Lakeshore Leisure (Upottery) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12027033 (England and Wales)

Financial Statements for the Year Ended 30 September 2022

for

Lakeshore Leisure (Upottery) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J R Houe

N J G Houe

R J R Houe

REGISTERED OFFICE:

1st Floor, Olympus House

Quedgeley

Gloucester

Gloucestershire

GL2 4NF

REGISTERED NUMBER:

12027033 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

4

62,561

86,211

Tangible assets

5

3,886,820

3,193,941

3,949,381

3,280,152

CURRENT ASSETS

Stocks

13,223

7,628

Debtors

6

846,784

439,297

Cash at bank and in hand

115,891

360,595

975,898

807,520

CREDITORS

Amounts falling due within one year

7

(4,318,751

)

(3,639,440

)

NET CURRENT LIABILITIES

(3,342,853

)

(2,831,920

)

TOTAL ASSETS LESS CURRENT LIABILITIES

606,528

448,232

CAPITAL AND RESERVES

Called up share capital

1,700

1,700

Share premium

168,299

168,299

Retained earnings

436,529

278,233

606,528

448,232

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 26 June 2023 and were signed on its behalf by:

N J G Houe - Director

1.	STATUTORY INFORMATION

Lakeshore Leisure (Upottery) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

Going concern

The directors have prepared detailed forecasts and consider that the company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from approval of these accounts.

The business model is based around generating continuing revenues from the current vendor lines that the company has been representing for several years. They have reviewed the costs incurred in the business and it is anticipated that profits will continue to be generated in future periods which will generate adequate cash to ensure the on-going strength of the business.

The directors have also prepared various projections scenarios considering the potential impact of changing market conditions and consider the company has the flexibility to re-plan the business where/if necessary whilst maintaining adequate financial resources to continue in operational existence for the foreseeable future for the various scenarios.

For those reasons the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

The estimates and underlying assumption are reviewed on a regular and ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Information about assumptions and estimates uncertainties that have a significant risk or resulting in material adjustment adjustment within the next financial year are included below.

Critical accounting estimates and assumptions

In preparing these financial statements, the directors have had to make the following judgements:

- Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover includes revenue earned from services in relation to the rental of lodges, which is recognised when the stay has been completed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of three years.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

at varying rates on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

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

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 October 2021

83,500

56,126

139,626

Additions

-

1,400

1,400

At 30 September 2022

83,500

57,526

141,026

AMORTISATION

At 1 October 2021

18,092

35,323

53,415

Charge for year

8,350

16,700

25,050

At 30 September 2022

26,442

52,023

78,465

NET BOOK VALUE

At 30 September 2022

57,058

5,503

62,561

At 30 September 2021

65,408

20,803

86,211

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2021

2,581,844

780,602

3,362,446

Additions

617,266

184,720

801,986

At 30 September 2022

3,199,110

965,322

4,164,432

DEPRECIATION

At 1 October 2021

73,939

94,566

168,505

Charge for year

32,155

76,952

109,107

At 30 September 2022

106,094

171,518

277,612

NET BOOK VALUE

At 30 September 2022

3,093,016

793,804

3,886,820

At 30 September 2021

2,507,905

686,036

3,193,941

Tangible fixed assets are included at cost less depreciation and impairment.

Included within Land and buildings is land totalling £1,100,000 in which no depreciation has been applied.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Amounts owed by group undertakings

799,148

415,953

Other debtors

47,636

23,344

846,784

439,297

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade creditors

108,894

15,659

Amounts owed to group undertakings

4,050,523

3,440,865

Taxation and social security

7,701

7,387

Other creditors

151,633

175,529

4,318,751

3,639,440

8.	SECURED DEBTS

The company is a guarantor to a credit facility granted to a parent company, Black Hill Finco Limited, by Santander UK Limited.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

10.	CAPITAL COMMITMENTS

30.9.22

30.9.21

£

£

Contracted but not provided for in the

financial statements

393,000

-

11.	ULTIMATE CONTROLLING PARTY

The parent company is Lakeshore Leisure Group Limited, a limited company registered under 12026719 in England & Wales with its registered office being 1st Floor 10 Sabre Close, Quedgeley, Gloucester, United Kingdom, GL2 4NZ.

The ultimate parent company is considered to be Pierre Houe et Associes a limited company registered under 312 382 757 00069 in France with its registered office being 73 Parc D'activite L'argile, 06370 Mouans-Sartoux.

There is no ultimate controlling party.