Company Registration No. 03115273 (England and Wales)
MIDLAND LEISURE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
MIDLAND LEISURE INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr M A Hatto
Company number
03115273
Registered office
8 The Homend
Ledbury
Herefordshire
HR8 1BT
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank plc
19 High Street
Evesham
Worcestershire
WR11 4DQ
MIDLAND LEISURE INTERNATIONAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MIDLAND LEISURE INTERNATIONAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIDLAND LEISURE INTERNATIONAL LIMITED FOR THE YEAR ENDED 31 JANUARY 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midland Leisure International Limited for the year ended 31 January 2018 which comprise, the Balance Sheet and the related notes 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 Midland Leisure International Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Leisure International Limited
and state those matters that we have agreed to state to the Board of Directors of Midland Leisure International 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 Midland Leisure International Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Midland Leisure International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Midland Leisure International Limited. You consider that Midland Leisure International 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 financial statements of Midland Leisure International 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 financial statements.
Ormerod Rutter Limited
18 July 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MIDLAND LEISURE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2018
31 January 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
111,730
123,079
Investments
5
80,120
80,120
191,850
203,199
Current assets
Stocks
100,269
108,972
Debtors
6
94,558
93,849
Cash at bank and in hand
30,431
34,978
225,258
237,799
Creditors: amounts falling due within one year
7
(257,663)
(276,080)
Net current liabilities
(32,405)
(38,281)
Total assets less current liabilities
159,445
164,918
Creditors: amounts falling due after more than one year
8
(23,747)
(29,626)
Provisions for liabilities
(19,372)
(21,434)
Net assets
116,326
113,858
Capital and reserves
Called up share capital
11
50,100
50,100
Profit and loss reserves
66,226
63,758
Total equity
116,326
113,858
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
MIDLAND LEISURE INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2018
31 January 2018
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 18 July 2018
Mr M A Hatto
Director
Company Registration No. 03115273
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 4 -
1
Accounting policies
Company information
Midland Leisure International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 The Homend, Ledbury, Herefordshire, HR8 1BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
2% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 19 (2017 - 15).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2017 and 31 January 2018
7,500
Amortisation and impairment
At 1 February 2017 and 31 January 2018
7,500
Carrying amount
At 31 January 2018
-
At 31 January 2017
-
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 7 -
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2017
108,026
141,153
54,045
303,224
Additions
-
1,434
-
1,434
At 31 January 2018
108,026
142,587
54,045
304,658
Depreciation and impairment
At 1 February 2017
25,986
121,152
33,007
180,145
Depreciation charged in the year
2,161
5,363
5,259
12,783
At 31 January 2018
28,147
126,515
38,266
192,928
Carrying amount
At 31 January 2018
79,879
16,072
15,779
111,730
At 31 January 2017
82,040
20,001
21,038
123,079
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Motor vehicles
10,756
21,038
5
Fixed asset investments
2018
2017
£
£
Investments
80,120
80,120
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2017 & 31 January 2018
80,120
Carrying amount
At 31 January 2018
80,120
At 31 January 2017
80,120
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 8 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
94,558
93,849
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
41,546
38,225
Trade creditors
142,725
153,088
Corporation tax
26,072
18,093
Other taxation and social security
25,396
34,477
Other creditors
21,924
32,197
257,663
276,080
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
23,747
28,870
Other creditors
-
756
23,747
29,626
9
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Hire purchase contracts
756
11,334
Bank overdrafts
36,423
33,330
Bank loans
28,870
33,765
66,049
78,429
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 9 -
10
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
19,372
21,434
19,372
21,434
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary A of £1 each
50,000
50,000
100 Ordinary B of £1 each
100
100
50,100
50,100
12
Related party transactions
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.
13
Ultimate controlling party
The ultimate controlling party is Mr M A Hatto.
2018-01-31
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