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Registered number: 12498569
My Leisure Home Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hilary Sean Services Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12498569
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 75,293 68,031
75,293 68,031
CURRENT ASSETS
Stocks 5 619,672 559,410
Debtors 6 331,059 427,487
Cash at bank and in hand 176,424 113,613
1,127,155 1,100,510
Creditors: Amounts Falling Due Within One Year 7 (445,978 ) (728,544 )
NET CURRENT ASSETS (LIABILITIES) 681,177 371,966
TOTAL ASSETS LESS CURRENT LIABILITIES 756,470 439,997
Creditors: Amounts Falling Due After More Than One Year 8 (361,942 ) (61,684 )
NET ASSETS 394,528 378,313
CAPITAL AND RESERVES
Called up share capital 9 5 5
Profit and Loss Account 394,523 378,308
SHAREHOLDERS' FUNDS 394,528 378,313
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Shane Spence
Director
Mr Steve Wetton
Director
10/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
My Leisure Home Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12498569 . The registered office is 40 Old Wainfleet Road, Skegness, PE25 3RR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold no depreciation on land
Plant & Machinery Straightline method of depreciation over 3 years
Motor Vehicles Straightline method of depreciation over 5 years
Fixtures & Fittings Straightline method of depreciation over 3 years
Computer Equipment Straightline method of depreciation over 3 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 4)
5 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 3,000 17,330 54,544 9,034
Additions 13,202 6,661 2,400 4,682
As at 31 March 2024 16,202 23,991 56,944 13,716
Depreciation
As at 1 April 2023 - 8,215 3,471 5,593
Provided during the period - 6,224 10,948 3,148
As at 31 March 2024 - 14,439 14,419 8,741
Net Book Value
As at 31 March 2024 16,202 9,552 42,525 4,975
As at 1 April 2023 3,000 9,115 51,073 3,441
Computer Equipment Total
£ £
Cost
As at 1 April 2023 5,013 88,921
Additions 1,888 28,833
As at 31 March 2024 6,901 117,754
Depreciation
As at 1 April 2023 3,611 20,890
Provided during the period 1,251 21,571
As at 31 March 2024 4,862 42,461
Net Book Value
As at 31 March 2024 2,039 75,293
As at 1 April 2023 1,402 68,031
5. Stocks
2024 2023
£ £
Finished goods 619,672 559,410
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 142,043 135,191
Prepayments and accrued income 5,498 85,297
Other debtors (1) 17,890 15,040
VAT 5,695 53,585
Directors' loan accounts 115,599 104,565
Amounts owed by associates 44,334 33,809
331,059 427,487
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 372,931 71,160
Other loans 38,033 497,963
Corporation tax 33,030 70,064
Other taxes and social security 1,005 2,237
Net wages 978 -
Other creditors - 17,120
Other creditors (1) 1 -
Accruals and deferred income - 70,000
445,978 728,544
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,872 16,776
Other loans 350,070 44,908
361,942 61,684
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Shane Spence 44,706 32,487 40,000 - 37,193
Mr Steve Wetton 59,859 38,546 20,000 - 78,405
The above loan is unsecured, interest free and repayable on demand.
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