| LEISURE INC ( KNIGHTSBRIDGE) LIMITED |
| GROUP STRATEGIC REPORT |
|
|
|
|
| Introduction |
|
| The group’s principal activities have continued to be those of a Costa Coffee franchise operator within the hospitality industry, as well as property investment and development. Bristal Investments Limited operates exclusively as a Costa Coffee franchise partner and is a wholly owned subsidiary of Leisure Inc(Knightsbridge) Limited. The Group is a UK group with the immediate parent being Leisure Inc (Knightsbridge) Limited, a company incorporated in the United Kingdom. |
|
| Business review and key performance indicators |
|
| The results for the year are set out in the consolidated income statement on page 8. |
| The Group generated revenue of £12.93m (2023: £11.12m), an increase of 16%. The increase in revenue was primarily due to operating more stores in this year than throughout the previous year, supplemented by sale proceeds derived from the disposal of two stock development properties. |
|
| The overall gross profit margin was reduced at 57% (2023: 59%), with Bristal Investments Limited alone contributing 62.6% (2023: 60.5%). The slight deterioration in the gross profit margin was entirely attributable to the relatively small margins achieved on the two stock properties sold. Key performance indicators for the group continue to include monitoring and managing its sales revenues as well as the overhead cost base so that sufficient profits are generated within the group to facilitate further growth and to ensure that the group's financing needs are serviced. Additional key performance indicators also continue to include monitoring the performance of individual store outlets, the performance of all staff and, in particular, key contributors, as well as continual training initiatives. |
| The net current assets of the Group have decreased to £0.65m (2023: £0.69m), while the net asset position has improved to £7.30m (2023: £6.83m) as a result of working capital being invested into property purchases. In addition, the group has continued with a strategy post year end of maximising the retention of earnings in order to improve the net current asset position and thereby continuing to provide necessary working capital. |
|
| Principal risks and uncertainties |
| The principal risk surrounding the Group continues to be that of servicing its finance needs. In order to do so the group is dependent upon its ability to maintain profitability. The Group has also determined to substantially reduce its net borrowings and has embarked on a strategy to do so over the course of the next 2-3 years. The Group is further mitigating risk by continuing to expand its customer base over a wider number of store locations. |
|
| Future Developments |
| The principal activity and trading objectives of the Group is to maintain growth in revenues in order to grow future profits. |
|
| This report was approved by the board on 14 November 2025 and signed on its behalf. |
|
|
|
|
| E P Aleo |
| Director |
|
|
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
|
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
|
| Other information |
| The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
| We have nothing to report in this regard. |
|
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| ● |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
|
| Matters on which we are required to report by exception |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| ● |
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulation were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
| ● |
We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. |
| ● |
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. |
| ● |
We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur.Audit procedures performed by the engagement team included: |
| - |
Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
| - |
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. |
| - |
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. |
|
| ● |
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: |
| - |
Posting of unusual journals and complex transactions; |
| - |
Risk of fictitious employees; |
| - |
Accounting estimates in relation to property valuations. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statement, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collision, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
|
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
|
|
| Krishna Prasad Dahal, FCCA |
| (Senior Statutory Auditor) |
| for and on behalf of |
| Focus Somar Audit and Tax Accountants Ltd. |
| Statutory Auditors |
| Apex House, Grand Arcade, Tally Ho Corner, |
| London, N12 0EH |
| 14 November 2025 |
|
| LEISURE INC ( KNIGHTSBRIDGE) LIMITED |
| CONSOLIDATED STATEMENT OF CASH FLOWS |
| for the year ended 30 September 2024 |
|
|
|
|
|
|
| Notes |
|
2024 |
|
2023 |
| £ |
£ |
| Operating activities |
| Profit for the financial year |
929,408 |
|
1,053,676 |
|
| Adjustments for: |
| Amortisation of intangible assets |
11,333 |
|
10,833 |
| Depreciation of tangible assets |
503,525 |
|
459,021 |
| Loss/(profit) on sale of fixed assets |
6,071 |
|
(6,482) |
| Interest paid |
403,209 |
|
285,716 |
| Interest received |
(3,638) |
|
(10,406) |
| Tax on profit on ordinary activities |
305,680 |
|
299,119 |
| Decrease/(increase) in stocks |
601,669 |
|
(559,813) |
| Decrease/(increase) in debtors |
(77,911) |
|
(161,852) |
| Increase/(decrease) in creditors |
308,498 |
|
(312,842) |
| Increase in Provisions |
(75,604) |
|
4,125 |
| Net fair value (gains) recognised in P&L |
- |
|
(285,097) |
| Corporation tax paid |
(390,162) |
|
(249,531) |
|
84482 |
| Cash generated by operating activities |
2,522,078 |
|
526,467 |
|
|
|
|
|
|
| Cash flows from Investing activities |
| Purchase of tangible fixed assets |
(974,641) |
|
(1,352,275) |
| Sale of tangible fixed assets |
28,088 |
|
51,730 |
| Interest received |
3,638 |
|
10,406 |
|
| Net cash from investing activities |
(942,915) |
|
(1,290,139) |
|
|
|
|
|
|
| Cash flows from financing activities |
| Proceeds from new loans |
4,754,750 |
|
865,000 |
| Repayment of loans |
(5,482,147) |
|
(580,496) |
| Repayment of hire purchase leases |
(35,597) |
|
(228) |
| New hire purchase leases |
- |
|
143,332 |
| Amount introduced/ (drawndown) by directors |
(53,457) |
|
7,941 |
| Dividends paid |
(450,500) |
|
(391,000) |
| Interest paid |
(403,209) |
|
(285,716) |
|
| Cash used in financing activities |
(1,670,160) |
|
(241,167) |
|
|
|
|
|
|
| Net cash used |
| Cash generated by operating activities |
2,522,078 |
|
526,467 |
| Cash used in investing activities |
(942,915) |
|
(1,290,139) |
| Cash used in financing activities |
(1,670,160) |
|
(241,167) |
|
| Net cash used |
(90,997) |
|
(1,004,839) |
|
| Cash and cash equivalents at beginning of year |
163,648 |
|
1,168,487 |
| Cash and cash equivalents at the end of year |
72,651 |
|
163,648 |
|
|
|
|
|
|
| Cash and cash equivalents comprise: |
| Cash at bank |
72,651 |
|
163,648 |
|
|
|
72,651 |
|
163,648 |
|
|
|
|
|
|
|
| LEISURE INC ( KNIGHTSBRIDGE) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
|
|
|
|
|
|
|
|
|
| 1 |
General Information |
|
|
Leisure Inc (Knightsbridge) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The Company's functional and presentational currency is GBP (£). |
|
| 2 |
Accounting Policies |
|
| 2.1 |
Basis of preparation of financial statements |
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act of 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The following principal accounting policies have been applied: |
|
| 2.2 |
Basis of consolidation |
|
|
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between the group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the control ceases. |
|
| 2.3 |
Revenue |
|
Revenue represents income earned from principal activity of the business, being franchise coffee shops. All revenue generated is recognised at the point of sale and measured at the fair value of the consideration received, excluding any discounts,value added tax and other sales taxes.
Other income represents rent receivables from property held investment property & in work in progress. The income generated is recognised from work in progress is incidental to the trade and is generated short term as planning permission is sought. |
|
| 2.4 |
Operating Leases: the Group as lessor |
|
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. |
|
| 2.5 |
Operating Leases: the Group as lessee |
|
Rentals paid under the operating leases are charged to profit or loss on a straight-line bases over the lease term. |
|
| 2.6 |
Pensions |
|
|
Defined contribution pension plan |
|
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. |
|
| 2.7 |
Tangible fixed assets |
|
Tangible fixed assets under the cost model are stated at historical costs less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis: |
|
Freehold property |
2% |
|
on the cost of building |
|
Lease improvements |
Straight line over period of the lease |
|
Plant and machinery |
25% |
|
on reducing balance |
|
Motor Vehicles |
25% |
|
on reducing balance |
|
Fixtures and Fittings |
25% |
|
on reducing balance |
|
Computer Equipment |
25% |
|
on reducing balance |
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
|
|
| 2.8 |
Investments in subsidiares |
|
Investments in subsidiary undertakings are recognised at cost. |
|
| 2.9 |
Stocks |
|
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Stock held consists of work in progress and finished goods which include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If the stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
|
| 2.10 |
Intangible fixed assets |
|
Intangible fixed assets are intially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
|
Intangibles relate to the franchise fees and are initially measured at cost. They are subsequently amortised evenly over the life of the agreement being 5 years. |
| 2.11 |
Investment property |
|
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. |
| 2.12 |
Provisions for liabilities |
|
Provision are made where an event has taken place that gives the Group a legal and constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions can be charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
|
| 2.13 |
Financial instruments |
|
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
|
Derecognition of financial assets |
|
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial assets and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
|
Derecognition of financial liabilities |
|
Financial liabilities are derecognised when, and only when, the Group's contractual obligations are discharged, cancelled or they expire. |
|
| 2.14 |
Current and deferred taxation |
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity
respectively.
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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
- Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. |
|
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
|
| 3 |
Critical accounting estimates and judgements |
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported. These estimates and judgements are continually reviewed and are based on experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimates) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements is the split and valuation of the mixed use properties & the provision for dilapidation's. |
|
1) Mixed use properties |
|
The estimations that management has made in considering the split and valuation of the investment property portfolio is as follows: |
| • |
Valuation |
|
The investment properties are measured at fair value and are based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Any changes in the fair value are recognised in either the profit or loss for the period in which they arise. |
|
The directors review the valuation of the properties on an annual basis and, taking market conditions into account, consider the values included in the accounts to be the fair value of the properties. |
| • |
Classification split |
|
To apportion the cost value between investment property and freehold element of the mixed use properties, the directors applied the average market yield to the annual earnings to obtain the open market value. The open market value split was apportioned to the cost. |
|
The average market yield used was based on the market rate from a 3rd party valuation performed on the properties based on market evidence available. |
|
|
2) Dilapidation provision |
|
The directors have obtained a dilapidation assessment from a 3rd party expert on three different coffee shops in the prior year and have applied an adjusted average cost per sqaure metre across the remaining coffee shops on the same basis that the condition of the properties and dilapidation requirements are similar across the portfolio. |
|
| 4 |
Analysis of turnover |
2024 |
|
2023 |
|
Group |
£ |
£ |
|
|
Sale of goods |
11,548,481 |
|
10,496,406 |
|
Sale of property |
1,385,000 |
|
625,000 |
|
|
|
|
|
|
12,933,481 |
|
11,121,406 |
|
|
|
|
|
|
|
|
|
|
All turnover arose within the United Kingdom |
|
|
|
| 5 |
Other Operating Income |
2024 |
|
2023 |
| £ |
£ |
|
|
Other operating income |
3,704 |
|
1,728 |
|
Rent receivable |
274,986 |
|
255,712 |
|
|
|
|
|
|
278,690 |
|
257,440 |
|
|
|
|
|
|
|
|
|
|
In the standalone financial statements of the Company, total rent receivable of £623,920 is presented within Turnover in accordance with the entity's accounting policy. The amount of £236,436, which is included in the Company's rent receivable amounting to £623,930 that relates to rental income received from non-group entities. |
|
For the purpose of the consolidated financial statements, and in line with the Group's accounting policy for revenue presentation, the Company's rent receivable to to external parties £236,436 is presented within Other Operating Income in the consolidated accounts. |
|
| 6 |
Employees |
|
|
Staff costs, including directors' remuneration, were as follows: |
|
| Group |
Group |
Company |
Company |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
|
|
Staff wages and salaries |
3,408,070 |
|
3,022,640 |
|
114,211 |
|
105,170 |
|
Social Security |
274,781 |
|
246,093 |
|
16,896 |
|
15,347 |
|
Directors wages and salaries |
24,000 |
|
24,000 |
|
24,000 |
|
24,000 |
|
Directors social security |
- |
|
807 |
|
- |
|
807 |
|
Staff cost of defined contribution scheme |
48,922 |
|
44,545 |
|
915 |
|
881 |
|
|
3,755,773 |
|
3,338,085 |
|
156,022 |
|
146,205 |
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the year are as follows |
| Group |
Group |
Company |
Company |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| No. |
No. |
No. |
No. |
|
|
Directors |
2 |
|
2 |
|
2 |
|
2 |
|
Office and other key management |
4 |
|
2 |
|
2 |
|
2 |
|
Area managers |
6 |
|
5 |
|
- |
|
- |
|
Shop managers |
24 |
|
24 |
|
- |
|
- |
|
Shop Staff |
115 |
|
119 |
|
- |
|
- |
|
|
151 |
|
152 |
|
4 |
|
4 |
|
| 7 |
Directors' remuneration |
2024 |
|
2023 |
| £ |
£ |
|
|
Directors' emoluments |
24,000 |
|
24,000 |
|
|
|
|
|
|
24,000 |
|
24,000 |
|
|
|
|
|
|
|
|
|
|
The number of directors that were receiving pension contributions during the year was nil (2022: nil) |
|
|
|
| 8 |
Operating profit |
2024 |
|
2023 |
| £ |
£ |
|
This is stated after charging: |
|
|
Rent payable under external operating leases |
418,750 |
|
417,363 |
|
Depreciation of owned fixed assets |
503,525 |
|
459,021 |
|
Amortisation |
11,333 |
|
10,833 |
|
Loss on disposal of fixed assets |
(6,071) |
|
(6,482) |
|
|
|
|
|
|
|
|
|
|
| 9 |
Auditors' remuneration |
|
|
During the year, the Group obtained the following services from the Company's auditors |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements |
|
18,000 |
|
25,000 |
|
| 10 |
Interest payable |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans and overdrafts |
364,068 |
|
284,218 |
|
Other loans |
735 |
|
656 |
|
Finance leases and hire purchase contracts |
|
|
|
4,518 |
|
842 |
|
Other interest payable |
|
|
|
|
33,888 |
|
- |
|
|
|
|
|
|
403,209 |
|
285,716 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Taxation |
2024 |
|
2023 |
|
Group |
£ |
£ |
|
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
381,284 |
|
294,994 |
|
Adjustments in respect of previous periods |
- |
|
- |
|
|
|
|
|
|
381,284 |
|
294,994 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
(75,604) |
|
4,125 |
|
|
|
|
|
|
(75,604) |
|
4,125 |
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
305,680 |
|
299,119 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
Profit on ordinary activities before tax |
1,235,088 |
|
1,352,795 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
|
22% |
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 22%) |
|
308,772 |
|
297,615 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
7,848 |
|
5,165 |
|
Ineligible depreciation |
38,808 |
|
31,031 |
|
Adjustments to tax charge in respect of previous periods |
(30,417) |
|
(19,605) |
|
Non-taxable income for tax purposes |
- |
|
(56,803) |
|
Chargable gains/(losses) |
(19,331) |
|
41,264 |
|
Tax losses carried back |
- |
|
452 |
|
Current tax charge for period |
305,680 |
|
299,119 |
|
|
|
|
|
|
|
|
|
|
| 12 |
Dividends |
2024 |
|
2023 |
| £ |
£ |
|
|
Ordinary shares of £1 each |
450,500 |
|
391,000 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Intangible fixed assets |
£ |
|
Group |
Patents |
|
|
Cost |
|
At 1 October 2023 |
178,172 |
|
Additions |
28,000 |
|
At 30 September 2024 |
206,172 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 October 2023 |
162,839 |
|
Provided during the year |
11,333 |
|
At 30 September 2024 |
174,172 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 September 2024 |
32,000 |
|
At 30 September 2023 |
15,333 |
|
|
|
|
|
|
|
|
|
|
The Company had no intangible assets at the reporting date. |
|
| 14 |
Tangible fixed assets |
|
Company |
|
|
Land and buildings |
|
Plant and machinery |
|
Motor Vehicle |
|
Total |
|
|
At cost |
|
At cost |
|
At cost |
| £ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 October 2023 |
6,570,675 |
|
37,354 |
|
108,342 |
|
6,716,371 |
|
Additions |
672,215 |
|
5,812 |
|
- |
|
678,027 |
|
At 30 September 2024 |
7,242,890 |
|
43,166 |
|
108,342 |
|
7,394,398 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 October 2023 |
440,036 |
|
21,424 |
|
2,257 |
|
463,717 |
|
Charge for the year |
81,094 |
|
5,055 |
|
26,521 |
|
112,670 |
|
At 30 September 2024 |
521,130 |
|
26,479 |
|
28,778 |
|
576,387 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 30 September 2024 |
6,721,760 |
|
16,687 |
|
79,564 |
|
6,818,011 |
|
At 30 September 2023 |
6,130,639 |
|
15,930 |
|
106,085 |
|
6,252,654 |
|
|
|
|
|
|
|
|
|
|
| LEISURE INC ( KNIGHTSBRIDGE) LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 September 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Freehold investment Property |
|
Long Term Investment Property |
|
Total |
| 15 |
Investment property |
| £ |
£ |
£ |
|
Valuation |
|
At 1 October 2023 |
2,725,748 |
|
214,000 |
|
2,939,748 |
|
Additions |
- |
|
- |
|
At 30 September 2024 |
2,725,748 |
|
214,000 |
|
2,939,748 |
|
|
|
|
|
|
|
|
|
|
All of the Group's investment property are held in a parent company |
|
The 2023 valuations were made by the directors, on an open market value for existing use basis, taking into consideration informal 3rd party reviews of the properties conditions and estimated values. |
|
See note 3 for key judgements and estimates made in relation to the split. |
|
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows: |
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Historic cost |
2,034,425 |
|
2,023,368 |
|
|
|
|
|
|
2,034,425 |
|
2,023,368 |
|
|
|
|
|
|
|
|
|
| 16 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 October 2023 |
270 |
|
At 30 September 2024 |
270 |
|
|
|
|
|
|
|
|
|
|
Subsidairy undertakings |
|
|
The following were subsidiary undertakings of the Company: |
|
Name |
Registered Office |
|
|
|
Class of Shares |
Holding% |
|
|
Bristal Investments Limited |
Islet Lodge, Islet Road, Maidenhead, Berkshire, SL6 8LE, England |
Ordinary |
|
100% |
|
|
Bristal Developments Limited |
Islet Lodge, Islet Road, Maidenhead, Berkshire, SL6 8LE, England |
Ordinary |
|
100% |
|
| 17 |
Stocks |
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
|
Raw materials and consumables |
28,800 |
|
26,400 |
|
- |
|
- |
|
Work in progress |
2,781,857 |
|
3,385,926 |
|
1,761,850 |
|
1,392,059 |
|
|
2,810,657 |
|
3,412,326 |
|
1,761,850 |
|
1,392,059 |
|
|
|
|
|
|
|
|
|
|
| 18 |
Debtors |
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
Trade debtors |
53,731 |
|
21,634 |
|
43,721 |
|
9,101 |
|
Amounts owed by group undertakings |
- |
|
- |
|
959,561 |
|
1,853,250 |
|
Other debtors |
96,398 |
|
111,033 |
|
63,591 |
|
89,808 |
|
Prepayments and accrued income |
397,623 |
|
337,174 |
|
35,364 |
|
44,220 |
|
|
547,752 |
|
469,841 |
|
1,102,237 |
|
1,996,379 |
|
|
|
|
|
|
|
|
|
| 19 |
Creditors: amounts falling due within one year |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
Bank loans |
480,000 |
|
1,283,953 |
|
480,000 |
|
1,283,953 |
|
Obligations under finance lease and hire purchase contracts |
26,641 |
|
26,639 |
|
25,731 |
|
25,729 |
|
Trade creditors |
829,494 |
|
805,764 |
|
265,579 |
|
83,130 |
|
Amounts owed to group undertakings |
- |
|
- |
|
960,262 |
|
710,958 |
|
Corporation tax |
399,726 |
|
484,208 |
|
390 |
|
17,847 |
|
Other taxes and social security costs |
561,609 |
|
384,075 |
|
75,741 |
|
12,210 |
|
Other creditors |
63,705 |
|
67,956 |
|
41,852 |
|
38,663 |
|
Accruals and deferred income |
413,150 |
|
301,667 |
|
131,150 |
|
140,807 |
|
|
2,774,325 |
|
3,354,262 |
|
1,980,705 |
|
2,313,297 |
|
|
|
|
|
|
|
|
|
|
Banks loans are secured by way of legal charges over the properties held by the group. |
| 20 |
Creditors: amounts falling due after one year |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
Bank loans |
4,038,434 |
|
3,968,202 |
|
4,038,434 |
|
3,968,202 |
|
Obligations under finance lease and hire purchase contracts |
89,823 |
|
116,465 |
|
51,464 |
|
77,196 |
|
|
4,128,257 |
|
4,084,667 |
|
4,089,898 |
|
4,045,398 |
|
Bank loans are secured by way of legal charges over the properties held by the group. |
| 21 |
Loans |
|
Analysis of the maturity of the loans is given below: |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
Amounts falling due within one year |
|
Bank Loans |
480,000 |
|
1,283,953 |
|
480,000 |
|
1,283,953 |
|
|
480,000 |
|
1,283,953 |
|
480,000 |
|
1,283,953 |
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years |
|
Bank loans 1-2 years |
480,000 |
|
418,953 |
|
480,000 |
|
418,953 |
|
|
Amounts falling due 2-5 years |
|
Bank loans 2-5 years |
1,440,000 |
|
1,256,859 |
|
1,440,000 |
|
1,256,859 |
|
|
Amounts falling due after more than 5 years |
|
Bank loans 5+ years |
2,118,434 |
|
2,292,390 |
|
2,118,434 |
|
2,292,390 |
|
|
4,518,434 |
|
5,252,155 |
|
4,518,434 |
|
5,252,155 |
| 22 |
Obligations under finance leases and hire purchase contracts |
|
Minimum lease payments under hire purchase fall due as follows |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
|
Amounts payable: |
|
Within one year |
26,641 |
|
26,639 |
|
25,731 |
|
25,729 |
|
Within two to five years |
89,823 |
|
116,465 |
|
51,464 |
|
77,196 |
|
After five years |
- |
|
- |
|
- |
|
- |
|
|
116,465 |
|
143,104 |
|
77,195 |
|
102,925 |
|
| 23 |
Deferred taxation |
2024 |
|
2023 |
|
Group |
£ |
£ |
|
|
At the beginning of the year |
(350,275) |
|
(346,150) |
|
Charged to profit or loss |
75,604 |
|
(4,125) |
|
At end of year |
(274,671) |
|
(350,275) |
|
|
|
|
|
|
|
|
|
|
|
Company |
2024 |
|
2023 |
| £ |
£ |
|
|
At beginning of the year |
(152,803) |
|
(101,303) |
|
Charged to Profit or loss |
19,832 |
|
(51,500) |
|
At end of year |
(132,971) |
|
(152,803) |
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
|
Accelerated capital allowances |
(274,671) |
|
(350,275) |
|
(132,971) |
|
(152,803) |
|
|
(274,671) |
|
(350,275) |
|
(132,971) |
|
(152,803) |
|
|
|
|
|
|
|
|
|
| 24 |
Provisions |
|
Group |
Dilapidations |
|
|
|
|
|
|
|
|
provisions |
|
|
At 1 October 2023 |
144,393 |
|
At September 2024 |
144,393 |
|
|
|
|
|
|
|
|
|
|
The Company had no provisions at reporting date. |
|
| 25 |
Share capital |
2024 |
|
2023 |
| £ |
£ |
|
Allotted, called up and fully paid: |
|
340 Ordinary shares of £1.00 each |
|
|
|
|
340 |
|
340 |
|
|
|
|
|
|
|
|
|
|
| 26 |
Revaluation reserve |
2024 |
|
2023 |
|
This reserve records the accumulated property movements as a result of the revaluation of the Group's properties. |
£ |
£ |
|
|
At 1 October |
147,920 |
|
147,920 |
|
At 30 September |
147,920 |
|
147,920 |
|
|
|
|
|
|
|
|
|
| 27 |
Profit and loss account |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 October |
5,971,894 |
|
5,385,772 |
|
Profit for the financial year |
772,801 |
|
977,122 |
|
Dividends |
(450,500) |
|
(391,000) |
|
|
At 30 September |
6,294,195 |
|
5,971,894 |
|
|
|
|
|
|
|
|
|
|
This reserve records retained earnings and accumulated losses attributable to the shareholders of the Group. Included in the profit and loss reserve is £686,993 in respect of investment property gains net of deferred tax which is non distributable. |
| 28 |
Commitments under operating leases |
|
At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
|
Not later than 1 year |
415,762 |
|
385,433 |
|
6,426 |
|
3,483 |
|
Later than 1 year and not later than 5 years |
1,259,724 |
|
1,045,207 |
|
12,620 |
|
- |
|
Later than 5 years |
733,917 |
|
560,436 |
|
- |
|
- |
|
|
2,409,403 |
|
1,991,076 |
|
19,046 |
|
3,483 |
|
|
|
|
|
|
|
|
|
|
At 30 September 2024 the Group and the Company had future minimum lease receivable due under non-cancellable operating leases for each of the following periods: |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
| Group |
Group |
Company |
Company |
|
|
Not later than 1 year |
46,000 |
|
28,540 |
|
274,400 |
|
213,590 |
|
Later than 1 year and not later than 5 years |
155,250 |
|
- |
|
802,783 |
|
609,600 |
|
Later than 5 years |
35,000 |
|
- |
|
67,967 |
|
289,456 |
|
|
236,250 |
|
28,540 |
|
1,145,150 |
|
1,112,646 |
|
|
|
|
|
|
|
|
|
|
Any minimum lease payments/receivables between the Group have been eliminated on consolidation. |
|
|
| 29 |
Related Party transactions |
|
|
Balances and transactions between the Group, which are relatedparties of the Company, have been eliminated in consolidation and are not disclosed in this note. |
|
At 1 October 2023 E Aleo & K Morgan owed £20,146 to the Group. During the year, further advances of £557,456 and repayments of £524,136. Interest charged at a rate of 2% of £3481. At 30 September 2024, an amount of £53,457 was owed to the group. |
|
Dividends of £450,500 were paid to the directors during the year. |
|
| 30 |
Controlling Party |
|
E Aleo is the ultimate controlling party by virtue of his majority stakeholding. |