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COMPANY REGISTRATION NUMBER: NI051239
Loughview Leisure Group Limited
Financial Statements
30 June 2024
Loughview Leisure Group Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15
Loughview Leisure Group Limited
Officers and Professional Advisers
The board of directors
P Kearney
C Kearney
S Carson
Company secretary
C Kearney
Registered office
10 Donegall Square South
Belfast
BT1 5JD
Auditor
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT1 5UB
Solicitors
McKees
The Linenhall
32-38 Linenhall Street
Belfast
Northern Ireland
Antrim
BT2 8BG
Loughview Leisure Group Limited
Strategic Report
Year ended 30 June 2024
Review of the company's business
The directors present their strategic report for the year ended 30 June 2024. The company's principal activities during the year continue to be that of a hotelier. The company is a subsidiary of the Killmona Group. The Killmona Group has the necessary cash cover and secured lender support to meet its total ongoing unsecured creditor obligations and liabilities for the medium to long term. In light of the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Principal risks and uncertainties
The key business risks which could impact on the performance of the company are considered to be that of general economic activites along with competition from local competitors and employee retention. Management of the company recognises that its most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements. The company is committed to achieving the highest practical standards in health and safety management and strives to make all hotels and offices safe environments for employees and customers alike. Risk assessments have been completed and procedures implemented to provide a safe working environment for staff when operations are re-opened. The company’s management team have devised and implemented a strategic plan to ensure the continued viability of the company. The company is capable of servicing its ongoing agreed obligations and operate with the continued support of the bank (and fellow group companies). In July 2021, the company entered into a contract with the Government to lease two of its hotels for asylum seekers, which has resulted in 100% occupancy. This contract is expected to last for 18 months. Only one of the hotels is now leased for asylum seekers, following the disposal of the other.
Business review
The directors consider the results for the current year and position of the company at year end to be satisfactory. The company's result for the period is an operating Profit of £2,855,963 (2023: Loss £2,305,418) and a loss on ordinary activities before taxation of £1,690,343 (2023: Loss £3,529,133). At the period end net assets of the company were £9,423,677 (2023: £2,407,866).
Financial key performance indicators
The directors consider Turnover, Gross Profit and EBITDA (earnings before interest, tax, depreciation and amortisation) to be the key performance indicators for the company.
Financial risk management
The company's operations expose it to a variety of financial risks that include the effects of changes in debt, market prices, credit risk, liquidity risk and interest rate risk. The company and the group have in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set out by the board are implemented by the directors. Given the nature and location of its operators the company and the group are not significantly exposed to price risk or foreign exchange risk. Interest rate risk The company has interest bearing liabilities, namely bank loans, which earn interest at a variable rate. The company has a policy of maintaining debt at competitive rate to ensure a reasonable degree of certainty over future interest cash flows. The directors will revisit the appropriateness of this policy should the company's operations change in nature or size. Credit risk The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk. The company has no significant concentrations of credit risk. Liquidity risk The company actively maintains a mixture of short and long term debt finance to ensure the company has sufficient funds for operations and planned expansions.
This report was approved by the board of directors on 18 December 2024 and signed on behalf of the board by:
C Kearney
Director
Registered office:
10 Donegall Square South
Belfast
BT1 5JD
Loughview Leisure Group Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
P Kearney
C Kearney
S Carson
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The Directors intend to develop and maximise the inherent medium to long term economic value of the Kilmona Group's asset base and acquire additional assets at value for development.
Employment of disabled persons
The company gives full and fair consideration to applications for employment made by disabled persons where the requirements of the job can be adequately fulfilled. Where existing employees become disabled, it is the company's policy, wherever practicable, to provide continuing employment under normal terms and conditions, and to provide training, career development and promotion wherever possible.
Employee involvement
The company provides employees with information on matters of concern to them through normal management channels. The involvement of the employees in the company's performance is encouraged though appropriate incentive arrangements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 18 December 2024 and signed on behalf of the board by:
C Kearney
Director
Registered office:
10 Donegall Square South
Belfast
BT1 5JD
Loughview Leisure Group Limited
Independent Auditor's Report to the Members of Loughview Leisure Group Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Loughview Leisure Group Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Cathal Maneely
(Senior Statutory Auditor)
For and on behalf of
Maneely Mc Cann Chartered Accountants
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
18 December 2024
Loughview Leisure Group Limited
Statement of Comprehensive Income
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
10,127,844
10,038,509
Cost of sales
5,380,783
5,539,793
-------------
-------------
Gross profit
4,747,061
4,498,716
Administrative expenses
1,885,585
6,808,934
Other operating income
5
4,800
------------
------------
Operating profit/(loss)
6
2,861,476
( 2,305,418)
Other interest receivable and similar income
10
999
Interest payable and similar expenses
11
1,167,948
1,223,715
------------
------------
Profit/(loss) before taxation
1,694,527
( 3,529,133)
Tax on profit/(loss)
12
------------
------------
Profit/(loss) for the financial year
1,694,527
( 3,529,133)
------------
------------
Revaluation of tangible assets
7,411,269
------------
------------
Total comprehensive income for the year
9,105,796
( 3,529,133)
------------
------------
All the activities of the company are from continuing operations.
Loughview Leisure Group Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
13
1,513,722
2,057,599
Tangible assets
14
31,152,938
23,873,696
-------------
-------------
32,666,660
25,931,295
Current assets
Stocks
15
60,424
59,281
Debtors
16
7,394,279
3,735,185
Cash at bank and in hand
586,618
1,940,133
------------
------------
8,041,321
5,734,599
Creditors: amounts falling due within one year
18
18,718,456
16,580,572
-------------
-------------
Net current liabilities
10,677,135
10,845,973
-------------
-------------
Total assets less current liabilities
21,989,525
15,085,322
Creditors: amounts falling due after more than one year
19
12,488,197
12,677,456
-------------
-------------
Net assets
9,501,328
2,407,866
-------------
-------------
Capital and reserves
Called up share capital
22
100
100
Revaluation reserve
23
11,435,938
6,037,003
Capital redemption reserve
23
1,900,000
1,900,000
Profit and loss account
23
( 3,834,710)
( 5,529,237)
-------------
------------
Shareholders funds
9,501,328
2,407,866
-------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
C Kearney
Director
Company registration number: NI051239
Loughview Leisure Group Limited
Statement of Changes in Equity
Year ended 30 June 2024
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
Note
£
£
£
£
£
At 1 July 2022
100
6,037,003
1,900,000
( 2,000,104)
5,936,999
Loss for the year
( 3,529,133)
( 3,529,133)
----
------------
------------
------------
------------
Total comprehensive income for the year
( 3,529,133)
( 3,529,133)
At 30 June 2023 (as previously reported)
100
6,037,003
1,900,000
( 5,529,237)
2,407,866
Prior period adjustments
(2,012,334)
(2,012,334)
----
------------
------------
------------
------------
At 30 June 2023 (restated)
100
4,024,669
1,900,000
( 5,529,237)
395,532
----
------------
------------
------------
------------
Profit for the year
1,694,527
1,694,527
Other comprehensive income for the year:
Revaluation of tangible assets
14
7,411,269
7,411,269
----
------------
------------
------------
------------
Total comprehensive income for the year
7,411,269
1,694,527
9,105,796
----
-------------
------------
------------
------------
At 30 June 2024
100
11,435,938
1,900,000
( 3,834,710)
9,501,328
----
-------------
------------
------------
------------
Loughview Leisure Group Limited
Statement of Cash Flows
Year ended 30 June 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
1,694,527
( 3,529,133)
Adjustments for:
Depreciation of tangible assets
1,280,614
1,290,036
Amortisation of intangible assets
543,876
543,876
Other interest receivable and similar income
( 999)
Interest payable and similar expenses
1,167,948
1,223,715
(Gains)/loss on disposal of tangible assets
( 2,122,858)
2,453,783
Gains on disposal of intangible assets
( 35,000)
Accrued expenses
58,905
6,384
Changes in:
Stocks
( 1,143)
( 9,824)
Trade and other debtors
( 3,659,094)
( 2,815,137)
Trade and other creditors
( 166,580)
( 782,890)
------------
------------
Cash generated from operations
( 1,239,804)
( 1,619,190)
Interest paid
( 1,167,948)
( 1,223,715)
Interest received
999
------------
------------
Net cash used in operating activities
( 2,406,753)
( 2,842,905)
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,148,587)
( 562,316)
Proceeds from sale of tangible assets
110,524
6,510,879
Proceeds from sale of intangible assets
35,000
------------
------------
Net cash (used in)/from investing activities
( 1,003,063)
5,948,563
------------
------------
Cash flows from financing activities
Proceeds from borrowings
101,515
( 4,942,330)
Proceeds from loans from group undertakings
( 232,000)
( 172,385)
Proceeds from loans from participating interests
2,422,715
3,219,790
Payments of finance lease liabilities
( 33,535)
30,691
------------
------------
Net cash from/(used in) financing activities
2,258,695
( 1,864,234)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,151,121)
1,241,424
Cash and cash equivalents at beginning of year
1,644,406
402,982
------------
------------
Cash and cash equivalents at end of year
17
493,285
1,644,406
------------
------------
Loughview Leisure Group Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 10 Donegall Square South, Belfast, BT1 5JD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have prepared cashflow forecasts and have a reasonable expectation that they will have adequate resources to allow the company to continue its operations for a period of not less than 12 months from the date of approval of these financial statements. The company has the necessary cash cover and secured lender support to meet its total on-going unsecured creditor obligations and liabilities. In light of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Kilmona Group Limited which can be obtained from Bedford House, Bedford Street, Belfast, BT2 7FD. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Goodwill
Goodwill brought forward relates to the acquisition of a business in 2004 and the acquistion of two hotels in 2016 and acquisition of a hotel in 2017. This represents the excess of the acquisition cost over the fair value of the net assets acquired. The goodwill is being amortised over 10 years, which in the directors' opinion represents a prudent estimate of the useful economic life of the goodwill.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Amortisation has not been charged on the alcohol licences where the residual value is equal to or higher than the net book value.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
10,127,844
10,038,509
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
4,800
----
-------
6. Operating profit/(loss)
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
543,876
543,876
Depreciation of tangible assets
1,280,614
1,290,036
(Gains)/loss on disposal of tangible assets
( 2,122,858)
2,453,783
Gains on disposal of intangible assets
( 35,000)
Impairment of trade debtors
(73,642)
Operating lease rentals
13,838
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
14,000
16,500
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Number of Employees
168
161
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,851,410
2,859,018
Social security costs
208,605
225,928
Other pension costs
36,611
41,851
------------
------------
3,096,626
3,126,797
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
59,480
111,051
--------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
999
----
----
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
1,125,507
1,166,747
Interest on obligations under finance leases and hire purchase contracts
41,112
50,604
Other interest payable and similar charges
1,329
6,364
------------
------------
1,167,948
1,223,715
------------
------------
12. Tax on profit/(loss)
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is the same as (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
1,694,527
( 3,529,133)
------------
------------
Profit/(loss) on ordinary activities by rate of tax
( 670,535)
Effect of capital allowances and depreciation
852,816
Utilisation of tax losses
( 182,281)
------------
------------
Tax on profit/(loss)
------------
------------
13. Intangible assets
Goodwill
Licences
Total
£
£
£
Cost
At 1 July 2023
5,852,861
200,000
6,052,861
Additions
Disposals of previously acquired businesses
( 414,098)
( 414,098)
------------
---------
------------
At 30 June 2024
5,438,763
200,000
5,638,763
------------
---------
------------
Amortisation
At 1 July 2023
3,995,262
3,995,262
Charge for the year
543,876
543,876
Disposals of previously acquired businesses
( 414,097)
( 414,097)
------------
---------
------------
At 30 June 2024
4,125,041
4,125,041
------------
---------
------------
Carrying amount
At 30 June 2024
1,313,722
200,000
1,513,722
------------
---------
------------
At 30 June 2023
1,857,599
200,000
2,057,599
------------
---------
------------
14. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2023
21,477,485
9,505,360
696,496
31,679,341
Additions
1,137,766
10,821
1,148,587
Revaluations
7,411,269
7,411,269
-------------
-------------
---------
-------------
At 30 June 2024
28,888,754
10,643,126
707,317
40,239,197
-------------
-------------
---------
-------------
Depreciation
At 1 July 2023
2,227,003
5,418,874
159,768
7,805,645
Charge for the year
428,516
742,420
109,678
1,280,614
-------------
-------------
---------
-------------
At 30 June 2024
2,655,519
6,161,294
269,446
9,086,259
-------------
-------------
---------
-------------
Carrying amount
At 30 June 2024
26,233,235
4,481,832
437,871
31,152,938
-------------
-------------
---------
-------------
At 30 June 2023
19,250,482
4,086,486
536,728
23,873,696
-------------
-------------
---------
-------------
Tangible assets held at valuation
The Land and buildings were professionally revalued in January 2022 by CBRE, Property Consultants. All properties were revalued on the basis of an 'Open Market Valuation' methodology pursuant to the principles of the 'Red Book' valuations as stipulated by the Royal Institute of Chartered Surveyors. The properties were then revalued by the directors at their Open Market Valuation at 30 June 2024. If Land and buildings had not been revalued they would have been included in the financial statements at 30 June 2024 at an historic cost of £14,791,046 (2023: £13,737,224).
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2024
128,203
---------
At 30 June 2023
180,466
---------
15. Stocks
2024
2023
£
£
Raw materials and consumables
60,424
59,281
--------
--------
16. Debtors
2024
2023
£
£
Trade debtors
91,358
104,846
Amounts owed by group undertakings
6,593,943
2,957,085
Prepayments and accrued income
390,621
419,261
Other debtors
318,357
253,993
------------
------------
7,394,279
3,735,185
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Amounts owed by group undertakings
6,593,943
2,957,085
------------
------------
17. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
586,618
1,940,133
Bank overdrafts
( 93,333)
( 295,727)
---------
------------
493,285
1,644,406
---------
------------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,558,267
1,349,005
Trade creditors
1,845,236
1,868,171
Amounts owed to group undertakings
337,091
569,091
Amounts owed to undertakings in which the company has a participating interest
11,724,061
9,301,346
Accruals and deferred income
912,642
853,738
Social security and other taxes
630,175
582,380
Obligations under finance leases and hire purchase contracts
30,699
33,822
Director loan accounts
879,248
1,030,542
Other creditors
801,037
992,477
-------------
-------------
18,718,456
16,580,572
-------------
-------------
The bank loans and overdrafts are secured by a freehold legal charge over the company's assets and an all monies debenture over the company.
19. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,389,776
12,548,623
Obligations under finance leases and hire purchase contracts
98,421
128,833
-------------
-------------
12,488,197
12,677,456
-------------
-------------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £40,833) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The bank loan > 5 years payable by instalments is repayable over 6 years by monthly capital and interest repayments. Interest is charged every 3 months at base rate plus 4.39%.
The bank loan > 5 years payable other than by instalments is repayable at the end of the 6 year term. Interest is charged every 3 months at base rate plus 4.39%.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
30,699
33,822
Later than 1 year and not later than 5 years
98,421
128,833
---------
---------
129,120
162,655
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 36,611 (2023: £ 41,851 ).
22. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
23. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
24. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
1,940,133
(1,353,515)
586,618
Bank overdrafts
(295,727)
202,394
(93,333)
Debt due within one year
(11,988,079)
(2,447,954)
(14,436,033)
Debt due after one year
(12,677,456)
189,259
(12,488,197)
-------------
------------
-------------
( 23,021,129)
( 3,409,816)
( 26,430,945)
-------------
------------
-------------
25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
17,873
----
--------
Loughview Leisure Group Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2024
26. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Kearney
( 1,030,542)
151,294
( 879,248)
S Carson
------------
---------
---------
( 1,030,542)
151,294
( 879,248)
------------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
P Kearney
( 1,040,542)
10,000
( 1,030,542)
S Carson
5,000
( 5,000)
------------
--------
------------
( 1,035,542)
5,000
( 1,030,542)
------------
--------
------------
27. Related party transactions
Control The company is a wholly owned subsidiary of Loughview Leisure Holdings Limited, a company incorporated in Northern Ireland. Loughview Leisure Holdings Limited is a wholly owned subsidiary of Kilmona Group Limited, a company incorporated in Northern Ireland. P Kearney is the shareholder of Kilmona Group Limited and as such is considered to be the company's ultimate controlling party. Group party transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 33, Related Party Disclosures. Related party transactions Mr P Kearney is a director of Kilmona Holdings Gibraltar Limited. At the period end the company owed £11,724,061 (June 2023: £9,301,346) to Kilmona Holdings Gibraltar Limited. Key management personnel remuneration As per Note 9, the aggregate remuneration for key management personnel for the period was £59,480 (year to June 2023: £111,052).
28. Controlling party
Kilmona Group Limited is the company's ultimate parent company. Copies of the consolidated financial statements may be obtained from 8th Floor, Bedford House, Bedford Street, Belfast, BT2 7FD .