Company No: 04122164 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	R J Ahrens
	A J Briggs
	J B Holford

SECRETARY

R J Ahrens

REGISTERED OFFICE	Test Valley Golf Club Micheldever Road
	Overton
	Basingstoke
	RG25 3DS
	United Kingdom

COMPANY NUMBER

04122164 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,750,419		1,647,689
		1,750,419		1,647,689
Current assets
Stocks		54,265		31,098
Debtors
- due within one year	4	36,346		123,883
- due after more than one year	4	2,202		0
Cash at bank and in hand		431,141		332,826
		523,954		487,807
Creditors: amounts falling due within one year	5	( 766,476)		( 719,530)
Net current liabilities		(242,522)		(231,723)
Total assets less current liabilities		1,507,897		1,415,966
Creditors: amounts falling due after more than one year	6	( 967,137)		( 1,042,933)
Net assets		540,760		373,033
Capital and reserves
Called-up share capital		477,161		477,161
Share premium account		572,588		572,588
Profit and loss account		( 508,989 )		( 676,716 )
Total shareholder's funds		540,760		373,033

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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 Leisure Links International Limited (registered number: 04122164) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

R J Ahrens 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

Leisure Links International 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 Test Valley Golf Club Micheldever Road, Overton, Basingstoke, RG25 3DS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Leisure Links International Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. 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 assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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	10 - 50 years straight line
Plant and machinery etc.	3 - 20 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. 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.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	32		27

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	1,490,072		1,014,096		2,504,168
Additions	0		172,294		172,294
At 31 March 2025	1,490,072		1,186,390		2,676,462
Accumulated depreciation
At 01 April 2024	317,237		539,242		856,479
Charge for the financial year	14,298		55,266		69,564
At 31 March 2025	331,535		594,508		926,043
Net book value
At 31 March 2025	1,158,537		591,882		1,750,419
At 31 March 2024	1,172,835		474,854		1,647,689

4. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	19,195		41,231
Prepayments	12,956		79,320
Other debtors	4,195		3,332
	36,346		123,883
Debtors: amounts falling due after more than one year
Deferred tax asset	2,202		0

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	80,064		71,946
Trade creditors	57,941		62,282
Accruals	10,593		5,687
Other taxation and social security	130,268		126,011
Obligations under finance leases and hire purchase contracts	23,439		29,711
Other creditors	464,171		423,893
	766,476		719,530

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

	2025		2024
	£		£
Bank loans	271,904		351,049
Amounts owed to Group undertakings	645,115		650,490
Obligations under finance leases and hire purchase contracts	50,118		41,394
	967,137		1,042,933

Loans are secured by fixed and floating charges over the Company's assets and specific charges over Test Valley Golf Club.

7. Related party transactions

At the year end £645,115 (2024 - £650,490) was due to RSL INC Limited, the parent company. During the year the Company repaid £5,375 (2024 - £52,834) to RSL INC Limited and borrowed £Nil (2024 - £Nil) from RSL INC Limited.

8. Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

	2025		2024
	£		£
Within one year	23,438		29,711
Between 1-5 years	50,117		41,394
	73,555		71,105

9. Ultimate controlling party

The Company's immediate and ultimate parent undertaking is RSL INC Limited.

The directors do not consider there to be an ultimate controlling party.