UK Premier Leisure Limited
UK Premier Leisure Limited
Registered number: 04597011
Unaudited Financial Statements
For The Year Ended
31 January 2022
Sempar Accountancy and Tax Limited
UK Premier Leisure Limited
Unaudited Financial Statements
For The Year Ended
31 January 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
UK Premier Leisure Limited
Balance Sheet
As at
31 January 2022
Balance Sheet
Registered number:
04597011
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 661,966 | 633,797 | |||
UK Premier Leisure Limited
Balance Sheet (continued)
As at
31 January 2022
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 6 form part of these financial statements.
UK Premier Leisure Limited
Notes to the Financial Statements
For The Year Ended
31 January 2022
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
Since 31 Janaury 2020, the consequences of the COVID-19 outspread have materially and adversely affected the supply and demand for the Company’s primary services and therefore, its operating results have been negatively impacted. It is uncertain whether, and when, the Company will return to profitability and positive cash flows from operations.
These uncertainties cast significant doubt on the Company’s ability to continue as a going concern. The outcome of these matters cannot be predicted at this time, however the director considers the going concern basis remains appropriate.
1.3.
Turnover
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue on a bookings basis when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
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 |
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| Fixtures & Fittings |
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1.5.
Financial Instruments
Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including
transaction costs) and subsequently held at amortised cost, where the difference is considered to be material, less any impairment.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
UK Premier Leisure Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
1.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
1.9.
Investments
Unlisted investments are included at cost less impairment.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2021: 8)
3.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Depreciation | |||
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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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UK Premier Leisure Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
4.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
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200,000 |
| As at
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200,000 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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200,000 |
| As at
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200,000 |
5.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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8.
Exceptional Items
The ongoing impact of COVID-19 restrictions resulted in turnover for the year on a bookings basis for just 5 trips plus confirmed cancellation income as reported on ABTA Returns during the year. Trips booked and recognised in previous years have either been cancelled or re-scheduled and there remains an element of uncertainty. Exceptional items comprise movement in the directors best estimate of cancellation income less associated costs based on information available at the date the financial statements were signed.
UK Premier Leisure Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
9.
Ultimate Controlling Party
The company's parent undertaking is
22 Investment Management Limited
following a share for share exchange with director Stephen Scott on 20th November 2020. Stephen Scott remains the company's ultimate controlling party by virtue of his ownership of 100% of the issued share capital in
22 Investment Management Limited
.
10.
General Information
UK Premier Leisure Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04597011
. The registered office is Unit 6 Brookland House, Yeomanry Road,Battlefield Enterprise Park, Shrewsbury, SY1 3EH.