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Registration number: 1556931

New Mills Leisure Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

New Mills Leisure Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

New Mills Leisure Limited

Company Information

Directors

Mrs B M Price

Mr D G Price

Company secretary

Mrs M A Standell

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

New Mills Leisure Limited

(Registration number: 1556931)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

75,833

85,833

Tangible assets

5

4,293,241

4,314,467

 

4,369,074

4,400,300

Current assets

 

Stocks

6

36,750

31,717

Debtors

7

9,707

45,810

Cash at bank and in hand

 

630,835

844,254

 

677,292

921,781

Creditors: Amounts falling due within one year

8

(153,582)

(113,390)

Net current assets

 

523,710

808,391

Net assets

 

4,892,784

5,208,691

Capital and reserves

 

Called up share capital

9

50,000

50,000

Retained earnings

4,842,784

5,158,691

Shareholders' funds

 

4,892,784

5,208,691

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.

 

New Mills Leisure Limited

(Registration number: 1556931)
Balance Sheet as at 30 April 2024
(continued)

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 27 January 2025 and signed on its behalf by:
 

.........................................
Mr D G Price
Director

 

New Mills 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 and Wales.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
New Mills Trout Fishing Park
Brampton
Cumbria
CA8 2QS

These financial statements were authorised for issue by the Board on 27 January 2025.

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.

 

New Mills Leisure Limited

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

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Freehold Land

Nil

Freehold buildings

2% of cost per annum

Motor Vehicles

25% of written down value per annum

Fixtures and fittings

20% of cost per annum

Computer equipment

25% of cost per annum

 

New Mills Leisure Limited

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

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% of cost per annum

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

New Mills Leisure Limited

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

New Mills Leisure Limited

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

2

Accounting policies (continued)

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 11 (2023 - 5).

 

New Mills Leisure Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

100,000

100,000

At 30 April 2024

100,000

100,000

Amortisation

At 1 May 2023

14,167

14,167

Amortisation charge

10,000

10,000

At 30 April 2024

24,167

24,167

Carrying amount

At 30 April 2024

75,833

75,833

At 30 April 2023

85,833

85,833

 

New Mills Leisure Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

4,132,281

135,563

171,580

4,439,424

Additions

-

76,989

144,985

221,974

Disposals

-

-

(195,885)

(195,885)

At 30 April 2024

4,132,281

212,552

120,680

4,465,513

Depreciation

At 1 May 2023

45,381

31,667

47,908

124,956

Charge for the year

43,041

23,400

20,217

86,658

Eliminated on disposal

-

-

(39,342)

(39,342)

At 30 April 2024

88,422

55,067

28,783

172,272

Carrying amount

At 30 April 2024

4,043,859

157,485

91,897

4,293,241

At 30 April 2023

4,086,899

103,896

123,672

4,314,467

Included within the net book value of land and buildings above is £4,043,859 (2023 - £4,086,899) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

36,750

31,717

 

New Mills Leisure Limited

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

7

Debtors

2024
£

2023
£

Prepayments

9,707

4,998

Other debtors

-

40,812

9,707

45,810

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

64,055

71,165

Taxation and social security

12,777

12,480

Accruals and deferred income

30,282

2,157

Other creditors

46,468

27,588

153,582

113,390

 

New Mills Leisure Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

50,000

50,000

50,000

50,000