2023-03-012024-02-292024-02-29false07560247Livingstone Leisure 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Livingstone Leisure Ltd

Registered Number
07560247
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Livingstone Leisure Ltd
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

CUNNINGHAM, Ian Robert
ENRIGHT, Michael John

Company Secretary

TOMSETT, Julian

Registered Address

34 Acreman Street
Sherborne
DT9 3NX

Registered Number

07560247 (England and Wales)
Livingstone Leisure Ltd
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3-4,506
Tangible assets42,2392,878,266
Investments5928928
3,1672,883,700
Current assets
Stocks6-133,772
Debtors7958,074145,127
Cash at bank and on hand735,640508,686
1,693,714787,585
Creditors amounts falling due within one year8(865,879)(629,711)
Net current assets (liabilities)827,835157,874
Total assets less current liabilities831,0023,041,574
Provisions for liabilities9(507)(334,640)
Net assets830,4952,706,934
Capital and reserves
Called up share capital800,932800,932
Revaluation reserve-803,244
Profit and loss account29,5631,102,758
Shareholders' funds830,4952,706,934
The financial statements were approved and authorised for issue by the Board of Directors on 10 October 2024, and are signed on its behalf by:
ENRIGHT, Michael John
Director
Registered Company No. 07560247
Livingstone Leisure Ltd
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Goodwill, being the amounts paid in connection with the acquisitions of Birdland in 2012 and Flambards in 2014 was amortised over the estimated useful life of these acquisitions of 10 years. A reorganisation was carried out on 29 February 2024 which has resulted in the two businesses being transferred to new trading entities on that date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery20-
Fixtures and fittings-10
Vehicles25-
Office Equipment20-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
2.Average number of employees

20242023
Average number of employees during the year114112
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 March 234,5064,506
Disposals(4,506)(4,506)
Net book value
At 29 February 24--
At 28 February 234,5064,506
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 March 23750,0002,872,49716,570734,5374,373,604
Additions-98,692-342,210440,902
Revaluations-245,443--245,443
Disposals(750,000)(3,200,460)(16,570)(1,076,747)(5,043,777)
At 29 February 24-16,172--16,172
Depreciation and impairment
At 01 March 2373,8701,240,3309,182171,9561,495,338
Charge for year7,374186,8801,8476,048202,149
On disposals(81,244)(1,413,277)(11,029)(178,004)(1,683,554)
At 29 February 24-13,933--13,933
Net book value
At 29 February 24-2,239--2,239
At 28 February 23676,1301,632,1677,388562,5812,878,266
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 March 23928928
At 29 February 24928928
Net book value
At 29 February 24928928
At 28 February 23928928

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Finished goods-133,772
Total-133,772
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables4807,500
Amounts owed by group undertakings718,256-
Amounts owed by associates and joint ventures / participating interests213,629-
Other debtors25,05126,318
Prepayments and accrued income658111,309
Total958,074145,127
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables153,535239,825
Bank borrowings and overdrafts5,1983,609
Amounts owed to related parties466,174-
Taxation and social security122,307189,079
Other creditors75,59575,789
Accrued liabilities and deferred income43,070121,409
Total865,879629,711
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)507334,640
Total507334,640