Reedley Leisure Ltd - Period Ending 2016-02-29

Registration number: 04745716

Reedley Leisure Ltd

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

MacMahon Leggate Chartered Accountants Charter House 18-20 Finsley Gate Burnley BB11 2HA

Reedley Leisure Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Reedley Leisure Ltd
for the Year Ended 29 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Reedley Leisure Ltd for the year ended 29 February 2016 set out on pages 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Reedley Leisure Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Reedley Leisure Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reedley Leisure Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Reedley Leisure Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Reedley Leisure Ltd. You consider that Reedley Leisure Ltd 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 accounts of Reedley Leisure Ltd. 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 accounts.

......................................

MacMahon Leggate
Chartered Accountants
Charter House
18-20 Finsley Gate
Burnley
Lancashire
BB11 2HA

10 October 2016

Page 1

Reedley Leisure Ltd
(Registration number: 04745716)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,336,328			1,167,150
Investments					120,000			120,000
					1,456,328			1,287,150
Current assets
Debtors					168,302			1,817
Cash at bank and in hand					147,270			1
					315,572			1,818
Creditors: Amounts falling due within one year					(137,924)			(238,474)
Net current assets/(liabilities)					177,648			(236,656)
Total assets less current liabilities					1,633,976			1,050,494
Creditors: Amounts falling due after more than one year					(704,596)			(147,274)
Net assets					929,380			903,220
Capital and reserves
Called up share capital		4			400			400
Share premium account					119,900			119,900
Revaluation reserve					728,172			728,172
Profit and loss account					80,908			54,748
Shareholders' funds					929,380			903,220

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Reedley Leisure Ltd
(Registration number: 04745716)
Abbreviated Balance Sheet at 29 February 2016
......... continued

For the year ending 29 February 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 October 2016 and signed on its behalf by:

.........................................
Mr A Kinder
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Reedley Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	To be considered on an annual basis
Plant and machinery	25% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Reedley Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 March 2015		1,181,545			120,000			1,301,545
Additions		177,259			-			177,259
At 29 February 2016		1,358,804			120,000			1,478,804
Depreciation
At 1 March 2015		14,395			-			14,395
Charge for the year		8,081			-			8,081
At 29 February 2016		22,476			-			22,476
Net book value
At 29 February 2016		1,336,328			120,000			1,456,328
At 28 February 2015		1,167,150			120,000			1,287,150

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		427,972			-

Page 5

Reedley Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		400			400			400			400

Page 6