | - |
Amounts advanced | - | 197,427 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 197,427 | 197,427 |
20. | RELATED PARTY DISCLOSURES |
Key management personel |
A subsidiary took out finance leases for the director's benefit. The director personally meets all the obligations under these agreements. The total outstanding balance under the agreement at the year end was £136,623 (2023 -164,121). |