Summit Leisure (Deansgate) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02581189 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2019

for

SUMMIT LEISURE (DEANSGATE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Shaw

A Shaw

Miss T Shaw

SECRETARY:

Miss T Shaw

REGISTERED OFFICE:

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 OLT

REGISTERED NUMBER:

02581189 (England and Wales)

ACCOUNTANTS:

Hayvenhursts

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 OLT

BANKERS:

Barclays Bank Plc

1st Floor

3 Hardman Street

Spinningfields

Manchester

M3 3HF

SOLICITORS:

Kippax Beaumont Lewis

28 Mawdsley Street

Bolton

BL1 1LF

FIXED ASSETS

Intangible assets

4

350,000

350,000

Tangible assets

5

5,160,060

4,985,775

5,510,060

5,335,775

CURRENT ASSETS

Stocks

6

16,115

20,066

Debtors

7

1,083,477

1,082,988

Cash at bank and in hand

1,372,046

1,235,115

2,471,638

2,338,169

CREDITORS

Amounts falling due within one year

8

(3,769,641

)

(3,494,241

)

NET CURRENT LIABILITIES

(1,298,003

)

(1,156,072

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,212,057

4,179,703

PROVISIONS FOR LIABILITIES

(143,098

)

(147,711

)

NET ASSETS

4,068,959

4,031,992

CAPITAL AND RESERVES

Called up share capital

10

1,100,106

1,100,106

Share premium

11

363,698

363,698

Retained earnings

11

2,605,155

2,568,188

SHAREHOLDERS' FUNDS

4,068,959

4,031,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 15 April 2020 and were signed on its behalf by:

A Shaw - Director

K Shaw - Director

1.	STATUTORY INFORMATION

Summit Leisure (Deansgate) Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be

found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

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.

The financial statements have been prepared on a going concern basis, based on the

continued financial support to be given to the company from its dirctors, related trading

parties and its bankers.

Goodwill

Purchased goodwill in relation to the freehold property to which it relates is stated in the

company's balance sheet on a cost basis. In the opinion of the company's directors it is not

appropriate to amortise the purchased goodwill in relation to freehold property. This is not in

accordance with FRS No.10. The directors are satisfied that no impairment has occurred in

relation to the value of the purchased goodwill relating to freehold property. Purchased

goodwill relating to leasehold property is amortised over the period of the lease of the

property i.e. over six years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% on cost

Short leasehold

-

Over lease term

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation is provided in respect of freehold buildings which is not in accordance with

FRS No 15 "Tangible Fixed Assets". The directors are of the opinion that the open market

valuation of the company's freehold land and buildings is in excess of their original cost. In

the absence of a professional valuation the director is unable to quantify the excess. In the

opinion of the directors there has been no impairment in relation to the company's freehold

land and buildings.

Stocks

Stock is valued at the lower of cost and net realisable value, based on directors estimates.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

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.

Leased assets

Assets held under finance leases and hire purchase contracts and the related obligations are

recorded in the balance sheet at the fair value of the assets at the inception of the contract.

The amounts by which the payments exceed the recorded obligations are treated as finance

charges which are amortised over the lease terms to give a constant rate of charge on the

remaining balance of the obligation.

Operating lease commitments are provided for in the balance sheet at the time the rental

payments fall due. Such rental costs are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribuion pension scheme on behalf of the directors.

The assets of the scheme are held seperately from those of the company within

independently administered funds. The pension scheme charge represents contributions

payable by the company in accordance with the rules of the scheme.

The charge to the financial statements includes payments during the year, there being no

provision for outstanding liabilities at the balance sheet date.

Turnover

Turnover is mainly derived from takings subject to Machine Games Duty.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2018 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2018

and 31 July 2019

354,499

AMORTISATION

At 1 August 2018

and 31 July 2019

4,499

NET BOOK VALUE

At 31 July 2019

350,000

At 31 July 2018

350,000

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2018

3,921,237

108,370

3,511,287

22,545

7,563,439

Additions

246,042

-

91,916

-

337,958

At 31 July 2019

4,167,279

108,370

3,603,203

22,545

7,901,397

DEPRECIATION

At 1 August 2018

-

67,315

2,488,501

21,848

2,577,664

Charge for year

-

3,187

160,312

174

163,673

At 31 July 2019

-

70,502

2,648,813

22,022

2,741,337

NET BOOK VALUE

At 31 July 2019

4,167,279

37,868

954,390

523

5,160,060

At 31 July 2018

3,921,237

41,055

1,022,786

697

4,985,775

6.

STOCKS

2019

2018

£

£

Stocks

16,115

20,066

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

417

864

Other debtors

-

860

Due from related businesses

953,378

941,339

Prepayments and accrued income

129,682

139,925

1,083,477

1,082,988

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

75,086

1,940

Trade creditors

141,224

334,121

Tax

13,106

1,533

Social security and other taxes

88,899

76,038

Other creditors

81,178

75,712

Due to related companies

1,462,009

1,211,737

Directors' current accounts

1,504,769

1,390,164

Accrued expenses

403,370

402,996

3,769,641

3,494,241

The directors' current accounts are interest free and repayable on demand.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

75,086

1,940

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,100,100

'A' Ordinary

£1

1,100,100

1,100,100

6

'B' - 'H' Ordinary

£1

6

6

1,100,106

1,100,106

The authorised shares 'B' to 'H' are divided into 1000 £1 ordinary shares in each class.

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 August 2018

2,568,188

363,698

2,931,886

Profit for the year

36,967

36,967

At 31 July 2019

2,605,155

363,698

2,968,853

12.	RELATED PARTY DISCLOSURES

Mr A Shaw, Mr K C Shaw and Miss T Shaw are directors in Summit Leisure (Market Street)

Limited, Summit Leisure (Swinton) Limited and K Shaw and Sons Limited.

Mr K C Shaw is the director and owner of the business Summit Leisure (KC) Limited.

At 31 July 2019 the amounts owed from/(to) parties under common control were as follows:

2019

2018

£

£

Summit Leisure (Market Street)Limited

(581,757

)

(561,757

)

Summit Leisure (Swinton) Limited

(706,753

)

(549,735

)

Summit Leisure (KC) Limited

(173,599

)

(100,227

)

K Shaw and Sons Limited 953,378 941,339

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors.