Finley Leisure Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09409351 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Finley Leisure Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Finley

SECRETARIES:

J Raistrick

K J Vasey

REGISTERED OFFICE:

Whinbank Road

Aycliffe Business Park

NEWTON AYCLIFFE

DL5 6AY

REGISTERED NUMBER:

09409351 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Tangible assets

4

130,988

133,036

CURRENT ASSETS

Stocks

31,241

28,536

Debtors

16,445

157,933

Cash at bank and in hand

3,194

18,481

50,880

204,950

CREDITORS

Amounts falling due within one year

822,997

917,371

NET CURRENT LIABILITIES

(772,117

)

(712,421

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(641,129

)

(579,385

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

(641,229

)

(579,485

)

SHAREHOLDERS' FUNDS

(641,129

)

(579,385

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 July 2020 and were signed by:

J Finley - Director

1.	STATUTORY INFORMATION

Finley Leisure Ltd 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 the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

The financial statements are prepared on the going concern basis which assumes that the company will continue

to trade. However, the validity of the going concern basis is dependent upon the continued support of the

director. If the company is unable to continue to trade, adjustments would be required to reduce the value of

assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term

liabilities as current liabilities.

Turnover

Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income recognition

Income is recognised when a contract for the sale of goods is determined as unconditional, and when services

have been provided.

Tangible fixed assets

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

life.

Plant and machinery - 10% reducing balance

Fixtures and fittings - 10% reducing balance

Motor vehicles - 10% reducing balance

Computer equipment - 10% reducing balance

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2019 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

168,034

Additions

12,529

Disposals

(1,368

)

At 31 March 2020

179,195

DEPRECIATION

At 1 April 2019

34,998

Charge for year

13,632

Eliminated on disposal

(423

)

At 31 March 2020

48,207

NET BOOK VALUE

At 31 March 2020

130,988

At 31 March 2019

133,036

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

4,053

7,161

Between one and five years

5,068

1,969

9,121

9,130

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

93,620

84,474

The overdraft is secured by a fixed and floating charge over the company's assets.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

8.	CONTINGENT LIABILITIES

A cross guarantee and debenture exists between Finley Structures Ltd, Creditscale Limited, Finley Leisure Ltd

and S.C.H. Site Services Ltd dated 11th May 2011 in favour of HSBC Bank plc. At the year end the balance

owed to HSBC Bank plc by Creditscale Limited amounted to £741,324 (2019: £869,131).