Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false2023-05-01is that of providing fitness and leisure facilities.00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07990461 2023-05-01 2024-04-30 07990461 2022-05-01 2023-04-30 07990461 2024-04-30 07990461 2023-04-30 07990461 c:Director1 2023-05-01 2024-04-30 07990461 c:Director2 2023-05-01 2024-04-30 07990461 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 07990461 d:Buildings d:ShortLeaseholdAssets 2024-04-30 07990461 d:Buildings d:ShortLeaseholdAssets 2023-04-30 07990461 d:PlantMachinery 2023-05-01 2024-04-30 07990461 d:PlantMachinery 2024-04-30 07990461 d:PlantMachinery 2023-04-30 07990461 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07990461 d:FurnitureFittings 2023-05-01 2024-04-30 07990461 d:FurnitureFittings 2024-04-30 07990461 d:FurnitureFittings 2023-04-30 07990461 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07990461 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 07990461 d:CurrentFinancialInstruments 2024-04-30 07990461 d:CurrentFinancialInstruments 2023-04-30 07990461 d:Non-currentFinancialInstruments 2024-04-30 07990461 d:Non-currentFinancialInstruments 2023-04-30 07990461 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 07990461 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 07990461 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 07990461 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 07990461 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 07990461 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 07990461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 07990461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 07990461 d:ShareCapital 2024-04-30 07990461 d:ShareCapital 2023-04-30 07990461 d:RetainedEarningsAccumulatedLosses 2024-04-30 07990461 d:RetainedEarningsAccumulatedLosses 2023-04-30 07990461 c:FRS102 2023-05-01 2024-04-30 07990461 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 07990461 c:FullAccounts 2023-05-01 2024-04-30 07990461 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07990461 2 2023-05-01 2024-04-30 07990461 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 07990461










PARK FARM LEISURE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
PARK FARM LEISURE LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 9


 
PARK FARM LEISURE LIMITED
REGISTERED NUMBER: 07990461

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
249,708
273,286

  
249,708
273,286

Current assets
  

Stocks
  
1,941
2,501

Debtors: amounts falling due within one year
 5 
480,455
4,799

Cash at bank and in hand
  
770,325
959,374

  
1,252,721
966,674

Creditors: amounts falling due within one year
 6 
(268,183)
(117,971)

Net current assets
  
 
 
984,538
 
 
848,703

Total assets less current liabilities
  
1,234,246
1,121,989

Creditors: amounts falling due after more than one year
 7 
(12,185)
(22,539)

Provisions for liabilities
  

Deferred tax
  
(47,658)
(52,863)

  
 
 
(47,658)
 
 
(52,863)

Net assets
  
1,174,403
1,046,587


Capital and reserves
  

Called up share capital 
  
800
800

Profit and loss account
  
1,173,603
1,045,787

  
1,174,403
1,046,587


Page 1

 
PARK FARM LEISURE LIMITED
REGISTERED NUMBER: 07990461
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D G Gowing
................................................
Mrs S Gowing
Director
Director


Date: 29 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Park Farm Leisure Limited is a private company limited by shares and incorporated in England and Wales, registration number 07990461.  The registered office is Park Farm Country Hotel, Norwich Road Hethersett, Norwich, Norfolk, NR9 3DL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting polices applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The following principal accounting policies have been applied:

Page 3

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the term of the lease
Plant & machinery
-
10 years straight line
Fixtures & fittings
-
8 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2). Except for the directors there are no employees directly employed by the company. 


The staffing costs included within the accounts are a charge from Fitness Express (who employ and manage the staff). There are therefore no employees within Park Farm Leisure Limited.

Page 6

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Leasehold improvements
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2023
153,424
198,367
102,146
453,937


Additions
-
1,245
7,000
8,245



At 30 April 2024

153,424
199,612
109,146
462,182



Depreciation


At 1 May 2023
79,957
76,027
24,667
180,651


Charge for the year on owned assets
8,163
10,130
13,530
31,823



At 30 April 2024

88,120
86,157
38,197
212,474



Net book value



At 30 April 2024
65,304
113,455
70,949
249,708



At 30 April 2023
73,467
122,340
77,479
273,286


5.


Debtors

2024
2023
£
£


Other debtors
465,177
4,328

Prepayments and accrued income
15,278
471

480,455
4,799


Page 7

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,249
9,848

Trade creditors
62,943
28,967

Corporation tax
138,196
21,722

Other taxation and social security
-
3,043

Other creditors
1,024
8,800

Accruals and deferred income
55,771
45,591

268,183
117,971



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,185
22,539

12,185
22,539


Page 8

 
PARK FARM LEISURE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,249
9,848


10,249
9,848

Amounts falling due 1-2 years

Bank loans
10,448
9,998


10,448
9,998

Amounts falling due 2-5 years

Bank loans
1,737
12,541


1,737
12,541


22,434
32,387



9.


Related party transactions

At the year end £256,829 (2023 - £NIL) was owed by a shareholder. This amount is subject to interest at 2.25% per annum and is repayable on demand.
At the year end £113,595 (2023 - £NIL) was owed by a Director. This amount is subject to interest at 2.25% per annum and is repayable on demand.

 
Page 9