1st Choice Leisure Ltd - Accounts to registrar (filleted) - small 18.2
1st Choice Leisure Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2020 |
FOR |
1ST CHOICE LEISURE LTD |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2020 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
1ST CHOICE LEISURE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
BANKERS: |
770 Bristol Rd S |
Birmingham |
B31 2NN |
INCORPORATED: |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
ABRIDGED BALANCE SHEET |
31ST MAY 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
ABRIDGED BALANCE SHEET - continued |
31ST MAY 2020 |
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. |
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 and authorised for issue on |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2020 |
1. | STATUTORY INFORMATION |
1st Choice Leisure Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of services and goods provided to the extent that there is a right to consideration and is recorded at the value of the consideration due. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Government grants are accounted for under both the performance and accruals model. Grants under the accruals model in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Grants under the performance model are recognised when the performance related conditions are met. The government grants recognised in the financial statements are as follows: |
- Business rates grant - £10,000 (performance model) |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2020 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st June 2019 |
and 31st May 2020 |
AMORTISATION |
At 1st June 2019 |
and 31st May 2020 |
NET BOOK VALUE |
At 31st May 2020 |
At 31st May 2019 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st June 2019 |
Additions |
At 31st May 2020 |
DEPRECIATION |
At 1st June 2019 |
Charge for year |
At 31st May 2020 |
NET BOOK VALUE |
At 31st May 2020 |
At 31st May 2019 |
6. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax | 3,731 | 4,313 |
1ST CHOICE LEISURE LTD (REGISTERED NUMBER: 07989376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2020 |
6. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st June 2019 |
Accelerated Capital Allowances | (582 | ) |
Balance at 31st May 2020 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | RELATED PARTY DISCLOSURES |
As at the year end the amount due to the director totalled £63,767. |