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

REGISTERED NUMBER: 08140177 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 29 JULY 2019 TO 2 AUGUST 2020

FOR

ICARUS LEISURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M K Parnham

REGISTERED OFFICE:

Ampney House

Falcon Close

Quedgeley

Gloucester

GL2 4LS

REGISTERED NUMBER:

08140177 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

and Statutory Auditor

61 Queen Square

Bristol

BS1 4JZ

CURRENT ASSETS

Debtors

4

4,765

4,765

Cash at bank

-

105

4,765

4,870

CREDITORS

Amounts falling due within one year

5

9,067

9,172

NET CURRENT LIABILITIES

(4,302

)

(4,302

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,302

)

(4,302

)

CAPITAL AND RESERVES

Called up share capital

6

125

125

Retained earnings

(4,427

)

(4,427

)

SHAREHOLDERS' FUNDS

(4,302

)

(4,302

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 2 August 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 2 August 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.

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 23 March 2021 and were signed by:

M K Parnham - Director

1.	STATUTORY INFORMATION

Icarus 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Financial instruments

Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.

Taxation

Taxation for the period 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 period 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.

Going concern

At the period end, the balance sheet was in a net liability position, which is primarily due to amounts owed to other group companies. These amounts are not considered to be payable until the company has sufficient cash to make the repayments, and the group as a whole is considered to have sufficient cash and working capital facilities to meet all of its external liabilities as they fall due for the foreseeable future. Therefore, the director is satisfied that the company will be able to meet its financial obligations as they fall due for the foreseeable future, and for at least 12 months from the date of signature of the financial statements, and the director has accordingly prepared the financial statements on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2019 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

4,765

4,765

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to group undertakings

8,667

8,772

Other creditors

400

400

9,067

9,172

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

125

Ordinary

£1.00

125

125

7.	CONTINGENT LIABILITIES

In March 2020, the company granted a fixed and floating charge over its assets in respect of a loan facility advanced to its sister subsidiary, Icarus Leisure Soho Limited. At the period end date, the balance of the loan carried was £555,102.

An additional fixed and floating charge was granted in October 2020 in respect of a loan advanced to Icarus Leisure Soho Limited since the Balance Sheet date.

8.	RELATED PARTY DISCLOSURES

At the period end the former directors were owed £400 (2019 - £400) by the company. These amounts are unsecured, do not carry any interest and are repayable on demand.

9.	PARENT UNDERTAKINGS

The immediate parent undertaking is The Rum Kitchen Holdings Limited, and the ultimate parent undertaking is TRK Holdings Limited, both of which are companies registered in England and Wales.