Registration number:
Headlam Leisure Limited
for the Year Ended 31 January 2018
Headlam Leisure Limited
Contents
Company Information |
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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 |
Company secretary |
Mrs S C Metcalfe |
Registered office |
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Accountants |
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Page 1 |
Headlam Leisure Limited
(Registration number: 01902810)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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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 2018 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.
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Headlam Leisure Limited
(Registration number: 01902810)
Balance Sheet as at 31 January 2018
Approved and authorised by the
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Page 3 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1.
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.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The accounts are presented in sterling and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet 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.
Page 4 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
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Accounting policies (continued) |
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.
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. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
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Accounting policies (continued) |
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 profit or loss 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 profit or loss 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
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.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
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.
Page 6 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
2 |
Accounting policies (continued) |
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost |
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At 1 February 2017 |
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Additions |
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At 31 January 2018 |
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Depreciation |
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At 1 February 2017 |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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Page 8 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
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Tangible assets (continued) |
Included within the net book value of land and buildings above is £108,477 (2017 - £248,470) in respect of long leasehold land and buildings.
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2017 |
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Provision |
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Carrying amount |
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At 31 January 2018 |
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At 31 January 2017 |
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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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2018 |
2017 |
Subsidiary undertakings |
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Ordinary |
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England & Wales |
The principal activity of Romaldrose Limited is |
Stocks |
2018 |
2017 |
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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 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments |
30,381 |
29,549 |
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Page 10 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Creditors |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
160,707 |
160,397 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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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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2018 |
2017 |
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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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Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £
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Page 11 |
Headlam Leisure Limited
Notes to the Financial Statements for the Year Ended 31 January 2018
Related party transactions |
The Company has taken the exemption set out in FRS 102 from disclosing transactions with wholly owned group members.
Page 12 |