Registration number:
Headlam Leisure Limited
for the Year Ended 31 January 2017
Headlam Leisure Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Headlam Leisure Limited
Company Information
Directors |
Mr J H Robinson Mr T G J Robinson Mr S H J Robinson Mrs S C Metcalfe Mrs A O B Robinson Mr D J Jackson |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Headlam Leisure Limited
for the Year Ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Headlam Leisure Limited for the year ended 31 January 2017 as set out on pages 3 to 12 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Headlam Leisure Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2014. Our work has been undertaken solely to prepare for your approval the accounts of Headlam Leisure Limited and state those matters that we have agreed to state to the Board of Directors of Headlam Leisure Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Headlam Leisure Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Headlam Leisure Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Headlam Leisure Limited. You consider that Headlam Leisure Limited 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 Headlam Leisure Limited. 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.
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13-19 Queen Street
Leeds
West Yorkshire
LS1 2TW
Page 2 |
Headlam Leisure Limited
(Registration number: 01902810)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Headlam Leisure Limited
(Registration number: 01902810)
Balance Sheet as at 31 January 2017
Approved and authorised by the
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Mr J H Robinson
Director
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Mr T G J Robinson
Director
Page 4 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are presented in sterling and rounded to the nearest £1.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
straight line over the length of the lease |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 5 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 6 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) in the year, was
Page 7 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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Disposals |
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( |
- |
( |
At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Included within the net book value of land and buildings above is £253,617 (2016 - £468,756) in respect of long leasehold land and buildings.
Page 8 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2016 |
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Provision |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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Ordinary |
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England & Wales |
The principal activity of Romaldrose Limited is |
The profit for the financial period of Romaldrose Limited was £2,620 and the aggregate amount of capital and reserves at the end of the period was £(175,994). |
Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Page 9 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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2017 |
2016 |
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After more than five years by instalments |
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- |
227,531 |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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- |
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Page 10 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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- |
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Bank borrowings
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The Royal Bank of Scotland PLC holds a fixed and floating charge over all property and assets of the company, present and future. |
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The RBS Bank loan 3 is payable by monthly instalments, the final repayment being due on 3 February 2031. Interest is payable at 2.5% per annum.
Dividends |
Final dividends paid
2017 |
2016 |
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Final dividend of £
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Related party transactions |
Romaldrose Limited
(Subsidiary)
Management fees received during the year were £10,000 (2016: £10,000). At the balance sheet date the amount due from Romaldrose Limited was £1,062,704 (2016: £1,049,481). The loan is interest free and repayable on demand.
Page 11 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Transition to FRS 102 |
Debtors
Under previous UK GAAP the company showed the subsidiary company loan as falling due after one year. On transition to FRS 102 the company has elected to show this falling due within one year as no interest is being charged and the loan has no fixed term. There has been no effect on the profit and loss account.
Page 12 |