IRIS Accounts Production v24.3.0.553 09261501 Board of Directors 1.4.23 31.3.24 31.3.24 0 0 false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092615012023-03-31092615012024-03-31092615012023-04-012024-03-31092615012022-03-31092615012022-04-012023-03-31092615012023-03-3109261501ns15:EnglandWales2023-04-012024-03-3109261501ns14:PoundSterling2023-04-012024-03-3109261501ns10:Director12023-04-012024-03-3109261501ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109261501ns10:SmallEntities2023-04-012024-03-3109261501ns10:Audited2023-04-012024-03-3109261501ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3109261501ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109261501ns10:FullAccounts2023-04-012024-03-3109261501ns10:OrdinaryShareClass12023-04-012024-03-3109261501ns10:Director22023-04-012024-03-3109261501ns10:Director32023-04-012024-03-3109261501ns10:Director42023-04-012024-03-3109261501ns10:RegisteredOffice2023-04-012024-03-3109261501ns5:CurrentFinancialInstruments2024-03-3109261501ns5:CurrentFinancialInstruments2023-03-3109261501ns5:ShareCapital2024-03-3109261501ns5:ShareCapital2023-03-3109261501ns5:RetainedEarningsAccumulatedLosses2024-03-3109261501ns5:RetainedEarningsAccumulatedLosses2023-03-3109261501ns5:ShareCapital2022-03-3109261501ns5:RetainedEarningsAccumulatedLosses2022-03-3109261501ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109261501ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-310926150112023-04-012024-03-3109261501ns5:OwnedAssets2023-04-012024-03-3109261501ns5:OwnedAssets2022-04-012023-03-3109261501ns5:PlantMachinery2023-03-3109261501ns5:PlantMachinery2023-04-012024-03-3109261501ns5:PlantMachinery2024-03-3109261501ns5:PlantMachinery2023-03-3109261501ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3109261501ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3109261501ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 09261501 (England and Wales)















SOUTH DOWNS LEISURE ENTERPRISES LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


SOUTH DOWNS LEISURE ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr D G Anderson
Ms J R M Lawrence-Hall
Mrs P C Greenwood-Pearsons
Miss P L Newton





REGISTERED OFFICE: Field Place
The Boulevard
WORTHING
BN13 1NP





REGISTERED NUMBER: 09261501 (England and Wales)





AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the operation of an events venue.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr D G Anderson
Ms J R M Lawrence-Hall
Mrs P C Greenwood-Pearsons
Miss P L Newton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, McCabe Ford Williams, will be proposed for re-appointment at the forthcoming Annual General Meeting.


SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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:





Mr D G Anderson - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH DOWNS LEISURE ENTERPRISES LIMITED

Opinion
We have audited the financial statements of South Downs Leisure Enterprises Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH DOWNS LEISURE ENTERPRISES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH DOWNS LEISURE ENTERPRISES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:



- the engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations;

- we identified the laws and regulations applicable to the company through discussions with
management and our experience of the sector;


- we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the company, including, but not limited to, the Companies
Act 2006 and UK tax legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:


- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and Companies House records.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH DOWNS LEISURE ENTERPRISES LIMITED

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Clair Rayner FCA DChA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

30 September 2024

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 680,959 679,649

Cost of sales 249,815 207,899
GROSS PROFIT 431,144 471,750

Administrative expenses 384,311 342,058
46,833 129,692

Other operating income 5,400 (120,777 )
OPERATING PROFIT 5 52,233 8,915


Interest payable and similar expenses - 1,991
PROFIT BEFORE TAXATION 52,233 6,924

Tax on profit 19,057 9,051
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

33,176

(2,127

)

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 94,808 93,503

CURRENT ASSETS
Debtors 7 40,098 64,363
Cash at bank and in hand 430,184 299,290
470,282 363,653
CREDITORS
Amounts falling due within one year 8 273,861 206,461
NET CURRENT ASSETS 196,421 157,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,229

250,695

PROVISIONS FOR LIABILITIES 25,124 17,766
NET ASSETS 266,105 232,929

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 266,104 232,928
SHAREHOLDERS' FUNDS 266,105 232,929

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 30 September 2024 and were signed on its behalf by:





Mr D G Anderson - Director


SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1 235,055 235,056

Changes in equity
Total comprehensive income - (2,127 ) (2,127 )
Balance at 31 March 2023 1 232,928 232,929

Changes in equity
Total comprehensive income - 33,176 33,176
Balance at 31 March 2024 1 266,104 266,105

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

South Downs Leisure Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets and the deferred income creditor relating to bookings for future events.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Fixed assets costing in excess of £5,000 are shown in the financial statements at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and Fittings : 20% on cost and over remaining term of the lease.

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.


SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Going concern
Having weathered the instability of gas and electricity supplies and the volatile prices caused by the war in Ukraine we continue to purchase our utilities through a broker, so hedge and contract our purchasing ahead of time. We continue to keep our People, Profit, Planet mantra first and foremost and apply this to all decisions.

The wedding industry has seen a change in desire with customers moving away from large, formal weddings to more intimate, relaxed events.

In December 2022 we trained two celebrants so have been able to offer additional services to our customers. We have also used our inhouse celebrants to enhance our package offerings which has given us a great USP.

Having won three national wedding industry awards over the last few years, and with our Weddings and Events manager becoming a TWIA judge, we feel that we have a strong presence in the industry and are investigating ways to continue to improve and expand our offering.

We are continuing to invest in our buildings and increasing our IT capabilities to ensure that we are able to offer competitive facilities to our corporate customers. We have recently signed a long-term corporate contract which will give us a reliable income for the next few years.

By investing in our people, premises and products we believe that we are able to provide an excellent service and by continuing to strive for improvements we aim to increase both our corporate and wedding sales.

The Board of Trustees has considered the current economic climate and are satisfied that, assuming customer's behaviour is in line with industry expectations, that it will be able to meet all its obligations as and when they fall due. Accordingly, they consider it appropriate to continue to prepare the financial statements on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

31.3.24 31.3.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 12,827 21,573

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 224,262
Additions 14,148
Disposals (322 )
At 31 March 2024 238,088
DEPRECIATION
At 1 April 2023 130,759
Charge for year 12,827
Eliminated on disposal (306 )
At 31 March 2024 143,280
NET BOOK VALUE
At 31 March 2024 94,808
At 31 March 2023 93,503

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 24,348 9,291
Prepayments and accrued income 15,750 55,072
40,098 64,363

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 8,998 11,013
Amounts owed to group undertakings 134,249 28,281
Other taxes and PAYE taxes 11,642 5,627
VAT - 3,300
Accruals and deferred income 118,972 158,240
273,861 206,461

SOUTH DOWNS LEISURE ENTERPRISES LIMITED (REGISTERED NUMBER: 09261501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1 Ordinary 1 1 1

10. RELATED PARTY DISCLOSURES

During the year costs were recharged between South Downs Leisure Enterprises and the parent for wages, rent, management charges and VAT, as at 31 March 2024 South Downs Leisure Enterprises owed £134,249 to the parent (2023: £28.281).

11. PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

South Downs Leisure is both the parent company as well as the ultimate controlling party.