Company Registration No. 08291453 (England and Wales)
BKJ LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BKJ LEISURE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,440,105
3,553,039
Investments
4
200
200
3,440,305
3,553,239
Current assets
Debtors
6
290,147
601,441
Cash at bank and in hand
618,705
510,154
908,852
1,111,595
Creditors: amounts falling due within one year
7
(2,390,500)
(604,402)
Net current (liabilities)/assets
(1,481,648)
507,193
Total assets less current liabilities
1,958,657
4,060,432
Creditors: amounts falling due after more than one year
8
(1,669,012)
(3,840,723)
Provisions for liabilities
9
(192,341)
(135,788)
Net assets
97,304
83,921
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
97,204
83,821
Total equity
97,304
83,921
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
BKJ LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2022 and are signed on its behalf by:
B Johnson
Director
Company Registration No. 08291453
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
BKJ Leisure Limited is a
private
company
, limited by shares and
incorporated in
England and Wales
.
The company's registered number is 08291453.
The
address of its
registered office is
15 Clover Nook Road, Cotes Park Industrial Estate, Somercotes, Derbyshire, DE55 4RF.
The principal activity of the
c
ompany during the year continued to be that of a holding company.
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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Land is not depreciated.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following
annual
bases:
Freehold land and buildings
50 years straight line
Plant and machinery
15% straight line
Fixtures and fittings
15% 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
Fixed asset investments
Interests in subsidiaries 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.
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
Share-based payments
The
c
ompany reflects the economic cost of awarding shares to employees by recording an expense
in the profit and loss account equal to the fair value of the benefit awarded. Fair value being
determined by reference to a suitable valuation model. The expense is recognised in the profit and
loss account as employment costs over the vesting period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2021
3,662,612
374,310
289,436
4,326,358
Disposals
(91,512)
(91,512)
At 31 December 2021
3,571,100
374,310
289,436
4,234,846
Depreciation
At 1 January 2021
109,573
374,310
289,436
773,319
Depreciation charged in the year
21,422
21,422
At 31 December 2021
130,995
374,310
289,436
794,741
Carrying amount
At 31 December 2021
3,440,105
3,440,105
At 31 December 2020
3,553,039
3,553,039
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings
200
200
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
The White Hart at Moorwood Moor Limited
1
Ordinary
100.00
The Horse and Jockey at Wessington Limited
1
Ordinary
100.00
Registered office addresses
of both subsidiary undertakings are
:
1
15 Clover Nook Road, Cotes Park Industrial Estate, Somercotes, Derbyshire, DE55 4RF
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
289,800
601,441
Prepayments
347
290,147
601,441
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
1,708,924
251,645
Trade creditors
191
3,600
Other creditors
677,545
349,157
Accruals
3,840
2,390,500
604,402
Bank loans of £1,508,926 (2020: £101,645) are secured against the assets of the company.
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
443,465
2,141,401
Other creditors
1,225,547
1,699,322
1,669,012
3,840,723
Bank loans of £176,798 (2020: £1,691,402) are secured against the assets of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
192,341
135,788
2021
Movements in the year:
£
Liability at 1 January 2021
135,788
Charge to profit or loss
56,553
Liability at 31 December 2021
192,341
10
Share based payments
Certain employees of the
group
have been granted options over 5% of the
c
ompany's issued equity
share capital under a HMRC Enterprise Management Scheme, which are only exercisable under very
limited circumstances. None of these options have been exercised.
BKJ LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
11
Related party transactions
The company has taken advantage of the exemption permitted by FRS 102 Section 1A Appendix C.34-36 "Related Party Disclosures" not to provide disclosures of transactions entered into with other wholly owned members of the group.
true
At the year end amounts of £87,221 (2020: £12,800) were owing to David Ashley Construction Limited, a company in which B Johnson is a director.
At the year end amounts of £150,000 (2020: £510,636) were owed from The Hurt Arms at Ambergate Limited, a company in which B Johnson is a director.
At the year end amounts of £120,000 (2020: £Nil) were owed from BKJ Estate Limited, a company in which the directors' children are directors.
All transactions are on an arms length basis. No interest is due on the balances outstanding above.
12
Ultimate controlling party
The ultimate controlling parties are B Johnson and K Johnson by virtue of their interests in the entire
issued share capital of the
c
ompany.