Westonbirt Leisure Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02899060 (England and Wales)

Financial Statements

for the Year Ended 31 August 2019

for

Westonbirt Leisure Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Antrobus

REGISTERED OFFICE:

25-27 High Street

Corsham

Wiltshire

SN13 0ES

REGISTERED NUMBER:

02899060 (England and Wales)

AUDITORS:

MHA Monahans

Statutory Auditors

38-42 Newport Street

Swindon

SN1 3DR

FIXED ASSETS

Tangible assets

4

-

5,502

CURRENT ASSETS

Stocks

-

5,710

Debtors

5

143,571

113,754

Cash at bank and in hand

-

106,321

143,571

225,785

CREDITORS

Amounts falling due within one year

6

-

123,433

NET CURRENT ASSETS

143,571

102,352

TOTAL ASSETS LESS CURRENT LIABILITIES

143,571

107,854

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

143,569

107,852

143,571

107,854

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 director on 7 February 2020 and were signed by:

S Antrobus - Director

1.	STATUTORY INFORMATION

Westonbirt Leisure 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 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.

The company's functional and presentation currency is the pound sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all the years presented, unless other stated.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount

receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the

Company and value added taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a

financing transactions, the fair value of the consideration is measured as the present value of all future receipts

using the inputed rate of interest.

The Company recognises revenue when the following conditions are satisfied:

i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods or

services;

ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor

effective control over the goods or services sold;

iii. the amount of revenue can be measured reliably;

iv. it is probable that the economic benefits associated with the transaction can be measured reliably.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its

intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less

estimated residual value, of each asset over its expected useful life as follows:

Plant and machinery - 15% on a straight line basis

Plant and machinery was previously depreciated at a rate of 25% per annum but has been changed to the above

inline with group deprecation rates.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each

reporting period. The effect of any changes is accounted for prospectively.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate,

only when it is probable that economic benefits associated with the item will flow to the company and the cost

can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate

asset when they have significantly different patterns of consumption of economic benefits and are depreciated

separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal,

the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Impairment of assets

Assets, other than those measured at fair value, as assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described

below:

Non-financial assets

At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether

there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an

indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying

amount of the asset (or asset's cash generating unit).

The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to

sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax

obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are

discounted using a pre-tax discount rate that represents the current market risk-free rate and risks inherent in the

asset.

If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying

amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit

and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive

income to the extent of any previously recognised revaluation. Thereafter an excess is recognised in profit or

loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating

unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised

carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or

amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is

recognised in the profit and loss account.

Financial assets

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the report date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an

event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial assets to the extent that the revised

recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment

been recognised.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly

liquid investments with original maturities of three months or less.

Provisions and contingencies

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past

events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the

obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of

an outflow with respect to any one time included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation

using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to

the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (a) it is not

probable that there will be an outflow of resources or that the amount cannot be reliably measured at the

reporting date or (b) when the existence will be confirmed by the occurrence or non-occurrence of uncertain

future events not wholly within the Group's control. Contingent liabilities are disclosed in the financial statements

unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an

inflow of economic benefit is probable.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102

Section 11.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured

at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow

group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future receipts discounted at a

market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest

rate method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 5 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

39,602

Disposals

(39,602

)

At 31 August 2019

-

DEPRECIATION

At 1 September 2018

34,100

Eliminated on disposal

(34,100

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

5,502

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

39,503

Amounts owed by group undertakings

143,571

70,828

Other debtors

-

3,423

143,571

113,754

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

64,570

Taxation and social security

-

31,774

Other creditors

-

27,089

-

123,433

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

The Report of the Auditors was unqualified.

David Iain Black (Senior Statutory Auditor)

for and on behalf of MHA Monahans

8.	CONTINGENT LIABILITIES

The company had total operating lease commitments at the year end of £nil (2018: £30,447).

9.	RELATED PARTY DISCLOSURES

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.

10.	ULTIMATE PARENT COMPANY