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Registered number: 08180926
















KINGS OF WESSEX FITNESS AND LEISURE LIMITED



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024


































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KINGS OF WESSEX FITNESS AND LEISURE LIMITED
REGISTERED NUMBER:08180926

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
31,675
37,675

  
31,675
37,675

Current assets
  

Debtors: amounts falling due within one year
 6 
41,731
41,398

Cash at bank and in hand
  
74,589
566,540

  
116,320
607,938

Creditors: amounts falling due within one year
 7 
(217,943)
(184,199)

Net current (liabilities)/assets
  
 
 
(101,623)
 
 
423,739

Total assets less current liabilities
  
(69,948)
461,414

  

Net (liabilities)/assets
  
(69,948)
461,414


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
(69,949)
461,413

  
(69,948)
461,414


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr B Kirkup
Director

Date: 7 January 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 1


KINGS OF WESSEX FITNESS AND LEISURE LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2023
1
461,413
461,414


Comprehensive income for the year

Loss for the year
-
(160,068)
(160,068)

Actuarial losses on pension scheme
-
(20,000)
(20,000)


Contributions by and distributions to owners

Dividends: Equity capital
-
(351,294)
(351,294)


Total transactions with owners
-
(351,294)
(351,294)


At 31 August 2024
1
(69,949)
(69,948)


The notes on pages 3 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 September 2022
1
290,676
290,677


Comprehensive income for the year

Profit for the year
-
183,989
183,989

Actuarial gains on pension scheme
-
203,000
203,000
Total comprehensive income for the year
-
386,989
386,989


Contributions by and distributions to owners

Dividends: Equity capital
-
(216,252)
(216,252)


At 31 August 2023
1
461,413
461,414


The notes on pages 3 to 13 form part of these financial statements.

Page 2


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


GENERAL INFORMATION

Kings of Wessex Fitness and Leisure Limited is a private company limited by shares registered in England and Wales. The registered address is Station Road, Cheddar, Somerset, BS27 3AQ. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Wessex Learning Trust as at 31 August 2024 and these financial statements may be obtained from the registered office.

 
2.3

GOING CONCERN

The directors note that the company made a loss after tax of £160,068 (2023 profit of £183,989)  and has a balance sheet deficit of £69,948 (2023: surplus of £461,414). The current year position has arisen due to income for planned repairs carried out in the curent year being recognised in the previous year. The underlying operations of the company remain profitable in year and after the balance sheet date. The company has also maintained a satisfactory cash position to ensure liabilities can be met as they fall due.
The company is dependent on its parent company, Wessex Learning Trust for financial support. The Directors have assessed resources available and likely future cash flows at the date of approving these financial statements. 
Based on the above the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. With this in mind, the Director's believe that the going concern basis remains appropriate for the preparation of the financial statements.

Page 3


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 4


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

PENSIONS

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a finance expense. 

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


 
2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.10
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% Straight Line
Fixtures and fittings
-
20% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 6


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.ACCOUNTING POLICIES (continued)


2.14
FINANCIAL INSTRUMENTS (CONTINUED)

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 10, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2016 has been used by the actuary in valuing the pensions liability at 31 August 2019. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. 
Critical areas of judgment:
The Company obtains use of fixed assets as lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.


4.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 65 (2023: 64).

Page 8


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Total

£
£
£



COST OR VALUATION


At 1 September 2023
19,494
300,785
320,279


Additions
-
32,251
32,251



At 31 August 2024

19,494
333,036
352,530



DEPRECIATION


At 1 September 2023
19,494
263,110
282,604


Charge for the year on owned assets
-
38,251
38,251



At 31 August 2024

19,494
301,361
320,855



NET BOOK VALUE



At 31 August 2024
-
31,675
31,675



At 31 August 2023
-
37,675
37,675


6.


DEBTORS

2024
2023
£
£


Trade debtors
13,709
-

Other debtors
473
21,641

Prepayments and accrued income
27,549
19,757

41,731
41,398


Page 9


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
25,901
26,537

Amounts owed to group undertakings
35,034
-

Taxation and social insurance
11,784
4,426

Other creditors
16,772
29,795

Accruals
3,736
-

Deferred income
124,716
123,441

217,943
184,199



8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023: 1) Ordinary share of £1.00
1
1


Page 10


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


PENSION COMMITMENTS

The Company operates a Defined Benefit Pension Scheme.

The pension cost and provision for the year ending 31 August 2024 are based on the advice of a professionally qualified actuary. The most recent formal valuation is dated 31 March 2022.



Reconciliation of present value of plan liabilities:


2024
2023
£
£

RECONCILIATION OF PRESENT VALUE OF PLAN LIABILITIES


At the beginning of the year
831,000
851,000

Current service cost
71,000
85,000

Interest income
44,000
36,000

Actuarial gains/losses
(8,000)
(156,000)

Contributions
36,000
28,000

Benefits paid
(12,000)
(13,000)

AT THE END OF THE YEAR
962,000
831,000



Reconciliation of present value of plan assets:


2024
2023
£
£


At the beginning of the year
831,000
677,000

Interest income
48,000
30,000

Return on assets less interest
60,000
73,000

Member Contributions
36,000
27,000

Employer Contributions
88,000
64,000

Benefits paid
(12,000)
(13,000)

Administration expense
(1,000)
(2,000)

Derecognition of surplus
(88,000)
(25,000)

AT THE END OF THE YEAR
962,000
831,000

Page 11


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
9.PENSION COMMITMENTS (CONTINUED)


Composition of plan assets:


2024
2023
£
£


Equities
795,000
646,000

Bonds
175,000
114,000

Property
73,000
68,000

Cash
31,000
28,000

TOTAL PLAN ASSETS
1,074,000
856,000

2024
2023
£
£


Fair value of plan assets
962,000
831,000

Present value of plan liabilities
(962,000)
(831,000)

NET PENSION SCHEME LIABILITY
-
-


The amounts recognised in profit or loss are as follows:

2024
2023
£
£


Interest on obligation
(44,000)
(36,000)

Interest income on plan assets
47,000
28,000

TOTAL
3,000
(8,000)


Actual return on scheme assets
16,000
13,000

16,000
13,000





Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.15

5.25
 
Future salary increases


3.80

3.85
 
Future pension increases


2.80

2.85
 
Inflation assumption


3.00

2.85
 
Mortality rates



 
- for a male aged 65 now


21.0 years

21.3 years
 
Page 12


KINGS OF WESSEX FITNESS AND LEISURE LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
9.PENSION COMMITMENTS (CONTINUED)

- at 65 for a male aged 45 now


23.0 years

22.9 years
 
- for a female aged 65 now


22.3 years

23.4 years
 
- at 65 for a female member aged 45 now


24.4 years

24.8 years
 






10.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption contained within FRS 102 (section 33.1A) from disclosing transactions with fellow group companies.


11.


ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The Ultimate Parent Undertaking is Wessex Learning Trust, an exempt charity incorporated in England and Wales. There is no ultimate controlling party.
 


12.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 8 January 2025 by Chris Trantham FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Bath Limited.

Page 13