Company registration number 02418974 (England and Wales)
CASTERTON LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CASTERTON LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CASTERTON LEISURE LIMITED
BALANCE SHEET
AS AT
24 FEBRUARY 2024
24 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,850
8,450
Tangible assets
4
5,919,006
7,916,717
5,924,856
7,925,167
Current assets
Stocks
74,170
79,052
Debtors
5
1,870,366
147,351
Cash at bank and in hand
1,408,163
763,317
3,352,699
989,720
Creditors: amounts falling due within one year
6
(900,888)
(1,710,341)
Net current assets/(liabilities)
2,451,811
(720,621)
Total assets less current liabilities
8,376,667
7,204,546
Creditors: amounts falling due after more than one year
7
(535,008)
(843,872)
Net assets
7,841,659
6,360,674
Capital and reserves
Called up share capital
12,000,000
12,000,000
Profit and loss reserves
(4,158,341)
(5,639,326)
Total equity
7,841,659
6,360,674
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 24 February 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.
CASTERTON LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 FEBRUARY 2024
24 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr A Wildsmith
Director
Company registration number 02418974 (England and Wales)
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Casterton Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Forest Side Hotel, Keswick Road, Grasmere, Ambleside, LA22 9RN. The company conducts its business across two sites in North West England. These are;
Hipping Hall, Cowan Bridge, Kirkby Lonsdale, Lancashire, LA6 2JJ (closed July 2023 re. Note 9);
The Forest Side Hotel, Keswick Road, Grasmere, Cumbria, LA22 9RN.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors trueacknowledge that it has been a challenging year in many ways with further price rises in both food and drink, the return to 20% VAT and continued inflation generally. However, the company has received confirmation of the support from its director for the foreseeable future.
The directors do not consider there to be a material uncertainty at this time, and there is 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 amounts receivable for hotel accommodation and other hospitality services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Website
10 years straight line
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold Property
50 years straight line
Fixtures & Fittings
15% reducing balance
Equipment
15% reducing balance
Motor Vehicles
25% reducing balance
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of goods purchased.
1.9
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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. Amounts 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.
1.11
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants receivable represent income under the Coronavirus Job Retention Scheme (CJRS) to reimburse the company of costs incurred in retaining staff who were furloughed due to the impact of closure due to COVID-19. CJRS grants are recognised to match the costs incurred by the company for the period claims are made.
Other grants receivable represent income from the local council authorities for continued business disruption resultant of Covid restrictions. These grants are recognised by the company for the period the claims are made.
2
Employees
The average monthly number of persons employed by the company during the year was 50 (2023 - 75).
2024
2023
Number
Number
Total
50
75
3
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 25 February 2023 and 24 February 2024
1,060,000
26,000
1,086,000
Amortisation and impairment
At 25 February 2023
1,060,000
17,550
1,077,550
Amortisation charged for the year
2,600
2,600
At 24 February 2024
1,060,000
20,150
1,080,150
Carrying amount
At 24 February 2024
5,850
5,850
At 24 February 2023
8,450
8,450
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 25 February 2023
9,876,653
1,035,502
10,912,155
Additions
6,170
6,170
Disposals
(2,758,380)
(2,758,380)
At 24 February 2024
7,118,273
1,041,672
8,159,945
Depreciation and impairment
At 25 February 2023
2,155,585
839,853
2,995,438
Depreciation charged in the year
176,496
30,592
207,088
Eliminated in respect of disposals
(961,587)
(961,587)
At 24 February 2024
1,370,494
870,445
2,240,939
Carrying amount
At 24 February 2024
5,747,779
171,227
5,919,006
At 24 February 2023
7,721,068
195,649
7,916,717
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
717
462
Corporation tax recoverable
63,711
Other debtors
519,649
83,178
520,366
147,351
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
1,350,000
Total debtors
1,870,366
147,351
CASTERTON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 FEBRUARY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
291
Trade creditors
68,970
109,719
Taxation and social security
86,333
135,744
Other creditors
745,294
1,464,878
900,888
1,710,341
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
535,008
843,872
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
827,408
1,808,776
Other related parties
69,401
69,401
9
Parent company
The ultimate controlling party is Dr E Wildsmith, a director and majority shareholder.