THE REALLY FINE LEISURE COMPANY LTD - Filleted accounts

THE REALLY FINE LEISURE COMPANY LTD - Filleted accounts

THE REALLY FINE LEISURE COMPANY LTD - Company Information

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Registered number
04428157
THE REALLY FINE LEISURE COMPANY LTD
Filleted Accounts
31 December 2017
THE REALLY FINE LEISURE COMPANY LTD
Registered number: 04428157
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 4 164,272 251,839
Tangible assets 5 3,649,531 2,532,669
Investments 6 1 1
3,813,804 2,784,509
Current assets
Stocks 15,064 19,682
Debtors 7 196,409 377,298
Cash at bank and in hand 310,284 7,659
521,757 404,639
Creditors: amounts falling due within one year 8 (1,245,691) (974,618)
Net current liabilities (723,934) (569,979)
Total assets less current liabilities 3,089,870 2,214,530
Creditors: amounts falling due after more than one year 9 (2,523,016) (1,718,723)
Net assets 566,854 495,807
Capital and reserves
Called up share capital 250,000 250,000
Profit and loss account 316,854 245,807
Shareholders' funds 566,854 495,807
The accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr B T Hindocha
Director
Approved by the board on 17 November 2018
THE REALLY FINE LEISURE COMPANY LTD
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Group accounts
The financial statements present information about the company as individual undertaking and not about its group. The company is a wholly owned subsidiary of Wylva Trading Ltd. The company has taken advantage of exemptions provided by Companies Act 2006 not to prepare group accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised where it is probable that economic benefit will flow to the entity and turnover and costs can be reliably measured.
Annual subscriptions income is spread over the year to which it relates and the unexpired portions at the year end are carried forward in the balance sheet as deferred income.
Intangible fixed assets
Goodwill
Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life, which is estimated to be twenty years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Building Over 50 years
Freehold land Not being depreciated
Plant and machinery 5% to 25% depending on the nature of the
asset
Investments
Fixed asset Investments are measured at cost less any impairment.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Trade debtors and creditors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors are initially recognised at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using straight line method.

Assets acquired under finance leases are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.
Operating Lease
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Mr J Chatwani
Firm: Lawrence & Co.
Date of audit report: 17 November 2018
3 Employees 2017 2016
Number Number
Average number of persons employed by the company 40 45
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 723,849
Disposals (51,374)
At 31 December 2017 672,475
Amortisation
At 1 January 2017 472,010
Provided during the year 36,193
At 31 December 2017 508,203
Net book value
At 31 December 2017 164,272
At 31 December 2016 251,839
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Capital work in progress Total
£ £ £ £
Cost
At 1 January 2017 3,378,117 1,132,322 40,992 4,551,431
Additions 1,040,560 60,539 174,356 1,275,455
At 31 December 2017 4,418,677 1,192,861 215,348 5,826,886
Depreciation
At 1 January 2017 1,174,235 844,527 - 2,018,762
Charge for the year 44,078 114,515 - 158,593
At 31 December 2017 1,218,313 959,042 - 2,177,355
Net book value
At 31 December 2017 3,200,364 233,819 215,348 3,649,531
At 31 December 2016 2,203,882 287,795 40,992 2,532,669
Capital work in progress relates to costs for the construction of a car park. No depreciation has been charged.
Within land and buildings, £1,040,560 relates to freehold land which has not been depreciated.
6 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2017 1
At 31 December 2017 1
7 Debtors 2017 2016
£ £
Trade debtors 25,707 34,878
Amounts owed by group undertakings and undertakings in which the company has a participating interest 118,809 250,403
Other debtors 51,893 92,017
196,409 377,298
8 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 182,399 399,491
Obligations under finance lease and hire purchase contracts 116,950 141,973
Trade creditors 108,133 85,886
Amounts owed to group undertakings and undertakings in which the company has a participating interest 564,654 -
Taxation and social security costs 123,782 153,077
Other creditors 149,773 194,191
1,245,691 974,618
9 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans 2,453,860 1,589,122
Obligations under finance lease and hire purchase contracts 69,156 129,601
2,523,016 1,718,723
10 Loans 2017 2016
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,726,886 376,924
All bank loans are secured by way of a legal charge on the leasehold property known as Marlow Health Club, debenture and fixed and floating charges over all the assets of the company including present and future.

All the companies in the group have signed a composite multilateral guarantee dated 9 February 2011.
11 Parent company
The immediate and ultimate parent company is Wylva Trading Ltd.
12 Other information
THE REALLY FINE LEISURE COMPANY LTD is a private company limited by shares and incorporated in England. Its registered office is:
447 Kenton Road
Harrow
Middlesex
HA3 0XY
Its principal place of business is Globe Park, Fieldhouse Lane, Marlow, Buks, SL17 1LU. The presentation currency of the financial statements is the Pound Sterling (£).
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