SYD Leisure Limited - Accounts to registrar (filleted) - small 23.2

REGISTERED NUMBER: 09533803 (England and Wales)

SYD LEISURE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr J R Brooks

Mr P Slator

Mr F D Brooks

Mr P. Wrighton-Smith

Ms C.B. Cheadle

Mrs J Brooks

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

09533803 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SYD Leisure Limited for the year ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SYD Leisure Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SYD Leisure Limited and state those matters that we have agreed to state to the Board of Directors of SYD Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SYD Leisure Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SYD Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SYD Leisure Limited. You consider that SYD Leisure Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SYD Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

15 September 2023

FIXED ASSETS

Tangible assets

4

1,684,454

1,643,836

CURRENT ASSETS

Stocks

4,500

4,500

Debtors

5

36,258

23,685

Cash at bank and in hand

71,744

302,384

112,502

330,569

CREDITORS

Amounts falling due within one year

6

181,563

170,951

NET CURRENT (LIABILITIES)/ASSETS

(69,061

)

159,618

TOTAL ASSETS LESS CURRENT LIABILITIES

1,615,393

1,803,454

CREDITORS

Amounts falling due after more than one year

7

(1,390,833

)

(1,705,086

)

PROVISIONS FOR LIABILITIES

(2,514

)

-

NET ASSETS

222,046

98,368

CAPITAL AND RESERVES

Called up share capital

105,700

105,700

Share premium

69,300

69,300

Retained earnings

47,046

(76,632

)

SHAREHOLDERS' FUNDS

222,046

98,368

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 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 15 September 2023 and were signed on its behalf by:

Mr F D Brooks - Director

1.	STATUTORY INFORMATION

SYD Leisure 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.

Turnover

Turnover represents net sales of goods/services, excluding value added tax

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

-

not depreciated

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

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 33 (2021 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2022

1,525,958

10,000

245,266

Additions

-

-

65,506

At 31 December 2022

1,525,958

10,000

310,772

DEPRECIATION

At 1 January 2022

-

8,000

139,973

Charge for year

-

2,000

21,058

At 31 December 2022

-

10,000

161,031

NET BOOK VALUE

At 31 December 2022

1,525,958

-

149,741

At 31 December 2021

1,525,958

2,000

105,293

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

-

31,486

1,812,710

Additions

2,000

1,499

69,005

At 31 December 2022

2,000

32,985

1,881,715

DEPRECIATION

At 1 January 2022

-

20,901

168,874

Charge for year

500

4,829

28,387

At 31 December 2022

500

25,730

197,261

NET BOOK VALUE

At 31 December 2022

1,500

7,255

1,684,454

At 31 December 2021

-

10,585

1,643,836

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

10,000

-

Other debtors

26,258

23,685

36,258

23,685

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

35,532

Trade creditors

26,885

13,807

Taxation and social security

39,989

28,946

Other creditors

104,689

92,666

181,563

170,951

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

25,833

340,086

Other creditors

1,365,000

1,365,000

1,390,833

1,705,086

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

35,833

375,618

The bank loan is secured by a fixed and floating charge over the assets of the company.

9.	ULTIMATE CONTROLLING PARTY

The control of the company is exercised by the board of directors by virtue of their shares.