L & C Leisure Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04947398 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2017

for

L & C Leisure Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Lumb

SECRETARY:

Mrs J Lumb

REGISTERED OFFICE:

New Hold Industrial Estate

Aberford Road

Garforth

Leeds

West Yorkshire

LS25 2HL

REGISTERED NUMBER:

04947398 (England and Wales)

ACCOUNTANTS:

Frank W Dobby & Co Limited

Chartered Certified Accountants

55 Fountain Street

Morley

Leeds

West Yorkshire

LS27 0AA

FIXED ASSETS

Tangible assets

4

500,817

460,072

CURRENT ASSETS

Stocks

24,927

20,729

Debtors

5

97,924

72,549

Cash at bank and in hand

18,953

64,062

141,804

157,340

CREDITORS

Amounts falling due within one year

6

391,196

345,618

NET CURRENT LIABILITIES

(249,392

)

(188,278

)

TOTAL ASSETS LESS CURRENT LIABILITIES

251,425

271,794

CREDITORS

Amounts falling due after more than one year

7

(385,645

)

(410,933

)

PROVISIONS FOR LIABILITIES

(11,246

)

(3,257

)

NET LIABILITIES

(145,466

)

(142,396

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

(145,468

)

(142,398

)

SHAREHOLDERS' FUNDS

(145,466

)

(142,396

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director on 28 February 2018 and were signed by:

A Lumb - Director

1.	STATUTORY INFORMATION

L & C 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention.

This is the first year of adoption of FRS 102.

The financial statements are presented in Sterling (£).

Turnover

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

value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

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

-

2% on cost

Improvements to property

-

20% on cost

Plant and equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Stocks

Stocks of consumable trading stock in the licenced public premises and storage warehouse are valued at the

lower cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2016 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2016

550,000

388,376

178,102

9,300

1,125,778

Additions

-

-

80,295

-

80,295

At 31 May 2017

550,000

388,376

258,397

9,300

1,206,073

DEPRECIATION

At 1 June 2016

126,500

388,376

142,054

8,776

665,706

Charge for year

11,000

-

28,419

131

39,550

At 31 May 2017

137,500

388,376

170,473

8,907

705,256

NET BOOK VALUE

At 31 May 2017

412,500

-

87,924

393

500,817

At 31 May 2016

423,500

-

36,048

524

460,072

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

24,347

6,997

Amounts owed by associates

2,394

8,570

Tax

6,746

-

Prepayments and accrued income

64,437

56,982

97,924

72,549

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

22,549

26,088

Trade creditors

63,070

13,157

Amounts owed to associates

15,000

15,000

Tax

6,809

6,746

Social security and other taxes

3,559

1,976

VAT

34,173

36,618

Premium Credit

3,375

1,620

Other creditors

-

7,950

Directors' loan accounts

212,063

195,801

Accruals

30,598

40,662

391,196

345,618

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans - 1-2 years

23,754

27,163

Bank loans - 2-5 years

79,148

88,387

Bank loans - over 5 years

282,743

295,383

385,645

410,933

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

282,743

295,383

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.17

31.5.16

£

£

Bank loans

408,194

437,021

The Company's bankers hold a first legal charge dated 26/01/2006 over the freehold property known as 119

Westgate Hill, Tong Street, Bradford and an unscheduled mortgage debenture dated 15/12/2004 incorporating a

fixed and floating charge over the current and future assets of the Company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

A director loaned funds to the company on an interest free basis throughout the financial year. The balance owed

to the director at the start of the year was £195,801. The balance due at 31 May 2017 is £212,063.

11.	RELATED PARTY DISCLOSURES

A Lumb in partnership with Mrs Lumb levied a management charge during the year of £50,000 (2016: £65,000)

in respect of jointly managing the affairs of the venue and for the use of the shared office space wholly owned by

Mr & Mrs Lumb.

12.	FIRST YEAR ADOPTION

The financial statements for the year ended 31 May 2017 are the first for L&C Leisure Limited prepared in

accordance with FRS 102, the reporting standard applicable in the UK and Republic of Ireland. The date of

transition to FRS 102 was 1 June 2016. The reported financial position and financial performance of the previous

period are not affected by the transition to FRS 102.