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COMPANY REGISTRATION NUMBER: SC610430
Mr Stripes Leisure Limited
Filleted Unaudited Financial Statements
31 March 2024
Mr Stripes Leisure Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Mr Stripes Leisure Limited
Officers and Professional Advisers
The board of directors
Mr M J Maley
Mr S Donnan
Registered office
Scooniehill Farm House
St Andrews
Fife
KY16 8NN
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Mr Stripes Leisure Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mr Stripes Leisure Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mr Stripes Leisure Limited for the year ended 31 March 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Mr Stripes Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mr Stripes Leisure Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mr Stripes Leisure Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mr Stripes 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 loss of Mr Stripes Leisure Limited. You consider that Mr Stripes 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 Mr Stripes 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.
Riverside Accountancy Lancaster Limited Chartered accountants
Suite 2, 2 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SU
26 March 2025
Mr Stripes Leisure Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
3,851
Tangible assets
6
25,984
29,454
--------
--------
25,984
33,305
Current assets
Debtors
7
3,034
4,989
Cash at bank and in hand
10,618
17,457
--------
--------
13,652
22,446
Creditors: amounts falling due within one year
8
7,733
9,698
--------
--------
Net current assets
5,919
12,748
--------
--------
Total assets less current liabilities
31,903
46,053
Creditors: amounts falling due after more than one year
9
5,133
7,933
--------
--------
Net assets
26,770
38,120
--------
--------
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss account
( 23,230)
( 11,880)
--------
--------
Shareholders funds
26,770
38,120
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Mr Stripes Leisure Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr S Donnan
Director
Company registration number: SC610430
Mr Stripes Leisure Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scooniehill Farm House, St Andrews, Fife, KY16 8NN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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. The financial statements have been rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. 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, revenue is recognised only to the extent that expenses recognised are recoverable.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
20% 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.
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:
Leasehold Improvements
-
25% reducing balance
Fixtures and fittings
-
25% 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
33,019
--------
Amortisation
At 1 April 2023
29,168
Charge for the year
3,851
--------
At 31 March 2024
33,019
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
3,851
--------
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
15,630
40,511
56,141
Additions
2,341
2,936
5,277
--------
--------
--------
At 31 March 2024
17,971
43,447
61,418
--------
--------
--------
Depreciation
At 1 April 2023
2,621
24,066
26,687
Charge for the year
3,350
5,397
8,747
--------
--------
--------
At 31 March 2024
5,971
29,463
35,434
--------
--------
--------
Carrying amount
At 31 March 2024
12,000
13,984
25,984
--------
--------
--------
At 31 March 2023
13,009
16,445
29,454
--------
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
3,034
4,989
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,800
2,799
Trade creditors
2,880
Other creditors
2,053
6,899
-------
-------
7,733
9,698
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,133
7,933
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 10,000 each
5
50,000
5
50,000
----
--------
----
--------
11. 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
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Maley
( 1,435)
1,435
Mr S Donnan
( 1,100)
16,600
( 15,500)
-------
--------
--------
----
( 2,535)
18,035
( 15,500)
-------
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Maley
( 1,435)
( 1,435)
Mr S Donnan
( 1,100)
( 1,100)
-------
-------
----
-------
( 1,435)
( 1,100)
( 2,535)
-------
-------
----
-------
12. Controlling party
The ultimate controlling party is Mr S Donnan.