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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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Westonbirt Leisure Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 August 2018 |
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for |
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Westonbirt Leisure Limited |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Westonbirt Leisure Limited |
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Company Information |
for the Year Ended 31 August 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
38-42 Newport Street |
Swindon |
SN1 3DR |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Balance Sheet |
31 August 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2018 |
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1. | STATUTORY INFORMATION |
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Westonbirt Leisure Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company's functional and presentation currency is the pound sterling. |
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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 other stated. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount |
receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the |
Company and value added taxes. |
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Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a |
financing transactions, the fair value of the consideration is measured as the present value of all future receipts |
using the inputed rate of interest. |
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The Company recognises revenue when the following conditions are satisfied: |
i. the Company has transferred to the buyer the significant risks and rewards of ownership of the goods or |
services; |
ii. the Company retains neither continuing managerial involvement to the degree associated with ownership nor |
effective control over the goods or services sold; |
iii. the amount of revenue can be measured reliably; |
iv. it is probable that the economic benefits associated with the transaction can be measured reliably. |
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Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost |
includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its |
intended use, dismantling and restoration costs and borrowing costs capitalised. |
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Depreciation and residual values |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less |
estimated residual value, of each asset over its expected useful life as follows: |
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Plant and machinery - 15% on a straight line basis |
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Plant and machinery was previously depreciated at a rate of 25% per annum but has been changed to the above |
inline with group deprecation rates. |
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The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
reporting period. The effect of any changes is accounted for prospectively. |
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Subsequent additions and major components |
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, |
only when it is probable that economic benefits associated with the item will flow to the company and the cost |
can be measured reliably. |
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The carrying amount of any replaced component is derecognised. Major components are treated as a separate |
asset when they have significantly different patterns of consumption of economic benefits and are depreciated |
separately over its useful life. |
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Repairs and maintenance costs are expensed as incurred. |
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Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, |
the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The Company provides a range of benefits to employees, including paid holiday arrangements and defined |
benefit and defined contribution pension plans. |
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Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an |
expense in the period in which the service is received. |
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Defined contribution pension plans |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension |
plan under which the company pays fixed contributions into a separate entity. Once the contributions have been |
paid the Company has no further payment obligations. The obligations are recognised as an expense when they |
are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held |
separately from the Company in independently administered funds. |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets, other than those measured at fair value, as assessed for indicators of impairment at each balance sheet |
date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described |
below: |
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Non-financial assets |
At each balance sheet date non-financial assets not carried at fair value are assessed to determine whether |
there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an |
indication the recoverable amount of the asset (or asset's cash generating unit) is compared to the carrying |
amount of the asset (or asset's cash generating unit). |
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The recoverable amount of the asset (or asset's cash generating unit) is the higher of the fair value less costs to |
sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax |
obtainable as a result of the asset's (or asset's cash generating unit) continued use. These cash flows are |
discounted using a pre-tax discount rate that represents the current market risk-free rate and risks inherent in the |
asset. |
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If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying |
amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit |
and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive |
income to the extent of any previously recognised revaluation. Thereafter an excess is recognised in profit or |
loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating |
unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised |
carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or |
amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is |
recognised in the profit and loss account. |
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Financial assets |
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's |
carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original |
effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's |
carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at |
the report date. |
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Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an |
event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. |
An impairment loss is reversed on an individual impaired financial assets to the extent that the revised |
recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment |
been recognised. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly |
liquid investments with original maturities of three months or less. |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions and contingencies |
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past |
events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the |
obligation can be estimated reliably. |
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Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is |
determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of |
an outflow with respect to any one time included in the same class of obligations may be small. |
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Provisions are measured at the present value of the expenditures expected to be required to settle the obligation |
using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to |
the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
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Contingencies |
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (a) it is not |
probable that there will be an outflow of resources or that the amount cannot be reliably measured at the |
reporting date or (b) when the existence will be confirmed by the occurrence or non-occurrence of uncertain |
future events not wholly within the Group's control. Contingent liabilities are disclosed in the financial statements |
unless the probability of an outflow of resources is remote. |
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Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an |
inflow of economic benefit is probable. |
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Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 |
Section 11. |
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Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at |
transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
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Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow |
group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future receipts discounted at a |
market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest |
rate method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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DEPRECIATION |
At 1 September 2017 |
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Charge for year |
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At 31 August 2018 |
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NET BOOK VALUE |
At 31 August 2018 |
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At 31 August 2017 |
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Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | CONTINGENT LIABILITIES |
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The company had total commitments at the year end of £30,447 (2017: £Nil). |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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10. | ULTIMATE PARENT COMPANY |
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The company's
results of Westonbirt Leisure Limited are consolidated. |
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Copies of the group financial statements may be obtained from 25-27 High Street, Corsham, Wiltshire, SN13 |
0ES. |