KINGS_LEISURE_LIMITED

KINGS LEISURE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

KINGS LEISURE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2014

- 1 -

2014

2013

Notes

£

Fixed assets

Tangible assets

2

12,223,922

12,684,173

Current assets

Debtors

3

12,760,077

11,932,362

Cash at bank and in hand

4,326

22,184

12,764,403

11,954,546

Creditors: amounts falling due within one year

(4,759,880)

(4,060,364)

Net current assets

8,004,523

7,894,182

Total assets less current liabilities

20,228,445

20,578,355

Capital and reserves

Called up share capital

4

188,000

Other reserves

12,000

Profit and loss account

20,028,445

20,378,355

Shareholders' funds

20,228,445

20,578,355

For the financial year ended 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 2 March 2016

G I King Esq

Director

Company Registration No. 00596765

KINGS LEISURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Prior year adjustment

In the year ended 31 March 2011, the company had purchased from a related company a property with works still to be carried out, which was to be paid by the vendor. The works have not been required / carried out and as a result the purchase amount has been reduced by £6 million. The comparatives have been amended to show this reduction, which is reflected in a reduction in Fixed Assets of £6.24 million and a reduction in creditors of £240,000 and an increase in debtors of £6 million.

1.2

Turnover

Turnover in the accounts relates to:

Aircraft flight income is recognised when the service is provided.

Rental income for residential caravans is recognised weekly in line with the duration of the tenant's residence.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and Buildings Freehold

nil

Land and buildings Leasehold

10% Straight Line on caravan bases

Plant and machinery

10% Straight Line

Aircraft

4% Straight Line

Motor vehicles

25% Straight Line

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.6

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

KINGS LEISURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 3 -

2

Fixed assets

Tangible assets

£

Cost

At 1 October 2013 & at 30 September 2014

14,889,946

Depreciation

At 1 October 2013

2,205,773

Charge for the period

460,251

At 30 September 2014

2,666,024

Net book value

At 30 September 2014

12,223,922

At 30 September 2013

12,684,173

3

Debtors

Debtors include an amount of £649,313 (2013 - £-) which is due after more than one year.

4

Share capital

2014

2013

£

Allotted, called up and fully paid

188,000 Ordinary shares of £1 each

188,000

5

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

£

H W King Esq -

4.00

1,171,035

269,072

51,882

-

1,491,989

1,171,035

269,072

51,882

-

1,491,989

KINGS_LEISURE_LIMITED - Accounts

KINGS_LEISURE_LIMITED - Accounts