Company Registration No. 01442575 (England and Wales)
BARRY ROBINSON LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
BARRY ROBINSON LEISURE LIMITED
COMPANY INFORMATION
Directors
Mr B Robinson
Ms F C Benn
Secretary
Ms F C Benn
Company number
01442575
Registered office
Longlands Hotel
Tewitfield
Carnforth
LA6 1JH
Accountants
MHA Moore and Smalley
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
BARRY ROBINSON LEISURE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
BARRY ROBINSON LEISURE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,899,298
3,898,234
Investments
5
200
200
3,899,498
3,898,434
Current assets
Stocks
1,442
3,698
Debtors
6
34,119
4,412
Cash at bank and in hand
101,748
1,032
137,309
9,142
Creditors: amounts falling due within one year
7
(462,242)
(644,009)
Net current liabilities
(324,933)
(634,867)
Total assets less current liabilities
3,574,565
3,263,567
Creditors: amounts falling due after more than one year
8
(3,300,849)
(3,006,969)
Provisions for liabilities
(122,551)
(111,235)
Net assets
151,165
145,363
Capital and reserves
Called up share capital
9
25,000
25,000
Revaluation reserve
10
118,225
118,225
Profit and loss reserves
7,940
2,138
Total equity
151,165
145,363
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 March 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.
BARRY ROBINSON LEISURE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2021 and are signed on its behalf by:
Mr B Robinson
Ms F C Benn
Director
Director
Company Registration No. 01442575
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Barry Robinson Leisure Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Longlands Hotel, Tewitfield, Carnforth, LA6 1JH.
The company trades from it's registered office and from The New Inn Yealand, Yealand Road, Yealand Conyers, Carnforth LA5 9SJ.
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 freehold properties and to include investment properties and certain financial instruments at fair value. 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
Going concern
At the time of approving the financial statements, and notwithstanding the net current liabilities of £324,933 (2020 - £634,867), the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making their assessment the directors have considered the impact of the COVID-19 pandemic. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
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.
1.4
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:
Freehold land and buildings
1-10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
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
.
1.5
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.8
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.
1.9
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.
1.10
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.
1.11
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.
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Exceptional item
2021
2020
£
£
Expenditure
Social security costs
-
35,007
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
79
113
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2020
4,146,289
673,531
4,819,820
Additions
21,769
5,363
27,132
Disposals
(2,500)
(2,500)
At 31 March 2021
4,168,058
676,394
4,844,452
Depreciation and impairment
At 1 April 2020
352,951
568,635
921,586
Depreciation charged in the year
26,068
26,068
Eliminated in respect of disposals
(2,500)
(2,500)
At 31 March 2021
352,951
592,203
945,154
Carrying amount
At 31 March 2021
3,815,107
84,191
3,899,298
At 31 March 2020
3,793,338
104,896
3,898,234
Freehold land and buildings with a carrying amount of £3,815,107 (2020 - £3,793,338) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Land and buildings with a carrying amount of
£3,489,182
were revalued
on transition to FRS102
by
the directors
on the basis of
open
market value.
The revaluation surplus is disclosed in note 10.
If
assets
held at deemed cost
were measured using the
historic
cost model, the carrying amounts
would
have been approximately £680,018 (2020 - £680,018), being cost £750,168 (2020 - £750,168) and depreciation £70,150 (2020 - £70,150).
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
200
200
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,131
Other debtors
31,988
4,412
34,119
4,412
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
100,794
123,475
Trade creditors
15,821
75,266
Amounts owed to group undertakings
225,816
273,518
Taxation and social security
37,372
105,019
Other creditors
82,439
66,731
462,242
644,009
Bank loans and overdrafts are secured by fixed charges over the freehold properties of the company.
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,069,322
801,528
Taxation and social security
1,347,855
1,323,219
Other creditors
883,672
882,222
3,300,849
3,006,969
Bank loans and overdrafts are secured by fixed charges over the freehold properties of the company.
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
1,978,086
-
9
Called up share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
12,750
12,750
B Ordinary shares of £1 each
5,000
5,000
C Ordinary shares of £1 each
5,000
5,000
D Ordinary shares of £1 each
1,125
1,125
E Ordinary shares of £1 each
1,125
1,125
25,000
25,000
All classes of share carry rights of one vote per share and have no restrictions on the distribution of dividends and repayment of capital.
The company has granted share options under the Enterprise Management Incentive Scheme ('EMI').
Options to acquire Ordinary shares under the EMI may be granted to a maximum of £250,000 and may not exceed the lower of 585 shares or 10% of the issued share capital of the company, or such other limit as may be prescribed from time to time for the purposes of schedule 5, ITEPA (based on the market value of the shares placed under the option at the date of grant).
No consideration is payable for the grant of an option and options are not transferable or assignable. Cash consideration is paid to the company by the employee at the point that the share options are exercised.
On 22 December 2015, the company issued 1,125 £ Ordinary D shares and 1,125 £1 Ordinary E shares under the Enterprise Management Incentive Scheme for cash consideration of £1 per share.
The options in place at the balance sheet date are only exercisable on takeover or sale of the business.
The options were granted in accordance with the terms and conditions as set out in the Company Share Option Scheme Rules.
10
Revaluation reserve
2021
2020
£
£
At the beginning and end of the year
118,225
118,225
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
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:
2021
2020
£
£
12,816
2,676
12
Related party transactions
Transactions with related parties
In accordance with section 33.1A of FRS102 the company is not required to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
2021
2020
Amounts due to related parties
£
£
Key management personnel
919,903
929,805
2021-03-31
2020-04-01
false
09 November 2021
CCH Software
CCH Accounts Production 2021.200
Hotels and similar accommodation
Mr B Robinson
Ms F C Benn
Ms F C Benn
2021-11-08
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