ICH Leisure Limited 31/03/2021 iXBRL

ICH Leisure Limited 31/03/2021 iXBRL

ICH LEISURE LIMITED - Company Information

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Company registration number: 11907541
ICH Leisure Limited
Unaudited filleted financial statements
31 March 2021
ICH Leisure Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ICH Leisure Limited
Statement of financial position
31 March 2021
31/03/21 31/03/20
Note £ £ £ £
Fixed assets
Tangible assets 5 39,084 36,004
_______ _______
39,084 36,004
Current assets
Stocks 4,315 3,725
Debtors 6 164 -
Cash at bank and in hand 54,975 5,849
_______ _______
59,454 9,574
Creditors: amounts falling due
within one year 7 ( 60,303) ( 62,479)
_______ _______
Net current liabilities ( 849) ( 52,905)
_______ _______
Total assets less current liabilities 38,235 ( 16,901)
Creditors: amounts falling due
after more than one year 8 ( 25,200) -
_______ _______
Net assets/(liabilities) 13,035 ( 16,901)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,935 ( 17,001)
_______ _______
Shareholders funds/(deficit) 13,035 ( 16,901)
_______ _______
For the period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 December 2021 , and are signed on behalf of the board by:
Mr J Plassard
Director
Company registration number: 11907541
ICH Leisure Limited
Statement of changes in equity
Period ended 31 March 2021
Called up share capital Profit and loss account
£ £
At 1 April 2019 - -
Profit/(loss) for the period ( 17,001)
_______ _______
Total comprehensive income for the period - ( 17,001)
Issue of shares 100
_______ _______
Total investments by and distributions to owners 100 -
_______ _______
At 31 March 2020 and 100 ( 17,001)
Profit/(loss) for the period 29,936
_______ _______
Total comprehensive income for the period - 29,936
_______ _______
At 31 March 2021 100 12,935
_______ _______
ICH Leisure Limited
Notes to the financial statements
Period ended 31 March 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 ICH Leisure Limited, Great Oaks, Lubbock Road, Chislehurst, BR7 5L.
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'.
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
At 31 March 2020 the company had excess liabilities over assets totalling £16,901. The company is dependent upon the continued financial support of the directors and on the basis that this support is forthcoming, the directors consider it appropriate for the financial statements to be 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.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
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 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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2020: 5 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 29,511 10,433 39,944
Additions 4,500 3,395 7,895
_______ _______ _______
At 31 March 2021 34,011 13,828 47,839
_______ _______ _______
Depreciation
At 2,951 989 3,940
Charge for the year 3,401 1,414 4,815
_______ _______ _______
At 31 March 2021 6,352 2,403 8,755
_______ _______ _______
Carrying amount
At 31 March 2021 27,659 11,425 39,084
_______ _______ _______
At 31 March 2020 26,560 9,444 36,004
_______ _______ _______
6. Debtors
31/03/21 31/03/20
£ £
Other debtors 164 -
_______ _______
7. Creditors: amounts falling due within one year
31/03/21 31/03/20
£ £
Bank loans and overdrafts 1,932 -
Trade creditors 1,473 1,515
Corporation tax 2,064 -
Social security and other taxes 379 2,410
Other creditors 54,455 58,554
_______ _______
60,303 62,479
_______ _______
8. Creditors: amounts falling due after more than one year
31/03/21 31/03/20
£ £
Bank loans and overdrafts 25,200 -
_______ _______