FIRSTLITE_LEISURE_LIMITED - Accounts


Company Registration No. 07770509 (England and Wales)
FIRSTLITE LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
FIRSTLITE LEISURE LIMITED
COMPANY INFORMATION
Directors
R G Beardwell
Mr J A McKenna
Company number
07770509
Registered office
32-34 St John's Road
Tunbridge Wells
Kent
TN4 9NT
Accountants
Perrys Accountants Limited
Chartered Accountants
3 Roberts Mews
Orpington
Kent
BR6 0JP
FIRSTLITE LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FIRSTLITE LEISURE LIMITED (REGISTERED NUMBER: 07770509)
BALANCE SHEET
AS AT
24 SEPTEMBER 2017
24 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
228,320
255,505
Current assets
Stocks
6,216
9,867
Debtors
5
12,273
9,844
Cash at bank and in hand
10,377
15,247
28,866
34,958
Creditors: amounts falling due within one year
6
(173,153)
(142,276)
Net current liabilities
(144,287)
(107,318)
Total assets less current liabilities
84,033
148,187
Creditors: amounts falling due after more than one year
7
(44,746)
(81,576)
Provisions for liabilities
-
(1,686)
Net assets
39,287
64,925
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
39,187
64,825
Total equity
39,287
64,925

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 24 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

FIRSTLITE LEISURE LIMITED (REGISTERED NUMBER: 07770509)
BALANCE SHEET (CONTINUED)
AS AT
24 SEPTEMBER 2017
24 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 September 2018 and are signed on its behalf by:
R G Beardwell
Director
FIRSTLITE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information

Firstlite Leisure Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32-34 St John's Road, Tunbridge Wells, Kent, TN4 9NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the period ended 24 September 2017 are the first financial statements of Firstlite Leisure Limited 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 27 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Straight line over 5 years
Land and buildings Leasehold
Over period of the lease
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FIRSTLITE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 10 (2016 - 12).

3
Intangible fixed assets
Goodwill
£
Cost
At 25 September 2016 and 24 September 2017
60,000
Amortisation and impairment
At 25 September 2016 and 24 September 2017
60,000
Carrying amount
At 24 September 2017
-
At 24 September 2016
-
FIRSTLITE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2017
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 25 September 2016 and 24 September 2017
340,499
26,402
24,687
21,259
412,847
Depreciation and impairment
At 25 September 2016
113,498
8,800
18,829
16,214
157,341
Depreciation charged in the period
22,700
1,760
1,465
1,261
27,186
At 24 September 2017
136,198
10,560
20,294
17,475
184,527
Carrying amount
At 24 September 2017
204,301
15,842
4,393
3,784
228,320
At 24 September 2016
227,000
17,602
5,858
5,045
255,505
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
12,273
9,844
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
50,383
30,998
Corporation tax
-
40,823
Other taxation and social security
3,056
381
Other creditors
119,714
70,074
173,153
142,276
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
44,746
81,576
FIRSTLITE LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 SEPTEMBER 2017
- 6 -
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A of £1 each
50
50
50 Ordinary B of £1 each
50
50
100
100
9
Related party transactions

Kapital Property Developments Limited

A company in which R G Beardwell is also a director

 

As at the balance sheet date, the company owed £47,326 (2016 - £81,576) to Kapital Property Developments Limited, this balance is included within other creditors due after more than one year.

 

Quantec Contracting Limited

A company in which R G Beardwell is also a director

 

During the period, the company received management charges totalling £Nil (2016 - £63,660) from Quantec Contracting Limited.

 

As at the balance sheet date, the company was owed £624 (2016 - owed £66,829) by Quantec Contracting Limited, this balance is included within other creditors.

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