2022-11-012023-10-312023-10-31false10172873HIGH SPIRITS LEISURE GROUP 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HIGH SPIRITS LEISURE GROUP LIMITED

Registered Number
10172873
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

HIGH SPIRITS LEISURE GROUP LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

FANNON, Stuart Michael
MONK, Colin

Registered Address

Units 1&2 Longlands Road
Bowness-On-Windermere
Windermere
LA23 3AS

Registered Number

10172873 (England and Wales)
HIGH SPIRITS LEISURE GROUP LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3968,649985,961
Investments4962,134962,134
1,930,7831,948,095
Current assets
Debtors51,250,6381,521,321
Cash at bank and on hand16,26956,672
1,266,9071,577,993
Creditors amounts falling due within one year6(2,026,913)(2,227,163)
Net current assets (liabilities)(760,006)(649,170)
Total assets less current liabilities1,170,7771,298,925
Creditors amounts falling due after one year7(734,620)(809,663)
Provisions for liabilities8(48,300)(15,900)
Net assets387,857473,362
Capital and reserves
Called up share capital100100
Profit and loss account387,757473,262
Shareholders' funds387,857473,362
The financial statements were approved and authorised for issue by the Board of Directors on 24 March 2025, and are signed on its behalf by:
FANNON, Stuart Michael
Director
MONK, Colin
Director

Registered Company No. 10172873
HIGH SPIRITS LEISURE GROUP LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors have considered the company's viability for a period extending at least twelve months from the date these financial statements were approved and as a result of that review, considers it appropriate to prepare these financial statements on a going concern basis. As part of the review, the directors considered the company's forecast trading activity for the next twelve months and gave assurances that repayment would not be sought on the director's loan account if this would unfairly prejudice the payment of other creditors.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-2
Plant and machinery33-
Fixtures and fittings33-
Vehicles33-
Office Equipment33-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease
Trade and other 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.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year1616
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 November 22887,86397,81412,16760,54652,0201,110,410
Additions-37,498-35,7899,13082,417
At 31 October 23887,863135,31212,16796,33561,1501,192,827
Depreciation and impairment
At 01 November 2282,86719,5165,0268,2678,773124,449
Charge for year17,75737,5342,35726,04816,03399,729
At 31 October 23100,62457,0507,38334,31524,806224,178
Net book value
At 31 October 23787,23978,2624,78462,02036,344968,649
At 31 October 22804,99678,2987,14152,27943,247985,961
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 November 22962,134962,134
At 31 October 23962,134962,134
Net book value
At 31 October 23962,134962,134
At 31 October 22962,134962,134

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables15,9783,709
Amounts owed by group undertakings235,024473,216
Other debtors950,4551,011,798
Prepayments and accrued income49,18132,598
Total1,250,6381,521,321
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables86,855123,157
Bank borrowings and overdrafts109,351143,659
Amounts owed to related parties1,155,3241,097,381
Taxation and social security151,249199,883
Finance lease and HP contracts40,595-
Other creditors474,095660,844
Accrued liabilities and deferred income9,4442,239
Total2,026,9132,227,163
The bank loan is secured by a fixed and floating charge over the company's assets.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts734,620809,663
Total734,620809,663
The bank loan is secured by a fixed and floating charge over the company's assets. In respect of the bank loan £460,556 falls due more than five years after the balance sheet date (2022: £353,493).
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)48,30015,900
Total48,30015,900