15 false false false false false false false false false false true false false false false false false No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 24,675 24,675 xbrli:pure xbrli:shares iso4217:GBP 04540868 2024-04-01 2025-03-31 04540868 2025-03-31 04540868 2024-03-31 04540868 2023-04-01 2024-03-31 04540868 2024-03-31 04540868 2023-03-31 04540868 core:PlantMachinery 2024-04-01 2025-03-31 04540868 core:FurnitureFittings 2024-04-01 2025-03-31 04540868 core:MotorVehicles 2024-04-01 2025-03-31 04540868 bus:Director4 2024-04-01 2025-03-31 04540868 bus:Director3 2024-04-01 2025-03-31 04540868 core:NetGoodwill 2025-03-31 04540868 core:PlantMachinery 2024-03-31 04540868 core:FurnitureFittings 2024-03-31 04540868 core:MotorVehicles 2024-03-31 04540868 core:PlantMachinery 2025-03-31 04540868 core:FurnitureFittings 2025-03-31 04540868 core:MotorVehicles 2025-03-31 04540868 core:WithinOneYear 2025-03-31 04540868 core:WithinOneYear 2024-03-31 04540868 core:AfterOneYear 2025-03-31 04540868 core:AfterOneYear 2024-03-31 04540868 core:ShareCapital 2025-03-31 04540868 core:ShareCapital 2024-03-31 04540868 core:RetainedEarningsAccumulatedLosses 2025-03-31 04540868 core:RetainedEarningsAccumulatedLosses 2024-03-31 04540868 core:AcceleratedTaxDepreciationDeferredTax 2025-03-31 04540868 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04540868 core:PlantMachinery 2024-03-31 04540868 core:FurnitureFittings 2024-03-31 04540868 core:MotorVehicles 2024-03-31 04540868 bus:Director4 2024-03-31 04540868 bus:Director4 2025-03-31 04540868 bus:Director4 2023-03-31 04540868 bus:Director4 2024-03-31 04540868 bus:Director3 2023-04-01 2024-03-31 04540868 bus:Director4 2023-04-01 2024-03-31 04540868 bus:SmallEntities 2024-04-01 2025-03-31 04540868 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 04540868 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 04540868 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 04540868 bus:FullAccounts 2024-04-01 2025-03-31 04540868 core:NetGoodwill 2024-04-01 2025-03-31 04540868 core:OfficeEquipment 2024-04-01 2025-03-31 04540868 core:OfficeEquipment 2024-03-31 04540868 core:OfficeEquipment 2025-03-31
COMPANY REGISTRATION NUMBER: 04540868
Wallis Leisure Limited
Filleted Unaudited Financial Statements
31 March 2025
Wallis Leisure Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
Fixed assets
Tangible assets
6
240,222
217,391
Current assets
Stocks
5,000
5,000
Debtors
7
6,537
Cash at bank and in hand
32,547
2,040
--------
--------
37,547
13,577
Creditors: amounts falling due within one year
8
64,581
67,465
--------
--------
Net current liabilities
27,034
53,888
---------
---------
Total assets less current liabilities
213,188
163,503
Creditors: amounts falling due after more than one year
9
22,412
27,772
Provisions
Taxation including deferred tax
53,228
41,702
---------
---------
Net assets
137,548
94,029
---------
---------
Wallis Leisure Limited
Statement of Financial Position (continued)
31 March 2025
2025
2024
Note
£
£
£
Capital and reserves
Called up share capital
101
101
Profit and loss account
137,447
93,928
---------
--------
Shareholders funds
137,548
94,029
---------
--------
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 comprehensive income has not been delivered.
For the year ending 31 March 2025 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 .
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr Matthew Wallis
Director
Company registration number: 04540868
Wallis Leisure Limited
Notes to the Financial Statements
Year ended 31 March 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 53 Lakebank, Littleborough, Lancs, OL15 0DQ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
-
Over 12 years
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:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
20% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2025
2024
No.
No.
Production staff
13
13
Management staff
2
2
----
----
15
15
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2025
2024
£
£
Wages and salaries
105,537
75,151
Other pension costs
1,130
580
---------
--------
106,667
75,731
---------
--------
5. Intangible assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
24,675
--------
Amortisation
At 1 April 2024 and 31 March 2025
24,675
--------
Carrying amount
At 31 March 2025
--------
At 31 March 2024
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
282,145
61,532
10,000
200
353,877
Additions
38,738
6,285
26,491
449
71,963
Disposals
( 10,000)
( 10,000)
---------
--------
--------
----
---------
At 31 March 2025
320,883
67,817
26,491
649
415,840
---------
--------
--------
----
---------
Depreciation
At 1 April 2024
112,829
20,957
2,500
200
136,486
Charge for the year
31,200
7,031
3,311
90
41,632
Disposals
( 2,500)
( 2,500)
---------
--------
--------
----
---------
At 31 March 2025
144,029
27,988
3,311
290
175,618
---------
--------
--------
----
---------
Carrying amount
At 31 March 2025
176,854
39,829
23,180
359
240,222
---------
--------
--------
----
---------
At 31 March 2024
169,316
40,575
7,500
217,391
---------
--------
--------
----
---------
7. Debtors
2025
2024
£
£
Other debtors
6,537
----
-------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
6,013
6,013
Trade creditors
20,032
43,953
Corporation tax
26,288
13,928
Social security and other taxes
7,517
Other creditors
4,731
3,571
--------
--------
64,581
67,465
--------
--------
9. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
22,412
27,772
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025
2024
£
£
Included in provisions
53,228
41,702
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2025
2024
£
£
Accelerated capital allowances
53,228
41,702
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Marilyn Jessie Wallis
1,078
( 1,078)
Mr Matthew Wallis
( 96)
42,088
( 42,042)
( 50)
----
--------
--------
----
( 96)
43,166
( 43,120)
( 50)
----
--------
--------
----
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs Marilyn Jessie Wallis
1,473
( 1,473)
Mr Matthew Wallis
( 823)
59,654
( 58,927)
( 96)
----
--------
--------
----
( 823)
61,127
( 60,400)
( 96)
----
--------
--------
----
12. Related party transactions
Matthew Wallis is a director and holds a controlling interest in the company. During the year, rent was paid by Wallis Leisure Limited to Matthew Wallis (trading under Matlis Properties) totalling £35,000 (2024 £30,000). There are no other transactions with related parties undertaken such as are required to be disclosed.