Grayshott Leisure Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 05291393 (England and Wales)

GRAYSHOTT LEISURE LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W H Frankel OBE

S D L Lowe

Mrs T Lowe

P Wood

REGISTERED OFFICE:

Grayshott Spa

Headley Road,

Grayshott, Nr Hindhead

Surrey

GU26 6JJ

REGISTERED NUMBER:

05291393 (England and Wales)

FIXED ASSETS

Intangible assets

2

190,764

218,016

Tangible assets

3

213,982

166,651

404,746

384,667

CURRENT ASSETS

Stocks

93,546

87,553

Debtors

87,824

76,836

Prepayments and accrued income

89,088

113,306

Cash in hand

1,550

1,475

272,008

279,170

CREDITORS

Amounts falling due within one year

4

(1,467,715

)

(1,139,524

)

NET CURRENT LIABILITIES

(1,195,707

)

(860,354

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(790,961

)

(475,687

)

CREDITORS

Amounts falling due after more than one year

4

(3,386,244

)

(3,492,034

)

NET LIABILITIES

(4,177,205

)

(3,967,721

)

CAPITAL AND RESERVES

Called up share capital

5

1

1

Profit and loss account

(4,177,206

)

(3,967,722

)

SHAREHOLDERS' FUNDS

(4,177,205

)

(3,967,721

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 December 2015 and were signed on its behalf by:

S D L Lowe - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents total income receivable, excluding Value Added Tax, except in respect of service

contracts where turnover is recognised when the company obtains the right to the consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being

amortised evenly over its estimated useful life. The directors have reviewed the estimated useful life as

being eight years from the balance sheet date.

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.

Fixtures and fittings - over 7 years

Plant and machinery - over 10 years

Computer equipment - over 4 years

Motor vehicle - over 4 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Provision is made in full for all taxation deferred in respect of timing differences that have originated

but not reversed by the balance sheet date, except for gains on disposal of fixed assets which will be

rolled over into replacement assets. No provision has been made for taxation on permanent

differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will

be recovered.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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 the profit and loss account over the relevant

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Going concern

As highlighted in note 13 to the financial statements, on 22 March 2011, the company entered into a

cross-guarantee, supported by a first and only debenture in relation to a 5 year loan facility of up to

£8,990,000, provided to Grayshott Holdings Limited.

The financial statements have been prepared on the going concern basis. The directors consider this

to be appropriate and that the company will be able to meet its financial obligations as they fall due

based on the bank facilities available to the company and its ultimate parent undertaking and the

continuing financial support of its ultimate parent undertaking.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

425,000

AMORTISATION

At 1 April 2014

206,984

Amortisation for year

27,252

At 31 March 2015

234,236

NET BOOK VALUE

At 31 March 2015

190,764

At 31 March 2014

218,016

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

2,239,026

Additions

104,050

Disposals

(8,524

)

At 31 March 2015

2,334,552

DEPRECIATION

At 1 April 2014

2,072,375

Charge for year

51,391

Eliminated on disposal

(3,196

)

At 31 March 2015

2,120,570

NET BOOK VALUE

At 31 March 2015

213,982

At 31 March 2014

166,651

4.

CREDITORS

Included within creditors falling due within one year and creditors falling due after one year are secured

debts amounting to £10,166 (2013 - £30,996) and £nil (2013 - £2,410) respectively.

The company has entered into a cross-guarantee in respect of a bank loan facility provided to its

ultimate parent undertaking, supported by a debenture over the whole of the company's assets and

undertakings.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1

ordinary

1

1

1

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

S D L Lowe, who is also a shareholder of the ultimate parent undertaking, has provided a guarantee of

up to £600,000 to the company's bankers in support of the facilities currently provided.

During the year, S D L Lowe charged the company management fees of £91,964 (2014: £99,067) and

£19,992 (2014: £20,000) in respect of marketing, travel and other expenses incurred on behalf of the

company.

7.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Grayshott Holdings Limited, a company incorporated in

the British Virgin Islands. There is no controlling party in relation to Grayshott Holdings Limited.