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Registration number: 04745716

Reedley Leisure Ltd

Unaudited Filleted Financial Statements

for the Year Ended 27 February 2024

 

Reedley Leisure Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Reedley Leisure Ltd

(Registration number: 04745716)
Balance Sheet as at 27 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,399,770

1,401,360

Investment property

5

635,958

635,958

Investments

6

120,000

120,000

 

2,155,728

2,157,318

Current assets

 

Stocks

7

3,468

3,468

Debtors

8

167,855

154,667

Cash at bank and in hand

 

346

212

 

171,669

158,347

Creditors: Amounts falling due within one year

9

(230,316)

(223,741)

Net current liabilities

 

(58,647)

(65,394)

Total assets less current liabilities

 

2,097,081

2,091,924

Creditors: Amounts falling due after more than one year

9

(638,592)

(678,983)

Net assets

 

1,458,489

1,412,941

Capital and reserves

 

Called up share capital

400

400

Share premium reserve

119,900

119,900

Revaluation reserve

876,372

876,372

Retained earnings

461,817

416,269

Shareholders' funds

 

1,458,489

1,412,941

 

Reedley Leisure Ltd

(Registration number: 04745716)
Balance Sheet as at 27 February 2024

For the financial year ending 27 February 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

.........................................
A Kinder
Director

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

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:
Unit 3
31-33 Kenyon Road
Lomeshaye
Nelson
Lancashire
BB9 5SP
England

These financial statements were authorised for issue by the Board on 16 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) 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.

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.

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

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

Freehold property

To be considered on an annual basis

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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. Deferred taxation is provided on any gains at the rate expected to apply when the property is sold.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 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.

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 profit and loss account 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

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.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 28 February 2023

1,416,222

29,686

9,117

1,455,025

At 27 February 2024

1,416,222

29,686

9,117

1,455,025

Depreciation

At 28 February 2023

21,222

24,901

7,542

53,665

Charge for the year

-

1,196

394

1,590

At 27 February 2024

21,222

26,097

7,936

55,255

Carrying amount

At 27 February 2024

1,395,000

3,589

1,181

1,399,770

At 27 February 2023

1,395,000

4,785

1,575

1,401,360

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

5

Investment properties

2024
£

Fair value at 28 February

635,958

There has been no formal valuation of the investment properties, the valuations were provided by the director as at 27 February 2024.

6

Investments

2024
£

2023
£

Investments in subsidiaries at cost or fair value

120,000

120,000

7

Stocks

2024
£

2023
£

Other inventories

3,468

3,468

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,232

5,907

Amounts owed by related parties

46,700

35,000

Prepayments

 

5,023

4,860

Other debtors

 

108,900

108,900

   

167,855

154,667

 

Reedley Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

53,055

53,055

Taxation and social security

 

3,792

2,449

Accruals and deferred income

 

1,365

1,365

Other creditors

 

172,104

166,872

 

230,316

223,741


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £53,055 (2023 - £53,055).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

638,592

678,983


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £638,592 (2023 - £678,983).

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

638,592

678,983

Current loans and borrowings

2024
£

2023
£

Bank borrowings

53,055

53,055