WYE LEISURE LIMITED
Company registration number 03926356 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WYE LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WYE LEISURE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,018,454
4,859,838
Current assets
Stocks
12,184
11,076
Debtors
5
132,886
135,408
Cash at bank and in hand
52,560
127,098
197,630
273,582
Creditors: amounts falling due within one year
6
(1,162,002)
(1,270,082)
Net current liabilities
(964,372)
(996,500)
Total assets less current liabilities
4,054,082
3,863,338
Creditors: amounts falling due after more than one year
7
(839,744)
(642,041)
Provisions for liabilities
(682,704)
(629,172)
Net assets
2,531,634
2,592,125
Capital and reserves
Called up share capital
8
1,000,000
1,000,000
Capital redemption reserve
100
100
Profit and loss reserves
1,531,534
1,592,025
Total equity
2,531,634
2,592,125
WYE LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 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 directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 31 July 2025 and are signed on its behalf by:
Mr T C Williams
Director
Company registration number 03926356 (England and Wales)
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Wye Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wye Leisure, Fownhope, Hereford, Herefordshire, HR1 4PE.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments, over its remaining estimated useful economic life of 5 years from transition date.

1.4
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:

Freehold buildings
2% straight line
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
Freehold land is not depreciated.

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.

WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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, 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.

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.

WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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.

 

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.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

2
Employees

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

2025
2024
Number
Number
Total
44
46
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
12,500
Amortisation and impairment
At 1 April 2024 and 31 March 2025
12,500
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
5,951,238
1,283,186
7,234,424
Additions
50,619
348,631
399,250
Disposals
(15,124)
(81,751)
(96,875)
At 31 March 2025
5,986,733
1,550,066
7,536,799
Depreciation and impairment
At 1 April 2024
1,730,157
644,429
2,374,586
Depreciation charged in the year
103,650
95,213
198,863
Eliminated in respect of disposals
(3,581)
(51,523)
(55,104)
At 31 March 2025
1,830,226
688,119
2,518,345
Carrying amount
At 31 March 2025
4,156,507
861,947
5,018,454
At 31 March 2024
4,221,081
638,757
4,859,838
WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Tangible fixed assets
(Continued)
- 7 -

The net book value of freehold land and buildings includes £711,977 (2024: £711,977) of non-depreciable assets.

 

During the year 2015-2016 a valuation of the company’s freehold property was commissioned at the request of the company’s new bankers in support of the company’s application for banking facilities.

In the opinion of the professional valuers, the market value of the company’s freehold property in its existing use and present condition as a fully equipped operational entity, having regard to trading potential as at 28 April 2015 was £3,500,000.

The carrying value (i.e. cost less depreciation) of the company’s freehold property and equipment at 31 March 2025 is £5,083,460. The directors are of the opinion that the carrying value is a more appropriate reflection of the actual value of the property and associated assets, having regard to the nature and purpose of the valuers’ report.

The property was subject to a second valuation for insurance purposes by another firm of professional valuers. In their opinion, the cost of reinstating the company’s premises to the existing design to a standard equal to, but no greater or better than, the existing condition was £10,292,000. This valuation was carried out in March 2015.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
188
-
0
Other debtors
132,698
135,408
132,886
135,408
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
56,439
112,221
Trade creditors
101,140
47,641
Taxation and social security
54,310
219,249
Other creditors
950,113
890,971
1,162,002
1,270,082

Included in other creditors due within one year are hire purchase liabilities of £164,767 (2024 - £45,108) which are secured on the assets in which they relate to.

WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
576,139
633,697
Other creditors
263,605
8,344
839,744
642,041

The loans from Mr A F Williams, The Estate of Mrs M J Williams and the company's bank are secured by debentures and legal charges over all freehold land and buildings and assets owned by the company.

 

Included in other creditors in more than one year are hire purchase liabilities of £263,605 (2024 - £8,344) which are secured on the assets in which they relate to.

 

Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
367,172
406,785
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
350
350
350
350
Ordinary B shares of £1 each
350
350
350
350
Ordinary C shares of £1 each
100
100
100
100
Ordinary D shares of £1 each
100
100
100
100
Ordinary E shares of £1 each
999,000
999,000
999,000
999,000
Ordinary F shares of £1 each
100
100
100
100
1,000,000
1,000,000
1,000,000
1,000,000

The A, B, C, D, E and F Ordinary shares shall have attached to them full voting rights; they shall have the right to a dividend as declared from time to time for that class of share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes.

 

On a capital distribution (including on a winding up or a sale) the first £3.5 million of capital realised will be allocated pro rata between all E Ordinary Shares in issue at the time of distribution. Any capital realised in excess of £3.5 million will be allocated pro rata between all the A, B, C, D and F Ordinary Shares in issue at the time of distribution.

 

The A, B, C, D, E & F Ordinary Shares are not redeemable.

WYE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
13,313
20,459
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