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

INVINCIBLE LEISURE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A P Ritchie

REGISTERED OFFICE:

Venture House

The Tanneries

East Street, Titchfield

Fareham

Hampshire

PO14 4AR

REGISTERED NUMBER:

08357488 (England and Wales)

ACCOUNTANTS:

Compass Accountants Limited

Chartered Accountants

Venture House

The Tanneries

East Street

Titchfield

Hampshire

PO14 4AR

FIXED ASSETS

Tangible assets

4

78,966

85,729

CURRENT ASSETS

Stocks

114,142

140,259

Debtors

5

400,296

318,752

Cash at bank and in hand

89,923

27,306

604,361

486,317

CREDITORS

Amounts falling due within one year

6

80,397

49,144

NET CURRENT ASSETS

523,964

437,173

TOTAL ASSETS LESS CURRENT LIABILITIES

602,930

522,902

PROVISIONS FOR LIABILITIES

14,596

16,289

NET ASSETS

588,334

506,613

CAPITAL AND RESERVES

Called up share capital

7

200

200

Retained earnings

588,134

506,413

SHAREHOLDERS' FUNDS

588,334

506,613

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

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

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st May 2020 and were signed by:

A P Ritchie - Director

1.	STATUTORY INFORMATION

Invincible 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods

have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic

benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in

respect of the transaction can be measured reliably.

Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the

entity and the revenue and associated costs can be reliably measured. For continuing services, revenue is

recognised when the stage of completion can be reliably measured.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.3% on cost

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 Statement of Income and

Retained Earnings, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 1A to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there

is a legally 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments,

trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items

approximates their carrying value due to their short term value. Unless otherwise noted, the company is not

exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2018 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2019

18,197

133,715

9,828

161,740

Additions

-

9,750

-

9,750

At 31st December 2019

18,197

143,465

9,828

171,490

DEPRECIATION

At 1st January 2019

18,193

53,489

4,329

76,011

Charge for year

4

13,234

3,275

16,513

At 31st December 2019

18,197

66,723

7,604

92,524

NET BOOK VALUE

At 31st December 2019

-

76,742

2,224

78,966

At 31st December 2018

4

80,226

5,499

85,729

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

12,825

Other debtors

400,296

305,927

400,296

318,752

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,057

11,362

Taxation and social security

38,057

19,436

Other creditors

40,283

18,346

80,397

49,144

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

200

Ordinary

£1

200

200