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Registered number: 03021841
Bowstone Leisure & Building Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
CKS Accountancy Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03021841
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 855,000 447,250
855,000 447,250
CURRENT ASSETS
Stocks 5 321,473 235,209
Debtors 6 2,076 11,476
Cash at bank and in hand 27,059 9,322
350,608 256,007
Creditors: Amounts Falling Due Within One Year 7 (541,436 ) (473,088 )
NET CURRENT ASSETS (LIABILITIES) (190,828 ) (217,081 )
TOTAL ASSETS LESS CURRENT LIABILITIES 664,172 230,169
NET ASSETS 664,172 230,169
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 664,170 230,167
SHAREHOLDERS' FUNDS 664,172 230,169
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J K Crossley
Director
28/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Bowstone Leisure & Building Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03021841 . The registered office is 1349/1353 London Road, Leigh-On-Sea, Essex, SS9 2AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2.5% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 May 2023 475,853
Additions 12,967
Disposals (20,000 )
Revaluation 423,765
As at 30 April 2024 892,585
Depreciation
As at 1 May 2023 28,603
Provided during the period 8,982
As at 30 April 2024 37,585
Net Book Value
As at 30 April 2024 855,000
As at 1 May 2023 447,250
5. Stocks
2024 2023
£ £
Work in progress 321,473 235,209
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,353 1,702
VAT 723 9,774
2,076 11,476
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,416 3,154
K & B Crossley 521,635 448,633
Corporation tax 5,564 5,862
PAYE and NIC payable 5,548 2,029
Capital One Credit Card 2,512 3,408
Natwest Credit Card - 2,570
Accruals and deferred income 125 125
Director's loan account 636 7,307
541,436 473,088
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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