Company registration number 01520862 (England and Wales)
CONNAUGHT LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
CONNAUGHT LEISURE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CONNAUGHT LEISURE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CONNAUGHT LEISURE LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Connaught Leisure Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Connaught Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 14 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Connaught Leisure Limited and state those matters that we have agreed to state to the board of directors of Connaught Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connaught Leisure Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Connaught Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Connaught Leisure Limited. You consider that Connaught Leisure Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Connaught Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
23 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CONNAUGHT LEISURE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
776,265
760,808
Current assets
Debtors
4
884,033
926,923
Cash at bank and in hand
209,002
202,379
1,093,035
1,129,302
Creditors: amounts falling due within one year
5
(136,350)
(91,409)
Net current assets
956,685
1,037,893
Total assets less current liabilities
1,732,950
1,798,701
Provisions for liabilities
(37,280)
(36,780)
Net assets
1,695,670
1,761,921
Capital and reserves
Called up share capital
6
87,120
94,120
Share premium account
719,100
782,100
Non-distributable reserve
322,676
322,676
Capital redemption reserve
867
867
Profit and loss reserves
565,907
562,158
Total equity
1,695,670
1,761,921
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONNAUGHT LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mrs S H Clark
Director
Company Registration No. 01520862
CONNAUGHT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Connaught Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
Not depreciated
Plant and machinery
20% straight line per annum
Fixtures, fittings & equipment
15% straight line per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No depreciation is provided in respect of freehold land and buildings, as the directors are of the opinion that the charge for the year and cumulative provision to date would, on the basis of reasonable and prudent estimates of their market value, residual value and useful life, be immaterial.
CONNAUGHT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
CONNAUGHT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2023 - 11).
3
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost or valuation
At 1 May 2023
711,947
617,825
229,837
1,559,609
Additions
10,819
23,344
34,163
Disposals
(41,355)
(41,355)
At 30 April 2024
722,766
599,814
229,837
1,552,417
Depreciation and impairment
At 1 May 2023
572,390
226,411
798,801
Depreciation charged in the year
17,089
817
17,906
Eliminated in respect of disposals
(40,555)
(40,555)
At 30 April 2024
548,924
227,228
776,152
Carrying amount
At 30 April 2024
722,766
50,890
2,609
776,265
At 30 April 2023
711,947
45,435
3,426
760,808
In the directors opinion, the freehold land and buildings held at 30 April 2024 are held at the market value as stated above. The directors are of the opinion that no impairment has occurred with reference to the revalued assets held by the company.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
376,010
365,191
CONNAUGHT LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,999
10,000
Amounts owed by group undertakings
330,136
646,583
Other debtors
551,898
270,340
884,033
926,923
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,873
30,063
Taxation and social security
69,596
48,656
Other creditors
33,881
12,690
136,350
91,409
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
7,220 Ordinary 'A' shares of £1 each
7,220
7,220
79,900 (2023: 86,900) Preferred ordinary shares of £1 each
79,900
86,900
87,120
94,120
As at 1 November 2023, a reduction of share capital was undertaken where by the company cancelled 7,000 preferred ordinary shares of £1 each.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
55,345
54,615
8
Related party transactions
As at the balance sheet date, amounts were owed to the company by Ms T Bown, a shareholder of the ultimate parent company, of £441,308 (2023 - £146,439).