Period from 1 April 2020 to
Registration number:
Renown Leisure Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Renown Leisure Limited
Company Information
Directors |
Mr D J Gough Mr D Burcher-Lewis Mr R J Pascoe |
Registered office |
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Accountants |
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Renown Leisure Limited
Balance Sheet
31 December 2020
Note |
31 December |
31 March |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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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Profit and loss account |
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Total equity |
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Renown Leisure Limited
Balance Sheet
31 December 2020
For the financial period ending 31 December 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02998763
Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
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. The Financial Reporting Standard applicable in the UK and Republic of Ireland', including section 1A, and the Companies Act 2006. There are no material departures from FRS102.
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.
COVID-19
The directors of the company have considered the impact of COVID-19. In the opinion of the directors the company has sufficient working capital within existing facilities, and with the support of government funding, to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amount chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
Government grants
Grant income is included in other operating income, it comprises the fair value of the consideration received or receivable for the period.
During the period the business received grants relating to Bounce-Back Loan interest payments, cash grants in the form of rates rebates and CJRS payments.
The total of grants received is £84,479 at the end of the period.
Interest on the Bounce-Back Loan is accounted for on the accruals basis. Cash grants are accounted for on a received basis as they relate to amounts previously paid. Income in relation to the Coronavirus Job Retention Scheme is included in accordance with the performance model and recognised as the wages to which it relates are incurred. The Government has provided an 80% guarantee to the Bounce-Back Loan of £50,000.
Tax
Tax is recognised in the profit or loss account, 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.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are accounted for under the alternative accounting rules of the Companies Act 2006, 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
An amount equal to the excess of the annual depreciation charge on revalued assets, over the notional historical cost depreciation charge on those assets, is transferred annually from the revaluation reserve to the profit and loss account.
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 |
Plant and machinery |
20% straight line |
Motor vehicles |
25% straight line |
Office equipment |
20% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
Asset class |
Amortisation method and rate |
Goodwill |
10 years |
Stocks
Stock is valued at the lower of cost and net realisable value and is ordered on a just in time basis.
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.
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.
Financial instruments
Classification
• Short and long term trade and other debtors and creditors;
• Hire purchase contracts; and
• Cash and bank balances.
• Bank borrowings
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank borrowings are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 April 2020 |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 March 2020 |
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Tangible assets |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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- |
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Disposals |
- |
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At 31 December 2020 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 March 2020 |
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Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
Stocks |
31 December |
31 March |
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Finished goods and goods for resale |
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Debtors |
31 December |
31 March |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 December |
31 March 2020 |
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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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Corporation tax |
- |
12,500 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
31 December |
31 March |
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Due after one year |
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Loans and borrowings |
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Renown Leisure Limited
Notes to the Unaudited Financial Statements
Period from 1 April 2020 to 31 December 2020
Loans and borrowings |
31 December |
31 March |
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Non-current loans and borrowings |
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Loans and borrowings |
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Hire purchase contracts (secured on assets concerned) |
- |
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31 December |
31 March |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts (secured on assets concerned) |
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Share capital |
Allotted, called up and fully paid shares
31 December |
31 March |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |