Leisureline Construction Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 8

Leisureline Construction Ltd

(Registration number: 04610130)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	1,324,336	1,300,757
Current assets
Debtors	6	19,125	25,694
Cash at bank and in hand		201,397	185,077
		220,522	210,771
Creditors: Amounts falling due within one year	7	(77,943)	(60,209)
Net current assets		142,579	150,562
Total assets less current liabilities		1,466,915	1,451,319
Creditors: Amounts falling due after more than one year	7	(229,962)	(260,998)
Provisions for liabilities		(103,253)	(103,267)
Net assets		1,133,700	1,087,054
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		1,132,700	1,086,054
Shareholders' funds		1,133,700	1,087,054

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.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2025 and signed on its behalf by:
 

Mrs N Singh-Benning Company secretary and director

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is that of a building and civil engineering contractor and commercial property rental.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

An increase in the carrying amount of an asset as the result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as the result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Commercial vehicles	25% reducing balance

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	8,000	8,000
At 31 December 2024	8,000	8,000
Amortisation
At 1 January 2024	8,000	8,000
At 31 December 2024	8,000	8,000
Carrying amount
At 31 December 2024	-	-

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	1,300,000	71,698	3,500	1,375,198
Additions	23,769	-	-	23,769
At 31 December 2024	1,323,769	71,698	3,500	1,398,967
Depreciation
At 1 January 2024	-	71,137	3,304	74,441
Charge for the year	-	141	49	190
At 31 December 2024	-	71,278	3,353	74,631
Carrying amount
At 31 December 2024	1,323,769	420	147	1,324,336
At 31 December 2023	1,300,000	561	196	1,300,757

Included within the net book value of land and buildings above is £1,323,769 (2023 - £1,300,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Investment property was revalued on 31 December 2024. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,200,000 (2023 - £1,200,000).

6

Debtors

	2024 £	2023 £
Trade debtors	12,364	20,244
Other debtors	6,761	5,450
	19,125	25,694

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		30,950	30,863
Taxation and social security		13,283	4,810
Accruals and deferred income		33,710	24,536
		77,943	60,209

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings		119,877	150,913
Other non-current financial liabilities		110,085	110,085
		229,962	260,998

£102,914 of the bank loan is secured by a legal charge over Leisureline House, Oakwood Close, Barnstaple.

Included within creditors: amounts falling due after more than one year is a nil amount (2023 £20,583) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is an 8 year loan, commencing in September 2021 at an interest rate of 4.50% and a Bounce Back Loan, commencing in May 2020 at an interest rate of 2.50%.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Leisureline Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9	Related party transactions

Transactions with directors

2024	At 1 January 2024 £	At 31 December 2024 £
Directors	(110,085)	(110,085)

2023	At 1 January 2023 £	At 31 December 2023 £
Directors	(110,085)	(110,085)

The loan is interest free and repayable on demand.