Company registration number 10780816 (England and Wales)
FSF LEISURE LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
FSF Leisure Limited
FSF LEISURE LIMITED
Company Information
Directors
Mr J Skinner
Mrs S Skinner
Company number
10780816
Registered office
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Business address
The Ridge Golf Club
Chartway Street
Maidstone
Kent
England
ME17 3JB
FSF Leisure Limited
FSF LEISURE LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
FSF Leisure Limited
FSF LEISURE LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of FSF Leisure Limited For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FSF Leisure Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of FSF Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 23 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of FSF Leisure Limited and state those matters that we have agreed to state to the board of directors of FSF Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FSF Leisure Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that FSF Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of FSF Leisure Limited. You consider that FSF Leisure Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of FSF Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
31 January 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
FSF Leisure Limited
FSF LEISURE LIMITED
Balance Sheet
As At 30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
30,000
40,000
Tangible assets
5
3,328,323
3,132,834
3,358,323
3,172,834
Current assets
Stocks
35,000
34,000
Debtors
6
88,726
36,287
Cash at bank and in hand
72,582
135,282
196,308
205,569
Creditors: amounts falling due within one year
7
(401,425)
(324,000)
Net current liabilities
(205,117)
(118,431)
Total assets less current liabilities
3,153,206
3,054,403
Creditors: amounts falling due after more than one year
8
(2,356,719)
(2,473,045)
Provisions for liabilities
(34,497)
(75,965)
Net assets
761,990
505,393
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
761,890
505,293
Total equity
761,990
505,393
The notes on pages 4 to 10 form part of these financial statements.
FSF Leisure Limited
FSF LEISURE LIMITED
Balance Sheet (Continued)
As At 30 April 2024
- 3 -
For the financial year ended 30 April 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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr J Skinner
Director
Company registration number 10780816 (England and Wales)
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
FSF Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0 - 2% straight line
Plant and equipment
5 - 15% reducing balance
Fixtures and fittings
15% reducing balance
Office equipment
25% reducing balance
Motor vehicles
15% reducing balance
Freehold land and assets in the course of construction are not depreciated.
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 6 -
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 profit and loss account 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.
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 profit and loss account, 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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 balance sheet 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
20
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(41,468)
27,606
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
100,000
Amortisation and impairment
At 1 May 2023
60,000
Amortisation charged for the year
10,000
At 30 April 2024
70,000
Carrying amount
At 30 April 2024
30,000
At 30 April 2023
40,000
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,869,659
347,811
101,994
52,403
29,500
3,401,367
Additions
84,800
121,530
22,157
2,187
68,416
299,090
At 30 April 2024
2,954,459
469,341
124,151
54,590
97,916
3,700,457
Depreciation and impairment
At 1 May 2023
98,606
109,123
34,053
22,326
4,425
268,533
Depreciation charged in the year
30,907
45,595
11,274
7,728
8,097
103,601
At 30 April 2024
129,513
154,718
45,327
30,054
12,522
372,134
Carrying amount
At 30 April 2024
2,824,946
314,623
78,824
24,536
85,394
3,328,323
At 30 April 2023
2,771,053
238,688
67,941
30,077
25,075
3,132,834
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,108
3,563
Other debtors
38,393
30,437
Prepayments and accrued income
43,225
2,287
88,726
36,287
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
190,491
187,310
Obligations under finance leases
63,148
31,913
Trade creditors
38,596
Taxation and social security
45,018
30,519
Other creditors
42,986
53,495
Accruals and deferred income
21,186
20,763
401,425
324,000
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
2,240,613
2,416,650
Obligations under finance leases
116,106
56,395
2,356,719
2,473,045
Bank loans are secured by way of a fixed and floating charge over all the assets of the company and personal land and property held by directors. Hire purchase liabilities are secured against the asset to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,542,016
1,720,083
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
135,223
75,965
Tax losses
(100,726)
-
34,497
75,965
2024
Movements in the year:
£
Liability at 1 May 2023
75,965
Credit to profit or loss
(41,468)
Liability at 30 April 2024
34,497
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
12,843
5,494
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
FSF Leisure Limited
FSF LEISURE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 10 -
11
Operating lease commitments
The commitments under operating leases are in respect of plant and machinery hire.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
11,380
16,447
Between two and five years
16,514
27,894
16,447
12
Related party transactions
Transactions with related parties
During the year, the directors withdrew £23,165. At the year end £175 (2023: £23,340) was owed to the directors, which is included in other creditors. The loan is interest free and is repayable upon demand.
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