PARNHAM'S_LEISURE_LIMITED - Accounts

PARNHAM'S LEISURE LIMITED - Company Information

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Company Registration No. 02410777 (England and Wales)

PARNHAM'S LEISURE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

Richard Anthony

Chartered Accountants

PARNHAM'S LEISURE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PARNHAM'S LEISURE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

2,940,185

2,941,135

Current assets

Debtors

742,330

741,883

Cash at bank and in hand

263,174

65,998

1,005,504

807,881

Creditors: amounts falling due within one year

(169,061)

(216,767)

Net current assets

836,443

591,114

Total assets less current liabilities

3,776,628

3,532,249

Provisions for liabilities

(828)

(760)

3,775,800

3,531,489

Capital and reserves

Called up share capital

1,000

Revaluation reserve

302,073

Profit and loss account

3,472,727

3,228,416

Shareholders' funds

3,775,800

3,531,489

For the financial year ended 31 March 2016 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 24 November 2016

Mr D Parnham

Mrs N Parnham

Director

Company Registration No. 02410777

PARNHAM'S LEISURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents rent receivable during the year.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued by the directors' on an existing use open market value basis. Other tangible fixed assets 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:

Fixtures, fittings & equipment

25% reducing balance

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.

1.6

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.

PARNHAM'S LEISURE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost or valuation

At 1 April 2015 & at 31 March 2016

10,000

2,964,335

2,974,335

Depreciation

At 1 April 2015

10,000

23,200

33,200

Charge for the year

950

At 31 March 2016

10,000

24,150

34,150

Net book value

At 31 March 2016

2,940,185

At 31 March 2015

2,941,135

Debtors

Debtors include an amount of £737,000 (2015 - £737,000) which is due after more than one year.

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of £1 each

1,000