Registered number
09639129
MDS Leisure (Cornwall) Limited
Filleted Accounts
30 September 2024
MDS Leisure (Cornwall) Limited
Registered number: 09639129
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 1,083
Tangible assets 4 73,893 71,076
73,893 72,159
Current assets
Debtors 5 3,153 2,392
Cash at bank and in hand 28,270 48,470
31,423 50,862
Creditors: amounts falling due within one year 6 (40,362) (50,061)
Net current (liabilities)/assets (8,939) 801
Total assets less current liabilities 64,954 72,960
Creditors: amounts falling due after more than one year 7 (16,671) (19,937)
Provisions for liabilities (11,436) (10,261)
Net assets 36,847 42,762
Capital and reserves
Called up share capital 2 2
Profit and loss account 36,845 42,760
Shareholders' funds 36,847 42,762
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Matthew Sharp
Director
Approved by the board on 26 December 2024
MDS Leisure (Cornwall) Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% Reducing balance
Fixtures, fittings, tools and equipment 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 8,883
At 30 September 2024 8,883
Amortisation
At 1 October 2023 7,800
Provided during the year 1,083
At 30 September 2024 8,883
Net book value
At 30 September 2024 -
At 30 September 2023 1,083
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 242,338 2,000 244,338
Additions 42,168 - 42,168
Disposals (5,899) - (5,899)
At 30 September 2024 278,607 2,000 280,607
Depreciation
At 1 October 2023 171,618 1,644 173,262
Charge for the year 36,264 89 36,353
On disposals (2,901) - (2,901)
At 30 September 2024 204,981 1,733 206,714
Net book value
At 30 September 2024 73,626 267 73,893
At 30 September 2023 70,720 356 71,076
5 Debtors 2024 2023
£ £
Trade debtors 260 2,392
Other debtors 2,893 -
3,153 2,392
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,265 3,183
Obligations under finance lease and hire purchase contracts 8,934 24,759
Trade creditors 1,698 1,926
Taxation and social security costs 21,947 15,473
Other creditors 4,518 4,720
40,362 50,061
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,671 19,937
8 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £8,939. This includes £1,343 payable to Mr Matthew Sharp and Mrs Donna Sharp, directors. The directors have indicated that they will continue to support the company financially until such time that it can afford to repay them. On this basis, the directors feel it is appropriate that the accounts are prepared on a going concern basis.
9 Related party transactions
At the period end the company owed £1,343 (2023: £1,719) to Mr Matthew Sharp and Mrs Donna Sharp, directors. The loan is interest free and repayable on demand.
10 Controlling party
The company is ultimately controlled by Mr Matthew Sharp and Mrs Donna Sharp, directors, who own 100% of the issued share capital.
11 Other information
MDS Leisure (Cornwall) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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