L.G. Leisure Limited Company accounts

L.G. Leisure Limited Company accounts

L.G. LEISURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04666184
L.G. Leisure Limited
Unaudited Abridged Financial Statements
31 March 2022
L.G. Leisure Limited
Abridged Financial Statements
Year ended 31 March 2022
Contents
Page
Director's report
1
Report to the director on the preparation of the unaudited statutory abridged financial statements
2
Statement of comprehensive income
3
Abridged statement of financial position
4
Statement of changes in equity
6
Notes to the abridged financial statements
7
L.G. Leisure Limited
Director's Report
Year ended 31 March 2022
The director presents her report and the unaudited abridged financial statements of the company for the year ended 31 March 2022 .
Director
The director who served the company during the year was as follows:
Mrs L H Fisher
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 December 2022 and signed on behalf of the board by:
Mrs L H Fisher
Director
Registered office:
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
L.G. Leisure Limited
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of L.G. Leisure Limited
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of L.G. Leisure Limited for the year ended 31 March 2022, which comprise the statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
23 December 2022
L.G. Leisure Limited
Statement of Comprehensive Income
Year ended 31 March 2022
2022
2021
Note
£
£
Turnover
62,042
14,669
Cost of sales
20,275
12,533
--------
--------
Gross profit
41,767
2,136
Administrative expenses
105,535
72,678
Other operating income
15,463
40,592
---------
--------
Operating loss
( 48,305)
( 29,950)
Interest payable and similar expenses
22,903
19,321
---------
--------
Loss before taxation
5
( 71,208)
( 49,271)
Tax on loss
–
–
--------
--------
Loss for the financial year
( 71,208)
( 49,271)
--------
--------
Revaluation of tangible assets
–
( 1,100)
--------
--------
Total comprehensive income for the year
( 71,208)
( 50,371)
--------
--------
All the activities of the company are from continuing operations.
L.G. Leisure Limited
Abridged Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
6
16,145
24,254
Tangible assets
7
119,129
130,738
---------
---------
135,274
154,992
Current assets
Stocks
5,492
6,448
Debtors
795
31,323
Cash at bank and in hand
10,238
8,590
--------
--------
16,525
46,361
Creditors: amounts falling due within one year
486,988
470,259
---------
---------
Net current liabilities
470,463
423,898
---------
---------
Total assets less current liabilities
( 335,189)
( 268,906)
Creditors: amounts falling due after more than one year
377,763
372,838
---------
---------
Net liabilities
( 712,952)
( 641,744)
---------
---------
Capital and reserves
Revaluation reserve
3,045
3,045
Profit and loss account
( 715,997)
( 644,789)
---------
---------
Shareholders deficit
( 712,952)
( 641,744)
---------
---------
These abridged financial statements have been prepared 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'.
For the year ending 31 March 2022 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.
L.G. Leisure Limited
Abridged Statement of Financial Position (continued)
31 March 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:
Mrs L H Fisher
Director
Company registration number: 04666184
L.G. Leisure Limited
Statement of Changes in Equity
Year ended 31 March 2022
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
At 1 April 2020
4,145
( 595,518)
( 591,373)
Loss for the year
( 49,271)
( 49,271)
Other comprehensive income for the year:
Revaluation of tangible assets
7
( 1,100)
–
( 1,100)
-------
---------
---------
Total comprehensive income for the year
( 1,100)
( 49,271)
( 50,371)
At 31 March 2021
3,045
( 644,789)
( 641,744)
Loss for the year
( 71,208)
( 71,208)
-------
---------
---------
Total comprehensive income for the year
–
( 71,208)
( 71,208)
-------
---------
---------
At 31 March 2022
3,045
( 715,997)
( 712,952)
-------
---------
---------
L.G. Leisure Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the going concern basis. This basis may not be appropriate because the company had net liabilities at 31st March 2022 and 2021. The future of the company is dependent upon the continued support of the company's directors and the company's creditors. The accounts do not include any provisions for liabilities that may arise if the directors' or the creditors' support is withdrawn. 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 and loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20 years straight line
Motor vehicles
-
5 years straight line
Equipment
-
7 years straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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. 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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 4 (2021: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Amortisation of intangible assets
8,109
8,110
Depreciation of tangible assets
787
192
-------
-------
6. Intangible assets
£
Cost
At 1 April 2021 and 31 March 2022
162,195
---------
Amortisation
At 1 April 2021
137,941
Charge for the year
8,109
---------
At 31 March 2022
146,050
---------
Carrying amount
At 31 March 2022
16,145
---------
At 31 March 2021
24,254
---------
7. Tangible assets
£
Cost
At 1 April 2021
272,373
Additions
7,423
Disposals
( 18,245)
---------
At 31 March 2022
261,551
---------
Depreciation
At 1 April 2021
141,635
Charge for the year
787
---------
At 31 March 2022
142,422
---------
Carrying amount
At 31 March 2022
119,129
---------
At 31 March 2021
130,738
---------
Tangible assets held at valuation
The director revalued the plant and machinery on 31 March 2022. The original cost of the equipment was £259,990 and if the historical cost basis was used the carrying amount would have been £73,500 (2021 - £100,958).
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs L H Fisher
( 291,259)
( 2,369)
( 293,628)
---------
-------
---------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs L H Fisher
( 286,171)
( 5,088)
( 291,259)
---------
-------
---------