Leisure Estates Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Leisure Estates Limited

(Registration number: 02113018)
Statement of Financial Position as at 28 February 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	400,766	461,021
Current assets
Debtors	5	973	3,809
Cash at bank and in hand		13,446	5,123
		14,419	8,932
Creditors: Amounts falling due within one year	6	(223,718)	(230,201)
Net current liabilities		(209,299)	(221,269)
Net assets		191,467	239,752
Capital and reserves
Called up share capital		394,210	394,210
Share premium reserve		122,602	122,602
Revaluation reserve		-	7,918
Profit and loss account		(325,345)	(284,978)
Shareholders' funds		191,467	239,752

For the financial year ending 28 February 2026 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 14 June 2026 and signed on its behalf by:
 

Mrs S Surtees Director

Leisure Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Brean Down Avenue
Weston super Mare
North Somerset
BS23 4JQ

Principal activity

The principal activity of the company is that of owning and letting out of a hotel and other leisure/property investment activities.

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.

Going concern

Following the year end, the company's investment property, the Lion Hotel in Dulverton, has been put on the market and an offer for the purchase of the property accepted. Income from the lease of this property forms the basis of company's trading income. Following the sale of the property, management intend to cease the trade. As a result, these accounts are not prepared on a going concern basis. This has no impact on the balances reported.

Leisure Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026 (continued)

2	Accounting policies (continued)

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income and recharged expenditure.

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.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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
Office equipment	25% reducing balance
Fixtures and fittings	25% reducing balance

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.

Leisure Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026 (continued)

2	Accounting policies (continued)

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

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 March 2025	460,000	2,621	2,390	465,011
Revaluations	(60,000)	-	-	(60,000)
At 28 February 2026	400,000	2,621	2,390	405,011
Depreciation
At 1 March 2025	-	1,792	2,198	3,990
Charge for the year	-	207	48	255
At 28 February 2026	-	1,999	2,246	4,245
Carrying amount
At 28 February 2026	400,000	622	144	400,766
At 28 February 2025	460,000	829	192	461,021

Included within the net book value of land and buildings above is £400,000 (2025 - £460,000) in respect of a freehold investment property

Tangible assets held at valuation

Leisure Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2026 (continued)

4	Tangible assets (continued)

The investment property has been valued by the Director, Mr Geoff Surtees, on an open market value.

5

Debtors

	Note	2026 £	2025 £
Deferred tax assets		973	3,809
		973	3,809

6

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	15,900	21,120
Accruals and deferred income	5,711	6,861
Other creditors	202,107	202,220
	223,718	230,201

7

Reserves