REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SANDSFIELD LEISURE LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SANDSFIELD LEISURE LIMITED |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
SANDSFIELD LEISURE LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
PRINCIPLE ACTIVITIES AND REVIEW OF BUSINESS |
The principle activity of the company throughout the year is the operation of a pizza parlours, a holiday home park and the sale of caravans and lodges. |
The company's performance has retracted during the year, this wasn't unexpected and was due to a variety of internal and economic considerations. The main caravan and lodge sales team went through a period of restructuring of the management team, with sales reducing as a focus was put into a new structure. The changes were finalised around the year end with the new structure showing significant changes and post year end sales performing above expectations. |
Utility cost increases have been felt over the past few years and in the current year investments were made in the park to elevate these effects. One major investment was the installation of solar panels which are already reducing electricity costs and contributing to reduced carbon usage. |
The effect of the high inflation and increased wage cost plus bank interest rate increases was felt in this year but this is similar to the majority of businesses. Management believe they have managed these effectively and continue to review them in detail. The company has therefore performed well though with lower results compared to the prior year as expected. The company continues the transitional development from touring caravans to holiday homes and feels in a strong position to offer a quality holiday home experience in the market place. |
The company's key financial performance indicators during the year were as follows: |
2024 | 2023 |
£ | £ |
Gross profit | 1,064,678 | 1,106,665 |
Earnings before interest, tax and depreciation | 859,715 | 978,618 |
The director's believe that the key risks facing the company include: |
o uncertain consumer and retail demand amid the continued implications of the economic slowdown |
o rising wage costs due to future increases in living wage |
In managing the business the directors have established controls to enable them to respond to and mitigate the impact of such risks. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
GOING CONCERN |
The company's forecasts and projections, taking account of reasonably likely changes in trading performance, show that the company should be able to operate within the level of financial resources and facilities currently available to it. |
Although the leisure sector's performance has continued to contract post year end the company has seen income levels greater than the expected sector average. This has been driven by the restructuring of the sales team within the lodge park. |
The restaurants have seen a reduced performance post year end which is due to the reduction of disposable income of the customers combined with increase wage cost. A significant road closure in the restaurant location continues to reduce footfall however, this was not unexpected and was built into the companies forecasts, with the directors comfortable with current results. |
The directors, having taken into account the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
ON BEHALF OF THE BOARD: |
Director |
17 March 2025 |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
FUTURE DEVELOPMENTS |
The directors aim to pursue management policies to aid the continued growth of the company in the form of organic growth. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LEISURE LIMITED |
Opinion |
We have audited the financial statements of Sandsfield Leisure Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 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; and |
- | 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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 this gives rise to a material misstatement in the financial statements themselves. 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LEISURE LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LEISURE LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
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; |
- we also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters; |
- we reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company; |
- we also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and; |
- we considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls |
- the internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated. |
- we also considered the existence of performance targets and their potential influence on management to manage earnings. |
- where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SANDSFIELD LEISURE LIMITED |
We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in 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. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible. |
The results of our procedures did not identify any instances or irregularities, including fraud. |
No inherent difficulties were found in the standard processes for detecting irregularities; due to the sector in which it operates and the controls put in place, there was no significant shift in the control environment in the current year. This also meant that the nature, timing and extent of the audit procedures performed were not significantly impacted. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
INCOME STATEMENT |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Sandsfield Leisure Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Sandsfield Farm, Catwick Lane, Brandesburton, Driffield, East Yorkshire, YO25 8SB. |
The principal activity of the company is running licenced restaurants, operating a holiday home park and caravan and lodge sales. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's forecasts and projections, taking account of reasonably likely changes in trading performance, show that the company should be able to operate within the level of financial resources and facilities currently available to it. |
Although the leisure sector's performance has continued to contract post year end the company has seen income levels greater than the expected sector average. This has been driven by the restructuring of the sales team within the lodge park. |
The restaurants have seen a reduced performance post year end which is due to the reduction of disposable income of the customers combined with increase wage cost. A significant road closure in the restaurant location continues to reduce footfall however, this was not unexpected and was built into the companies forecasts, with the directors comfortable with current results. |
The directors, having taken into account the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
Significant judgements and estimates |
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. This is unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at the market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The assets of the scheme are held separately from those of the company in an independently administered fund. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade and other creditors |
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Impairment of financial assets |
Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
Interest bearing borrowings |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; |
(ii) the company and the party are subject to common control; |
(iii) the party is an associate of the company or a joint venture in which the company is a venture |
(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 1 | 1 |
Caravan and pizza site staff | 68 | 72 |
Director's emoluments are paid through another entity within the group. |
2024 | 2023 |
£ | £ |
Directors' remuneration |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
Non bank interest on loans |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
Group relief | ( |
) | ( |
) |
Deferred tax |
Capital gains |
Total tax charge | 44,521 | 32,181 |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. In the year to 30 June 2024, deferred tax is charged at 25% (2023 - 25%). |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Adventure | Plant and |
property | Golf | machinery |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Reclassification/transfer |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Reclassification/transfer |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Included in cost of land and buildings is freehold land of £ 184,995 (2023 - £ 184,995 ) which is not depreciated. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Freehold land and buildings have been pledged to secure borrowings of the company. |
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases: |
2024 | 2023 |
£ | £ |
Motor vehicles | 44,299 | - |
Plant and machinery | 136,012 | - |
180,311 | - |
Depreciation charge | 12,702 | - |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 73,692 | 27,747 |
Accruals and deferred income |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Amounts owed to group undertakings |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 87,996 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
The bank loan is secured by an unlimited composite guarantee on assets held by the Sandsfield Limited Group. |
Other loans include £167,011 (2023: nil) relating to finance originally provided under a hire purchase agreement where the related asset has since been sold. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 407,563 | - |
Bank loans and other borrowings are secured against the land and buildings. Net obligations under finance leases are secured on the assets to which they relate. |
Other loans relate to loans from a pension fund in which the directors are beneficiaries. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 634,353 | 586,171 |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Transfer | 48,182 |
Balance at 30 June 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
20. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The company has guaranteed, by way of a debenture over its assets and by a cross guarantee with its parent undertaking, Sandsfield Limited, and fellow group undertakings, Sandsfield Gravel Company Limited and J. H. Mewburn Limited, the liabilities to bankers of that company. |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
SANDSFIELD LEISURE LIMITED (REGISTERED NUMBER: 10865478) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
21. | RELATED PARTY DISCLOSURES - continued |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Entities over which the entity has control, joint control or significant influence |
2024 | 2023 |
£ | £ |
Purchases | 1,078 | 61,488 |
Amounts due to related party | 16 | 1,027 |
Amounts owed to pension loan in which the directors are beneficiaries |
2024 | 2023 |
£ | £ |
183,335 | 271,334 |
Key management personnel of the entity or its parent (in the aggregate) |
2024 | 2023 |
£ | £ |
Rent Payable | 24,000 | 24,000 |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Sandsfield Limited. |
The ultimate controlling party is |
Sandsfield Leisure Limited is a wholly owned subsidiary of Sandsfield Limited and the results of Sandsfield Leisure Limited are included in the consolidated financial statements of Sandsfield Limited which are available from Companies House. |