Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3013805The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.36false2023-05-01No description of principal activity37falsetrue 01748245 2023-05-01 2024-04-30 01748245 2022-05-01 2023-04-30 01748245 2024-04-30 01748245 2023-04-30 01748245 2022-05-01 01748245 2 2023-05-01 2024-04-30 01748245 2 2022-05-01 2023-04-30 01748245 d:Director1 2023-05-01 2024-04-30 01748245 d:Director3 2023-05-01 2024-04-30 01748245 d:RegisteredOffice 2023-05-01 2024-04-30 01748245 d:Agent1 2023-05-01 2024-04-30 01748245 e:Buildings 2023-05-01 2024-04-30 01748245 e:Buildings 2024-04-30 01748245 e:Buildings 2023-04-30 01748245 e:Buildings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01748245 e:Buildings e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 01748245 e:Buildings e:ShortLeaseholdAssets 2023-05-01 2024-04-30 01748245 e:Buildings e:ShortLeaseholdAssets 2024-04-30 01748245 e:Buildings e:ShortLeaseholdAssets 2023-04-30 01748245 e:MotorVehicles 2023-05-01 2024-04-30 01748245 e:MotorVehicles 2024-04-30 01748245 e:MotorVehicles 2023-04-30 01748245 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01748245 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 01748245 e:FurnitureFittings 2023-05-01 2024-04-30 01748245 e:FurnitureFittings 2024-04-30 01748245 e:FurnitureFittings 2023-04-30 01748245 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01748245 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 01748245 e:OfficeEquipment 2023-05-01 2024-04-30 01748245 e:OfficeEquipment 2024-04-30 01748245 e:OfficeEquipment 2023-04-30 01748245 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01748245 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 01748245 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01748245 e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 01748245 e:FreeholdInvestmentProperty 2024-04-30 01748245 e:FreeholdInvestmentProperty 2023-04-30 01748245 e:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 01748245 e:CurrentFinancialInstruments 2024-04-30 01748245 e:CurrentFinancialInstruments 2023-04-30 01748245 e:Non-currentFinancialInstruments 2024-04-30 01748245 e:Non-currentFinancialInstruments 2023-04-30 01748245 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 01748245 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 01748245 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 01748245 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 01748245 e:ShareCapital 2024-04-30 01748245 e:ShareCapital 2023-04-30 01748245 e:ShareCapital 2022-05-01 01748245 e:RevaluationReserve 2023-05-01 2024-04-30 01748245 e:RevaluationReserve 2024-04-30 01748245 e:RevaluationReserve 2 2023-05-01 2024-04-30 01748245 e:RevaluationReserve 2022-05-01 2023-04-30 01748245 e:RevaluationReserve 2023-04-30 01748245 e:RevaluationReserve 2022-05-01 01748245 e:RevaluationReserve 2 2022-05-01 2023-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2024-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2 2023-05-01 2024-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2023-04-30 01748245 e:RetainedEarningsAccumulatedLosses 2022-05-01 01748245 e:RetainedEarningsAccumulatedLosses 2 2022-05-01 2023-04-30 01748245 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-30 01748245 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-30 01748245 d:FRS102 2023-05-01 2024-04-30 01748245 d:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01748245 d:FullAccounts 2023-05-01 2024-04-30 01748245 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01748245 e:WithinOneYear 2024-04-30 01748245 e:WithinOneYear 2023-04-30 01748245 e:BetweenOneFiveYears 2024-04-30 01748245 e:BetweenOneFiveYears 2023-04-30 01748245 e:MoreThanFiveYears 2024-04-30 01748245 e:MoreThanFiveYears 2023-04-30 01748245 2 2023-05-01 2024-04-30 01748245 4 2023-05-01 2024-04-30 01748245 6 2023-05-01 2024-04-30 01748245 7 2023-05-01 2024-04-30 01748245 e:ShareCapital 2 2023-05-01 2024-04-30 01748245 e:ShareCapital 2 2022-05-01 2023-04-30 01748245 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01748245 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01748245 e:TaxLossesCarry-forwardsDeferredTax 2024-04-30 01748245 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 01748245 e:Buildings e:LeasedAssetsHeldAsLessee 2024-04-30 01748245 e:Buildings e:LeasedAssetsHeldAsLessee 2023-04-30 01748245 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-04-30 01748245 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-30 01748245 e:LeasedAssetsHeldAsLessee 2024-04-30 01748245 e:LeasedAssetsHeldAsLessee 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 01748245









WHITE LEISURE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
WHITE LEISURE LIMITED
 
 
COMPANY INFORMATION


Directors
S C White 
C White 




Registered number
01748245



Registered office
18 Tulketh Street

Southport

PR8 1AQ




Accountants
Grant Thornton UK LLP
Chartered Accountants

Royal Liver Building

Liverpool

L3 1PS




Bankers
Santander UK PLC
250 Stanley Road

Bootle

Merseyside

L20 3PQ




Solicitors
Taylor Rose TTKW Limited
1-3 Palmyra Square

Warrington

Cheshire

WA1 1BZ





 
WHITE LEISURE LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Statement of Financial Position
 
2 - 3
Statement of Changes in Equity
 
4
Notes to the Financial Statements
 
5 - 15


  
  img73fa.png
Report to the directors on the preparation of the unaudited statutory financial statements of White Leisure Limited for the year ended 30 April 2024 

We have compiled the accompanying financial statements of White Leisure Limited (the ‘company’)  based on the information you have provided. These financial statements comprise the Statement of Financial Position of White Leisure Limited as at 30 April 2024, the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. 

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standardsincluding Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Waleswe are subject to its ethical and other professional requirements which are detailed at www.icaew.com

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the Company's directors, as a body,  in accordance with the terms of our engagement letter dated 18 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the Company's directors, as a body,  in this report in accordance with our engagement letter dated 18 October 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body,  for our work or for this report.




Grant Thornton UK LLP
 
Chartered Accountants
  
Liverpool

28 January 2025
Page 1

 
WHITE LEISURE LIMITED
REGISTERED NUMBER:01748245

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,289,819
1,278,573

Investments
 5 
-
-

Investment property
 6 
1,084,000
1,054,000

  
2,373,819
2,332,573

Current assets
  

Debtors: amounts falling due within one year
 7 
1,530,910
1,198,999

Cash at bank and in hand
  
236,738
209,780

  
1,767,648
1,408,779

Creditors: amounts falling due within one year
 8 
(742,089)
(590,320)

Net current assets
  
 
 
1,025,559
 
 
818,459

Total assets less current liabilities
  
3,399,378
3,151,032

Creditors: amounts falling due after more than one year
 9 
(187,725)
(119,895)

Provisions for liabilities
  

Deferred tax
 10 
(177,302)
(160,212)

Other provisions
 11 
(120,000)
(120,000)

  
 
 
(297,302)
 
 
(280,212)

Net assets
  
2,914,351
2,750,925


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
18,247
19,405

Profit and loss account
  
2,896,004
2,731,420

  
2,914,351
2,750,925


Page 2

 
WHITE LEISURE LIMITED
REGISTERED NUMBER:01748245
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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: 




S C White
Director

Date: 22 January 2025

The notes on pages 5 to 15 form part of these financial statements.

Page 3

 
WHITE LEISURE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
100
20,563
2,395,260
2,415,923


Comprehensive income for the year

Profit for the year
-
-
335,002
335,002



Transfer between fair value reserve and profit and loss reserve
-
-
1,158
1,158

Transfer to/from profit and loss account
-
(1,158)
-
(1,158)



At 1 May 2023
100
19,405
2,731,420
2,750,925


Comprehensive income for the year

Profit for the year
-
-
441,426
441,426



Transfer between fair value reserve and profit and loss reserve
-
-
1,158
1,158

Dividends: Equity capital
-
-
(278,000)
(278,000)

Transfer to/from profit and loss account
-
(1,158)
-
(1,158)


At 30 April 2024
100
18,247
2,896,004
2,914,351


The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

White Leisure Limited is a private company, limited by shares, registered in England and Wales. 
Registration number 01748245. The registered office is 18 Tulketh Street, Southport, PR8 1AQ.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised by the company in respect of goods and services supplied during the year,
exclusive of Value Added Tax and trade discounts. 
Turnover is recognised on arcade machine takings on a cash received basis.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

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 6

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
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 methods below.

Depreciation is provided on the following basis:

Freehold property
-
2.5% straight line excluding land element
Short leasehold property improvements
-
Over remaining period of lease
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% reducing balance
Gaming machines
-
33%-100% 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.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and confirmed by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated 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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

 
2.14

Provisions for dilapidations

A provision has been made for estimated liabilities for dilapidation of the related lease. The costs
which relate to the repair and maintenance of equipment and properties that are used by the
company, and for which the company has responsibility to maintain, or may be liable for dilapidation,
are written off as they arise.

Page 7

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

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.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Page 8

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2023: 37).

Page 9

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
S/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Gaming machines
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
1,417,340
289,807
18,819
343,268
1,385,874
3,455,108


Additions
-
-
-
-
242,625
242,625


Disposals
-
-
-
-
(92,773)
(92,773)



At 30 April 2024

1,417,340
289,807
18,819
343,268
1,535,726
3,604,960



Depreciation


At 1 May 2023
517,408
254,876
18,819
224,804
1,160,628
2,176,535


Charge for the year on owned assets
23,619
13,805
-
29,610
127,985
195,019


Charge for the year on financed assets
-
-
-
-
30,742
30,742


Disposals
-
-
-
-
(87,155)
(87,155)



At 30 April 2024

541,027
268,681
18,819
254,414
1,232,200
2,315,141



Net book value



At 30 April 2024
876,313
21,126
-
88,854
303,526
1,289,819



At 30 April 2023
899,932
34,931
-
118,464
225,246
1,278,573


The net book value of assets held under hire purchase is £135,577 (2023: £Nil).

If the freehold property had been accounted for under the historic cost accounting rules, the property
would have been measured as follows:


2024
2023
£
£



Historic cost
1,371,025
1,371,025

Historic depreciation
(522,501)
(500,041)

Net book value
848,524
870,984


Page 10

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£





At 1 May 2023
100


Disposals
(100)



At 30 April 2024

-





At 1 May 2023
100


Impairment on disposals
(100)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 30 April 2023
-

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name                                                                  Class of shares       Holding
Summit Leisure (Liverpool) Limited                    Ordinary                    100% 

On 29 August 2023 Summit Leisure (Liverpool) Limited dissolved via voluntary strike-off.

Page 11

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,054,000


Revaluation
30,000



At 30 April 2024
1,084,000

The 2024 valuations were made by external valuers and the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Trade debtors
123,269
55,799

Amounts owed by related parties
704,927
681,269

Other debtors
673,703
426,556

Prepayments and accrued income
29,011
35,375

1,530,910
1,198,999


Page 12

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdraft
46,704
43,955

Bank loans
10,203
9,950

Other loans
53,578
48,452

Obligations under finance lease and hire purchase contracts
76,683
-

Trade creditors
72,189
124,737

Corporation tax
163,746
89,647

Other taxation and social security
175,097
146,181

Other creditors
14,343
18,418

Accruals and deferred income
129,546
108,980

742,089
590,320


Directors' personal guarantees for £1,250,000 are in place to support the company's borrowing. 
The company has entered into an overdraft facility up to £225,000 which holds security against 46-48 Bridge Street, St Helens WA10 1NW and 18 Tulketh Street, Southport, PR8 1AQ. Interest is charged at Base Rate + 2.25%.
The hire purchase creditors are secured on the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,362
22,445

Other loans
43,872
97,450

Obligations under finance leases and hire purchase contracts
132,491
-

187,725
119,895


Directors' personal guarantees for £1,250,000 are in place to support the company's borrowing. 
The hire purchase creditors are secured on the assets to which they relate.

Page 13

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(160,212)
(170,169)


Charged to profit or loss
(17,090)
9,957



At end of year
(177,302)
(160,212)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(187,614)
(160,786)

Short term timing differences
10,312
574

(177,302)
(160,212)


11.


Provisions




Provisions for dilapidations

£





At 1 May 2023
120,000



At 30 April 2024
120,000

Provision for dilapidations
Provision has been made for estimated liabilities for dilapidation of the related lease. The costs which relate to the repair and maintenance of equipment and properties that are used by the company, and for which the company has responsibility to maintain, or may be liable for dilapidation, are written off as they arise.


12.


Contingent liabilities

The company is party to a group finance covenant in respect of two bank loans within White Leisure Properties Limited, a related company by virtue of common ownership. As at 30 April 2024, the bank loans amounted to £628,917 (2023: £646,361).

Page 14

 
WHITE LEISURE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund.
At the year end there were outstanding pension contribution payments of £41,248 (2023: £42,295).


14.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
Restated 2023
£
£


Not later than 1 year
368,908
368,908

Later than 1 year and not later than 5 years
553,732
608,880

Later than 5 years
163,958
281,458

1,086,598
1,259,246


15.


Related party transactions

Included in debtors is an amount of £704,927 (2023: £681,269) due from White Leisure Properties Limited, a related company by virtue of common ownership. The amount is interest free and repayable on demand.
Included in other debtors is an amount due from S C White of £647,765 (2023: £277,234). The amount is non interest bearing and repayable on demand.
Included in accruals and deferred income is £40,000 (2023: £40,000) related to unpaid directors emoluments.
Both directors have given jointly, personal guarantees for an aggregate sum of £1,250,000 as security for borrowings of the company.
Included in other debtors is an amount of £250,000 (2023: £130,000) due from SC White Property rental. The amount is interest free and repayable on demand.

 
Page 15