HIGH SPIRITS LEISURE GROUP LIMITED


Directors	FANNON, Stuart Michael
	MONK, Colin


Registered Address	Units 1&2 Longlands Road
	Bowness-On-Windermere
	Windermere
	LA23 3AS


Registered Number	10172873 (England and Wales)

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors have considered the company's viability for a period extending at least twelve months from the date these financial statements were approved and as a result of that review, considers it appropriate to prepare these financial statements on a going concern basis. As part of the review, the directors considered the company's forecast trading activity for the next twelve months and gave assurances that repayment would not be sought on the director's loan account if this would unfairly prejudice the payment of other creditors.

Going concern

The directors have considered the company's viability for a period extending at least twelve months from the date these financial statements were approved and as a result of that review, considers it appropriate to prepare these financial statements on a going concern basis.

As part of the review, the directors considered the company's forecast trading activity for the next twelve months and gave assurances that repayment would not be sought on the director's loan account if this would unfairly prejudice the payment of other creditors.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	2
Plant and machinery	33	-
Fixtures and fittings	33	-
Vehicles	33	-
Office Equipment	33	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company 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.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	12		12

3.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 01 November 24	887,863	188,544	12,167	97,130	61,150	1,246,854
Additions	-	26,434	-	135,187	92,833	254,454
Disposals	-	-	(12,167)	(795)	-	(12,962)
At 31 October 25	887,863	214,978	-	231,522	153,983	1,488,346
Depreciation and impairment
At 01 November 24	118,381	87,041	8,962	54,769	36,789	305,942
Charge for year	15,390	22,857	-	69,648	8,226	116,121
On disposals	-	-	(8,962)	-	-	(8,962)
At 31 October 25	133,771	109,898	-	124,417	45,015	413,101
Net book value
At 31 October 25	754,092	105,080	-	107,105	108,968	1,075,245
At 31 October 24	769,482	101,503	3,205	42,361	24,361	940,912

4.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 November 24	962,134	962,134
At 31 October 25	962,134	962,134
Net book value
At 31 October 25	962,134	962,134
At 31 October 24	962,134	962,134

	Notes
	¹Investments in group undertakings and participating interests

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	37,583	41,133
Amounts owed by group undertakings	497,918	107,951
Other debtors	1,147,086	1,156,502
Prepayments and accrued income	13,175	58,401
Total	1,695,762	1,363,987

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	121,618	153,444
Bank borrowings and overdrafts	108,292	154,771
Amounts owed to related parties	1,425,607	1,494,053
Taxation and social security	171,550	61,325
Finance lease and HP contracts	33,392	27,858
Other creditors	336,898	321,570
Accrued liabilities and deferred income	37,851	-
Total	2,235,208	2,213,021


	The bank loan is secured by a fixed and floating charge over the company's assets.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	546,846	603,935
Total	546,846	603,935


	The bank loan is secured by a fixed and floating charge over the company's assets. In respect of the bank loan £384,656 falls due more than five years after the balance sheet date (2024: £421,328).

8.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	83,200	45,800
Total	83,200	45,800

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		1,075,245		940,912
Investments	4		962,134		962,134
			2,037,379		1,903,046
Current assets
Debtors	5	1,695,762		1,363,987
Cash at bank and on hand		17,568		36,818
		1,713,330		1,400,805
Creditors amounts falling due within one year	6	(2,235,208)		(2,213,021)
Net current assets (liabilities)			(521,878)		(812,216)
Total assets less current liabilities			1,515,501		1,090,830
Creditors amounts falling due after one year	7		(546,846)		(603,935)
Provisions for liabilities	8		(83,200)		(45,800)
Net assets			885,455		441,095
Capital and reserves
Called up share capital			100		100
Profit and loss account			885,355		440,995
Shareholders' funds			885,455		441,095