Company Registration No. 03416228 (England and Wales)
RIVER PARK LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
RIVER PARK LEISURE LIMITED
COMPANY INFORMATION
Directors
Miss A H Bhayani
(Appointed 7 July 2023)
Mr K H Bhayani
(Appointed 7 July 2023)
Secretary
Ms Amee Hitesh Bhayani
Company number
03416228
Registered office
T/A Blandford Hotel
80 Chiltern Street
London
W1U 5AF
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
RIVER PARK LEISURE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
RIVER PARK LEISURE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIVER PARK LEISURE LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of River Park Leisure Limited for the year ended 30 June 2024 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of River Park Leisure Limited and state those matters that we have agreed to state to the Board of Directors of River Park Leisure Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than River Park Leisure Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that River Park Leisure 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 River Park Leisure Limited. You consider that River Park 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 financial statements of River Park 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 financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
11 October 2024
RIVER PARK LEISURE LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,851,826
10,560,576
Current assets
Debtors
4
43,768
990,754
Cash at bank and in hand
752,118
1,109,179
795,886
2,099,933
Creditors: amounts falling due within one year
5
(367,953)
(704,036)
Net current assets
427,933
1,395,897
Total assets less current liabilities
11,279,759
11,956,473
Creditors: amounts falling due after more than one year
6
(1,841,580)
(2,044,200)
Provisions for liabilities
8
(2,104,925)
(2,032,643)
Net assets
7,333,254
7,879,630
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
11
7,101,981
7,110,774
Profit and loss reserves
12
231,173
768,756
Total equity
7,333,254
7,879,630
The director of the company truehas taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and director's report within the financial statements.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RIVER PARK LEISURE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Miss A H Bhayani
Director
Company Registration No. 03416228
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
River Park Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is T/A Blandford Hotel, 80 Chiltern Street, London, W1U 5AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the amounts receivable in respect of provision of hotel accommodation and services provided to customers of the hotels and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
0%
Freehold buildings
150 years on straight line basis
Plant and machinery
25% per annum on reducing balance basis.
Fixtures, fittings & equipment
25% per annum on reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
16
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023
10,705,810
908,457
11,614,267
Additions
325,097
325,097
At 30 June 2024
10,705,810
1,233,554
11,939,364
Depreciation and impairment
At 1 July 2023
147,428
906,263
1,053,691
Depreciation charged in the year
14,274
19,573
33,847
At 30 June 2024
161,702
925,836
1,087,538
Carrying amount
At 30 June 2024
10,544,108
307,718
10,851,826
At 30 June 2023
10,558,382
2,194
10,560,576
Freehold interest in above land and buildings with a carrying amount of £10,705,810 were valued on 5 September 2016 by, Iindependent Chartered Surveyors, not connected with the company on the basis of market value.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the Net Book value carrying amounts would have been approximately £1,413,052 (2023 - £1,414,965), being cost £1,434,723 (2023 - £1,434,723) and depreciation £21,671 (2023 - £19,758).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
787
Other debtors
37,469
26,800
Prepayments and accrued income
6,299
13,167
43,768
40,754
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
950,000
Total debtors
43,768
990,754
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
202,620
207,420
Trade creditors
24,448
228,991
Corporation tax
81,596
132,853
Other taxation and social security
19,365
96,123
Other creditors
39,924
38,649
367,953
704,036
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,841,580
2,044,200
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
642,195
757,215
Payable other than by instalments
1,159,385
1,159,385
1,801,580
1,916,600
7
Loans and overdrafts
2024
2023
£
£
Bank loans
2,044,200
2,251,620
Payable within one year
202,620
207,420
Payable after one year
1,841,580
2,044,200
The bank loan of £1,916,600 (2023: £2,031,620) is secured by fixed charge over the property at 80 Chiltern Street, London W1M 1PS, whilst Coronavirus Business Interruption Loan of £127,600 (2023: £220,000) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
2,104,925
2,032,643
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
75,850
-
Revaluations
2,029,075
2,032,643
2,104,925
2,032,643
2024
Movements in the year:
£
Liability at 1 July 2023
2,032,643
Charge to profit or loss
75,850
Credit to other comprehensive income
(3,568)
Liability at 30 June 2024
2,104,925
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
7,110,774
7,119,566
Deferred tax on revaluation of tangible assets
3,568
3,569
Other movements
(12,361)
(12,361)
At the end of the year
7,101,981
7,110,774
RIVER PARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
12
Profit and loss reserves
The only movements in reserves for the year ended 30 June 2024 and 30 June 2023 are profit for the year and other comprehensive income of £3,568 ( 2023: 3,569) and dividends paid.
13
Parent company
The company's parent undertaking is River Park Leisure Holdings Limited, a company incorporated in British Virgin Islands and its registered office is located at Patton, Moreno & Asvat (BVI) Limited 2nd Floor, O'Neal Marketing Associates Building, Wickham's Cay II, PO Box 3174, Road Town, Tortola VG1110, British Virgin Islands.
Dividend paid during the year to parent undertaking amounted to £997,500 (2023: £45,633).
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