The Really Fine Leisure Co Ltd
The Really Fine Leisure Co Ltd
Registered number: 4428157
Unaudited Financial Statements
For The Year Ended
31 December 2022
Price Mann Limited
Chartered Certified Accountants
Magnolia House, Spring Villa Park
11 Spring Villa Road
Edgware
HA8 7EB
The Really Fine Leisure Co Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
The Really Fine Leisure Co Ltd
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
4428157
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 749,046 | 688,402 | |||
The Really Fine Leisure Co Ltd
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
The Really Fine Leisure Co Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
The Really Fine Leisure Co Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
4428157
. The registered office is The Marlow Club Globeside Business Park, Fieldhouse Lane, Marlow, SL7 1LU.
Its principal place of business is Globe Park, Fieldhouse Lane, Marlow, Bucks, SL17 1LU. The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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The Really Fine Leisure Co Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.5.
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 42 (2021: 42)
The Really Fine Leisure Co Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
4.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Total | |
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| Additions |
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| Depreciation | |||
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| Net Book Value | |||
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7.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Finished goods |
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The Really Fine Leisure Co Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
8.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Amounts owed by group undertakings |
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9.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| Net obligations under finance leases |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Net wages | 19,470 | 16,061 | |
| Other creditors |
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| Amounts owed to group undertakings |
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10.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Net obligations under finance leases |
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| Bank loans |
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| Other creditors |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
All bank loans are secured by way of a legal charge on the freehold property know as Marlow Club, debenture and fixed and floating charges over all the assets of the company including present and future.
All the companies in the group have signed a composite multilateral guarantee dated 9 February 2011.
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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The Really Fine Leisure Co Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
11.
Obligations Under Finance Leases
| 2022 | 2021 | ||
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| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
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| Later than one year and not later than five years |
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