Registration number:
Penwith Leisure Limited
for the Year Ended 31 March 2018
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP
Penwith Leisure Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Penwith Leisure Limited
Company Information
Director |
Mr A R Matthews |
Registered office |
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Accountants |
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Page 1 |
Penwith Leisure Limited
(Registration number: 06427191)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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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 (liabilities)/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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Net liabilities |
( |
( |
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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 |
( |
( |
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Penwith Leisure Limited
(Registration number: 06427191)
Balance Sheet as at 31 March 2018
Approved and authorised by the
.........................................
Director
Page 3 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
In the opinion of the Director, the company can continue to operate on a going concern basis. This is due to the Director, Mr A R Matthews, agreeing not to call in his loan to the company for at least the next 12 months.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, 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.
Page 4 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Depreciation
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 |
Office equipment |
20% straight line |
Equipment |
12.5% straight line |
Fixtures and fittings |
12.5% straight line |
Leasehold |
No depreciation provided |
Improvements to leasehold |
12.5% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Page 5 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Disposals |
( |
( |
At 31 March 2018 |
- |
- |
Amortisation |
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At 1 April 2017 |
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Amortisation eliminated on disposals |
( |
( |
At 31 March 2018 |
- |
- |
Carrying amount |
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At 31 March 2018 |
- |
- |
At 31 March 2017 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings, £16,000 (2017 - £16,000) in respect of leasehold land and buildings and £4,373 (2017 - £Nil) in respect of improvements to leasehold.
Page 7 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Amounts owed to Director and others |
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Taxation and social security |
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Accruals |
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- |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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160 |
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160 |
Page 8 |
Penwith Leisure Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other loan |
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Page 9 |