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REGISTERED NUMBER: 05002103 (England and Wales)















EAST PARK LEISURE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31 OCTOBER 2022 TO 31 OCTOBER 2023






EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


EAST PARK LEISURE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023







DIRECTORS: L M Hall
W J Hall



SECRETARY: L M Hall



REGISTERED OFFICE: Trunch Lane
Chapel St Leonards
Skegness
Lincolnshire
PE24 5UA



REGISTERED NUMBER: 05002103 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Lloyds Bank
51 Lumley Road
Skegness
Lincolnshire
PE253LP

EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,137,323 2,069,253

CURRENT ASSETS
Stocks 291,300 197,591
Debtors 5 285,940 312,315
Cash at bank and in hand 36,473 77,437
613,713 587,343
CREDITORS
Amounts falling due within one year 6 1,569,742 1,338,730
NET CURRENT LIABILITIES (956,029 ) (751,387 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,181,294 1,317,866

CREDITORS
Amounts falling due after more than one year 7 (602,216 ) (691,734 )

PROVISIONS FOR LIABILITIES (5,942 ) (8,098 )
NET ASSETS 573,136 618,034

CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 91,250 89,772
Capital redemption reserve 11 1 1
Retained earnings 11 481,883 528,259
SHAREHOLDERS' FUNDS 573,136 618,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:



L M Hall - Director


EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

1. STATUTORY INFORMATION

East Park Leisure 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements for the year ended 31 October 2017 are the first financial statements of East Park Leisure Limited prepared in accordance with FRS102. There are no adjustments required on transition.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 25% on reducing balance and 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Land has not been depreciated where the directors consider there is no diminution in value.
Revalued freehold property is not depreciated.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the period 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.


EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 31 October 2022 2,107,763 144,315 2,420 2,254,498
Additions 93,821 - - 93,821
At 31 October 2023 2,201,584 144,315 2,420 2,348,319
DEPRECIATION
At 31 October 2022 95,340 88,171 1,734 185,245
Charge for period 11,490 14,159 102 25,751
At 31 October 2023 106,830 102,330 1,836 210,996
NET BOOK VALUE
At 31 October 2023 2,094,754 41,985 584 2,137,323
At 30 October 2022 2,012,423 56,144 686 2,069,253

Cost or valuation at 31 October 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2008 91,250 - - 91,250
Cost 2,110,334 144,315 2,420 2,257,069
2,201,584 144,315 2,420 2,348,319

EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 33,497 (2022 - £ 44,663 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 241,960 187,997
Other debtors 43,980 124,318
285,940 312,315

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 79,754 84,668
Hire purchase contracts (see note 8) 14,679 14,145
Trade creditors 233,858 98,517
Taxation and social security 144,290 114,523
Other creditors 1,097,161 1,026,877
1,569,742 1,338,730

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 586,410 661,249
Hire purchase contracts (see note 8) 15,806 30,485
602,216 691,734

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 302,546 343,182

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 14,679 14,145
Between one and five years 15,806 30,485
30,485 44,630

EAST PARK LEISURE LIMITED (REGISTERED NUMBER: 05002103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 666,164 745,917
Hire purchase contracts 30,485 44,630
696,649 790,547

The bank overdraft and loan is secured by a Mortgage Charge given to Lloyds TSB Bank plc dated 6 December 2005.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
219 Ordinary 1p 2 2

The company has entered into an agreement to buy back 19 ordinary shares for a consideration of £128,178 by December 2023.

11. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 31 October 2022 528,259 89,772 1 618,032
Profit for the period 88,548 - - 88,548
Purchase of own shares (134,924 ) - - (134,924 )
Deferred tax on revaluation - 1,478 - 1,478
At 31 October 2023 481,883 91,250 1 573,134

12. RELATED PARTY DISCLOSURES

As at the balance sheet date, the directors have provided an interest free loan to the company totalling £167,364 (2022: £297,371).

Included in other debtors is £Nil (2022: £100,570) owed by other companies that the directors of East Park Leisure Limited are also directors of.

Included in other creditors is £472,905 (2022: £289,807) owed to other companies that the directors of East Park Leisure Limited are also directors of.