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Registration number: 04888319

NSU Leisure Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

NSU Leisure Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

NSU Leisure Limited

Company Information

Directors

N Underwood

S J Underwood

Registered office

47 Algitha Road,
Skegness
Lincolnshire
PE25 2AJ

 

NSU Leisure Limited

(Registration number: 04888319)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

157,403

180,123

Other financial assets

5

50

50

 

157,453

180,173

Current assets

 

Stocks

6

8,033

5,000

Debtors

7

418,648

361,959

Cash at bank and in hand

 

96,970

196,954

 

523,651

563,913

Creditors: Amounts falling due within one year

8

(132,601)

(153,328)

Net current assets

 

391,050

410,585

Total assets less current liabilities

 

548,503

590,758

Creditors: Amounts falling due after more than one year

8

(53,945)

(71,203)

Provisions for liabilities

(15,078)

(16,777)

Net assets

 

479,480

502,778

Capital and reserves

 

Called up share capital

500

500

Retained earnings

478,980

502,278

Shareholders' funds

 

479,480

502,778

For the financial 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.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 

.........................................
N Underwood
Director

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04888319.

The address of its registered office is:
47 Algitha Road,
Skegness
Lincolnshire
PE25 2AJ

These financial statements cover the individual entity, NSU Leisure Limited.

These financial statements were authorised for issue by the Board on 21 January 2025.

The principal place of business is:
Savoy Hotel
North Parade
Skegness
Lincolnshire
PE25 2UB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Contents

25% reducing balance

Furniture

25% reducing balance

Equipment

25% reducing balance/33% straight line

Office equipment

25% reducing balance

Investment property

15% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 21 (2023 - 22).

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

101,320

221,061

76,049

398,430

Additions

-

17,366

-

17,366

At 30 April 2024

101,320

238,427

76,049

415,796

Depreciation

At 1 May 2023

9,499

207,203

1,605

218,307

Charge for the year

13,773

7,702

18,611

40,086

At 30 April 2024

23,272

214,905

20,216

258,393

Carrying amount

At 30 April 2024

78,048

23,522

55,833

157,403

At 30 April 2023

91,821

13,858

74,444

180,123

Included within the net book value of land and buildings above is £78,048 (2023 - £91,821) in respect of short leasehold land and buildings.
 

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

50

50

At 30 April 2024

50

50

Impairment

Carrying amount

At 30 April 2024

50

50

6

Stocks

2024
£

2023
£

Other inventories

8,033

5,000

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

332,042

331,672

Prepayments

 

13,466

11,440

Other debtors

 

73,140

18,847

   

418,648

361,959

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

16,723

33,824

Trade creditors

 

28,780

33,228

Taxation and social security

 

29,313

26,505

Accruals and deferred income

 

11,433

9,971

Other creditors

 

46,352

49,800

 

132,601

153,328

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,723 (2023 - £6,649).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

53,945

71,203

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £42,278 (2023 - £49,001).

 

NSU Leisure Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,667

21,667

Hire purchase contracts

42,278

49,536

53,945

71,203

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

6,723

6,114

Other borrowings

-

17,710

16,723

33,824

10

Related party transactions

Transactions with Directors

2024

At 1 May 2023
£

Advances to Director
£

Repayments by Director
£

At 30 April 2024
£

N Underwood

Director's interest free loan account

17,710

(137,556)

64,753

(55,093)

         
       

 

2023

At 1 May 2022
£

Advances to Director
£

Repayments by Director
£

At 30 April 2023
£

N Underwood

Director's interest free loan account

76,916

(144,423)

85,217

17,710