St David's Leisure Ltd - Period Ending 2014-12-31

Registration number: 01593332

St David's Leisure Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

St David's Leisure Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 7

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
St David's Leisure Ltd
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of St David's Leisure Ltd for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of St David's Leisure Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of St David's Leisure Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St David's Leisure Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that St David's Leisure Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of St David's Leisure Ltd. You consider that St David's Leisure Ltd 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 accounts of St David's Leisure Ltd. 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 accounts.

......................................

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

20 August 2015

Page 1

St David's Leisure Ltd
(Registration number: 01593332)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					59,500			119,000
Tangible fixed assets					13,360,470			13,294,579
					13,419,970			13,413,579
Current assets
Stocks					689,645			689,745
Debtors					55,364			1,223,247
Cash at bank and in hand					1,051,473			240,189
					1,796,482			2,153,181
Creditors: Amounts falling due within one year					(1,564,392)			(2,688,166)
Net current assets/(liabilities)					232,090			(534,985)
Total assets less current liabilities					13,652,060			12,878,594
Creditors: Amounts falling due after more than one year					(1,768,035)			(2,378,295)
Provisions for liabilities					(85,837)			(88,788)
Net assets					11,798,188			10,411,511
Capital and reserves
Called up share capital		4			14,020			14,000
Share premium account					1,744,705			1,744,705
Revaluation reserve					247,524			247,524
Profit and loss account					9,791,939			8,405,282
Shareholders' funds					11,798,188			10,411,511

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 August 2015 and signed on its behalf by:

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 2

St David's Leisure Ltd
(Registration number: 01593332)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr R S Davies
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

St David's Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers except for; - Pitch fees and similar income which is accrued and recognised over the period to which it relates. - Caravan and chalets sales which are recognised when final completion takes place.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold buildings excluding investment properties	2% on cost
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Freehold land and caravan parks	No depreciation

Investment properties

Page 4

St David's Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date. Deferred tax is not recognised on revaluation gains or losses unless there is a binding agreement of sae for the asset.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 5

St David's Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		595,000			13,619,960			14,214,960
Additions		-			194,406			194,406
Disposals		-			(55,385)			(55,385)
At 31 December 2014		595,000			13,758,981			14,353,981
Depreciation
At 1 January 2014		476,000			325,381			801,381
Charge for the year		59,500			87,764			147,264
Eliminated on disposals		-			(14,634)			(14,634)
At 31 December 2014		535,500			398,511			934,011
Net book value
At 31 December 2014		59,500			13,360,470			13,419,970
At 31 December 2013		119,000			13,294,579			13,413,579

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		610,280			598,206
Amounts falling due after more than one year		1,768,035			2,378,296
Total secured creditors		2,378,315			2,976,502

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		14,000			14,000			14,000			14,000
Ordinary A of £1 (2013 - £0.00) each		10			10			-			-
Ordinary B of £1 (2013 - £0.00) each		10			10			-			-

Page 6

St David's Leisure Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

14,020

14,020

14,000

14,000

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mr R S Davies
Contribution provided by R S Davies	150,000	-	-	134,455

Page 7