Paradise Leisure Limited Company accounts

COMPANY REGISTRATION NUMBER: 07536207

Paradise Leisure Limited

Unaudited Financial Statements

31 January 2025

Paradise Leisure Limited

Financial Statements

Year ended 31 January 2025

Contents	Page

Director's report	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Paradise Leisure Limited

Director's Report

Year ended 31 January 2025

The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2025 .

Director

The director who served the company during the year was as follows:

Mr R Townsley

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 April 2025 and signed on behalf of the board by:

Mr R Townsley
Director

Registered office:

Paradise Lakeside Lodges

Storwood

York

YO42 4TD

Paradise Leisure Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Paradise Leisure Limited

Year ended 31 January 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 Paradise Leisure Limited for the year ended 31 January 2025, which comprise the statement of income and retained earnings, statement of financial position and the 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 www.icas.com/accountspreparationguidance. This report is made solely to the director of Paradise Leisure Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Paradise Leisure Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paradise Leisure Limited and its director for our work or for this report.

It is your duty to ensure that Paradise Leisure Limited 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 Paradise Leisure Limited. You consider that Paradise Leisure Limited 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 Paradise Leisure Limited. 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.

GILLILAND & COMPANY Chartered Accountants

216 West George Street Glasgow G2 2PQ

22 April 2025

Paradise Leisure Limited

Statement of Income and Retained Earnings

Year ended 31 January 2025

	2025	2024
Note	£	£
Turnover	403,443	317,015

Cost of sales	88,521	60,161
	---------	---------
Gross profit	314,922	256,854

Administrative expenses	277,189	266,270
	---------	---------
Operating profit/(loss)	37,733	( 9,416)

Interest payable and similar expenses		51,059	50,311
		---------	---------
Loss before taxation	5	( 13,326)	( 59,727)

Tax on loss	–	( 9,953)
	--------	--------
Loss for the financial year and total comprehensive income	( 13,326)	( 49,774)
	--------	--------

Retained earnings at the start of the year	44,505	94,279
	--------	--------
Retained earnings at the end of the year	31,179	44,505
	--------	--------

All the activities of the company are from continuing operations.

Paradise Leisure Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	7		1,340,511	1,360,669

Current assets

Stocks		22,900	22,900
Debtors	8	16,921	17,848
Cash at bank and in hand		18,273	22,530
		--------	--------
		58,094	63,278

Creditors: amounts falling due within one year	9	1,351,729		1,353,587
		------------		------------
Net current liabilities			1,293,635	1,290,309
			------------	------------
Total assets less current liabilities			46,876	70,360

Creditors: amounts falling due after more than one year	10		4,102	14,260

Provisions	10,595	10,595
	--------	--------
Net assets	32,179	45,505
	--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	31,179	44,505
	--------	--------
Shareholders funds	32,179	45,505
	--------	--------

These financial statements have been prepared 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'.

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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Paradise Leisure Limited

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:

Mr R Townsley
Director

Company registration number: 07536207

Paradise Leisure Limited

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 Paradise Lakeside Lodges, Storwood, York, YO42 4TD.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.

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	-	10% straight line

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.

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
Site fixtures and fittings	-	20% straight line
Log cabins and pods	-	10% straight line
Plant and machinery	-	20% straight line
Motor vehicles	-	25% reducing balance

Computer equipment	-	33% straight line
Log cabins and pods fixtures	-	4% straight line

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2024: 5 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	£	£
Depreciation of tangible assets	20,160	12,359
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 February 2024 and 31 January 2025	240,000
	---------
Amortisation
At 1 February 2024 and 31 January 2025	240,000
	---------
Carrying amount
At 31 January 2025	–
	---------
At 31 January 2024	–
	---------

7. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Site fixtures and fittings	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2024 and 31 Jan 2025	2,000,465	40,400	6,958	1,179	260,597	2,309,599
	------------	--------	-------	-------	---------	------------
Depreciation
At 1 Feb 2024	852,018	38,488	6,543	953	50,928	948,930
Charge for the year	17,892	771	104	203	1,188	20,158
	------------	--------	-------	-------	---------	------------
At 31 Jan 2025	869,910	39,259	6,647	1,156	52,116	969,088
	------------	--------	-------	-------	---------	------------
Carrying amount
At 31 Jan 2025	1,130,555	1,141	311	23	208,481	1,340,511
	------------	--------	-------	-------	---------	------------
At 31 Jan 2024	1,148,447	1,912	415	226	209,669	1,360,669
	------------	--------	-------	-------	---------	------------

8. Debtors

	2025	2024
	£	£
Other debtors	16,921	17,848
	--------	--------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	1,023	6,402
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,142,372	1,187,385
Social security and other taxes	6,840	449
Other creditors	191,494	149,351
	------------	------------
	1,351,729	1,353,587
	------------	------------

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	4,102	14,260
	-------	--------

11. Director's advances, credits and guarantees

The amount owed to Mr R Townsley , director, as at 31 January 2025 amounted to £183,161 (2024 : £137,185 ).

12. Related party transactions

The amount owed to Townsley Leisure Parks Limited as at 31 January 2025 amounted to £1,142,372 (2024 : £1,187,385).

13. Controlling party

The company is owned by Townsley Leisure Parks Limited, a company registered in England and Wales.