THE REALLY FINE LEISURE COMPANY LTD - Filleted accounts

THE REALLY FINE LEISURE COMPANY LTD - Filleted accounts

THE REALLY FINE LEISURE COMPANY LTD - Company Information

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Registered number
04428157
THE REALLY FINE LEISURE COMPANY LTD
Filleted Accounts
31 December 2016
THE REALLY FINE LEISURE COMPANY LTD
Registered number: 04428157
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 4 251,839 288,033
Tangible assets 5 2,532,669 2,596,165
Investments 6 1 1
2,784,509 2,884,199
Current assets
Stocks 19,682 23,196
Debtors 7 377,298 259,429
Cash at bank and in hand 7,659 40,643
404,639 323,268
Creditors: amounts falling due within one year 8 (974,618) (977,944)
Net current liabilities (569,979) (654,676)
Total assets less current liabilities 2,214,530 2,229,523
Creditors: amounts falling due after more than one year 9 (1,718,723) (1,759,097)
Net assets 495,807 470,426
Capital and reserves
Called up share capital 250,000 250,000
Profit and loss account 245,807 220,426
Shareholders' funds 495,807 470,426
The accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr B T Hindocha
Director
Approved by the board on 20 December 2017
THE REALLY FINE LEISURE COMPANY LTD
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Group accounts
The financial statements present information about the company as individual undertaking and not about its group. The company is a wholly owned subsidiary of Wylva Trading Ltd. The company has taken advantage of exemptions provided by Companies Act 2006 not to prepare group accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised where it is probable that economic benefit will flow to the entity and turnover and costs can be reliably measured.
Annual subscriptions income is spread over the year to which it relates and the unexpired portions at the year end are carried forward in the balance sheet as deferred income.
Intangible fixed assets
Goodwill
Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life, which is estimated to be twenty years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the unexpired lease period
Plant and machinery 5% to 25% depending on the nature of the
asset
Investments
Fixed asset Investments are measured at cost less any impairment.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Trade debtors and creditors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors are initially recognised at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using straight line method.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Operating Lease
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Mr J Chatwani
Firm: Lawrence & Co.
Date of audit report: 20 December 2017
3 Employees 2016 2015
Number Number
Average number of persons employed by the company 45 45
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2016 723,849
At 31 December 2016 723,849
Amortisation
At 1 January 2016 435,816
Provided during the year 36,194
At 31 December 2016 472,010
Net book value
At 31 December 2016 251,839
At 31 December 2015 288,033
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5 Tangible fixed assets
Leasehold improvements Plant and machinery etc Capital work in progress Total
£ £ £ £
Cost
At 1 January 2016 3,378,117 1,194,738 - 4,572,855
Additions - 175,982 40,992 216,974
Disposals - (238,398) - (238,398)
At 31 December 2016 3,378,117 1,132,322 40,992 4,551,431
Depreciation
At 1 January 2016 1,065,711 910,979 - 1,976,690
Charge for the year 108,524 107,194 - 215,718
On disposals - (173,646) - (173,646)
At 31 December 2016 1,174,235 844,527 - 2,018,762
Net book value
At 31 December 2016 2,203,882 287,795 40,992 2,532,669
At 31 December 2015 2,312,406 283,759 - 2,596,165
Capital work in progress relates to initial costs for the construction of a car park. No depreciation has been charged.
6 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2016 1
At 31 December 2016 1
7 Debtors 2016 2015
£ £
Trade debtors 34,878 16,501
Amounts owed by group undertakings and undertakings in which the company has a participating interest 250,403 138,137
Other debtors 92,017 104,791
377,298 259,429
8 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 399,491 258,185
Obligations under finance lease and hire purchase contracts 141,973 82,601
Trade creditors 85,886 54,077
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 240,745
Taxation and social security costs 153,077 73,330
Other creditors 194,191 269,006
974,618 977,944
9 Creditors: amounts falling due after one year 2016 2015
£ £
Bank loans 1,589,122 1,632,758
Obligations under finance lease and hire purchase contracts 129,601 126,339
1,718,723 1,759,097
10 Loans 2016 2015
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 376,924 591,695
All bank loans are secured by way of a legal charge on the leasehold property known as Marlow Health Club, debenture and fixed and floating charges over all the assets of the company including present and future.

All the companies in the group have signed a composite multilateral guarantee dated 9 February 2011.
11 Parent company
The immediate and ultimate parent company is Wylva Trading Ltd.
12 Other information
THE REALLY FINE LEISURE COMPANY LTD is a private company limited by shares and incorporated in England. Its registered office is:
447 Kenton Road
Harrow
Middlesex
HA3 0XY
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