Registered number
03890687
Spice Island Leisure Limited
Filleted Accounts
30 November 2024
Spice Island Leisure Limited
Registered number: 03890687
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 27,146
Tangible assets 4 - 273,163
- 300,309
Current assets
Stocks - 40,553
Debtors 5 89,985 108,399
Cash at bank and in hand 473,942 137,844
563,927 286,796
Creditors: amounts falling due within one year 6 (199,103) (566,666)
Net current assets/(liabilities) 364,824 (279,870)
Total assets less current liabilities 364,824 20,439
Provisions for liabilities - (19,673)
Net assets 364,824 766
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account 363,724 (334)
Shareholder's funds 364,824 766
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M D Davies
Director
Approved by the board on 13 March 2025
Spice Island Leisure Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 36 37
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 195,172
Disposals (195,172)
At 30 November 2024 -
Amortisation
At 1 December 2023 168,026
On disposals (168,026)
At 30 November 2024 -
Net book value
At 30 November 2024 -
At 30 November 2023 27,146
Goodwill is being written off in equal annual instalments over the term of the lease.
4 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2023 509,367 713,964 19,725 1,243,056
Disposals (509,367) (713,964) (19,725) (1,243,056)
At 30 November 2024 - - - -
Depreciation
At 1 December 2023 324,111 626,057 19,725 969,893
On disposals (324,111) (626,057) (19,725) (969,893)
At 30 November 2024 - - - -
Net book value
At 30 November 2024 - - - -
At 30 November 2023 185,256 87,907 - 273,163
5 Debtors 2024 2023
£ £
Trade debtors - 3,041
Other debtors 89,985 105,358
89,985 108,399
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 7,027
Trade creditors 13,705 111,335
Taxation and social security costs 101,694 107,757
Other creditors 83,704 340,547
199,103 566,666
7 Other information
Spice Island Leisure Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Walton Street
Oxford
OX2 6AA
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