Company registration number 596765 (England and Wales)
KINGS LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
KINGS LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
KINGS LEISURE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,754,138
2,128,532
Investment property
5
-
0
150,000
Investments
6
100
100
1,754,238
2,278,632
Current assets
Debtors
7
13,015,863
14,613,157
Cash at bank and in hand
15,933
10,716
13,031,796
14,623,873
Creditors: amounts falling due within one year
8
(1,632,714)
(5,051,511)
Net current assets
11,399,082
9,572,362
Total assets less current liabilities
13,153,320
11,850,994
Creditors: amounts falling due after more than one year
9
(4,932,366)
(4,020,728)
Net assets
8,220,954
7,830,266
Capital and reserves
Called up share capital
10
188,000
188,000
Revaluation reserve
1,750,000
2,127,299
Other reserves
12,000
12,000
Profit and loss reserves
6,270,954
5,502,967
Total equity
8,220,954
7,830,266
KINGS LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 April 2025
Ms H E King
Director
Company registration number 596765 (England and Wales)
KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Kings Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Cooper House, 316 Regents Park Road, London, United Kingdom, N3 2JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of the aircraft. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue is generated by servicing and maintaining aircraft.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% & 25% straight line
Aircraft
10% straight line
Computers
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
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 and 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Employee benefit trust

The company has established a Trust with the broad objective of providing benefits to the employees and their dependents, both past and present. The Trustees operate independently of the company and the assets of the Trust are held separately from those of the company. In view of this, and because the assets of the trust have been designated into sub-trusts for specific employees, the assets of the Trust have not been combined with those of the company in these accounts.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
2
4
Tangible fixed assets
Plant and equipment
Aircraft
Computers
Total
£
£
£
£
Cost
At 1 October 2023
-
0
4,911,322
3,701
4,915,023
Additions
5,517
-
0
-
0
5,517
Revaluation
-
0
(3,161,322)
-
0
(3,161,322)
At 30 September 2024
5,517
1,750,000
3,701
1,759,218
Depreciation and impairment
At 1 October 2023
-
0
2,784,023
2,468
2,786,491
Depreciation charged in the year
1,379
-
0
1,233
2,612
Revaluation
-
0
(2,784,023)
-
0
(2,784,023)
At 30 September 2024
1,379
-
0
3,701
5,080
Carrying amount
At 30 September 2024
4,138
1,750,000
-
0
1,754,138
At 30 September 2023
-
0
2,127,299
1,233
2,128,532

The orihginal revaluation of the aircraft was arrived at by reflecting the offer made for the asset as at 30 September 2023 by an independent third party wishing to buy the aircraft. Subsequent to this, a revised offer has been made which values the aircraft at £1,750,000. The carrying value has been adjusted as this is a more accurate representation of the current value.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 October 2023
150,000
Transfers
(150,000)
At 30 September 2024
-
0

The investment property comprised a single property. The property was transferred to Autoclassiic Limited during the current period.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
170,408
1,871,960
Other debtors
12,843,392
12,738,002
Prepayments and accrued income
2,063
3,195
13,015,863
14,613,157

Included within other debtors above are related party balances amounting to £12,601,177 (2023 - £12,579,142) as disclosed in full in note 12, of which £9,697,106 (2023 : £9,691,139) is receivable after one year.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,112
38,102
Corporation tax
316,130
3,873,457
Other taxation and social security
45,479
-
0
Other creditors
233,507
156,967
Accruals and deferred income
1,021,486
982,985
1,632,714
5,051,511

Included within Other creditors above are related party balances amounting to £230,487 (2023 - £156,967) as disclosed in full in note 12.

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Corporation tax
3,080,425
3,093,087
Other creditors
1,851,941
927,641
4,932,366
4,020,728

The Corporation tax amount relates to a tax liability that has been deferred by the sale proceeds being invested in an allowable asset.

 

Included within Other creditors above are related party balances amounting to £1,851,941 (2023 - £927,641) as disclosed in full in note 12.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
188,000
188,000
188,000
188,000

 

11
Operating lease commitments

[Further information as appropriate]

As lessor - operating leases

The operating leases represent leases [of XXX] to third parties. The leases are negotiated over terms of [XX-YY] years and rentals are fixed for [XX-YY] years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

[Further information as appropriate]

KINGS LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
12
Related party transactions

As at the balance sheet date the following amounts were owed to the company by the following individuals and companies:

 

 

 

 

2024

 

2023

 

 

 

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C B King

 

 

 

67,975

 

Nil

H W King

 

 

 

2,680,988

 

2,621,993

L King

 

 

 

155,108

 

129,332

 

 

 

 

 

 

 

 

 

 

 

 

Sandy Bay Developments Limited

2,113,069

 

2,072,077

Sandy Bay Resorts Limited

 

189,499

 

186,434

Pemican Developments Limited

2,829,202

 

2,667,538

Steve's Radio Cars Limited

 

480,647

 

437,526

Autoclassic Limited

 

 

4,084,689

 

4,327,563

 

 

 

 

 

 

Additionally, the following amounts were owed by the company to the following individuals and companies:

 

 

 

 

 

2024

 

2023

 

 

 

 

£

 

£

 

 

 

 

 

 

 

J G King

 

 

 

1,424,300

 

500,000

Kings Executive Pension Scheme

167,269

 

156,967

Clear Springs Management

 

427,641

 

427,641

H E King

 

63,218

 

Nil

 

The above companies are related by virtue of common directorships, shareholding and where the company is the sponsoring employer.

 

All of the above balances are unsecured, interest free (with the exception of loans to J G King, C B King, H W King and L King) and repayable on demand.

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