Company Registration No. 08867920 (England and Wales)
LDS Leisure Limited
Filleted accounts
for the year ended 31 May 2018
LDS Leisure Limited
Filleted accounts
Contents
LDS Leisure Limited
Company Information
for the year ended 31 May 2018
Company Number
08867920 (England and Wales)
Registered Office
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
Accountants
Tony Turner Accountants
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
LDS Leisure Limited
Statement of financial position
as at 31 May 2018
Intangible assets
14,997
17,497
Tangible assets
41,290
45,878
Cash at bank and in hand
7,155
9,075
Creditors: amounts falling due within one year
(24,888)
(21,615)
Net current liabilities
(16,006)
(11,712)
Total assets less current liabilities
40,281
51,663
Creditors: amounts falling due after more than one year
(54,745)
(62,267)
Net liabilities
(14,464)
(10,604)
Called up share capital
1
1
Profit and loss account
(14,465)
(10,605)
Shareholders' funds
(14,464)
(10,604)
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 26 February 2019.
L Scope
Director
Company Registration No. 08867920
LDS Leisure Limited
Notes to the Accounts
for the year ended 31 May 2018
LDS Leisure Limited is a private company, limited by shares, registered in England and Wales, registration number 08867920. The registered office is Spencer House, Market Lane, Swalwell, Tyne and Wear, NE16 3DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
These financial statements have been prepared on a going concern basis by means of the continuing support of the company's director and close family member. Anticipated future profits are expected to eventually return the company's statement of financial position to one of net assets rather than net liabilities. Should this basis become inappropriate then assets would be written down to their recoverable amounts.
The accounts are presented in £ sterling.
Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Revenue from the supply of gym services is recognised on a straight line basis over the period of the supply.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the term of the lease
Plant & machinery
10% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is being written off in equal instalments over its estimated economic life of 10 years.
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
LDS Leisure Limited
Notes to the Accounts
for the year ended 31 May 2018
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 June 2017
1
62,640
62,641
At 31 May 2018
1
62,640
62,641
At 1 June 2017
1
16,762
16,763
Charge for the year
-
4,588
4,588
At 31 May 2018
1
21,350
21,351
At 31 May 2018
-
41,290
41,290
At 31 May 2017
-
45,878
45,878
Deferred tax asset
1,727
828
LDS Leisure Limited
Notes to the Accounts
for the year ended 31 May 2018
7
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
7,568
7,074
Taxes and social security
1,705
1,960
Other creditors
2,472
1,919
Loans from directors
2,616
28
Deferred income
7,983
9,374
The director has provided security for the bank loan upon personal assets.
8
Creditors: amounts falling due after more than one year
2018
2017
Other creditors
37,820
37,820
9
Deferred taxation
2018
2017
Accelerated capital allowances
7,845
8,717
Tax losses carried forward
(9,572)
(9,545)
Provision at start of year
(828)
435
Credited to the profit and loss account
(899)
(1,263)
Provision at end of year
(1,727)
(828)
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
11
Transactions with related parties
Included within creditors falling due after more than one year is a balance of £37,820 (2017: £37,820) which is a loan owed to a close family member of the sole director and shareholder of the company. Interest payments during the year amounted to £2,299 (2017: £2,799). No capital repayments were made.
12
Average number of employees
During the year the average number of employees was 3 (2017: 3).
