Company Registration No. 03115273 (England and Wales)
MIDLAND LEISURE INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MIDLAND LEISURE INTERNATIONAL LIMITED
COMPANY INFORMATION
Director
Mr M A Hatto
Secretary
Mrs J R 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 30 JANUARY 2023
- 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 30 January 2023 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
6 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MIDLAND LEISURE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT 30 JANUARY 2023
30 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
53,295
65,915
Investments
5
80,120
80,120
133,415
146,035
Current assets
Stocks
54,889
44,216
Debtors
6
76,190
87,233
Cash at bank and in hand
18,305
5,552
149,384
137,001
Creditors: amounts falling due within one year
7
(176,299)
(182,078)
Net current liabilities
(26,915)
(45,077)
Total assets less current liabilities
106,500
100,958
Creditors: amounts falling due after more than one year
8
(34,242)
(34,808)
Provisions for liabilities
10
(9,432)
Net assets
62,826
66,150
Capital and reserves
Called up share capital
11
50,100
50,100
Profit and loss reserves
12,726
16,050
Total equity
62,826
66,150
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 30 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 30 JANUARY 2023
30 January 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 6 September 2023.
Mr M A Hatto
Director
Company Registration No. 03115273
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2023
- 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. 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 30 JANUARY 2023
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 11).
3
Intangible fixed assets
Goodwill
£
Cost
At 31 January 2022 and 30 January 2023
7,500
Amortisation and impairment
At 31 January 2022 and 30 January 2023
7,500
Carrying amount
At 30 January 2023
At 30 January 2022
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
- 7 -
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 31 January 2022
86,929
143,412
20,050
250,391
Disposals
(12,265)
(20,050)
(32,315)
At 30 January 2023
74,664
143,412
218,076
Depreciation and impairment
At 31 January 2022
28,383
137,632
18,461
184,476
Depreciation charged in the year
1,740
1,450
3,190
Eliminated in respect of disposals
(4,424)
(18,461)
(22,885)
At 30 January 2023
25,699
139,082
164,781
Carrying amount
At 30 January 2023
48,965
4,330
53,295
At 30 January 2022
58,546
5,780
1,589
65,915
5
Fixed asset investments
2023
2022
£
£
Investments
80,120
80,120
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 31 January 2022 & 30 January 2023
80,120
Carrying amount
At 30 January 2023
80,120
At 30 January 2022
80,120
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
76,190
84,485
Other debtors
2,748
76,190
87,233
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,777
70,406
Trade creditors
60,951
72,177
Taxation and social security
32,099
18,673
Other creditors
16,472
20,822
176,299
182,078
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,242
34,808
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
61,405
54,365
Bank loans
39,614
50,849
101,019
105,214
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a government-backed guarantee.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9,432
MIDLAND LEISURE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2023
- 9 -
11
Called up share capital
2023
2022
£
£
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
Control
Ultimate parent company
The ultimate parent company is Hatto Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M A Hatto and Mrs J R Hatto, by virtue of their controlling interest in the ultimate parent company.
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