WYE LEISURE LIMITED
Company registration number 03926356 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WYE LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
WYE LEISURE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,859,838
5,193,814
Current assets
Stocks
11,076
10,069
Debtors
5
135,408
268,780
Cash at bank and in hand
127,098
17,166
273,582
296,015
Creditors: amounts falling due within one year
6
(1,270,082)
(1,368,760)
Net current liabilities
(996,500)
(1,072,745)
Total assets less current liabilities
3,863,338
4,121,069
Creditors: amounts falling due after more than one year
7
(642,041)
(784,871)
Provisions for liabilities
(629,172)
(702,231)
Net assets
2,592,125
2,633,967
Capital and reserves
Called up share capital
8
1,000,000
1,000,000
Capital redemption reserve
100
100
Profit and loss reserves
1,592,025
1,633,867
Total equity
2,592,125
2,633,967
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 31 March 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.
WYE LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 August 2024 and are signed on its behalf by:
Mr T C Williams
Director
Company registration number 03926356 (England and Wales)
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Wye Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wye Leisure, Fownhope, Hereford, Herefordshire, HR1 4PE.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments, over its remaining estimated useful economic life of 5 years from transition date.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
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.
1.5
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).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
46
46
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
12,500
Amortisation and impairment
At 1 April 2023 and 31 March 2024
12,500
Carrying amount
At 31 March 2024
At 31 March 2023
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
6,023,168
1,609,858
7,633,026
Additions
32,300
15,003
47,303
Disposals
(104,230)
(341,675)
(445,905)
At 31 March 2024
5,951,238
1,283,186
7,234,424
Depreciation and impairment
At 1 April 2023
1,659,930
779,282
2,439,212
Depreciation charged in the year
104,411
108,500
212,911
Eliminated in respect of disposals
(34,184)
(243,353)
(277,537)
At 31 March 2024
1,730,157
644,429
2,374,586
Carrying amount
At 31 March 2024
4,221,081
638,757
4,859,838
At 31 March 2023
4,363,238
830,576
5,193,814
The net book value of freehold land and buildings includes £711,977 (2023: £711,977) of non-depreciable assets.
During the year 2015-2016 a valuation of the company’s freehold property was commissioned at the request of the company’s new bankers in support of the company’s application for banking facilities.
In the opinion of the professional valuers, the market value of the company’s freehold property in its existing use and present condition as a fully equipped operational entity, having regard to trading potential as at 28 April 2015 was £3,500,000.
The carrying value (i.e. cost less depreciation) of the company’s freehold property and equipment at 31 March 2024 is £4,859,838. The directors are of the opinion that the carrying value is a more appropriate reflection of the actual value of the property and associated assets, having regard to the nature and purpose of the valuers’ report.
The property was subject to a second valuation for insurance purposes by another firm of professional valuers. In their opinion, the cost of reinstating the company’s premises to the existing design to a standard equal to, but no greater or better than, the existing condition was £10,292,000. This valuation was carried out in March 2015.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
135,408
268,780
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
112,221
122,814
Trade creditors
47,641
136,567
Taxation and social security
219,249
121,750
Other creditors
890,971
987,629
1,270,082
1,368,760
Included in other creditors due within one year are hire purchase liabilities of £45,108 (2023 - £53,623) which are secured on the assets in which they relate to.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
633,697
731,419
Obligations under finance leases
8,344
53,452
642,041
784,871
The loans from Mr A F Williams, Mrs M J Williams and the company's bank are secured by debentures and legal charges over all freehold land and buildings and assets owned by the company.
The bank have taken the personal guarantees of all the directors of the company. Directors' loan postponements have been agreed amounting to £Nil (2023: £Nil).
Included in other creditors in more than one year are hire purchase liabilities of £8,344 (2023 - £53,452) which are secured on the assets in which they relate to.
Amounts included above which fall due after five years are as follows:
Payable by instalments
406,785
406,729
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
350
350
350
350
Ordinary B shares of £1 each
350
350
350
350
Ordinary C shares of £1 each
100
100
100
100
Ordinary D shares of £1 each
100
100
100
100
Ordinary E shares of £1 each
999,000
999,000
999,000
999,000
Ordinary F shares of £1 each
100
100
100
100
1,000,000
1,000,000
1,000,000
1,000,000
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Called up share capital
(Continued)
- 8 -
The A, B C D and F Ordinary shares shall have attached to them full voting rights; they shall have the right to a dividend as declared from time to time for that class of share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. On a capital distribution (including on a winding up or a sale) the first £3.5 million of capital realised will be allocated pro rata between all E Ordinary Shares in issue at the time of distribution. Any capital realised in excess of £3.5 million will be allocated pro rata between all the A, B, C, D and F Ordinary Shares in issue at the time of distribution. The A, B, C, D, E & F Ordinary Shares are not redeemable.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,459
2,976