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Company Registration number: SC398613

Hoggs Leisure Ltd.

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 April 2024

 

Hoggs Leisure Ltd.

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Hoggs Leisure Ltd.

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

607,412

680,170

Current assets

 

Stocks

5

145,671

195,884

Debtors

6

230,261

242,078

Cash at bank and in hand

 

14,888

159,241

 

390,820

597,203

Creditors: Amounts falling due within one year

7

(408,801)

(303,087)

Net current (liabilities)/assets

 

(17,981)

294,116

Total assets less current liabilities

 

589,431

974,286

Creditors: Amounts falling due after more than one year

7

(390,423)

(573,132)

Provisions for liabilities

(16,208)

(47,808)

Net assets

 

182,800

353,346

Capital and reserves

 

Called up share capital

100

100

Retained earnings

182,700

353,246

Shareholders' funds

 

182,800

353,346

 

Hoggs Leisure Ltd.

Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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.

Company registration number: SC398613

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

.........................................
Mr S S Hogg
Director

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Doweel Farm
Drumsleet
Dumfries
DG2 8NF

These financial statements were authorised for issue by the Board on 31 October 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 are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Property improvements

10% Straight line

Office equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Plant and machinery

20% Reducing balance

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.

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction
of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance
of the liability.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

4

TANGIBLE ASSETS

Property improvements
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

120,000

11,104

662,319

122,439

915,862

Additions

-

2,553

108,012

6,700

117,265

Disposals

-

-

(43,450)

(3,650)

(47,100)

At 30 April 2024

120,000

13,657

726,881

125,489

986,027

Depreciation

At 1 May 2023

36,000

9,252

132,335

58,105

235,692

Charge for the year

12,000

966

135,266

13,324

161,556

Eliminated on disposal

-

-

(15,485)

(3,148)

(18,633)

At 30 April 2024

48,000

10,218

252,116

68,281

378,615

Carrying amount

At 30 April 2024

72,000

3,439

474,765

57,208

607,412

At 30 April 2023

84,000

1,852

529,984

64,334

680,170

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

5

STOCKS

2024
£

2023
£

Stocks

145,671

195,884

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

89,288

87,879

Other debtors

140,973

154,199

 

230,261

242,078

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

75,831

93,914

Trade creditors

 

27,524

27,695

Taxation and social security

 

10,553

4,039

Accruals and deferred income

 

2,640

1,000

Other creditors

 

292,253

176,439

 

408,801

303,087


Creditors include bank loans and overdrafts £6,578 (2023 £5,783) and net obligations under finance lease and hire purchase contracts which are secured of £60,287 (2023 - £79,390).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

390,423

573,132


Creditors include bank loans and overdrafts £14,964 (2023 £22,339) and net obligations under finance lease and hire purchase contracts which are secured of £365,030 (2023 - £531,177).

 

Hoggs Leisure Ltd.

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

8

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,393

41,955

Hire purchase contracts

365,030

531,177

390,423

573,132

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,543

14,524

Hire purchase contracts

60,288

79,390

75,831

93,914