Shore Leisure Limited Filleted accounts for Companies House (small and micro)

Shore Leisure Limited Filleted accounts for Companies House (small and micro)

SHORE LEISURE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05241512
Shore Leisure Limited
Filleted Unaudited Abridged Financial Statements
31 March 2018
Shore Leisure Limited
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
5
2,708
5,208
Tangible assets
6
27,599
43,106
--------
--------
30,307
48,314
Current assets
Stocks
9,450
26,105
Debtors
31,952
15,317
Cash at bank and in hand
187,906
138,736
---------
---------
229,308
180,158
Creditors: amounts falling due within one year
217,595
222,891
---------
---------
Net current assets/(liabilities)
11,713
( 42,733)
--------
--------
Total assets less current liabilities
42,020
5,581
Provisions
3,339
3,759
--------
-------
Net assets
38,681
1,822
--------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
38,679
1,820
--------
-------
Shareholders funds
38,681
1,822
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Shore Leisure Limited
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 21 December 2018 , and are signed on behalf of the board by:
Mr G R Leng
Director
Company registration number: 05241512
Shore Leisure Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is C/O Martinos, Dykelands Road, Sunderland, SR6 8DD.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 57 (2017: 63 ).
5. Intangible assets
£
Cost
At 1 April 2017 and 31 March 2018
10,000
--------
Amortisation
At 1 April 2017
4,792
Charge for the year
2,500
--------
At 31 March 2018
7,292
--------
Carrying amount
At 31 March 2018
2,708
--------
At 31 March 2017
5,208
--------
6. Tangible assets
£
Cost
At 1 April 2017 and 31 March 2018
195,500
---------
Depreciation
At 1 April 2017
152,394
Charge for the year
15,507
---------
At 31 March 2018
167,901
---------
Carrying amount
At 31 March 2018
27,599
---------
At 31 March 2017
43,106
---------