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Registration number: 04508248

Dale Leisure Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Dale Leisure Supplies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Dale Leisure Supplies Limited

Company Information

Directors

T L Greenall

H Rogerson

J E Greenall

P D Rogerson

M Kempster

A B Jefcoate

Company secretary

T L Greenall

Registered office

Unit E
Bontoft Avenue
Hull
East Yorkshire
HU5 4HF

 

Dale Leisure Supplies Limited

(Registration number: 04508248)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

3,000

Tangible assets

6

1,479,978

1,496,895

 

1,479,978

1,499,895

Current assets

 

Stocks

7

744,262

830,614

Debtors

8

1,512,229

1,587,677

Cash at bank and in hand

 

34,796

138,883

 

2,291,287

2,557,174

Creditors: Amounts falling due within one year

9

(2,066,552)

(2,276,107)

Net current assets

 

224,735

281,067

Total assets less current liabilities

 

1,704,713

1,780,962

Provisions for liabilities

(13,610)

(16,549)

Net assets

 

1,691,103

1,764,413

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,691,003

1,764,313

Shareholders' funds

 

1,691,103

1,764,413

For the financial year ending 31 August 2024 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

.........................................
T L Greenall
Company secretary and director

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04508248.

The address of its registered office is:
Unit E
Bontoft Avenue
Hull
East Yorkshire
HU5 4HF

These financial statements were authorised for issue by the Board on 4 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the wholesale supply of household goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on written down value

Fixtures and fittings

15% on written down value

Plant and machinery

15% on written down value

Land and buildings

2% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 27 (2023 - 26).

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

61,417

50,731

Amortisation expense

3,000

3,000

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

60,000

60,000

At 31 August 2024

60,000

60,000

Amortisation

At 1 September 2023

57,000

57,000

Amortisation charge

3,000

3,000

At 31 August 2024

60,000

60,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

3,000

3,000

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

1,473,081

60,094

138,231

82,892

1,754,298

Additions

-

15,750

-

28,750

44,500

At 31 August 2024

1,473,081

75,844

138,231

111,642

1,798,798

Depreciation

At 1 September 2023

131,668

23,132

71,251

31,352

257,403

Charge for the year

26,828

6,266

10,047

18,276

61,417

At 31 August 2024

158,496

29,398

81,298

49,628

318,820

Carrying amount

At 31 August 2024

1,314,585

46,446

56,933

62,014

1,479,978

At 31 August 2023

1,341,413

36,962

66,980

51,540

1,496,895

Included within the net book value of land and buildings above is £1,314,585 (2023 - £1,341,413) in respect of freehold land and buildings.
 

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Stocks

2024
£

2023
£

Other inventories

744,262

830,614

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,436,698

1,532,409

Prepayments

74,980

55,268

Other debtors

551

-

 

1,512,229

1,587,677

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

60,419

284,576

Trade creditors

 

1,552,530

1,493,676

Taxation and social security

 

423,969

484,514

Accruals and deferred income

 

22,227

7,253

Other creditors

 

7,407

6,088

 

2,066,552

2,276,107

 

Dale Leisure Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

(41,796)

215,812

Other borrowings

102,215

68,764

60,419

284,576

Bank borrowings relate to an invoice discounting facility. Other borrowings relate to unsecured Directors loans.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £53,167 (2023 - £107,667). The company has operating lease commitments in respect of rent which expires in May & October 2025.

12

Related party transactions

At the year end the company owed the directors £101,664 (2023: £68,764). Loans made to the company by the directors are unsecured, interest free and repayable on demand.

Transactions with Directors

2024

At 1 September 2023
£

Advances to Director
£

Repayments by Director
£

At 31 August 2024
£

H Rogerson

Interest free, unsecured and repayable on demand

(199)

263,250

(262,500)

551

Summary of transactions with other related parties

During the year the company paid rents to the pension scheme of the directors/shareholders of £54,500 (2023 - £54,500) in relation to land and buildings.