The Leisure Company (UK) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06298212

THE LEISURE COMPANY (UK) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

THE LEISURE COMPANY (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed Assets

Intangible assets	5	42,886	87,550
Tangible assets	6	607,345	614,470
Investments	7	1,445,312	1,445,312
		--------------	--------------
		2,095,543	2,147,332

Current Assets

Stocks		3,533,772	4,996,351
Debtors	8	680,447	922,136
Cash at bank and in hand		43,932	115,112
		--------------	--------------
		4,258,151	6,033,599

Creditors: amounts falling due within one year	9	3,677,722		4,272,329
		--------------		--------------
Net Current Assets			580,429		1,761,270
			--------------		--------------
Total Assets Less Current Liabilities			2,675,972		3,908,602

Creditors: amounts falling due after more than one year	10		1,347,954		2,191,448

Provisions

Taxation including deferred tax	–	43,483
	--------------	--------------
Net Assets	1,328,018	1,673,671
	--------------	--------------

THE LEISURE COMPANY (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

	2024		2023
Note	£	£	£	£

Capital and Reserves

Called up share capital	100	100
Profit and loss account	1,327,918	1,673,571
	--------------	--------------
Shareholders Funds	1,328,018	1,673,671
	--------------	--------------

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 income and retained earnings has not been delivered.

For the 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.

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 September 2025 , and are signed on behalf of the board by:

Mr E D Mason

Director

Company registration number: 06298212

THE LEISURE COMPANY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Halfway House Caravan Park, Burgh Road, Skegness, Lincolnshire, PE24 4UF.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

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. The directors consider that a reliable estimate of the useful life of goodwill is twenty years.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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	-	5% 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 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.

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 excluding land
Short leasehold property	-	6% straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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 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.

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.

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.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).

5. Intangible Assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 January 2024	293,284	35,000	328,284
Additions	–	–	–
Disposals	–	( 30,000)	( 30,000)
	-----------	---------	-----------
At 31 December 2024	293,284	5,000	298,284
	-----------	---------	-----------
Amortisation
At 1 January 2024	240,734	–	240,734
Charge for the year	14,664	–	14,664
	-----------	---------	-----------
At 31 December 2024	255,398	–	255,398
	-----------	---------	-----------
Carrying amount
At 31 December 2024	37,886	5,000	42,886
	-----------	---------	-----------
At 31 December 2023	52,550	35,000	87,550
	-----------	---------	-----------

6. Tangible Assets

	Freehold property	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	362,554	66,873	225,985	61,045	48,018	764,475
Additions	–	–	30,267	–	17,450	47,717
Disposals	–	–	–	( 3,695)	–	( 3,695)
	-----------	---------	-----------	---------	---------	-----------
At 31 Dec 2024	362,554	66,873	256,252	57,350	65,468	808,497
	-----------	---------	-----------	---------	---------	-----------
Depreciation
At 1 Jan 2024	16,850	26,969	49,001	30,029	27,156	150,005
Charge for the year	2,800	4,458	31,088	9,497	5,747	53,590
Disposals	–	–	–	( 2,443)	–	( 2,443)
	-----------	---------	-----------	---------	---------	-----------
At 31 Dec 2024	19,650	31,427	80,089	37,083	32,903	201,152
	-----------	---------	-----------	---------	---------	-----------
Carrying amount
At 31 Dec 2024	342,904	35,446	176,163	20,267	32,565	607,345
	-----------	---------	-----------	---------	---------	-----------
At 31 Dec 2023	345,704	39,904	176,984	31,016	20,862	614,470
	-----------	---------	-----------	---------	---------	-----------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	1,445,312
	--------------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------------

Carrying amount
At 31 December 2024	1,445,312
	--------------
At 31 December 2023	1,445,312
	--------------

8. Debtors

	2024	2023
	£	£
Trade debtors	579,540	785,464
Other debtors	100,907	136,672
	-----------	-----------
	680,447	922,136
	-----------	-----------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans	220,935	96,000
Trade creditors	3,229,231	4,074,761
Social security and other taxes	34,851	14,480
Other creditors	192,705	87,088
	--------------	--------------
	3,677,722	4,272,329
	--------------	--------------

Bank borrowing is secured against the assets of the company. Trade creditors totalling £2,818,417 (2023 - £3,600,236) are secured against trading stock. Other creditors include hire purchase liabilities of £24,905 (2023-£24,235) which are secured against fixed assets.

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

	2024	2023
	£	£
Bank loans	614,896	746,650
Trade creditors	520,254	1,146,828
Other creditors	212,804	297,970
	--------------	--------------
	1,347,954	2,191,448
	--------------	--------------

Bank borrowing is secured against the assets of the company and includes an amount of £400,000 (2023-£480,000) repayable after more than five years at a variable rate of interest.

Trade creditors of £520,254 (2023-£1,146,828) are secured against trading stock.

Other creditors include hire purchase liabilities of £12,804 (2023-£37,970) which are secured against fixed assets.

11. Operating Leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	6,808	13,411
Later than 1 year and not later than 5 years	9,643	16,449
	---------	---------
	16,451	29,860
	---------	---------

12. Directors' Advances, Credits and Guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs M J Mason	–	–	–	–
Mr E D Mason	27,185	–	( 27,185)	–
	---------	-----	---------	-----
	27,185	–	( 27,185)	–
	---------	-----	---------	-----

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs M J Mason	13,871	–	( 13,871)	–
Mr E D Mason	47,039	27,185	( 47,039)	27,185
	---------	---------	---------	---------
	60,910	27,185	( 60,910)	27,185
	---------	---------	---------	---------

Balances were subject to interest at the official rate and repayable on demand.