Alisha Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC311258 (Scotland)

ALISHA HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

10

Chartered Accountants' Report

11

DIRECTORS:

Alex Whelan

Morag Whelan

REGISTERED OFFICE:

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

REGISTERED NUMBER:

SC311258 (Scotland)

ACCOUNTANTS:

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

2,103,703

1,961,171

Investments

6

35,999

35,999

2,139,703

1,997,171

CURRENT ASSETS

Stocks

7

2,000

2,000

Debtors

8

58,558

-

Cash at bank

75,028

12,188

135,586

14,188

CREDITORS

Amounts falling due within one year

9

137,535

988,051

NET CURRENT LIABILITIES

(1,949

)

(973,863

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,137,754

1,023,308

CREDITORS

Amounts falling due after more than one year

10

(1,154,668

)

(3,129

)

PROVISIONS FOR LIABILITIES

12

(70,312

)

(46,516

)

NET ASSETS

912,774

973,663

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

375,996

375,996

Retained earnings

535,778

596,667

SHAREHOLDERS' FUNDS

912,774

973,663

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2018 and were signed on its behalf by:

Alex Whelan - Director

1.	STATUTORY INFORMATION

Alisha Holdings Limited is a private company, limited by shares, registered in Scotland. The company’s

registered number is SC311258 and registered office address is Abercorn House, 79 Renfrew Road, Paisley,

Renfrewshire, PA3 4DA.

The nature of the company's operations and its principal activities are provision of fitness facilities.

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.

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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending

on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life

cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as

future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a

decision made on possible impairment. Factors taken into consideration in reaching such a decision include the

economic viability and expected future financial performance of the asset and where it is a component of a larger

cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to

be sold, or where stock is sold post year end at a loss.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to

receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria

must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of

the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due;

• the costs incurred can be measured reliably.

Goodwill

Goodwill represents the net value transferred from a subsidiary company.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on cost

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 '

Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the

instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transactions costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the Company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or

past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the

reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the

reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred

tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the

reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense

(income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction

that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities

relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable

entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and

settle the liabilities simultaneously.

Leases

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and

obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of

the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of

the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of

future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss

account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of

the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are

not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly

spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks

and other short-term liquid investments with original maturities of three months or less.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described

below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after

initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an

asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine

reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event

occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

1

NET BOOK VALUE

At 31 December 2017

1

At 31 December 2016

1

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 January 2017

2,215,030

798,246

3,013,276

Additions

-

257,116

257,116

At 31 December 2017

2,215,030

1,055,362

3,270,392

DEPRECIATION

At 1 January 2017

420,005

632,100

1,052,105

Charge for year

44,301

70,283

114,584

At 31 December 2017

464,306

702,383

1,166,689

NET BOOK VALUE

At 31 December 2017

1,750,724

352,979

2,103,703

At 31 December 2016

1,795,025

166,146

1,961,171

The net book value of tangible fixed assets includes £ 187,638 (2016 - £ 83,465 ) in respect of assets held under

hire purchase contracts.

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2017

and 31 December 2017

35,999

NET BOOK VALUE

At 31 December 2017

35,999

At 31 December 2016

35,999

7.

STOCKS

2017

2016

£

£

Stocks

2,000

2,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by group undertakings

39,175

-

Corporation tax

19,383

-

58,558

-

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

62,259

790,119

Hire purchase contracts

28,509

14,326

Trade creditors

8,797

11,352

Amounts owed to group undertakings

-

23,325

Corporation tax

-

43,313

Value added tax

4,511

2,904

Directors' current accounts

6,367

13,298

Accrued expenses

27,092

89,414

137,535

988,051

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

65,030

-

Bank loans - 2-5 years

211,717

-

Bank loans due after 5 years

792,157

-

Hire purchase contracts

85,764

3,129

1,154,668

3,129

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

792,157

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,131,163

790,119

Hire purchase contracts

114,273

17,455

1,245,436

807,574

The bank holds a bond and floating charge over the assets of Alisha Holdings Limited together with a standard

security held against the company's property and personal guarantees from the company's directors in connection

with the bank borrowings.

Hire purchase creditors are secured over the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

70,312

46,516

Deferred

tax

£

Balance at 1 January 2017

46,516

Originating and reversal of

25,641

timing differences

Effect of changes in tax rates

(1,845

)

Balance at 31 December 2017

70,312

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the Company benefited from an interest free loan from its directors, Alex and Morag Whelan .

The balance due by the company at 31st December, 2017 was £6,367 (2016: £13,298).

14.	RELATED PARTY DISCLOSURES

The company has a loan balance with its subsidiary company, Five on Five Limited. The balance due from Five

on Five Limited at 31st December, 2017 was £39,175 (2016: £23,325 creditor).

The bank holds a bond and floating charge over the assets of Five on Five Limited in connection with the bank

borrowings of Alisha Holdings Limited

15.	ULTIMATE CONTROLLING PARTY

The company is controlled by Alex Whelan who owns the majority of the issued share capital of the company.

16.	FIRST YEAR ADOPTION

The adoption of FRS 102 has had no impact on the opening financial position of the company.

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 Income Statement 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 Alisha Holdings Limited for the year ended 31 December 2017 which comprise the Statement of

Income and Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Alisha Holdings 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 Alisha Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Alisha Holdings Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. 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 Alisha Holdings 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 loss of Alisha Holdings Limited. You consider that Alisha Holdings 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 Alisha Holdings 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.

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

10 September 2018