Gosling Leisure Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02880581 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2016 TO 31 DECEMBER 2016

FOR

GOSLING LEISURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P K Bundey

P E J Donnay

J M Sesnan

REGISTERED OFFICE:

Middlegate House, 1 Seymour Street

The Royal Arsenal

Woolwich

LONDON

SE18 6SX

REGISTERED NUMBER:

02880581 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ashley Phillips FCCA

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Bank Chambers

1 Central Avenue

Sittingbourne

Kent

ME10 4AE

FIXED ASSETS

Tangible assets

4

3,568,520

3,592,348

CURRENT ASSETS

Stocks

-

23,099

Debtors

5

80,266

120,553

Cash at bank

3,917

-

84,183

143,652

CREDITORS

Amounts falling due within one year

6

4,671

74,994

NET CURRENT ASSETS

79,512

68,658

TOTAL ASSETS LESS CURRENT LIABILITIES

3,648,032

3,661,006

CAPITAL AND RESERVES

Called up share capital

8

4,700,001

4,700,001

Retained earnings

(1,051,969

)

(1,038,995

)

SHAREHOLDERS' FUNDS

3,648,032

3,661,006

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 6 June 2017 and were signed on its behalf by:

P E J Donnay - Director

1.	STATUTORY INFORMATION

Gosling 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The transition to FRS 102 took place on 1 April 2015.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates

and assumptions about the carrying value of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from the estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or

in the period of the revision and future periods if the revision affects both current and future periods.

Management do not consider there to be any key sources of estimation uncertainty which would have a

significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

over remaining term of lease

Equipment

-

straight line over 5 years

Fixtures and fittings

-

straight line over 10 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts payable are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted

amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a

short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal

business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan

not at market rate, the financial liability is measured, initially and subsequently, at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Taxation

Taxation for the period 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 period 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.

First time adoption of frs 102

The date of transition was 1 April 2015. The end of the comparative period was 31 May 2016. There has been

no amendment to reserves and net income under the previous financial reporting framework as a result of the

transition to FRS 102.

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

Equipment

fittings

Totals

£

£

£

£

COST

At 1 June 2016

and 31 December 2016

4,425,513

184,633

154,917

4,765,063

DEPRECIATION

At 1 June 2016

852,979

178,772

140,964

1,172,715

Charge for period

17,965

769

5,094

23,828

At 31 December 2016

870,944

179,541

146,058

1,196,543

NET BOOK VALUE

At 31 December 2016

3,554,569

5,092

8,859

3,568,520

At 31 May 2016

3,572,534

5,861

13,953

3,592,348

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.5.16

£

£

Trade debtors

19,476

3,000

Other debtors

-

4,082

Parent company loan

60,790

112,367

Tax and social security debtor

-

1,104

80,266

120,553

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.5.16

£

£

Bank loans and overdrafts

-

2,696

Trade creditors

-

55,376

Other creditors

-

13,922

Other taxes and PAYE

621

-

Receipts in advance

1,050

-

Accrued expenses

3,000

3,000

4,671

74,994

7.	SECURED DEBTS

There is a debenture in favour of Barclays Bank PLC which secures all monies due or to become due from the

company by way of fixed and floating charges over the property and other assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.5.16

value:

£

£

4,700,001

Ordinary

£1

4,700,001

4,700,001

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group. Consolidated financial statements are prepared by

the parent entity as disclosed in the 'Parent Entity' note.

11.	PARENT ENTITY

On 6 June 2016 Greenwich Leisure Limited, a Registered Society, became the parent entity of Gosling Leisure

Limited. Consolidated financial statements are available from the society's registered office address which is

Middlegate House, Woolwich, London, SE18 6SX.