Progress Leisure Ltd 30/04/2021 iXBRL

Progress Leisure Ltd 30/04/2021 iXBRL

PROGRESS LEISURE LTD - Company Information

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Company registration number: 09024119
Progress Leisure Ltd
Trading as "The Foyer"
Unaudited filleted financial statements
30 April 2021
Progress Leisure Ltd
Contents
Statement of financial position
Notes to the financial statements
Progress Leisure Ltd
Statement of financial position
30 April 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 32,947 32,863
_______ _______
32,947 32,863
Current assets
Stocks 3,000 12,000
Debtors 7 36,038 38,020
Cash at bank and in hand 1,251 41
_______ _______
40,289 50,061
Creditors: amounts falling due
within one year 8 ( 85,970) ( 98,489)
_______ _______
Net current liabilities ( 45,681) ( 48,428)
_______ _______
Total assets less current liabilities ( 12,734) ( 15,565)
Creditors: amounts falling due
after more than one year 9 ( 41,667) -
_______ _______
Net liabilities ( 54,401) ( 15,565)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 54,501) ( 15,665)
_______ _______
Shareholders deficit ( 54,401) ( 15,565)
_______ _______
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2022 , and are signed on behalf of the board by:
Mr David Goodwin
Director
Company registration number: 09024119
Progress Leisure Ltd
Notes to the financial statements
Year ended 30 April 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle under Lyme, Staffordsire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the view of the directors the company will continue in operational existence and will be able to meet its liabilities as they fall due and thus the financial statements have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease
Fittings fixtures and equipment - 25% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 22 ).
5. Loss/profit before taxation
Loss/profit before taxation is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible assets 11,776 11,407
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2020 28,446 69,405 97,851
Additions - 11,859 11,859
_______ _______ _______
At 30 April 2021 28,446 81,264 109,710
_______ _______ _______
Depreciation
At 1 May 2020 26,107 38,881 64,988
Charge for the year 1,005 10,770 11,775
_______ _______ _______
At 30 April 2021 27,112 49,651 76,763
_______ _______ _______
Carrying amount
At 30 April 2021 1,334 31,613 32,947
_______ _______ _______
At 30 April 2020 2,339 30,524 32,863
_______ _______ _______
7. Debtors
2021 2020
£ £
Amounts owed by group undertakings - 31,122
Other debtors 34,546 5,860
Prepayments 1,492 1,038
_______ _______
36,038 38,020
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 15,362 7,029
Trade creditors 9,233 10,058
Amounts owed to group undertakings 21,942 -
Corporation tax - 90
Social security and other taxes 10,389 12,058
Director loan account 12,800 52,793
Other creditors 15,222 16,262
Accruals and deferred income 1,022 199
_______ _______
85,970 98,489
_______ _______
The brewery loan and bank overdraft are secured.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 41,667 -
_______ _______
10. Related party transactions
David Goodwin is a related party by virtue of his directorship of and shareholding in the company.The following transactions took place during the year between David Goodwin and the company:Amounts due to the related party as at 1 May 2020 : £52,793Payments to related party : (£93,167)Amounts received from related party : £53,174Amounts due to the related party as at 30 April 2021 : £12,800Paul Walters is a related party by virtue of his shareholding in the company.Foyer Leisure Limited is a related party by virtue of their common director and shareholder, Mr David Goodwin .During the year, the company made payments to Foyer Leisure Limited in the sum of £32,813 (2020: £59,480) and received payments in the sum of £85,878 (2020: £28,358) At the year end, the balance owed to Foyer Leisure Limited by the company was £21,942 (2020: owed to the company £31,122)
11. Controlling party
The company is under the control of David Goodwin by virtue of his majority shareholding therein.
12. Current year material event
The directors have considered the impact of the COVID-19 crisis on the business operations and the impact on the financial performance of the company. The company has made a successful application to its principle bankers to obtain £50,000 funding under the government Coronavirus bounce back loan scheme. As well as the Coronavirus bounce back loan scheme, the company took advantage of the coronavirus business rates grant and Job Retention Scheme grants.
13. Going concern
As reflected within these Financial Statements the company has reported a trading loss for the year in the sum of £38,836 (2020: trading profit of £337) and has a deficiency in net assets of £54, 401 (2020 : £15,565). Assuming the continuing financial support of the company's director, it is the Directors view that the company will continue in operational existence in the foreseeable future and will be able to meet its liabilities as they