Summit Leisure (Market Street) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02580836 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2022

for

SUMMIT LEISURE (MARKET STREET) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Shaw

Mr A Shaw

Miss T Shaw

SECRETARY:

Miss T Shaw

REGISTERED OFFICE:

Fairway House

Links Business Park

St. Mellons

Cardiff

CF3 OLT

REGISTERED NUMBER:

02580836 (England and Wales)

ACCOUNTANTS:

Hayvenhursts

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 OLT

BANKERS:

Barclays Bank Plc

1st Floor

3 Hardman Street

Spinningfields

Manchester

M3 3HF

SOLICITORS:

Kippax Beaumont Lewis

28 Mawdsley Street

Bolton

Lancs

BL1 1LF

FIXED ASSETS

Intangible assets

4

368,000

368,000

Tangible assets

5

329,163

332,074

Investments

6

393,188

393,188

1,090,351

1,093,262

CURRENT ASSETS

Stocks

2,926

5,082

Debtors

7

1,149,625

915,312

Cash at bank and in hand

179,924

164,303

1,332,475

1,084,697

CREDITORS

Amounts falling due within one year

8

(209,020

)

(179,512

)

NET CURRENT ASSETS

1,123,455

905,185

TOTAL ASSETS LESS CURRENT LIABILITIES

2,213,806

1,998,447

PROVISIONS FOR LIABILITIES

(1,237

)

(1,406

)

NET ASSETS

2,212,569

1,997,041

CAPITAL AND RESERVES

Called up share capital

9

308

308

Share premium

10

388,587

388,587

Retained earnings

10

1,823,674

1,608,146

SHAREHOLDERS' FUNDS

2,212,569

1,997,041

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2023 and were signed on its behalf by:

Mr A Shaw - Director

Mr K Shaw - Director

1.	STATUTORY INFORMATION

Summit Leisure (Market Street) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Goodwill

Purchased goodwill is included in the financial statements on a cost basis. The company's directors have performed an impairment review in respect of the value of the company's purchased goodwill. In the directors opinion the value of the goodwill is not less than its original purchase cost and therefore do not consider it to be appropriate to provide for any amortisation in respect of goodwill. This impairment review is performed on an annual basis. The non amortisation of goodwill is a departure from FRS No.10 'Goodwill and Intangible assets'. In the opinion of the company's directors the amount of amortisation is not material in the company's financial statements.

Intangible assets

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over lease term

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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.

Consolidation

The company and its subsidiary comprise a small group. The company has therefore taken advantage of the exemption provided by section 248 of the Companies Act 1985 and not prepared group financial statements.

Investments

Investments in group companies are stated at cost less any provision required for a permanent fall in diminution.

Turnover

Turnover is derived from gaming machine income which is VAT exempt, and subject to Machine Games Duty.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2021

and 31 July 2022

368,000

NET BOOK VALUE

At 31 July 2022

368,000

At 31 July 2021

368,000

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 August 2021

and 31 July 2022

314,595

88,803

64,559

DEPRECIATION

At 1 August 2021

-

86,586

58,568

Charge for year

-

604

899

At 31 July 2022

-

87,190

59,467

NET BOOK VALUE

At 31 July 2022

314,595

1,613

5,092

At 31 July 2021

314,595

2,217

5,991

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 August 2021

and 31 July 2022

87,938

9,500

565,395

DEPRECIATION

At 1 August 2021

78,842

9,325

233,321

Charge for year

1,364

44

2,911

At 31 July 2022

80,206

9,369

236,232

NET BOOK VALUE

At 31 July 2022

7,732

131

329,163

At 31 July 2021

9,096

175

332,074

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 August 2021

and 31 July 2022

393,188

NET BOOK VALUE

At 31 July 2022

393,188

At 31 July 2021

393,188

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

-

12,086

Amounts due from related companies

1,133,825

893,825

Prepayments and accrued income

15,800

9,401

1,149,625

915,312

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

22,189

14,260

Tax

50,867

32,640

Social security and other taxes

14,673

11,705

Other creditors

61,699

61,699

Due to Allied Real Limited

53,722

53,722

Accrued expenses

5,870

5,486

209,020

179,512

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

300

Ordinary 'A'

£1

300

300

7

Ordinary 'B' - 'I'

£1

8

8

308

308

The authorised shares 'B' to 'I' are divided into 1000 £1 ordinary shares in each class.

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 August 2021

1,608,146

388,587

1,996,733

Profit for the year

215,528

215,528

At 31 July 2022

1,823,674

388,587

2,212,261

11.	RELATED PARTY DISCLOSURES

K Shaw, A Shaw, and Miss T Shaw are directors of Summit Leisure (Deansgate) Limited, Summit Leisure (KC) Limited, K Shaw & Sons Limited and Summit Leisure (Swinton) Limited. K Shaw is a director of the company's wholly owned subsidiary, Allied Real Limited.

As at 31 July 2021 the company owed £53,722 to Allied Real Limited.

As at 31 July 2021 the company was owed the following amounts from related entities:

Summit Leisure (Swinton) Limited - £217,068 (2020 - £217,068), Summit Leisure (Deansgate) Limited - £626,757 (2020 - £581,757), Summit Leisure (KC) Limited - £50,000 (2020 - £50,000).

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors.