Company registration number 04504131 (England and Wales)
Wellhouse Leisure Ltd
Unaudited financial statements
For the year ended 31 August 2024
Wellhouse Leisure Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Wellhouse Leisure Ltd
Statement of financial position
As at 31 August 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
132,760
67,265
Current assets
Stocks
1,059,414
1,039,560
Debtors
5
115,240
148,809
Cash at bank and in hand
70,605
90,990
1,245,259
1,279,359
Creditors: amounts falling due within one year
6
(1,081,112)
(1,269,297)
Net current assets
164,147
10,062
Total assets less current liabilities
296,907
77,327
Creditors: amounts falling due after more than one year
7
(65,722)
(18,595)
Provisions for liabilities
(29,636)
(13,806)
Government grants
(12,500)
Net assets
189,049
44,926
Capital and reserves
Called up share capital
8
80
80
Capital redemption reserve
20
20
Profit and loss reserves
188,949
44,826
Total equity
189,049
44,926
Wellhouse Leisure Ltd
Statement of financial position (continued)
As at 31 August 2024
31 August 2024
- 2 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr D Elliott
Director
Company registration number 04504131 (England and Wales)
Wellhouse Leisure Ltd
Notes to the financial statements
For the year ended 31 August 2024
- 3 -
1
Accounting policies
Company information
Wellhouse Leisure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Cannon Way, Claycliffe Road Industrial Estate, Barugh Green, Barnsley, Yorkshire, England, S75 1JU.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on cost
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.
1.4
Stocks
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 items.
1.5
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.
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.
Wellhouse Leisure Ltd
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 4 -
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 using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Wellhouse Leisure Ltd
Notes to the financial statements (continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Wellhouse Leisure Ltd
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
24
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
201,808
Additions
82,759
Disposals
(1,897)
At 31 August 2024
282,670
Depreciation and impairment
At 1 September 2023
134,543
Depreciation charged in the year
16,835
Eliminated in respect of disposals
(1,468)
At 31 August 2024
149,910
Carrying amount
At 31 August 2024
132,760
At 31 August 2023
67,265
Wellhouse Leisure Ltd
Notes to the financial statements (continued)
For the year ended 31 August 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
110,570
135,664
Other debtors
4,670
13,145
115,240
148,809
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
69,267
9,688
Trade creditors
176,328
341,833
Taxation and social security
75,242
142,843
Other creditors
760,275
774,933
1,081,112
1,269,297
Amounts due under finance leases and hire purchase contracts of £14,760 included within other creditors are secured against the assets which they relate to.
Included within bank loans is a loan of £59,080 which is secured against the stock to which it relates.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,912
18,595
Obligations under finance leases
57,810
65,722
18,595
Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
72
72
72
72
Ordinary B of £1 each
8
8
8
8
80
80
80
80
Wellhouse Leisure Ltd
Notes to the financial statements (continued)
For the year ended 31 August 2024
8
Called up share capital
(Continued)
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
99,000
141,667
10
Related party transactions
At the year end the company owed the directors £59,386 (2023 - £16,292).
Other information
A personal guarantee has been provided by one of the directors in respect of loans totalling £100,000 taken out during the period. The loans are included within other creditors due within one year.
Personal guarantees have been provided by two of the directors in respect of a non-cancellable operating lease. Details of amounts committed to at the year end can be seen within the notes to the accounts.