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REGISTERED NUMBER: 05380090 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

I.T.M LEISURE (EUROPE) LIMITED

I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I.T.M LEISURE (EUROPE) LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: Mr C J Oldland
Mrs C A Oldland





REGISTERED OFFICE: Unit 3A
Kirkham Trading Park
Freckleton Road
Kirkham
Lancashire
PR4 3RB





REGISTERED NUMBER: 05380090 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 12,591 11,437

CURRENT ASSETS
Stocks 231,436 405,683
Debtors 5 145,123 130,038
Cash at bank and in hand 507 884
377,066 536,605
CREDITORS
Amounts falling due within one year 6 (378,673 ) (408,478 )
NET CURRENT (LIABILITIES)/ASSETS (1,607 ) 128,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,984

139,564

CREDITORS
Amounts falling due after more than one
year

7

(74,931

)

(141,895

)

PROVISIONS FOR LIABILITIES - (999 )
NET LIABILITIES (63,947 ) (3,330 )

CAPITAL AND RESERVES
Called up share capital 129 129
Retained earnings (64,076 ) (3,459 )
SHAREHOLDERS' FUNDS (63,947 ) (3,330 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)

BALANCE SHEET - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





Mr C J Oldland - Director


I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

I.T.M Leisure (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's balance sheet shows an excess of liabilities over assets of £63,947 (2023:£3,330) and net current liabilities of £1,607..

The company is dependent upon the continuing support of its directors and other creditors to enable it to meet its day to day working capital requirements.

On this basis the financial statements have been prepared on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the support of the creditors.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 11,205 16,100 9,133 36,438
Additions - 8,750 - 8,750
Disposals - (5,600 ) - (5,600 )
At 31 January 2024 11,205 19,250 9,133 39,588
DEPRECIATION
At 1 February 2023 6,554 9,800 8,647 25,001
Charge for year 698 3,938 160 4,796
Eliminated on disposal - (2,800 ) - (2,800 )
At 31 January 2024 7,252 10,938 8,807 26,997
NET BOOK VALUE
At 31 January 2024 3,953 8,312 326 12,591
At 31 January 2023 4,651 6,300 486 11,437

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 43,848 85,589
Other debtors 97,956 39,357
Tax - 2,720
Prepayments 3,319 2,372
145,123 130,038

I.T.M LEISURE (EUROPE) LIMITED (REGISTERED NUMBER: 05380090)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 251,561 244,869
Trade creditors 101,288 123,707
Social security and other taxes 3,802 5,059
VAT 14,980 3,233
Other creditors 2,047 27,451
Accruals and deferred income 4,995 4,159
378,673 408,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 74,931 141,895

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 40,000 40,000
Between one and five years 30,000 70,000
70,000 110,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Trade creditors 27,433 15,000
Other creditors 2,047 25,817
29,480 40,817

The amounts stated above, along with the bank overdraft and £10,744 of bank loans are all secured on the assets of the company.