CHRIS LANE LEISURE (HOLDINGS) LIMITED

CHRIS LANE LEISURE (HOLDINGS) LIMITED - Company Information

2021-07-012022-06-302022-06-30false09931160CHRIS LANE LEISURE (HOLDINGS) 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Registered Number
09931160
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2022

CHRIS LANE LEISURE (HOLDINGS) LIMITED

Company Information
for the year from 1 July 2021 to 30 June 2022


Directors	ALI, Ashik
	MACKENZIE, Helen


Registered Address	Lanes Health Clubs Golfers Lane
	Rustington
	Littlehampton
	BN16 4NB


Registered Number	09931160 (England and Wales)

CHRIS LANE LEISURE (HOLDINGS) LIMITED

Statement of Financial Position
30 June 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	7		521,496		683,663
			521,496		683,663
Current assets
Debtors		129,146		91,223
Cash at bank and on hand		29,322		122,974
		158,468		214,197
Creditors amounts falling due within one year	9	(753,716)		(1,009,642)
Net current assets (liabilities)			(595,248)		(795,445)
Total assets less current liabilities			(73,752)		(111,782)
Creditors amounts falling due after one year	10		(564,185)		(306,713)
Net assets			(637,937)		(418,495)
Capital and reserves
Called up share capital			625,429		625,429
Profit and loss account			(1,263,366)		(1,043,924)
Shareholders' funds			(637,937)		(418,495)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 6 December 2022, and are signed on its behalf by:

ALI, Ashik
Director
Registered Company No. 09931160

CHRIS LANE LEISURE (HOLDINGS) LIMITED

Notes to the Financial Statements
for the year ended 30 June 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	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. The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its directors and creditors. The directors have considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the company’s ability to continue as a going concern.

Compliance with applicable reporting framework

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.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its directors and creditors. The directors have considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the company’s ability to continue as a going concern.

3.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	3
	Fixtures and fittings	3
	Vehicles	3
	Office Equipment	3

	Intangible assets policy
	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. Computer software is being amortised evenly over its estimated useful life of three years.

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	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.

Deferred tax policy

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.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	During the year, the company received £25,170 in furlough funding from the government CJRS grant scheme (£284,341 2021). All funds were paid out to staff under the manner they were intended.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Going concern
	The financial statements have been prepared on a going concern basis which assumes the Company’s ability to continue trading (and thus pay its debts as they fall due) for the foreseeable future. The Company is loss making. During the period, loco-down as a result of COVID-19 was still in affect at the beginning of the period. Memberships have taken time to rebuild. At the date of signing these accounts membership numbers are already back to their pre-covid levels. Therefore the directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.

Going concern

The financial statements have been prepared on a going concern basis which assumes the Company’s ability to continue trading (and thus pay its debts as they fall due) for the foreseeable future. 

The Company is loss making. During the period, loco-down as a result of COVID-19 was still in affect at the beginning of the period. Memberships have taken time to rebuild. At the date of signing these accounts membership numbers are already back to their pre-covid levels. Therefore the directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.

4.	Exceptional items
	On 16 September 2019 the company entered into a Company Voluntary Arrangement under Part 1 of the Insolvency Act 1986 between the company and its creditors. During 2021 the company reached an agreement for early settlement with it's creditors and settled the CVA on 2nd July 2021.

5.	Employee information


		2022		2021
	Average number of employees during the year	52		48

6.	Intangible assets

7.	Property, plant and equipment

		Total
		£
	Cost or valuation
	At 01 July 21	1,266,636
	Additions	4,436
	At 30 June 22	1,271,072
	Depreciation and impairment
	At 01 July 21	582,973
	Charge for year	166,603
	At 30 June 22	749,576
	Net book value
	At 30 June 22	521,496
	At 30 June 21	683,663

8.	Debtors within one year

	2022	2021
	£	£
Trade debtors / trade receivables	39,749	48,790
Amounts owed by associates and joint ventures / participating interests	10,898	2,000
Other debtors	12,955	12,955
Prepayments and accrued income	65,544	27,478
Total	129,146	91,223


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

9.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	163,648	103,261
Taxation and social security	57,802	105,457
Finance lease and HP contracts	267,381	476,352
Other creditors	35,471	27,632
Accrued liabilities and deferred income	229,414	296,940
Total	753,716	1,009,642


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

10.	Creditors after one year

	2022	2021
	£	£
Other creditors	564,185	306,713
Total	564,185	306,713


	The long term creditors relate to finance agreements secured by a charge over individual plant and equipment assets.

11.	Finance lease and HP contracts after one year

		2022		2021
		£		£
	Finance lease and HP contracts	410,396		306,713