Company registration number SC280133 (Scotland)
GREENPARK LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GREENPARK LEISURE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
GREENPARK LEISURE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GREENPARK LEISURE LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greenpark Leisure Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of Greenpark Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Greenpark Leisure Limited and state those matters that we have agreed to state to the board of directors of Greenpark Leisure Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greenpark Leisure Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Greenpark Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Greenpark Leisure Limited. You consider that Greenpark Leisure Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Greenpark Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A.J.B. Scholes Ltd
16 October 2024
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
GREENPARK LEISURE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
229,675
229,675
Current assets
Debtors
6
2,922
1,512
Cash at bank
575,382
495,420
578,304
496,932
Creditors: amounts falling due within one year
7
(251,667)
(232,842)
Net current assets
326,637
264,090
Total assets less current liabilities
556,312
493,765
Provisions for liabilities
8
(10,023)
(9,938)
Net assets
546,289
483,827
Capital and reserves
Called up share capital
9
99
99
Profit and loss reserves
546,190
483,728
Total equity
546,289
483,827
The director of the company has 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 director acknowledges his 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.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr David Clark
Director
Company Registration No. SC280133
GREENPARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Greenpark Leisure Limited is a private company limited by shares incorporated in Scotland. The registered office is Greenpark House, Glassel, Banchory, Aberdeenshire, AB31 4DB.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the directors have prepared the financial statements on the going concern basis.true
1.3
Turnover
Turnover consists of short term rental income in respect of holiday accommodation. It is stated on the accruals basis.
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:
Fixtures and fittings
25% straight line
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments, bank and loans from related parties. Cash at bank in the balance sheet is held on demand. Loans from related parties are measured at the undiscounted amounts payable.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GREENPARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 is recognised in respect of timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023 and 31 March 2024
41,010
Depreciation and impairment
At 1 April 2023 and 31 March 2024
41,010
Carrying amount
At 31 March 2024
At 31 March 2023
GREENPARK LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
229,675
The fair values of the investment properties have been arrived at on the basis of valuations carried out by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties; the directors consider the market values to be the same as the original acquisition cost.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,922
1,512
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
19,950
10,616
Other creditors
231,717
222,226
251,667
232,842
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10,023
9,938
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
99
99
99
99
10
Events after the reporting date
On 16 May 2024, the company agreed to purchase 49 Ordinary Shares from S Dawson. Mrs Dawson resigned from her position of director on 16 May 2024.