Reedley Leisure Ltd - Period Ending 2015-02-28

Registration number: 04745716

Reedley Leisure Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

MacMahon Leggate Chartered Accountants Charter House 18-20 Finsley Gate Burnley BB11 2HA

Reedley Leisure Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reedley Leisure Ltd
for the Year Ended 28 February 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reedley Leisure Ltd for the year ended 28 February 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Reedley Leisure Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reedley Leisure Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reedley Leisure Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Reedley Leisure Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Reedley Leisure Ltd. You consider that Reedley Leisure Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Reedley Leisure Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MacMahon Leggate
Chartered Accountants
Charter House
18-20 Finsley Gate
Burnley
Lancashire
BB11 2HA

8 July 2015

Page 1

Reedley Leisure Ltd
(Registration number: 04745716)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					1,167,150			800,000
Investments					120,000			-
					1,287,150			800,000
Current assets
Debtors					1,817			329
Cash at bank and in hand					1			-
					1,818			329
Creditors: Amounts falling due within one year					(238,474)			(222,701)
Net current liabilities					(236,656)			(222,372)
Total assets less current liabilities					1,050,494			577,628
Creditors: Amounts falling due after more than one year					(147,274)			(193,228)
Net assets					903,220			384,400
Capital and reserves
Called up share capital		3			400			100
Share premium account					119,900			-
Revaluation reserve					728,172			369,566
Profit and loss account					54,748			14,734
Shareholders' funds					903,220			384,400

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Reedley Leisure Ltd
(Registration number: 04745716)
Abbreviated Balance Sheet at 28 February 2015
......... continued

For the year ending 28 February 2015 the company was entitled to exemption 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 .

Approved by the Board on 8 July 2015 and signed on its behalf by:

.........................................
Mr A Kinder
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Reedley Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	To be considered on an annual basis.
Plant and machinery	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Reedley Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 March 2014		813,678			-			813,678
Revaluations		358,606			-			358,606
Additions		9,261			120,000			129,261
At 28 February 2015		1,181,545			120,000			1,301,545
Depreciation
At 1 March 2014		13,678			-			13,678
Charge for the year		717			-			717
At 28 February 2015		14,395			-			14,395
Net book value
At 28 February 2015		1,167,150			120,000			1,287,150
At 28 February 2014		800,000			-			800,000

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		400			400			100			100

New shares allotted

During the year 200 Ordinary shares having an aggregate nominal value of £200 were allotted for an aggregate consideration of £200. The allottment was to enable a bonus issue of shares to existing shareholders, prior to the subsequent 'share for share arrangement' for the acquisition of Reedley Childcare Ltd..

During the year 100 Ordinary shares having an aggregate nominal value of £100 were allotted for an aggregate consideration of £100. The shares were allotted to enable the investment on a 'share for share exchange' on the acquisition of a wholly owned subsidiary company, Reedley Childcare Ltd.

Page 5