Round Clock Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05684606 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2023

FOR

ROUND CLOCK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J P Millins

REGISTERED OFFICE:

Croydon Hall

Felons Oak

Rodhuish

Minehead

Somerset

TA24 6QT

REGISTERED NUMBER:

05684606 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

Chartered Accountants

Pharmacy Chambers

High Street

Wadhurst

East Sussex

TN5 6AP

FIXED ASSETS

Tangible assets

5

3,528,199

3,460,549

CURRENT ASSETS

Debtors

6

12,726

41,140

Cash at bank

207

33,351

12,933

74,491

CREDITORS

Amounts falling due within one year

7

1,060,070

823,794

NET CURRENT LIABILITIES

(1,047,137

)

(749,303

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,481,062

2,711,246

CREDITORS

Amounts falling due after more than one year

8

(1,550,000

)

(1,591,064

)

PROVISIONS FOR LIABILITIES

11

(250,975

)

(190,098

)

NET ASSETS

680,087

930,084

CAPITAL AND RESERVES

Called up share capital

12

1,100

1,100

Non-distributable reserve

13

1,437,744

1,528,525

Retained earnings

(758,757

)

(599,541

)

SHAREHOLDERS' FUNDS

680,087

930,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 May 2023 and were signed by:

Mr J P Millins - Director

1.	STATUTORY INFORMATION

Round Clock 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Equipment

-

25% on reducing balance

Tangible fixed assets are originally recorded at cost.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Investment property

Investment property is represented in the accounts at fair value on an annual basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

property

property

Equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 May 2022

2,700,000

877,785

12,658

3,590,443

Additions

-

87,004

-

87,004

At 30 April 2023

2,700,000

964,789

12,658

3,677,447

DEPRECIATION

At 1 May 2022

-

124,385

5,509

129,894

Charge for year

-

17,567

1,787

19,354

At 30 April 2023

-

141,952

7,296

149,248

NET BOOK VALUE

At 30 April 2023

2,700,000

822,837

5,362

3,528,199

At 30 April 2022

2,700,000

753,400

7,149

3,460,549

Freehold property valuation for the purposes of the accounts has been provided by the director.

Cost or valuation at 30 April 2023 is represented by:

Improvements

Freehold

to

property

property

Equipment

Totals

£

£

£

£

Valuation in 2019

2,200,000

-

-

2,200,000

Valuation in 2020

200,000

-

-

200,000

Valuation in 2021

300,000

-

-

300,000

Cost

-

964,789

12,658

977,447

2,700,000

964,789

12,658

3,677,447

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed by group undertakings

-

21,436

VAT

2,555

3,672

Prepayments and accrued income

10,171

16,032

12,726

41,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

44,658

8,224

Trade creditors

65,973

77,989

Amounts owed to group undertakings

856,955

420,948

Other creditors

89,820

108,906

Director's current account

-

206,361

Accruals and deferred income

2,664

1,366

1,060,070

823,794

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

1,550,000

1,591,064

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

44,658

8,224

Amounts falling due between one and two years:

Bank loans - 1-5 years

1,550,000

1,591,064

In February 2023 HSBC has exercised the right to cancel the Bounceback Loan, with the remaining balance being payable immediately.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Loan

1,550,000

1,550,000

Folk Nominee Limited holds both a fixed charge over the freehold land, and an all assets debenture over the tangible fixed assets of the company.

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

1,019

1,358

Tax losses carried forward

(128,301

)

(98,735

)

Other timing differences

378,257

287,475

250,975

190,098

Deferred

tax

£

Balance at 1 May 2022

190,098

Provided during year

60,877

Balance at 30 April 2023

250,975

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,100

Ordinary

£1

1,100

1,100

13.

RESERVES

Non-distributable

reserve

£

At 1 May 2022

1,528,525

Fair value movement

(90,781

)

At 30 April 2023

1,437,744

14.	RELATED PARTY DISCLOSURES

Included in other creditors is a loan balance of £853,455 (2022: £417,612) due to the parent company Pure Leisure Management Holdings Ltd. This amount is interest free and repayable on demand.

Included in other creditors is a loan balance of £3,336 (2022: £3,336) due to a group company Pure Management Ltd. This amount is interest free and repayable on demand.

Included in other creditor is a loan balance of £164 (2022: £21,436 debtor) due to a group company Pure Technical Productions Ltd. This amount is interest free and repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pure Leisure Management Holdings Ltd.

16.	PARENT COMPANY

The company is a wholly owned subsidiary of Pure Leisure Management Holdings Ltd, whose address is Croydon Hall, Felons Oak, Rodhuish, Minehead, Somerset TA24 6QT.