Phoenix Leisure Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02992507 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2019

FOR

PHOENIX LEISURE MANAGEMENT LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Stuart Robinson

David Pears

Mark Pears CBE

Sir Trevor Pears CMG

WPG Registrars Limited

SECRETARY:

William Bennett

REGISTERED OFFICE:

Ground Floor

30 City Road

LONDON

EC1Y 2AB

REGISTERED NUMBER:

02992507 (England and Wales)

AUDITORS:

Bewers Turner & Co Limited

Chartered Accountants & Statutory Auditor

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Investments

4

-

100

Leasehold investment property

5

10,600,000

10,600,000

10,600,000

10,600,100

CURRENT ASSETS

Debtors

6

6,841,532

7,062,503

Cash at bank

64,106

29,571

6,905,638

7,092,074

CREDITORS

Amounts falling due within one year

7

(656,121

)

(977,105

)

NET CURRENT ASSETS

6,249,517

6,114,969

TOTAL ASSETS LESS CURRENT LIABILITIES

16,849,517

16,715,069

CREDITORS

Amounts falling due after more than one year

8

(7,377,451

)

(7,683,282

)

PROVISIONS FOR LIABILITIES

(816,142

)

(821,734

)

NET ASSETS

8,655,924

8,210,053

CAPITAL AND RESERVES

Called up share capital

79,000

79,000

Investment property

revaluation reserve

10

5,229,245

5,258,885

Retained earnings

3,347,679

2,872,168

SHAREHOLDERS' FUNDS

8,655,924

8,210,053

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23rd October 2019 and were signed on its behalf by:

Mark Pears CBE - Director

Stuart Robinson - Director

1.	STATUTORY INFORMATION

Phoenix Leisure Management Limited is a company limited by shares incorporated in England and

Wales. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB. The principal place of

business is Haskell House, 152 West End Lane, London, NW6 1SD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's functional and presentational currency is GBP and rounded to the nearest £1.

The following principal accounting policies have been applied:

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. Turnover is measured as the fair value of the

rents receivable.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the

current market rents and investment property yields for comparable real estate, adjusted if necessary

for any difference in the nature, location or condition of the specific asset. No depreciation is provided.

Changes in fair value are recognised in the Income Statement.

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Income

Statement, except that a charge attributable to an item of income and expense recognised as other

comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not

reversed by the Statement of financial position date, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of

business combinations, when deferred tax is recognised on the differences between the fair values of

assets acquired and the future tax deductions available for them and the differences between the fair

values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined

using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised

cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty

on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known amounts

of cash with insignificant risk of change in value.

Financial instruments

The company only 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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and

other accounts receivable and payable, are initially measured at present value of the future cash flows

and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable or receivable within one year, typically trade debtors and creditors, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or

received. However, if the arrangements of a short-term instrument constitute a financing transaction,

like the payment of a trade debt deferred beyond normal business terms or financed at a rate of

interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the

financial asset or liability is measured, initially, at the present value of the future cash flow discounted

at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate

for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and best estimate of the recoverable amount, which is

an approximation of the amount that the company would receive for the asset if it were to be sold at

the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial

position when there is an enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank

loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective

interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs

are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive

obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate

can be made of the amount of the obligation. Provisions are charged as an expense to the Income

Statement in the year that the company becomes aware of the obligation, and are measured at the

best estimate at the Statement of financial position date of the expenditure required to settle the

obligation, taking into account relevant risks and uncertainties. When payments are eventually made,

they are charged to the provision carried in the Statement of financial position.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st May 2018

100

Impairments

(100

)

At 30th April 2019

-

NET BOOK VALUE

At 30th April 2019

-

At 30th April 2018

100

5.	LEASEHOLD INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2018

10,600,000

Additions

36,593

Fair value movements

(36,593

)

At 30th April 2019

10,600,000

NET BOOK VALUE

At 30th April 2019

10,600,000

At 30th April 2018

10,600,000

The 2019 valuations were made by the directors, on an open market value for existing use basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

6,616,692

6,821,594

Other debtors

224,840

240,909

6,841,532

7,062,503

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

205,630

205,678

Trade creditors

42,478

41,039

Taxation and social security

135,342

458,044

Other creditors

272,671

272,344

656,121

977,105

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

6,185,719

6,391,349

Other creditors

1,191,732

1,291,933

7,377,451

7,683,282

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

6,391,349

6,597,027

The bank have a charge over the assets of the company.

10.

RESERVES

Investment

property

revaluation

reserve

£

At 1st May 2018

5,258,885

Transfer revaluation during

the period

(36,593

)

Deferred tax movement

6,953

At 30th April 2019

5,229,245

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Bewers BSc FCA (Senior Statutory Auditor)

for and on behalf of Bewers Turner & Co Limited

12.	RELATED PARTY DISCLOSURES

Transactions with connected companies

During the year management charges of £15,000 were paid to The William Pears Group of Companies

Limited, a company in which the directors Sir Trevor Pears CMG, Mark Pears CBE and David Pears

have an interest.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pears Property Ventures Limited, a company incorporated in England.

The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB.