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Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
SC296336
Loyal Leisure Ltd
Unaudited filleted financial statements
28 February 2025
Loyal Leisure Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Loyal Leisure Ltd
Directors and other information
|
|
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Directors |
K P Howell |
|
|
S P B Howell |
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|
D O Norman |
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Secretary |
K P Howell |
|
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Company number |
SC296336 |
|
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|
Registered office |
Strathmore Golf Centre |
|
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Leroch |
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Alyth |
|
|
PH11 8NZ |
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Business address |
Strathmore Golf Centre |
|
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Leroch |
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Alyth |
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PH11 8NZ |
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|
Accountants |
Barrie Scott & Co. |
|
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30 Mid Street |
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Bathgate |
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EH48 1PT |
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Solicitors |
RSB MacDonald |
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17 Crichton Street |
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Dundee |
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DD1 3AR |
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|
Loyal Leisure Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Loyal Leisure Ltd
Year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loyal Leisure Ltd for the year ended 28 February 2025 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation -of-accounts-revised-june-2020.
This report is made solely to the board of directors of Loyal Leisure Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Loyal Leisure Ltd and state those matters that we have agreed to state to the board of directors of Loyal Leisure Ltd as a body, in this report in accordance with the requirements of ICAS as detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation-of-accounts -revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loyal Leisure Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Loyal Leisure Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Loyal Leisure Ltd. You consider that Loyal Leisure Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Loyal Leisure Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
30 Mid Street
Bathgate
EH48 1PT
24 July 2024
Loyal Leisure Ltd
Statement of financial position
28 February 2025
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
706,997 |
|
|
|
717,421 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
706,997 |
|
|
|
717,421 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Stocks |
|
|
26,800 |
|
|
|
24,675 |
|
|
|
Debtors |
|
6 |
28,164 |
|
|
|
23,104 |
|
|
|
Cash at bank and in hand |
|
|
15,841 |
|
|
|
15,410 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
70,805 |
|
|
|
63,189 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
678,054) |
|
|
|
(
576,785) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current liabilities |
|
|
|
|
(
607,249) |
|
|
|
(
513,596) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
99,748 |
|
|
|
203,825 |
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
26,607) |
|
|
|
(
127,395) |
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
12,595) |
|
|
|
(
13,561) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
60,546 |
|
|
|
62,869 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
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Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
99 |
|
|
|
99 |
|
Profit and loss account |
|
|
|
|
60,447 |
|
|
|
62,770 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
60,546 |
|
|
|
62,869 |
|
|
|
|
|
_______ |
|
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|
_______ |
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For the year ending 28 February 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 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.
These financial statements were approved by the
board of directors
and authorised for issue on
14 July 2025
, and are signed on behalf of the board by:
K P Howell
Director
Company registration number:
SC296336
Loyal Leisure Ltd
Notes to the financial statements
Year ended 28 February 2025
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Strathmore Golf Centre, Leroch, Alyth, PH11 8NZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total value, excluding value added tax, of subscriptions taken, other golf related sales and restaurant and bar sales made during the year.Subscription revenues are recognised as the subscriptions fall due. Other income is recognised at the point of receipt.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 are subsequently stated at cost less any acculmulated depreciation and impairment losses.
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:
|
|
|
|
|
|
Freehold property |
- |
2 % |
straight line |
|
Plant and machinery |
- |
25% reducing balance/2 years & 3 years straight line |
|
|
Fittings fixtures and equipment |
- |
15% reducing balance/2 years straight line |
|
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Refurbishment |
- |
15 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the relared 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
37
(2024:
35
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Refurbishments |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
|
At 1 March 2024 |
693,290 |
445,809 |
146,946 |
2,870 |
31,831 |
1,320,746 |
|
Additions |
- |
- |
8,963 |
- |
- |
8,963 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 28 February 2025 |
693,290 |
445,809 |
155,909 |
2,870 |
31,831 |
1,329,709 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Depreciation |
|
|
|
|
|
|
|
At 1 March 2024 |
51,000 |
417,526 |
108,305 |
1,256 |
25,237 |
603,324 |
|
Charge for the year |
3,000 |
7,108 |
7,887 |
404 |
989 |
19,388 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 28 February 2025 |
54,000 |
424,634 |
116,192 |
1,660 |
26,226 |
622,712 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
Carrying amount |
|
|
|
|
|
|
|
At 28 February 2025 |
639,290 |
21,175 |
39,717 |
1,210 |
5,605 |
706,997 |
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
At 28 February 2024 |
642,290 |
28,283 |
38,641 |
1,614 |
6,594 |
717,422
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Other debtors |
|
28,164 |
23,104 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
32,394 |
78,038 |
|
Trade creditors |
|
34,590 |
29,254 |
|
Corporation tax |
|
9,403 |
10,997 |
|
Social security and other taxes |
|
98,475 |
56,332 |
|
Other creditors |
|
503,192 |
402,164 |
|
|
|
_______ |
_______ |
|
|
|
678,054 |
576,785 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The Allied Irish Bank (GB) holds a Personal Bond & Standard Security First Charge over Strathmore Golf Centre, Alyth, a Bond and Floating Charge over the assets
of Loyal Leisure Ltd
and a Guarantee from KP Howell, SPB Howell and D Norman in the sum of £100,000.
8.
Creditors: amounts falling due after more than one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
26,607 |
127,395 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The Allied Irish Bank (GB) holds a Personal Bond & Standard Security First Charge over Strathmore Golf Centre, Alyth, a Bond and Floating Charge over the assets
of Loyal Leisure Ltd
and a Guarantee from KP Howell, SPB Howell and D Norman in the sum of £100,000.
Included within creditors: amounts falling due after more than one year is an amount of £ -
(2024 £ 10,099 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loans are paid in monthly instalments and at a market rate of interest.
9.
Related party transactions
During the year the company provided loans to Lands of Loyal Hotel, a partnership in which Mr
K P Howell
and Mr S P B Howell
are both partners. These loans are interest free and have no fixed terms of repayment. At the year end Lands of Loyal Hotel owed Loyal Leisure Ltd £15,203 (2024: £10,359).During the year the company received a loan of £110,000 from the sister of Mr K P Howell
. Interest is charged at 10% on this loan and there is no fixed term of repayment. At the year end Loyal Leisure Ltd owed £110,000 (2024: £-).
10.
Going concern
These accounts are prepared on a going concern basis, the validity of which depends on the continuing support of the company's directors and bankers.