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Registered number: 05220788
Spreyer Brothers Leisure Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Southern Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05220788
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 148,200 195,000
Tangible Assets 5 12,453,967 10,793,592
12,602,167 10,988,592
CURRENT ASSETS
Debtors 6 36,942 135,427
Investments 7 99 99
Cash at bank and in hand 107,599 91,086
144,640 226,612
Creditors: Amounts Falling Due Within One Year 8 (1,294,679 ) (1,606,119 )
NET CURRENT ASSETS (LIABILITIES) (1,150,039 ) (1,379,507 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,452,128 9,609,085
Creditors: Amounts Falling Due After More Than One Year 9 (4,877,519 ) (3,238,220 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,107,774 ) (1,107,774 )
NET ASSETS 5,466,835 5,263,091
CAPITAL AND RESERVES
Called up share capital 10 68 68
Revaluation reserve 11 4,555,966 4,555,966
Capital redemption reserve (1,704,900 ) (1,704,900 )
Profit and Loss Account 2,615,701 2,411,957
SHAREHOLDERS' FUNDS 5,466,835 5,263,091
Page 1
Page 2
For the year ending 29 February 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 D M Spreyer
Director
Mr D J Spreyer
Director
26/11/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Spreyer Brothers Leisure Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05220788 . The registered office is 24 Halden Field, Rolvenden, Cranbrook, Kent, TN17 4BX.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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 2% On Cost
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. 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.
2.6. 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.
...CONTINUED
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Page 4
2.6. Taxation - continued
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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 15 (2023: 18)
15 18
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 1,233,990
As at 29 February 2024 1,233,990
Amortisation
As at 1 March 2023 1,038,990
Provided during the period 46,800
As at 29 February 2024 1,085,790
Net Book Value
As at 29 February 2024 148,200
As at 1 March 2023 195,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 March 2023 10,770,616 1,107,494 23,270 88,216
Additions 1,744,500 - - -
As at 29 February 2024 12,515,116 1,107,494 23,270 88,216
Depreciation
As at 1 March 2023 393,114 710,594 12,497 80,296
Provided during the period 41,213 38,364 2,694 1,730
As at 29 February 2024 434,327 748,958 15,191 82,026
Net Book Value
As at 29 February 2024 12,080,789 358,536 8,079 6,190
As at 1 March 2023 10,377,502 396,900 10,773 7,920
Page 4
Page 5
Computer Equipment Total
£ £
Cost or Valuation
As at 1 March 2023 3,759 11,993,355
Additions - 1,744,500
As at 29 February 2024 3,759 13,737,855
Depreciation
As at 1 March 2023 3,262 1,199,763
Provided during the period 124 84,125
As at 29 February 2024 3,386 1,283,888
Net Book Value
As at 29 February 2024 373 12,453,967
As at 1 March 2023 497 10,793,592
Cost or valuation as at 29 February 2024 represented by a market valuation performed by Colliers on 31 August 2021.
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
At cost 5,006,349 1,107,494 23,270 88,216
At valuation 7,508,767 - - -
12,515,116 1,107,494 23,270 88,216
Computer Equipment Total
£ £
At cost 3,759 6,229,088
At valuation - 7,508,767
3,759 13,737,855
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 5,006,349
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 33 105,489
VAT 36,909 29,938
36,942 135,427
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 99 99
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 245,981 847,352
Corporation tax 29,403 -
Other taxes and social security 3,338 3,282
Other creditors 2,285 1,070
Accruals and deferred income 8,609 4,282
Directors' loan accounts 135,478 166,819
Amounts owed to subsidiaries 791,040 583,314
Amounts owed to related parties 78,545 -
1,294,679 1,606,119
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,317,519 2,878,220
Amounts owed to related parties 560,000 360,000
4,877,519 3,238,220
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 3,160,429 1,955,513
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 68 68
Page 6
Page 7
11. Reserves
Revaluation Reserve
£
As at 1 March 2023 4,555,966
As at 29 February 2024 4,555,966
12. Related Party Transactions
At the balance sheet date, the company had an outstanding loan due to Spreyer Brothers Ltd of £78,545 (2023: -£105,456). The loan is interest free and repayable upon demand.
During the year, the company received a loan of £100,000 from Spreyer Destinations Ltd to facilitate the purchase of a new caravan park. This is a company under the common control of director, D J Spreyer. As at the balance sheet date, the outstanding loan due to Spreyer Destinations Ltd was £280,000 (2022: £180,000)
During the year, the company received a loan of £100,000 from D.M. Spreyer Holdings Ltd to facilitate the purchase of a new caravan park. This is a company under the common control of director, D M Spreyer. As at the balance sheet date, the outstanding loan due to D.M. Spreyer Holdings Ltd was £280,000 (2022: £180,000).
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