Company Registration No. 01403318 (England and Wales)
Hogarth Leisure Limited
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Hogarth Leisure Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Hogarth Leisure Limited
Balance sheet
As at 31 March 2024
31 March 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
113,226
88,126
Current assets
Debtors
5
2,637,698
2,739,490
Cash at bank and in hand
43,895
51,073
2,681,593
2,790,563
Creditors: amounts falling due within one year
6
(3,643,653)
(3,670,471)
Net current liabilities
(962,060)
(879,908)
Total assets less current liabilities
(848,834)
(791,782)
Creditors: amounts falling due after more than one year
7
(102,702)
(119,577)
Provisions for liabilities
8
(3,101)
(5,240)
Net liabilities
(954,637)
(916,599)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(954,737)
(916,699)
Total equity
(954,637)
(916,599)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 23 December 2024 and are signed on its behalf by:
Timothy Slater
Director
Company Registration No. 01403318
Hogarth Leisure Limited
Notes to the financial statements
For the year ended 31 March 2024
2
1
Accounting policies
Company information

Hogarth Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Airedale Avenue, Chiswick, London, W4 2NW.

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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of The Hogarth Group Limited. These consolidated financial statements are available from its registered office, Airedale Avenue, Chiswick, London, W4 2NW.

1.2
Going concern

The directors acknowledge the company is in a net liability position. As described on the directors report on page 2, the company has the support of its parent company. As a result the directors continue to adopt a going concern basis of accounting for the preparation of the financial statement. true

1.3
Turnover

Turnover represents management fees and recharges from other group entities.

Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
3
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:

Land and buildings Freehold
Office equipment
25% Reducing balance method
Computer equipment
25% Reducing balance method
Motor vehicles
25% Reducing balance method

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 where relevant) 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.10
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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
11
12
4
Tangible fixed assets
Land and buildings Freehold
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
208
109,291
113,021
232,255
454,775
Additions
222
3,431
-
0
44,808
48,461
At 31 March 2024
430
112,722
113,021
277,063
503,236
Depreciation and impairment
At 1 April 2023
17
104,125
113,021
149,486
366,649
Depreciation charged in the year
85
1,750
-
0
21,526
23,361
At 31 March 2024
102
105,875
113,021
171,012
390,010
Carrying amount
At 31 March 2024
328
6,847
-
0
106,051
113,226
At 31 March 2023
191
5,166
-
0
82,769
88,126
Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,631,245
2,724,245
Other debtors
6,453
15,245
2,637,698
2,739,490
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
51,187
75,722
Amounts owed to group undertakings
3,518,868
3,524,001
Corporation tax
106
-
0
Other taxation and social security
28,154
25,851
Other creditors
45,338
44,897
3,643,653
3,670,471
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
102,702
119,577
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
17,478
41,781
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,101
5,240

 

9
Called up share capital
2024
2023
£
£
Ordinary share capital
100 Ordinary shares of £1 each
100
100
Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditors:
Saffery LLP
Date of audit report:
23 December 2024
11
Related party transactions

The Company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

 

The Company's results are included in the consolidated results of the The Hogarth Group Limited, copies of whose accounts may be obtained from the Company's registered office, Airedale Avenue, Chiswick. London, W4 2NW.

 

In the directors' opinion the company is controlled by the Hogarth Group Limited.

12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Director's Loan Account
3,101
(3,101)
-
3,101
(3,101)
-
13
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
56,447
Profit as adjusted
56,447
Hogarth Leisure Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
13
Prior period adjustment (continued)
8
Notes to reconciliation
Finance lease interest payable

In the prior year, Hogarth Leisure Limited entered into a finance lease agreement for two assets which are used exclusively by a fellow group company. The prior period adjustment relates to a presentational reclassification of the hire purchase liability from trade creditors to other creditors, and to recognise the interest payable relating to the year ended 31 March 2023 via the intercompany balance. The adjustment did not give rise to any effect upon equity within Hogarth Leisure Limited.

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