NewLane Leisure Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02766933 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2017

for

NEWLANE LEISURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

J C Buchanan

D E Walker

Mrs S M Buchanan

REGISTERED OFFICE:

337 Bath Road

Slough

Berkshire

SL1 5PR

BUSINESS ADDRESS:

Sutton Green Golf Club

New Lane

Sutton Green

Guildford

Surrey

GU4 7QF

REGISTERED NUMBER:

02766933 (England and Wales)

ACCOUNTANTS:

Masons

337 Bath Road

Slough

Berkshire

SL1 5PR

FIXED ASSETS

Tangible assets

5

2,998,218

3,012,698

CURRENT ASSETS

Stocks

27,151

27,861

Debtors

6

33,077

32,167

Cash in hand

538

545

60,766

60,573

CREDITORS

Amounts falling due within one year

7

343,996

347,226

NET CURRENT LIABILITIES

(283,230

)

(286,653

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,714,988

2,726,045

CREDITORS

Amounts falling due after more than one year

8

(1,616,103

)

(1,678,678

)

PROVISIONS FOR LIABILITIES

(8,577

)

(9,066

)

NET ASSETS

1,090,308

1,038,301

CAPITAL AND RESERVES

Called up share capital

10

120,000

120,000

Revaluation reserve

11

594,167

595,183

Retained earnings

376,141

323,118

SHAREHOLDERS' FUNDS

1,090,308

1,038,301

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 9 July 2018 and were signed on its behalf by:

J C Buchanan - Director

1.	STATUTORY INFORMATION

NewLane 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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 October 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1 November 2015.

Significant judgements and estimates

Management make estimates and assumptions concerning the future. The resulting accounting

estimates and judgements by definition, seldom equal the related actual results. There are no estimates

and assumptions that have a significant risk of causing material adjustment to the carrying amounts of

assets and liabilities within the next financial period.

Turnover

Turnover represents members joining fees, annual subscriptions, green fees and hire income, but

excluding Value Added Tax.

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 of buildings

Plant and machinery

-

10% staight line / 25% reducing balance

Fixtures and fittings

-

25% straight line / 15% reducing balance

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 only enters into basic financial instruments that result in the recognition of financial

assets and liabilities.

Short term debtors are measured at transaction price, less any impairment. Long term debtors and loan

receivable are measured initially at transaction price, net of transaction costs and are subsequently

measured at fair value using the effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty

on notice of withdrawal. Cash equivalents are readily convertible to known amounts of cash with

insignificant risk of change in value.

Short term creditors are measured at transaction price. Long term creditors and loans are measured

initially at transaction price, net of transaction costs and are subsequently measured at fair value using

the effective interest method.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

and other accounts receivable and payable, are initially measured at present value of the future cash

flows and subsequently at amortised cost using the effective interest method.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 November 2016

2,960,383

475,425

3,435,808

Additions

-

7,396

7,396

Disposals

-

(20,997

)

(20,997

)

At 31 October 2017

2,960,383

461,824

3,422,207

DEPRECIATION

At 1 November 2016

-

423,110

423,110

Charge for year

13,034

8,842

21,876

Eliminated on disposal

-

(20,997

)

(20,997

)

At 31 October 2017

13,034

410,955

423,989

NET BOOK VALUE

At 31 October 2017

2,947,349

50,869

2,998,218

At 31 October 2016

2,960,383

52,315

3,012,698

Included in land and buildings is freehold land valued at £1,326,780 and course construction valued at

£981,877 which have not been depreciated.

Cost or valuation at 31 October 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 1999

595,183

-

595,183

Cost

2,365,200

461,824

2,827,024

2,960,383

461,824

3,422,207

The historical cost of freehold land and buildings and course construction included above at

revaluation of £2,960,383 was £2,365,200. The historical cost of £2,365,200 includes freehold land

with a cost value of £907,150.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

2,943

3,613

Other debtors

30,134

28,554

33,077

32,167

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans and overdrafts

91,976

111,985

Trade creditors

113,182

103,920

Taxation and social security

50,762

56,736

Other creditors

88,076

74,585

343,996

347,226

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.17

31.10.16

£

£

Bank loans

226,000

256,000

Other creditors

1,390,103

1,422,678

1,616,103

1,678,678

31.10.17

31.10.16

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

106,000

136,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.17

31.10.16

£

£

Bank overdrafts

61,976

81,985

Bank loans

256,000

286,000

317,976

367,985

The bank loan and overdraft are all secured by fixed and floating charges held over the assets of the

company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

120,000

Ordinary

£1

120,000

120,000

11.

RESERVES

Revaluation

reserve

£

At 1 November 2016

595,183

Depreciation

(1,016

)

At 31 October 2017

594,167

12.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to use a previous GAAP revaluation as deemed cost on an item of property, plant and equipment.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive

Income and certain other primary statements and the Report of the Directors are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of NewLane Leisure Limited for the year ended 31 October 2017 which

comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the

related notes from the company's accounting records and from information and explanations you have given

us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of NewLane Leisure Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NewLane Leisure Limited and state those matters that we have agreed to state to the Board of Directors of NewLane Leisure Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that NewLane Leisure Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NewLane Leisure Limited. You consider that NewLane Leisure Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of NewLane Leisure Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Masons

337 Bath Road

Slough

Berkshire

SL1 5PR

Date: .............................................