Solutions For Leisure Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05444104 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Solutions For Leisure Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Gregory

Mrs J A Gregory

SECRETARY:

Mrs J A Gregory

REGISTERED OFFICE:

Eldo House

Kempson Way

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

05444104 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

450

666

CURRENT ASSETS

Debtors

5

38,738

24,229

Cash at bank

73,487

55,184

112,225

79,413

CREDITORS

Amounts falling due within one year

6

50,717

29,991

NET CURRENT ASSETS

61,508

49,422

TOTAL ASSETS LESS CURRENT LIABILITIES

61,958

50,088

PROVISIONS FOR LIABILITIES

7

86

127

NET ASSETS

61,872

49,961

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

61,772

49,861

SHAREHOLDERS' FUNDS

61,872

49,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 Income Statement 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:

D M Gregory - Director

Mrs J A Gregory - Director

1.	STATUTORY INFORMATION

Solutions For Leisure Ltd. is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

4 years straight line

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other

related parties.

Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present

value of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected

to be paid or received. However if the arrangements of a short-term instrument constitute a financing

transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate

of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial

asset or liability is measured, initially and subsequently, at the present value of the future payment discounted

at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

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

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate, which is an approximation of the amount that the

company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use

and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

2,295

Disposals

(133

)

At 31 May 2018

2,162

DEPRECIATION

At 1 June 2017

1,629

Charge for year

216

Eliminated on disposal

(133

)

At 31 May 2018

1,712

NET BOOK VALUE

At 31 May 2018

450

At 31 May 2017

666

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

37,536

23,616

Other debtors

1,202

613

38,738

24,229

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

34,113

10,731

Taxation and social security

12,602

10,820

Other creditors

4,002

8,440

50,717

29,991

7.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

86

127

Deferred

tax

£

Balance at 1 June 2017

127

Credit to Income Statement during year

(41

)

Balance at 31 May 2018

86

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2018 and

31 May 2017:

2018

2017

£

£

D M Gregory

Balance outstanding at start of year

(4,012

)

(8,432

)

Amounts advanced

20,220

17,754

Amounts repaid

(16,208

)

(13,334

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(4,012

)

Mrs J A Gregory

Balance outstanding at start of year

(610

)

(1,900

)

Amounts advanced

5,000

4,400

Amounts repaid

(4,221

)

(3,110

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

169

(610

)