REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 August 2020 |
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for |
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Westonbirt Leisure Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 August 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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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 and authorised for issue 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 2020 |
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1. | STATUTORY INFORMATION |
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Westonbirt Leisure Limited is a
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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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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. |
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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 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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 NIL (2019 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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5. | 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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6. | CONTINGENT LIABILITIES |
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The company had total operating lease commitments at the year end of £nil (2019: £nil). |
Westonbirt Leisure Limited (Registered number: 02899060) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2020 |
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7. | 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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8. | ULTIMATE PARENT COMPANY |
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The company's
which the results of Westonbirt Leisure Limited are consolidate d. |
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Copies of the group financial statements may be obtained from 25-27 High Street, Corsham, Wiltshire, SN13 |
0ES. |