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Registration number: SC203575

KWAD Leisure Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

KWAD Leisure Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

KWAD Leisure Ltd

Company Information

Director

Mr Kevin Davidson

Registered office

2 Letham Place
St Andrews
KY18 6RB

Accountants

Mint Accounting Ltd
63 Dock Street
Dundee
DD1 3DU

 

KWAD Leisure Ltd

(Registration number: SC203575)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

405,000

416,525

Current assets

 

Stocks

5

8,766

8,766

Debtors

6

62,720

54,875

Cash at bank and in hand

 

2,895

548

 

74,381

64,189

Creditors: Amounts falling due within one year

7

(9,063)

(10,210)

Net current assets

 

65,318

53,979

Total assets less current liabilities

 

470,318

470,504

Creditors: Amounts falling due after more than one year

7

(296,894)

(302,874)

Net assets

 

173,424

167,630

Capital and reserves

 

Called up share capital

1

1

Other reserves

(49,746)

(49,746)

Retained earnings

223,169

217,375

Shareholders' funds

 

173,424

167,630

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

KWAD Leisure Ltd

(Registration number: SC203575)
Balance Sheet as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2025
 

.........................................
Mr Kevin Davidson
Director

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
2 Letham Place
St Andrews
KY18 6RB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Impairment of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell or value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised in profit and loss unless the relevant assets is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.







 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost which includes the purchase cost and any directly attributable expenditure, Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Investment properties

2024
£

At 1 August

416,525

Disposals

(11,525)

At 31 July

405,000

The fair value of £405,000 on the investment properties has been arrived at on the basis of a valuation carried out by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The last valuation of an investment property by an independant valuer was in 2019.

Impairment of investment property

The amount of impairment loss included in profit or loss is £Nil (2023 - £15,000).

5

Stocks

2024
£

2023
£

Work in progress

8,766

8,766

6

Debtors

Current

2024
£

2023
£

Other debtors

62,720

54,875

 

62,720

54,875

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,597

7,109

Taxation and social security

 

603

1,697

Accruals and deferred income

 

5

586

Other creditors

 

5,858

818

 

9,063

10,210

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,512 (2023 - £4,512).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

296,894

302,874

2024
£

2023
£

Due after more than five years

After more than five years by instalments

-

112,232

After more than five years not by instalments

-

167,833

-

280,065

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £294,730 (2023 - £298,113).

Paragon Bank plc and Aldermore Bank plc hold security over the investment properties of the company.

8

Dividends

Interim dividends paid

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

Interim dividend of £Nil (2023 - £1,000.00) per each Ordinary share

-

1,000

 

 

9

Related party transactions

Interest at 2.26% is being charged on the loan to the director and had no fixed repayment terms. The loan was fully repaid January 25.

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 July 2024
£

Mr Kevin Davidson

Loan

-

20,000

(12,500)

245

7,745

 

KWAD Leisure Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Summary of transactions with entities with joint control or significant interest

During the year KWAD Leisure Ltd provided Ask the Angel Ltd with an additional loan of £1,250 (2023 £nil). Ask the Angel Ltd repaid £1,150 of the outstanding loan and the amount outstanding at year end was £54,175 (2023 £54,075). Mr Kevin Davdison is sole director of both companies.This loan is unsecured, repayable on demand and shown under Other Debtors.