True Leisure Limited Small abridged accounts

TRUE LEISURE LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of True Leisure Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04109021

True Leisure Limited

Unaudited Abridged Financial Statements

31 January 2017

True Leisure Limited

Abridged Financial Statements

Year ended 31 January 2017

Contents	Page

Officers and professional advisers	1

Directors' report	2

Certified public accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	3

Abridged statement of income and retained earnings	4

Abridged statement of financial position	5

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	10

Notes to the detailed abridged income statement	11

True Leisure Limited

Officers and Professional Advisers

The board of directors	Mr Kourosh Karchi
	Mr Ali Rajab Siah Bomi
	Mrs Elham Elahi

Registered office	Unit C101 to C103
	Arcadian Hurst Street
	Birmigham
	West Midlands
	United Kingdom
	B5 4TD

Accountants	MOOR GREEN & CO
	Certified Public Accountants
	86C Water Street
	Birmingham
	West Midlands
	B3 1HL

Bankers	Barclays Bank
	15 Colmore Row
	Birmingham
	West Midlands
	B3 2BH

True Leisure Limited

Directors' Report

Year ended 31 January 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 January 2017 .

Directors

The directors who served the company during the year were as follows:

Mr Kourosh Karchi
Mrs Elham Elahi
Mr Ali Rajab Siah Bomi	(Appointed 13 June 2016)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 May 2017 and signed on behalf of the board by:

Mr Kourosh Karchi

Director

Registered office:

Unit C101 to C103

Arcadian Hurst Street

Birmigham

West Midlands

United Kingdom

B5 4TD

True Leisure Limited

Certified Public Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of True Leisure Limited

Year ended 31 January 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 January 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

MOOR GREEN & CO Certified Public Accountants

86C Water Street Birmingham West Midlands B3 1HL

12 May 2017

True Leisure Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 January 2017

	2017	2016
Note	£	£
Gross profit	470,751	427,152

Administrative expenses	370,361	396,616
	---------	---------
Operating profit	100,390	30,536

Other interest receivable and similar income		856	847
Interest payable and similar expenses		–	4,309
		---------	---------
Profit before taxation	5	101,246	27,074

Tax on profit	–	–
	---------	--------
Profit for the financial year and total comprehensive income	101,246	27,074
	---------	--------

Retained losses at the start of the year	( 265,544)	( 292,618)
	---------	---------
Retained losses at the end of the year	( 164,298)	( 265,544)
	---------	---------

All the activities of the company are from continuing operations.

True Leisure Limited

Abridged Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		65,125	72,711

Current assets

Stocks	21,250	27,570
Debtors	–	6,769
Cash at bank and in hand	1,887	1,948
	--------	--------
	23,137	36,287

Creditors: amounts falling due within one year	252,260		374,242
	---------		---------
Net current liabilities		229,123	337,955
		---------	---------
Total assets less current liabilities		( 163,998)	( 265,244)
		---------	---------
Net liabilities		( 163,998)	( 265,244)
		---------	---------

Capital and reserves

Called up share capital	300	300
Profit and loss account	( 164,298)	( 265,544)
	---------	---------
Members deficit	( 163,998)	( 265,244)
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 January 2017 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 12 May 2017 , and are signed on behalf of the board by:

Mr Kourosh Karchi

Director

Company registration number: 04109021

True Leisure Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C101 to C103, Arcadian Hurst Street, Birmigham, West Midlands, B5 4TD, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2016: Nil).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	7,586	12,168
	-------	--------

6. Tangible assets

	£
Cost
At 1 February 2016 and 31 January 2017	296,490
	---------
Depreciation
At 1 February 2016	223,779
Charge for the year	7,586
	---------
At 31 January 2017	231,365
	---------
Carrying amount
At 31 January 2017	65,125
	---------
At 31 January 2016	72,711
	---------

7. Related party transactions

The company was under the control of Mr Kourosh Karchi throughout the current and previous year. Mr Kourosh Karchi is the managing director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.

True Leisure Limited

Management Information

Year ended 31 January 2017

The following pages do not form part of the abridged financial statements.

True Leisure Limited

Detailed Abridged Income Statement

Year ended 31 January 2017

	2017	2016
	£	£
Turnover	861,842	679,976

Cost of sales

Opening stock	27,570	12,200
Purchases	384,771	268,194
	---------	---------
	412,341	280,394

Closing stock	21,250	27,570
	---------	---------
	391,091	252,824
	---------	---------

	---------	---------
Gross profit	470,751	427,152

Overheads

Administrative expenses	370,361	396,616

	---------	---------
Operating profit	100,390	30,536

Other interest receivable and similar income	856	847
Interest payable and similar expenses	–	(4,309)

	---------	--------
Profit before taxation	101,246	27,074
	---------	--------

True Leisure Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 January 2017

	2017	2016
	£	£

Administrative expenses

Directors Remuneration	38,175	40,550
Wages and salaries	92,245	82,786
Rent rates and water	101,122	109,517
Light and heat	17,085	23,221
Repairs and maintenance	5,275	4,622
Cleaning of premises & waste disposals	4,335	2,406
Telephone	18,095	16,560
Equipment Hire	963	1,937
Printing, Stationery, Advertising	4,619	5,446
Bar consumables	–	4,938
Security & Doormen	51,974	67,483
Business license fee	6,613	7,047
Sundry expenses	713	665
Motor & Travel	2,802	2,247
Entertaining	761	1,183
Waste Disposal	435	–
Accountancy fees	4,833	–
Depreciation of tangible assets	7,586	12,168
Equipment Lease	2,010	3,280
Bank charges	10,720	3,634
Credit Card Charges	–	6,926
	---------	---------
	370,361	396,616
	---------	---------

Other interest receivable and similar income

Bank Interest Receivable	856	847
	----	----

Interest payable and similar expenses

Loan Interest	–	4,309
	----	-------