Energi Leisure Parks Limited
Energi Leisure Parks Limited
Registered number: 09770401
Unaudited Financial Statements
For The Year Ended
31 December 2019
Energi Leisure Parks Limited
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—7 |
Energi Leisure Parks Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
09770401
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 | |||||
| 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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( |
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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 (LIABILITIES)/ASSETS |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Share premium account |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (441,090) | 144,820 | |||
Page 1
Energi Leisure Parks Limited
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 7 form part of these financial statements.
Page 2
Energi Leisure Parks Limited
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.
Going Concern Disclosure
The directors prepared the financial statement on the going concern basis after assessing the impact of the COVID-19 pandemic on the business. The closure of trampoline parks in the UK has had a material impact on the company during 2020 and has cast significant doubt about the company's ability to continue as a going concern.
The directors have assessed the ongoing impact of COVID-19 and are satisfied that there is sufficient working capital to continue trading for the forseeable future. P & C Rossi have confirmed that they will not require repayment of their loans, interest or consultancy fees within the next 12 months.
1.3.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Page 3
Energi Leisure Parks Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
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:
| Plant & Machinery |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flow have not been adjusted.
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount , the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5.
Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount or stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Page 4
Energi Leisure Parks Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
1.6.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, in which case, the tax follows the transaction or event it relates to and is also charged or credited to comprehensive income or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends to either settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2018: NIL)
4.
Tangible Assets
| Plant & Machinery | |
|---|---|
| £ | |
| Cost | |
| As at
|
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
|
| As at
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| Net Book Value | |
| As at
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| As at
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Page 5
Energi Leisure Parks Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
5.
Investments
| Unlisted | Other | Total | |||
|---|---|---|---|---|---|
| £ | £ | £ | |||
| Cost | |||||
| As at
|
1,713 | 1,554,393 | 1,556,106 | ||
| Disposals | (35,000) | (35,000) | |||
| As at
|
1,713 | 1,519,393 | 1,521,106 | ||
| Provision | |||||
| As at
|
900 | 943,252 | 944,152 | ||
| Added in period | 516,506 | 516,506 | |||
| As at
|
900 | 1,459,758 | 1,460,658 | ||
| Net Book Value | |||||
| As at
|
813 | 59,635 | 60,448 | ||
| As at
|
813 | 611,141 | 611,954 | ||
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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( |
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| Other debtors |
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8.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Other taxes and social security |
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- | |
| Other creditors |
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| Amounts owed to group undertakings |
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Page 6
Energi Leisure Parks Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
9.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors |
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11.
General Information
Energi Leisure Parks Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09770401
. The registered office is 86-90 Paul Street, London, EC2A 4NE.
Page 7