The Really Fine Leisure Company Ltd
The Really Fine Leisure Company Ltd
Registered number: 04428157
Unaudited Financial Statements
For The Year Ended 31 December 2019
Price Mann & Co
The Really Fine Leisure Company Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
The Really Fine Leisure Company Ltd
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
04428157
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
( |
( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 716,340 | 622,032 | |||
Page 1
The Really Fine Leisure Company Ltd
Balance Sheet (continued)
As at
31 December 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their 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. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
The Really Fine Leisure Company Ltd
Notes to the Financial Statements
For The Year Ended 31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised where it is probable that economic benefit will flow to the entity and turnover and costs can be reliably measured.
Annual subscriptions income is spread over the year to which it relates and the unexpired portions at the year end are carried forward in the balance sheet as deferred income.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of its useful life, which estimated to be 20 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold land |
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| Freehold building |
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| Plant & Machinery |
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| Work in progress |
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| Car Park |
|
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Page 3
The Really Fine Leisure Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 42 (2018: 40)
3.
Intangible Assets
| Goodwill | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at |
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| As at |
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| Amortisation | |||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |||
| As at |
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| As at |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
Page 4
The Really Fine Leisure Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
4.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold land | Freehold building | Car Park | Plant & Machinery | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions |
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1,292,121 |
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| Disposals |
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| As at |
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| Depreciation | ||||
| As at |
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| Provided during the period |
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26,019 |
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| As at |
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| Net Book Value | ||||
| As at |
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| As at |
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| Work in progress | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| As at |
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| Additions |
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| Disposals |
( |
( |
| As at |
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| Depreciation | ||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | ||
| As at |
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| As at |
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Page 5
The Really Fine Leisure Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
5.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at |
1 |
| As at |
1 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
1 |
| As at |
1 |
The company holds 100% of the share capital of RFL Management Ltd.
6.
Stocks
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - finished goods |
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7.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| VAT | - |
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| Amounts owed by group undertakings |
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Page 6
The Really Fine Leisure Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
8.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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- | |
| Net wages | 18,093 | 3,460 | |
| Other creditors |
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| Amounts owed to group undertakings |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
All bank loans are secured by way of a legal charge on the freehold property known as Marlow Health Club, debenture and fixed and floating charges over all the assets of the company including present and future.
All the companies in the group have signed a composite multilateral guarantee dated 9 February 2011.
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 2,887,413 | 2,025,711 |
10.
Obligations Under Finance Leases and Hire Purchase
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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Page 7
The Really Fine Leisure Company Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2019
12.
General Information
The Really Fine Leisure Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04428157 . The registered office is 447 Kenton Road, Harrow, Middlesex, HA3 0XY.
Its principal place of business is Globe Park, Fieldhouse Lane, Marlow, Bucks, SL17 1LU. The presentation currency of the financial statements is the Pound Sterling (£).
Page 8