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Registration number: 13289559

MBFL Leisure Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

MBFL Leisure Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

MBFL Leisure Limited

Company Information

Directors

F W Lee

L Black

Registered office

590 Green Lanes
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
Chartered accountants
590 Green Lanes
Palmers Green
London
N13 5RY

 

MBFL Leisure Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

F W Lee

L Black

Principal activity

The principal activity of the company is of a holiday park.

Going concern

The accounts are prepared on a going concern basis which is dependant upon the continuing support of the company directors. Included within creditors due within one year there is a directors loan account balance of £1,445,438. While this loan is technically repayable on demand, the directors have no intention of recalling the loan for at least 12 months from the sign off date of these accounts

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
L Black
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MBFL Leisure Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MBFL Leisure Limited for the year ended 31 March 2024 as set out on pages 4 to 13 from the company'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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of MBFL Leisure Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MBFL Leisure Limited and state those matters that we have agreed to state to the Board of Directors of MBFL Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MBFL Leisure Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MBFL Leisure Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MBFL Leisure Limited. You consider that MBFL Leisure 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 accounts of MBFL Leisure 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 accounts.

......................................

Thomas Alexander & Co Ltd
Chartered accountants
590 Green Lanes
Palmers Green
London
N13 5RY

3 October 2024

 

MBFL Leisure Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

719,386

820,917

Cost of sales

 

(384,221)

(351,042)

Gross profit

 

335,165

469,875

Administrative expenses

 

(140,544)

(142,948)

Operating profit

 

194,621

326,927

Interest payable and similar expenses

 

(39)

-

Profit before tax

4

194,582

326,927

Tax on profit

 

(54,561)

(64,837)

Profit for the financial year

 

140,021

262,090

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

MBFL Leisure Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

140,021

262,090

Total comprehensive income for the year

140,021

262,090

 

MBFL Leisure Limited

(Registration number: 13289559)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

17,500

20,000

Tangible assets

6

1,710,393

1,732,247

 

1,727,893

1,752,247

Current assets

 

Stocks

7

39,000

-

Debtors

8

750

970

Cash at bank and in hand

 

229,747

143,609

 

269,497

144,579

Creditors: Amounts falling due within one year

9

(1,529,027)

(1,568,484)

Net current liabilities

 

(1,259,530)

(1,423,905)

Net assets

 

468,363

328,342

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

468,263

328,242

Shareholders' funds

 

468,363

328,342

For the financial year ending 31 March 2024 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.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
L Black
Director

 

MBFL Leisure Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

328,242

328,342

Profit for the year

-

140,021

140,021

At 31 March 2024

100

468,263

468,363

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

66,152

66,252

Profit for the year

-

262,090

262,090

At 31 March 2023

100

328,242

328,342

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
London
N13 5RY

These financial statements were authorised for issue by the Board on 3 October 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 accounts are prepared on a going concern basis which is dependant upon the continuing support of the company directors. Included within creditors due within one year there is a directors loan account balance of £1,762,496. While this loan is technically repayable on demand, the directors have no intention of recalling the loan for at least 12 months from the sign off date of these accounts

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.

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.

Tax

The tax expense for the period comprises current 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.

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

2% straight line method

Plant and machinery

25% reducing balance method

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

Over 10 years

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.

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

21,854

23,920

Amortisation expense

2,500

2,500

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

25,000

25,000

At 31 March 2024

25,000

25,000

Amortisation

At 1 April 2023

5,000

5,000

Amortisation charge

2,500

2,500

At 31 March 2024

7,500

7,500

Carrying amount

At 31 March 2024

17,500

17,500

At 31 March 2023

20,000

20,000

6

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,738,768

40,739

1,779,507

At 31 March 2024

1,738,768

40,739

1,779,507

Depreciation

At 1 April 2023

31,310

15,950

47,260

Charge for the year

15,655

6,199

21,854

At 31 March 2024

46,965

22,149

69,114

Carrying amount

At 31 March 2024

1,691,803

18,590

1,710,393

At 31 March 2023

1,707,458

24,789

1,732,247

Included within the net book value of land and buildings above is £1,691,803 (2023 - £1,707,458) in respect of freehold land and buildings.
 

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Other inventories

39,000

-

8

Debtors

2024
£

2023
£

Trade debtors

-

970

Other debtors

750

-

750

970

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

64,874

69,325

Accruals and deferred income

78,947

47,786

Other creditors

1,385,206

1,451,373

1,529,027

1,568,484

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Related party transactions

Summary of transactions with other related parties

 

MBFL Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors
At the year end and included in other creditors is the amount of £653,652 (2023: £715,899) owed to L Black and £731,349 (2023: £729,539) owed to F Lee the directors of the company. While this loan is technically repayable on demand, the directors have no intention of recalling the loan for at least 12 months from the sign off date of these accounts.