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COMPANY REGISTRATION NUMBER: 09395012
Leisure & Development Limited
Unaudited Financial Statements
31 January 2018
J D ACCOUNTANCY
Accountants
Unit 3,
37 Watling Street,
Leintwardine,
Shropshire,
SY7 0LW
Leisure & Development Limited
Financial Statements
Year ended 31 January 2018
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed income statement
10
Notes to the detailed income statement
11
Leisure & Development Limited
Directors' Report
Year ended 31 January 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2018 .
Principal activities
The principal activity of the company during the year was Publicans and hoteliers.
Directors
The directors who served the company during the year were as follows:
Mrs R C Williams
Miss K M Summers
Mr P S Williams
Miss F H Preece
Mrs H J Weale
Mr L A Williams
Mr R J Reynolds
Mr D J Cross
Mr K S Williams
Mr D J Martin
(Appointed 21 August 2017)
Mr D Pricop
(Resigned 21 August 2017)
Miss S R Preece
(Resigned 21 September 2017)
Mr J D H G Forestier
(Resigned 21 September 2017)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 April 2018 and signed on behalf of the board by:
Mrs R C Williams
Mr P S Williams
Director
Director
Registered office:
The Knighton Hotel
Broad Street
Knighton
Powys
LD7 1BL
Leisure & Development Limited
Statement of Income and Retained Earnings
Year ended 31 January 2018
2018
2017
Note
£
£
Turnover
528,800
403,800
Cost of sales
129,809
62,320
---------
---------
Gross profit
398,991
341,480
Administrative expenses
948,089
968,217
---------
---------
Operating loss
( 549,098)
( 626,737)
---------
---------
Loss before taxation
5
( 549,098)
( 626,737)
Tax on loss
---------
---------
Loss for the financial year and total comprehensive income
( 549,098)
( 626,737)
---------
---------
Retained losses at the start of the year
( 626,737)
------------
---------
Retained losses at the end of the year
( 1,175,835)
( 626,737)
------------
---------
All the activities of the company are from continuing operations.
Leisure & Development Limited
Statement of Financial Position
31 January 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
6
2,985,216
3,184,230
Tangible assets
7
13,908,979
19,935,590
-------------
-------------
16,894,195
23,119,820
Current assets
Stocks
8
32,119
46,312
Debtors
9
17,366
Cash at bank and in hand
165,878
96,317
---------
---------
197,997
159,995
Creditors: amounts falling due within one year
10
18,268,026
23,906,551
-------------
-------------
Net current liabilities
18,070,029
23,746,556
-------------
-------------
Total assets less current liabilities
( 1,175,834)
( 626,736)
------------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,175,835)
( 626,737)
------------
---------
Members deficit
( 1,175,834)
( 626,736)
------------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2018 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 April 2018 , and are signed on behalf of the board by:
Mrs R C Williams
Mr P S Williams
Director
Director
Company registration number: 09395012
Leisure & Development Limited
Notes to the Financial Statements
Year ended 31 January 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Knighton Hotel, Broad Street, Knighton, Powys, LD7 1BL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Straight line over 17 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent 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 a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
8% reducing balance
Fixtures and fittings
-
8% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2017: Nil).
5. Profit before taxation
Loss before taxation is stated after charging:
2018
2017
£
£
Amortisation of intangible assets
199,014
Depreciation of tangible assets
505,808
524,053
Impairment of tangible assets
199,014
---------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 Feb 2017 and 31 Jan 2018
3,383,244
------------
Amortisation
At 1 February 2017
199,014
Charge for the year
199,014
------------
At 31 January 2018
398,028
------------
Carrying amount
At 31 January 2018
2,985,216
------------
At 31 January 2017
3,184,230
------------
7. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 February 2017
13,908,979
4,352,552
2,198,112
20,459,643
Additions
176,482
119,513
295,995
Disposals
( 4,529,034)
( 2,317,625)
( 6,846,659)
-------------
------------
------------
-------------
At 31 January 2018
13,908,979
13,908,979
-------------
------------
------------
-------------
Depreciation
At 1 February 2017
348,204
175,849
524,053
Charge for the year
334,466
171,342
505,808
Disposals
( 682,670)
( 347,191)
( 1,029,861)
-------------
------------
------------
-------------
At 31 January 2018
-------------
------------
------------
-------------
Carrying amount
At 31 January 2018
13,908,979
13,908,979
-------------
------------
------------
-------------
At 31 January 2017
13,908,979
4,004,348
2,022,263
19,935,590
-------------
------------
------------
-------------
8. Stocks
2018
2017
£
£
Raw materials and consumables
32,119
46,312
--------
--------
9. Debtors
2018
2017
£
£
Trade debtors
17,366
----
--------
10. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
6,512,316
6,641,695
Trade creditors
4,012
3,618
Other creditors
11,751,698
17,261,238
-------------
-------------
18,268,026
23,906,551
-------------
-------------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs R C Williams
( 8,630,619)
2,754,770
( 5,875,849)
Mr P S Williams
( 8,630,619)
2,754,770
( 5,875,849)
-------------
------------
----
-------------
(17,261,238)
5,509,540
(11,751,698)
-------------
------------
----
-------------
2017
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs R C Williams
( 8,630,619)
( 8,630,619)
Mr P S Williams
( 8,630,619)
( 8,630,619)
----
----
-------------
-------------
(17,261,238)
(17,261,238)
----
----
-------------
-------------
Leisure & Development Limited
Management Information
Year ended 31 January 2018
The following pages do not form part of the financial statements.
Leisure & Development Limited
Detailed Income Statement
Year ended 31 January 2018
2018
2017
£
£
Turnover
Sales
528,800
403,800
Cost of sales
Opening stock
46,312
Purchases
115,616
108,632
---------
---------
161,928
108,632
Closing stock
32,119
46,312
---------
---------
129,809
62,320
---------
---------
Gross profit
398,991
341,480
Overheads
Administrative expenses
948,089
968,217
---------
---------
Operating loss
( 549,098)
( 626,737)
---------
---------
Loss before taxation
(549,098)
(626,737)
---------
---------
Leisure & Development Limited
Notes to the Detailed Income Statement
Year ended 31 January 2018
2018
2017
£
£
Administrative expenses
Accountancy fees
3,260
2,880
Amortisation of intangible assets
199,014
Depreciation of tangible assets
505,808
524,053
Impairment of tangible assets
199,014
Bank charges
240,007
242,270
---------
---------
948,089
968,217
---------
---------