Primavera Leisure Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC154351 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

PRIMAVERA LEISURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M M Johnson

S Flannery

REGISTERED OFFICE:

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC154351 (Scotland)

ACCOUNTANTS:

Henderson Loggie

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

4

1,955

-

Investment property

5

1,200,000

1,200,000

1,201,955

1,200,000

CURRENT ASSETS

Debtors

6

142,371

94,473

Cash at bank

5,227

72

147,598

94,545

CREDITORS

Amounts falling due within one year

7

401,293

263,709

NET CURRENT LIABILITIES

(253,695

)

(169,164

)

TOTAL ASSETS LESS CURRENT LIABILITIES

948,260

1,030,836

CREDITORS

Amounts falling due after more than one year

8

610,073

694,714

NET ASSETS

338,187

336,122

CAPITAL AND RESERVES

Called up share capital

475,676

475,676

Retained earnings

(137,489

)

(139,554

)

SHAREHOLDERS' FUNDS

338,187

336,122

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

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

The directors acknowledge their 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 Board of Directors on 3 April 2018 and were signed on its behalf by:

M M Johnson - Director

1.	STATUTORY INFORMATION

Primavera Leisure Limited is a private company, limited by shares , registered in Scotland. 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.

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.

Computer equipment

-

33% on a straight line basis

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

2,918

At 31 July 2017

2,918

DEPRECIATION

Charge for year

963

At 31 July 2017

963

NET BOOK VALUE

At 31 July 2017

1,955

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2016

and 31 July 2017

1,200,000

NET BOOK VALUE

At 31 July 2017

1,200,000

At 31 July 2016

1,200,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

128,354

89,032

Other debtors

14,017

5,441

142,371

94,473

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

100,176

101,542

Trade creditors

3,253

2,040

Taxation and social security

41,297

13,098

Other creditors

256,567

147,029

401,293

263,709

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

526,073

610,714

Other creditors

84,000

84,000

610,073

694,714

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

84,000

84,000

Repayable by instalments

Bank loans more 5 yr by instal

117,591

190,566

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

626,249

710,890

The bank loan is secured by a a standard security and floating charge over the property and assets of the

company.

10.	CONTINGENT LIABILITIES

The company guaranteed amounts owed by Brunswick Merchant City Hotel Limited, a related party, to Greene

King Brewing and Retailing Limited which shall not exceed £410,000. This guarantee is secured by a standard

security against the property held by the company. As at 31 July 2017 £354,061 (2016 £389,525) is outstanding

from Brunswick Merchant City Hotel Limited to Greene King Brewing and Retailing Limited.

In addition, a floating charge over the assets of Primavera Leisure Limited is held by Greene King Brewing and

Retailing Limited securing all liabilities of Brunswick Merchant City Hotel Limited due, or becoming due, to

Greene King Brewing and Retailing Limited.

11.	FIRST YEAR ADOPTION

The financial statements of Primavera Leisure Limited for the year ended 31 July 2017 are the first financial

statements prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and

Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and

financial performance for the previous period have not required any adjustments by the transition to FRS 102.