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COMPANY REGISTRATION NUMBER: 09502597
Rural Retreats & Leisure UK Limited
Unaudited Financial Statements
31 March 2017
J D ACCOUNTANCY
Accountants
Unit 3,
37 Watling Street,
Leintwardine,
Shropshire,
SY7 0LW
Rural Retreats & Leisure UK Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
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
Rural Retreats & Leisure UK Limited
Director's Report
Year ended 31 March 2017
The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2017 .
Principal activities
The principal activity of the company during the year was Publicans and Hoteliers.
Director
The director who served the company during the year was as follows:
Mrs R C Williams
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 31 August 2017 and signed on behalf of the board by:
Mrs R C Williams
Director
Registered office:
Unit 3
37 Watling Street
Leintwardine
Craven Arms
Shropshire
SY7 0LW
Rural Retreats & Leisure UK Limited
Statement of Comprehensive Income
Year ended 31 March 2017
2017
2016
Note
£
£
Turnover
3,316,719
1,243,524
Cost of sales
1,924,737
669,780
------------
------------
Gross profit
1,391,982
573,744
Administrative expenses
1,206,182
372,030
------------
---------
Operating profit
185,800
201,714
------------
---------
Profit before taxation
5
185,800
201,714
Tax on profit
3,579
---------
---------
Profit for the financial year and total comprehensive income
182,221
201,714
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Rural Retreats & Leisure UK Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
1,111,688
319,610
Current assets
Stocks
7
60,442
14,138
Cash at bank and in hand
131,976
104,961
---------
---------
192,418
119,099
Creditors: amounts falling due within one year
8
920,161
236,985
---------
---------
Net current liabilities
727,743
117,886
------------
---------
Total assets less current liabilities
383,945
201,724
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
383,935
201,714
---------
---------
Members funds
383,945
201,724
---------
---------
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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her 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 31 August 2017 , and are signed on behalf of the board by:
Mrs R C Williams
Director
Company registration number: 09502597
Rural Retreats & Leisure UK Limited
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2015
Profit for the year
201,714
201,714
----
---------
---------
Total comprehensive income for the year
201,714
201,714
Issue of shares
10
10
----
---------
---------
Total investments by and distributions to owners
10
10
At 31 March 2016
10
201,714
201,724
Profit for the year
182,221
182,221
----
---------
---------
Total comprehensive income for the year
182,221
182,221
----
---------
---------
At 31 March 2017
10
383,935
383,945
----
---------
---------
Rural Retreats & Leisure UK Limited
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, 37 Watling Street, Leintwardine, Craven Arms, Shropshire, SY7 0LW.
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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:
Fixtures and Fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
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 director, amounted to 41 (2016: 41).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
277,922
79,902
---------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2016
357,012
42,500
399,512
Additions
1,070,000
1,070,000
------------
--------
------------
At 31 March 2017
1,427,012
42,500
1,469,512
------------
--------
------------
Depreciation
At 1 April 2016
71,402
8,500
79,902
Charge for the year
271,122
6,800
277,922
------------
--------
------------
At 31 March 2017
342,524
15,300
357,824
------------
--------
------------
Carrying amount
At 31 March 2017
1,084,488
27,200
1,111,688
------------
--------
------------
At 31 March 2016
285,610
34,000
319,610
------------
--------
------------
7. Stocks
2017
2016
£
£
Raw materials and consumables
60,442
Finished goods and goods for resale
14,138
--------
--------
60,442
14,138
--------
--------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
14,473
22,499
Corporation tax
3,579
Social security and other taxes
3,148
12,275
Other creditors
898,961
202,211
---------
---------
920,161
236,985
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs R C Williams
202,211
800,000
( 103,250)
898,961
---------
---------
---------
---------
2016
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mrs R C Williams
202,211
202,211
----
---------
----
---------
10. Related party transactions
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the Period.
Rural Retreats & Leisure UK Limited
Management Information
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Rural Retreats & Leisure UK Limited
Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Turnover
3,316,719
1,243,524
Cost of sales
Opening stock
14,138
Purchases
986,275
528,957
Wages and salaries
984,766
154,961
------------
---------
1,985,179
683,918
Closing stock
60,442
Closing stock - resale - type 5
14,138
------------
---------
1,924,737
669,780
------------
---------
Gross profit
1,391,982
573,744
Overheads
Administrative expenses
1,206,182
372,030
------------
---------
Operating profit
185,800
201,714
------------
---------
Profit before taxation
185,800
201,714
------------
---------
Rural Retreats & Leisure UK Limited
Notes to the Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Administrative expenses
Directors salaries
6,000
6,000
Rent
500,000
Rent rates and water
100,816
Rates and water
58,169
Light and heat
116,427
60,759
Insurance
23,062
21,256
Repairs and maintenance (allowable)
47,159
41,164
Travel and subsistence
21,429
12,718
Telephone
13,511
4,002
Printing postage and stationery
9,764
4,348
Laundry and cleaning
31,447
19,762
Advertising
64,116
7,233
Accountancy fees
9,760
6,278
Depreciation of tangible assets
277,922
79,902
Bank charges
27,416
7,792
------------
---------
1,206,182
372,030
------------
---------