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COMPANY REGISTRATION NUMBER: 04656972
Paladin Leisure Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2025
Paladin Leisure Ltd
Statement of Financial Position
31 January 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
6
496,250
379,209
Current assets
Debtors
7
44,475
52,447
Cash at bank and in hand
220,350
212,707
---------
---------
264,825
265,154
Creditors: amounts falling due within one year
8
83,666
161,938
---------
---------
Net current assets
181,159
103,216
---------
---------
Total assets less current liabilities
677,409
482,425
Creditors: amounts falling due after more than one year
9
144,316
37,222
---------
---------
Net assets
533,093
445,203
---------
---------
Capital and reserves
Called up share capital
196,100
196,100
Profit and loss account
336,993
249,103
---------
---------
Shareholders funds
533,093
445,203
---------
---------
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 January 2025 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paladin Leisure Ltd
Statement of Financial Position (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 8 May 2025 , and are signed on behalf of the board by:
Miss L C Vokins
Director
Company registration number: 04656972
Paladin Leisure Ltd
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is T2 Southern Unit Grove Business Park, Downsview Road, Wantage, Oxford, OX12 9FA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Long leasehold property
-
2% reducing balance
Plant and machinery
-
15% reducing balance
Furniture and office equipment
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Computer Equipment
-
15% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2024: 20 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2025
2024
£
£
Dividends on equity shares
31,900
31,500
--------
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Furniture & office equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2024
353,676
430,756
11,387
41,075
48,022
884,916
Additions
1,289
156,252
6,844
164,385
Disposals
( 5,901)
( 5,901)
---------
---------
--------
--------
--------
------------
At 31 Jan 2025
354,965
581,107
11,387
41,075
54,866
1,043,400
---------
---------
--------
--------
--------
------------
Depreciation
At 1 Feb 2024
91,927
341,731
8,634
28,052
35,363
505,707
Charge for the year
5,261
36,791
413
1,953
2,925
47,343
Disposals
( 5,900)
( 5,900)
---------
---------
--------
--------
--------
------------
At 31 Jan 2025
97,188
372,622
9,047
30,005
38,288
547,150
---------
---------
--------
--------
--------
------------
Carrying amount
At 31 Jan 2025
257,777
208,485
2,340
11,070
16,578
496,250
---------
---------
--------
--------
--------
------------
At 31 Jan 2024
261,749
89,025
2,753
13,023
12,659
379,209
---------
---------
--------
--------
--------
------------
7. Debtors
2025
2024
£
£
Trade debtors
2,039
12,004
Other debtors
42,436
40,443
--------
--------
44,475
52,447
--------
--------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
5,000
5,000
Trade creditors
28,700
39,510
Corporation tax
28,595
Social security and other taxes
7,872
31,542
Other creditors
42,094
57,291
--------
---------
83,666
161,938
--------
---------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
30,556
37,222
Other creditors
113,760
---------
--------
144,316
37,222
---------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
115,185
100,560
Later than 1 year and not later than 5 years
415,646
402,240
Later than 5 years
678,780
678,780
------------
------------
1,209,611
1,181,580
------------
------------
11. Director's advances, credits and guarantees
Included in other debtors is an £1,100 interest free advance to the director which was still outstanding at the period end.