Eddies Leisure Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05333675 (England and Wales)

EDDIES LEISURE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D M Edwards

SECRETARY:

D M Edwards

REGISTERED OFFICE:

45 High Street

Haverfordwest

Pembrokeshire

SA61 2BP

REGISTERED NUMBER:

05333675 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Chartered Accountants

45 High Street

Haverfordwest

Pembrokeshire

SA61 2BP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,975,203

965,896

1,975,203

965,896

CURRENT ASSETS

Stocks

9,000

5,000

Debtors

6

82,090

30,864

Cash at bank and in hand

104,655

259,940

195,745

295,804

CREDITORS

Amounts falling due within one year

7

528,585

368,277

NET CURRENT LIABILITIES

(332,840

)

(72,473

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,642,363

893,423

CREDITORS

Amounts falling due after more than one year

8

(807,311

)

(158,281

)

PROVISIONS FOR LIABILITIES

(75,431

)

(44,851

)

NET ASSETS

759,621

690,291

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

759,221

689,891

759,621

690,291

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 July 2023 and were signed by:

D M Edwards - Director

1.	STATUTORY INFORMATION

Eddies Leisure Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

Tangible fixed assets

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

Leasehold property

-

2% on cost

Freehold Property

-

2% on cost

Improvements to property

-

2% on cost

Fixtures and fittings

-

15% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

Straight line over 4 years

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2021 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

160,000

AMORTISATION

At 1 January 2022

and 31 December 2022

160,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Leasehold

Freehold

to

property

Property

property

£

£

£

COST

At 1 January 2022

60,875

240,628

381,251

Additions

-

-

934,992

Disposals

-

-

-

At 31 December 2022

60,875

240,628

1,316,243

DEPRECIATION

At 1 January 2022

4,668

25,482

35,574

Charge for year

1,167

4,863

26,509

At 31 December 2022

5,835

30,345

62,083

NET BOOK VALUE

At 31 December 2022

55,040

210,283

1,254,160

At 31 December 2021

56,207

215,146

345,677

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2022

963,564

54,008

50,269

1,750,595

Additions

188,693

11,000

-

1,134,685

Disposals

(5,700

)

-

-

(5,700

)

At 31 December 2022

1,146,557

65,008

50,269

2,879,580

DEPRECIATION

At 1 January 2022

654,648

17,792

46,535

784,699

Charge for year

73,972

11,804

1,363

119,678

At 31 December 2022

728,620

29,596

47,898

904,377

NET BOOK VALUE

At 31 December 2022

417,937

35,412

2,371

1,975,203

At 31 December 2021

308,916

36,216

3,734

965,896

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by associates

18,616

13,000

Other debtors

63,474

17,864

82,090

30,864

Within other debtors is a shareholders loan account balance of £1,152 which is payable by Mr L Edwards.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

64,668

7,563

Trade creditors

68,551

110,373

Amounts owed to associates

-

54,517

Taxation and social security

59,631

59,462

Other creditors

335,735

136,362

528,585

368,277

Within other creditors is a shareholders loan account balance of nil (2021 £85 which is payable to Mr L Edwards and a shareholder account balance of £25,580 (2021 £18,772) which is payable to Mr D J Edwards.

A charge is held by Barclays Bank PLC dated 24 March 2014 and a Debenture held by Barclays Bank PLC dated 5 October 2011.There are 2 charges held by Pembrokeshire County Council dated 29 January 2022.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

190,010

34,892

Other creditors

617,301

123,389

807,311

158,281

9.	RELATED PARTY DISCLOSURES

During the year the company traded from a building owned by Mr DM & Mrs AJ Edwards at a rent of £19,500 (2021 nil)

Transactions were also undertaken with Pinopolis Ltd and Eddies Bookmakers Ltd companies in which Mr D J Edwards and Mr L Edwards (shareholders) are directors. The balance due from Pinopolis Ltd at the end of the year amounted to £5,616 (2021 nil). The balance due from Eddies Bookmakers Ltd was £6,711 (2021 £3,012).

During the year the director made funds available to the company to assist with the provision of working capital. The loan was interest free, unsecured and repayable on demand. The amount outstanding at the balance sheet date was £54,647 (2021 £115,594).