Company Registration No. SC095597 (Scotland)
Slot Leisure Limited
Unaudited financial statements
for the year ended 30 June 2017
Pages for filing with Registrar
Slot Leisure Limited
Company information
Directors
H Horne
Mrs A J Horne
J H Horne
Secretary
Mrs A J Horne
Company number
SC095597
Registered office
20 - 26 Seagate
Dundee
DD1 2EQ
Accountants
Henderson Loggie
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Bankers
The Royal Bank of Scotland plc
3 High Street
Dundee
DD1 9LY
Slot Leisure Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Slot Leisure Limited
Balance Sheet
as at 30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,770
28,546
Investment properties
4
720,000
720,000
Investments
5
4,000
4,000
741,770
752,546
Current assets
Debtors
6
3,636
10,184
Cash at bank and in hand
11,064
9,944
14,700
20,128
Creditors: amounts falling due within one year
7
(192,213)
(203,224)
Net current liabilities
(177,513)
(183,096)
Total assets less current liabilities
564,257
569,450
Creditors: amounts falling due after more than one year
8
(41,401)
(66,688)
Provisions for liabilities
(88,396)
(97,014)
Net assets
434,460
405,748
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
10
289,308
282,337
Profit and loss reserves
144,152
122,411
Total equity
434,460
405,748
Slot Leisure Limited
Balance Sheet (continued)
as at 30 June 2017
- 2 -
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 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2018 and are signed on its behalf by:
J H Horne
Director
Company Registration No. SC095597
Slot Leisure Limited
Notes to the financial statements
for the year ended 30 June 2017
- 3 -
1
Accounting policies
Company information
Slot Leisure Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
20 - 26 Seagate, Dundee, DD1 2EQ.
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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Slot Leisure Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 13.
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 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
4 to 10 years
Fixtures, fittings & equipment
4 to 10 years
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
.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
1
Accounting policies (continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
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.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
1
Accounting policies (continued)
- 5 -
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, loans from
fellow group companies and preference shares that are classified as debt, 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 direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
1
Accounting policies (continued)
- 6 -
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
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 6).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2016
34,512
221,185
255,697
Additions
-
8,904
8,904
Disposals
-
(26,567)
(26,567)
At 30 June 2017
34,512
203,522
238,034
Depreciation and impairment
At 1 July 2016
32,580
194,571
227,151
Depreciation charged in the year
481
9,545
10,026
Eliminated in respect of disposals
-
(16,913)
(16,913)
At 30 June 2017
33,061
187,203
220,264
Carrying amount
At 30 June 2017
1,451
16,319
17,770
At 30 June 2016
1,932
26,614
28,546
4
Investment property
2017
£
Fair value
At 1 July 2016 and 30 June 2017
720,000
Investment property comprises of a number of flats and commercial property. The fair value of the investment property has been arrived at on the basis of a valuation considered to be market value carried out by the directors of the company.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
- 8 -
5
Fixed asset investments
2017
2016
£
£
Investments
4,000
4,000
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
3,636
10,184
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
34,817
29,367
Trade creditors
4,374
20,246
Corporation tax
8,310
4,874
Other taxation and social security
2,876
2,897
Other creditors
141,836
145,840
192,213
203,224
The term loans and overdraft are secured on certain fixed assets of the business.
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
41,401
66,688
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
- 9 -
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Revaluation reserve
2017
2016
£
£
At beginning of year
282,337
278,851
Transfer to retained earnings
6,971
3,486
At end of year
289,308
282,337
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
119,245
9,173
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2017
2016
£
£
80,000
104,000
12
Directors' transactions
Dividends totalling £13,100 (2016 - £15,000) were paid in the year in respect of shares held by the company's directors.
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
- 10 -
13
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
114,301
115,390
Adjustments arising from transition to FRS 102:
Reclassification of property
1
-
8,021
Revaluation of investment properties
2
348,564
348,564
Deferred tax on revaluations
3
(69,713)
(66,227)
Equity reported under FRS 102
393,152
405,748
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
16,089
Adjustments arising from transition to FRS 102:
Reclassification of property
1
8,021
Revaluation of investment properties
2
-
Deferred tax on revaluations
3
3,486
Profit reported under FRS 102
27,596
Notes to reconciliations on adoption of FRS 102
1. Reclassification of property
Under FRS 102 property held to earn rentals is classified as investment property. As a result the property previously classified as property, plant and equipment was reclassified as investment property as it met the criteria.
2. Revaluation of investment properties
Under FRS 102 investment property is initially measured at cost and subsequently measured at fair value thereafter. At the date of transition the investment properties were valued at their fair value with the increase in valuation recognised through total comprehensive income..
Slot Leisure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2017
13
Reconciliations on adoption of FRS 102 (continued)
- 11 -
3. Deferred tax on revaluation
Movements in property revaluations are reported through the total comprehensive income under FRS 102. Deferred tax is recognised on all timing differences between taxable profit and total comprehensive income at the balance sheet date. At the date of transition, a deferred tax liability has been recognised at the applicable rate, on a prior year increase in the fair value of properties.
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