Company Registration No. 04083584 (England and Wales)
FOLLY FARM LEISURE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
FOLLY FARM LEISURE LIMITED
COMPANY INFORMATION
Directors
Mr G G J Williams
Mrs J A Williams
Mr C K Ebsworth
Mrs K J Ebsworth
Company number
04083584
Registered office
Folly Farm
Begelly
Kilgetty
Pembrokeshire
SA68 0XA
Auditors
MHA Broomfield Alexander
Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
FOLLY FARM LEISURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FOLLY FARM LEISURE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
48,060
-
Current assets
Stocks
5
173,836
179,702
Debtors
6
1,708,058
1,938,179
Investments
7
3,675
3,675
Cash at bank and in hand
186,392
506,283
2,071,961
2,627,839
Creditors: amounts falling due within one year
8
(816,046)
(1,184,667)
Net current assets
1,255,915
1,443,172
Total assets less current liabilities
1,303,975
1,443,172
Creditors: amounts falling due after more than one year
9
(1,265,319)
(1,340,973)
Net assets
38,656
102,199
Capital and reserves
Called up share capital
11
6
6
Profit and loss reserves
38,650
102,193
Total equity
38,656
102,199
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 2 August 2018 and are signed on its behalf by:
Mr G G J Williams
Mr C K Ebsworth
Director
Director
Company Registration No. 04083584
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information
Folly Farm Leisure Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Folly Farm, Begelly, KILGETTY, Pembrokeshire, UK, SA68 0XA.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Hayloft Holdings (Wales) Limited
. These consolidated financial statements are available from its registered office,
1.2
Turnover
Turnover represents amounts receivable for entry tickets and merchandise net of VAT and trade discounts.
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.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies (Continued)
- 3 -
1.3
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:
Plant and machinery
10% straight line
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
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.
1.6
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.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies (Continued)
- 4 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
The company operates a defined contribution pension scheme for directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
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.
1.9
Related party transactions
The company entered into several transactions with a related party during the year. The related party being a wholly owned subsidiary within the group where such transactions are eliminated upon consolidation in the consolidated accounts of Hayloft Holdings (Wales) Limited. The company has taken advantage of the exemption under FRS 102 not to disclose such transactions.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 148 (2017 - 147).
3
Directors' remuneration
2018
2017
£
£
Remuneration paid to directors
150,304
143,775
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2017 - 4).
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2017
-
Additions
53,400
At 28 February 2018
53,400
Depreciation and impairment
At 1 March 2017
-
Depreciation charged in the year
5,340
At 28 February 2018
5,340
Carrying amount
At 28 February 2018
48,060
At 28 February 2017
-
5
Stocks
2018
2017
£
£
Stocks
173,836
179,702
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
61,276
46,625
Amounts due from group undertakings
1,537,755
1,600,303
Other debtors
109,027
291,251
1,708,058
1,938,179
7
Current asset investments
2018
2017
£
£
Other investments
3,675
3,675
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
8
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans
9
157,152
133,672
Trade creditors
341,088
781,166
Corporation tax
95,020
191,975
Other taxation and social security
19,931
20,987
Other creditors
202,855
56,867
816,046
1,184,667
Other creditors includes £10,509 (2017: £Nil) in respect of hire purchase.
Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate.
9
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
9
1,245,175
1,340,973
Other creditors
20,144
-
1,265,319
1,340,973
Other creditors includes £20,144 (2017: £Nil) in respect of hire purchase.
Obligations under hire purchase agreements are secured by charges on individual assets to which the liabilities relate.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
515,463
672,615
10
Loans and overdrafts
2018
2017
£
£
Bank loans
1,402,327
1,474,645
Payable within one year
157,152
133,672
Payable after one year
1,245,175
1,340,973
Bank loans are interest bearing and are secured by a fixed and floating charge over the assets of the company and parent company Hayloft Holdings (Wales) Limited.
FOLLY FARM LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
10
Loans and overdrafts (Continued)
- 7 -
Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of 1p each
6
6
6
6
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Matthew Thomas.
The auditor was MHA Broomfield Alexander.
13
Financial commitments, guarantees and contingent liabilities
Under the provisions of group registration for Value Added Tax, Folly Farm Leisure Limited and its parent are jointly liable for the indebtedness of each other.
14
Parent company
The company is a wholly owned subsidiary of Hayloft (Holdings) Wales Limited, a company incorporated in England and Wales.