Company No: 03603607 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	1,101,202		1,081,559
		1,101,202		1,081,559
Current assets
Stocks		2,138,513		2,191,944
Debtors	4	251,568		64,120
Cash at bank and in hand		3,395,314		2,597,499
		5,785,395		4,853,563
Creditors: amounts falling due within one year	5	( 2,149,424)		( 1,771,121)
Net current assets		3,635,971		3,082,442
Total assets less current liabilities		4,737,173		4,164,001
Provision for liabilities	6	( 38,989)		( 34,015)
Net assets		4,698,184		4,129,986
Capital and reserves
Called-up share capital		808,786		808,786
Revaluation reserve		402,282		411,349
Capital redemption reserve		808,784		808,784
Profit and loss account		2,678,332		2,101,067
Total shareholder's funds		4,698,184		4,129,986

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Taunton Leisure Limited (registered number: 03603607) were approved and authorised for issue by the Director on 16 September 2025. They were signed on its behalf by:

S J Clark Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Taunton Leisure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Victoria House, Victoria Street, Taunton, TA1 3FA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Judgements

At each year end the company recognises a deferred income provision in respect of gift vouchers sold which have yet to be redeemed against a sale of goods. The directors have exercised judgement
in determining the amount which the company reasonably expects to be redeemed in the future with a full provision being recognised against any gift vouchers sold and not redeemed in the last 2 years, a 75% provision recognised in respect of the value of gift vouchers sold three years ago, 50% provision against the value of gift vouchers sold four years ago and 25% provision in respect of those gift vouchers sold five years ago.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 50 years straight line
Leasehold improvements	20 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

In 2016 the company took advantage of the provision available during the transition to FRS102 to revalue its Freehold property, and to use this valuation as the deemed cost to be depreciated in future accounting periods.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the
creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Loyalty points

The company operates a loyalty point scheme whereby for every £100 spent, 1 loyalty point is earned. A provision is made at the end of each accounting period for the amount of points that the company expect to be redeemed before their expiry date.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	48		38

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	1,172,402		41,954		70,472		87,810		66,801		1,439,439
Additions	0		7,843		30,161		10,838		15,034		63,876
Disposals	0		0		0		( 8,129)		( 1,793)		( 9,922)
At 31 December 2024	1,172,402		49,797		100,633		90,519		80,042		1,493,393
Accumulated depreciation
At 01 January 2024	172,776		21,821		41,398		65,925		55,960		357,880
Charge for the financial year	19,392		3,143		11,646		3,562		5,352		43,095
Disposals	0		0		0		( 7,358)		( 1,426)		( 8,784)
At 31 December 2024	192,168		24,964		53,044		62,129		59,886		392,191
Net book value
At 31 December 2024	980,234		24,833		47,589		28,390		20,156		1,101,202
At 31 December 2023	999,626		20,133		29,074		21,885		10,841		1,081,559

Included within the net book value of land and buildings above is £756,140 (2023 - £771,158) in respect of freehold land and buildings and £224,094 (2023 - £228,468) in respect of long leasehold land and buildings.

Revaluation of tangible assets

The fair value of the company's Land and Buildings was revalued on 22 March 2016 by an independent valuer.
The properties were revalued at a market value of £1,137,500 using market based evidence for company accounts purposes. The name and qualification of the independent valuer are David White BSc FRICS, registered valuer, of Hatfield White.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £556,666 (2023 - £566,582).

4. Debtors

	2024		2023
	£		£
Trade debtors	3,041		7,957
Amounts owed by Parent undertakings	224,991		32,393
Other debtors	23,536		23,770
	251,568		64,120

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	1,237,408		1,214,943
Accruals and deferred income	488,121		162,897
Taxation and social security	417,270		368,859
Other creditors	6,625		24,422
	2,149,424		1,771,121

There are no amounts included above in respect of which any security has been given by the small entity.

6. Provision for liabilities

	2024		2023
	£		£
Deferred tax	38,989		34,015

7. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	104,000		156,000

8. Ultimate controlling party

Parent Company:

Taunton Leisure (Holdings) Limited

Victoria House, Victoria Street, Taunton, TA1 3FA