Summit Leisure (Deansgate) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02581189 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2023

for

SUMMIT LEISURE (DEANSGATE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Shaw

A Shaw

Miss T Shaw

SECRETARY:

Miss T Shaw

REGISTERED OFFICE:

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

REGISTERED NUMBER:

02581189 (England and Wales)

ACCOUNTANTS:

Hayvenhursts

Fairway House

Links Business Park

St Mellons

Cardiff

CF3 0LT

BANKERS:

Barclays Bank Plc

1st Floor

3 Hardman Street

Spinningfields

Manchester

M3 3HF

SOLICITORS:

Kippax Beaumont Lewis

28 Mawdsley Street

Bolton

BL1 1LF

FIXED ASSETS

Intangible assets

4

350,000

350,000

Tangible assets

5

5,515,226

5,519,622

5,865,226

5,869,622

CURRENT ASSETS

Stocks

6

20,837

35,763

Debtors

7

2,205,901

1,280,887

Cash at bank and in hand

2,288,729

2,832,632

4,515,467

4,149,282

CREDITORS

Amounts falling due within one year

8

(4,664,589

)

(4,211,629

)

NET CURRENT LIABILITIES

(149,122

)

(62,347

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,716,104

5,807,275

PROVISIONS FOR LIABILITIES

(169,084

)

(166,026

)

NET ASSETS

5,547,020

5,641,249

CAPITAL AND RESERVES

Called up share capital

1,100,106

1,100,106

Share premium

363,698

363,698

Retained earnings

4,083,216

4,177,445

SHAREHOLDERS' FUNDS

5,547,020

5,641,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 22 February 2024 and were signed on its behalf by:

A Shaw - Director

K Shaw - Director

1.	STATUTORY INFORMATION

Summit Leisure (Deansgate) 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 preparation

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.

The financial statements have been prepared on a going concern basis, based on the continued financial support to be given to the company from its dirctors, related trading parties and its bankers.

Goodwill

Purchased goodwill in relation to the freehold property to which it relates is stated in the company's balance sheet on a cost basis. In the opinion of the company's directors it is not appropriate to amortise the purchased goodwill in relation to freehold property. This is not in accordance with FRS No.10. The directors are satisfied that no impairment has occurred in relation to the value of the purchased goodwill relating to freehold property. Purchased goodwill relating to leasehold property is amortised over the period of the lease of the property i.e. over six 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.

Freehold property

-

5% on cost

Short leasehold

-

Over lease term

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation is provided in respect of freehold buildings which is not in accordance with FRS No 15 "Tangible Fixed Assets". The directors are of the opinion that the open market valuation of the company's freehold land and buildings is in excess of their original cost. In the absence of a professional valuation the director is unable to quantify the excess. In the opinion of the directors there has been no impairment in relation to the company's freehold land and buildings.

Stocks

Stock is valued at the lower of cost and net realisable value, based on directors estimates.

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.

Leased assets

Assets held under finance leases and hire purchase contracts and the related obligations are recorded in the balance sheet at the fair value of the assets at the inception of the contract. The amounts by which the payments exceed the recorded obligations are treated as finance charges which are amortised over the lease terms to give a constant rate of charge on the remaining balance of the obligation.

Operating lease commitments are provided for in the balance sheet at the time the rental payments fall due. Such rental costs are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribuion pension scheme on behalf of the directors. The assets of the scheme are held seperately from those of the company within independently administered funds. The pension scheme charge represents contributions payable by the company in accordance with the rules of the scheme.

The charge to the financial statements includes payments during the year, there being no provision for outstanding liabilities at the balance sheet date.

Turnover

Turnover is mainly derived from takings subject to Machine Games Duty.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2022

and 31 July 2023

354,499

AMORTISATION

At 1 August 2022

and 31 July 2023

4,499

NET BOOK VALUE

At 31 July 2023

350,000

At 31 July 2022

350,000

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2022

4,505,400

108,370

4,111,586

22,545

8,747,901

Additions

-

-

155,514

-

155,514

Disposals

-

(26,258

)

-

-

(26,258

)

At 31 July 2023

4,505,400

82,112

4,267,100

22,545

8,877,157

DEPRECIATION

At 1 August 2022

-

79,216

3,126,738

22,325

3,228,279

Charge for year

-

464

159,391

55

159,910

Eliminated on disposal

-

(26,258

)

-

-

(26,258

)

At 31 July 2023

-

53,422

3,286,129

22,380

3,361,931

NET BOOK VALUE

At 31 July 2023

4,505,400

28,690

980,971

165

5,515,226

At 31 July 2022

4,505,400

29,154

984,848

220

5,519,622

6.

STOCKS

2023

2022

£

£

Stocks

20,837

35,763

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

17,650

35,037

Other debtors

5,628

1,132,923

Due from related companies

2,100,000

-

Prepayments and accrued income

82,623

112,927

2,205,901

1,280,887

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

-

20,950

Trade creditors

180,299

167,555

Tax

-

214,883

Social security and other taxes

122,939

126,686

Other creditors

90,565

86,583

Due to related companies

4,024,770

3,326,604

Directors' current accounts

49,693

49

Accrued expenses

196,323

268,319

4,664,589

4,211,629

The directors' current accounts are interest free and repayable on demand.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

10.	RELATED PARTY DISCLOSURES

Mr A Shaw, Mr K C Shaw and Miss T Shaw are directors in Summit Leisure (Market Street) Limited, Summit Leisure (Swinton) Limited, Prospector Group Limited and K Shaw and Sons Limited.

Mr K C Shaw is the director and owner of the business Summit Leisure (KC) Limited.

At 31 July 2023 the amounts owed from/(to) parties under common control were as follows:

2023

2022

£

£

Summit Leisure (Market Street)Limited

(920,951

)

(831,757

)

Summit Leisure (Swinton) Limited

(1,318,507

)

(1,007,199

)

Summit Leisure (KC) Limited

(759,882

)

(448,242

)

K Shaw and Sons Limited (1,025,530) (1,039,506)

Prospector Group limited 2,100,000

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors.