12 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,445,312 1,445,312 1,445,312 xbrli:pure xbrli:shares iso4217:GBP 06298212 2023-01-01 2023-12-31 06298212 2023-12-31 06298212 2022-12-31 06298212 2022-01-01 2022-12-31 06298212 2022-12-31 06298212 2021-12-31 06298212 core:NetGoodwill 2023-01-01 2023-12-31 06298212 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 06298212 core:PlantMachinery 2023-01-01 2023-12-31 06298212 core:MotorVehicles 2023-01-01 2023-12-31 06298212 bus:Director5 2023-01-01 2023-12-31 06298212 bus:Director1 2023-01-01 2023-12-31 06298212 core:NetGoodwill 2022-12-31 06298212 core:NetGoodwill 2023-12-31 06298212 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06298212 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06298212 core:PlantMachinery 2022-12-31 06298212 core:MotorVehicles 2022-12-31 06298212 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 06298212 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 06298212 core:PlantMachinery 2023-12-31 06298212 core:MotorVehicles 2023-12-31 06298212 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06298212 core:WithinOneYear 2023-12-31 06298212 core:WithinOneYear 2022-12-31 06298212 core:AfterOneYear 2023-12-31 06298212 core:AfterOneYear 2022-12-31 06298212 core:ShareCapital 2023-12-31 06298212 core:ShareCapital 2022-12-31 06298212 core:RetainedEarningsAccumulatedLosses 2023-12-31 06298212 core:RetainedEarningsAccumulatedLosses 2022-12-31 06298212 core:BetweenOneFiveYears 2023-12-31 06298212 core:BetweenOneFiveYears 2022-12-31 06298212 core:NetGoodwill 2022-12-31 06298212 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 06298212 core:Non-currentFinancialInstruments 2023-12-31 06298212 core:Non-currentFinancialInstruments 2022-12-31 06298212 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 06298212 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06298212 core:PlantMachinery 2022-12-31 06298212 core:MotorVehicles 2022-12-31 06298212 bus:Director1 2022-12-31 06298212 bus:Director5 2022-12-31 06298212 bus:Director5 2023-12-31 06298212 bus:Director1 2022-12-31 06298212 bus:Director5 2022-12-31 06298212 bus:Director1 2022-01-01 2022-12-31 06298212 bus:Director5 2022-01-01 2022-12-31 06298212 bus:SmallEntities 2023-01-01 2023-12-31 06298212 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06298212 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06298212 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06298212 bus:FullAccounts 2023-01-01 2023-12-31 06298212 core:ComputerEquipment 2023-01-01 2023-12-31 06298212 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 06298212 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 06298212 core:ComputerEquipment 2022-12-31 06298212 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 06298212
THE LEISURE COMPANY (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
THE LEISURE COMPANY (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
Fixed Assets
Intangible assets
5
87,550
102,214
Tangible assets
6
614,470
447,035
Investments
7
1,445,312
1,445,312
--------------
--------------
2,147,332
1,994,561
Current Assets
Stocks
4,996,351
772,722
Debtors
8
922,136
735,191
Cash at bank and in hand
115,112
764,601
--------------
--------------
6,033,599
2,272,514
Creditors: amounts falling due within one year
9
4,272,329
1,435,176
--------------
--------------
Net Current Assets
1,761,270
837,338
--------------
--------------
Total Assets Less Current Liabilities
3,908,602
2,831,899
Creditors: amounts falling due after more than one year
10
2,191,448
1,132,248
Provisions
Taxation including deferred tax
43,483
14,263
--------------
--------------
Net Assets
1,673,671
1,685,388
--------------
--------------
THE LEISURE COMPANY (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
1,673,571
1,685,288
--------------
--------------
Shareholders Funds
1,673,671
1,685,388
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 May 2024 , and are signed on behalf of the board by:
Mr E D Mason
Director
Company registration number: 06298212
THE LEISURE COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Halfway House Caravan Park, Burgh Road, Skegness, Lincolnshire, PE24 4UF.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. The directors consider that a reliable estimate of the useful life of goodwill is twenty years.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line excluding land
Short leasehold property
-
6% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Intangible Assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
293,284
35,000
328,284
-----------
---------
-----------
Amortisation
At 1 January 2023
226,070
226,070
Charge for the year
14,664
14,664
-----------
---------
-----------
At 31 December 2023
240,734
240,734
-----------
---------
-----------
Carrying amount
At 31 December 2023
52,550
35,000
87,550
-----------
---------
-----------
At 31 December 2022
67,214
35,000
102,214
-----------
---------
-----------
6. Tangible Assets
Freehold property
Short leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
362,554
64,325
58,041
39,045
48,018
571,983
Additions
2,548
167,944
30,500
200,992
Disposals
( 8,500)
( 8,500)
-----------
---------
-----------
---------
---------
-----------
At 31 Dec 2023
362,554
66,873
225,985
61,045
48,018
764,475
-----------
---------
-----------
---------
---------
-----------
Depreciation
At 1 Jan 2023
14,050
22,847
36,329
27,968
23,754
124,948
Charge for the year
2,800
4,122
12,672
10,339
3,402
33,335
Disposals
( 8,278)
( 8,278)
-----------
---------
-----------
---------
---------
-----------
At 31 Dec 2023
16,850
26,969
49,001
30,029
27,156
150,005
-----------
---------
-----------
---------
---------
-----------
Carrying amount
At 31 Dec 2023
345,704
39,904
176,984
31,016
20,862
614,470
-----------
---------
-----------
---------
---------
-----------
At 31 Dec 2022
348,504
41,478
21,712
11,077
24,264
447,035
-----------
---------
-----------
---------
---------
-----------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1,445,312
--------------
Impairment
At 1 January 2023 and 31 December 2023
--------------
Carrying amount
At 31 December 2023
1,445,312
--------------
At 31 December 2022
1,445,312
--------------
8. Debtors
2023
2022
£
£
Trade debtors
785,464
609,637
Other debtors
136,672
125,554
-----------
-----------
922,136
735,191
-----------
-----------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
96,000
96,000
Trade creditors
4,074,761
1,121,106
Social security and other taxes
14,480
154,980
Other creditors
87,088
63,090
--------------
--------------
4,272,329
1,435,176
--------------
--------------
Bank borrowing is secured against the assets of the company. Trade creditors totalling £3,600,236 (2022 - £983,946) are secured against trading stock. Other creditors include hire purchase liabilities of £24,235 (2022 nil) which are secured against fixed assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
746,650
832,248
Trade creditors
1,146,828
Other creditors
297,970
300,000
--------------
--------------
2,191,448
1,132,248
--------------
--------------
Bank borrowing is secured against the assets of the company and includes an amount of £480,000 (2022 - £507,036) repayable after more than five years at a variable rate of interest.
Trade creditors of £1,146,828 (2022 nil) are secured against trading stock.
Other creditors include hire purchase liabilities of £37,970 (2022 nil) which are secured against fixed assets.
11. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
13,411
8,004
Later than 1 year and not later than 5 years
16,449
6,003
---------
---------
29,860
14,007
---------
---------
12. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M J Mason
13,871
( 13,871)
Mr E D Mason
47,039
27,185
( 47,039)
27,185
---------
---------
---------
---------
60,910
27,185
( 60,910)
27,185
---------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs M J Mason
13,871
13,871
Mr E D Mason
47,039
47,039
-----
---------
-----
---------
60,910
60,910
-----
---------
-----
---------
Balances are subject to interest at the official rate and repayable on demand.