Company registration number 01442575 (England and Wales)
BARRY ROBINSON LEISURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,286,546
4,312,428
Investments
4
200
200
4,286,746
4,312,628
Current assets
Stocks
3,742
4,110
Debtors
5
62,491
79,258
Cash at bank and in hand
33,366
50,625
99,599
133,993
Creditors: amounts falling due within one year
6
(589,836)
(560,962)
Net current liabilities
(490,237)
(426,969)
Total assets less current liabilities
3,796,509
3,885,659
Creditors: amounts falling due after more than one year
7
(3,049,124)
(3,150,584)
Provisions for liabilities
(215,736)
(220,380)
Net assets
531,649
514,695
Capital and reserves
Called up share capital
8
25,000
25,000
Revaluation reserve
9
118,225
118,225
Profit and loss reserves
388,424
371,470
Total equity
531,649
514,695
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 2023 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.
The 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 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 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 2023
- 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 amounts 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 £ 490,237 (2022 - £426,969), the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.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 2023
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 2023
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 2023
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
Government grants
Government grants are recognised at the fair value of the asset received 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
78
76
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2022
4,583,677
593,540
5,177,217
Additions
(10,229)
12,397
2,168
At 31 March 2023
4,573,448
605,937
5,179,385
Depreciation and impairment
At 1 April 2022
352,951
511,838
864,789
Depreciation charged in the year
28,050
28,050
At 31 March 2023
352,951
539,888
892,839
Carrying amount
At 31 March 2023
4,220,497
66,049
4,286,546
At 31 March 2022
4,230,726
81,702
4,312,428
Freehold land and buildings with a carrying amount of £4,320,726 (2022 - £ 3,815,107) 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 9.
If assets held at deemed cost were measured using the historic cost model, the carrying amounts would have been approximately £680,018 (2022 - £680,018), being cost £750,168 (2022 - £750,168) and depreciation £70,150 (2022 - £70,150).
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
661
3,227
Amounts owed by group undertakings
56,373
65,707
Other debtors
5,457
10,324
62,491
79,258
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
145,649
119,648
Trade creditors
61,206
118,883
Amounts owed to group undertakings
278,171
222,375
Taxation and social security
62,870
56,257
Other creditors
41,940
43,799
589,836
560,962
Bank loans and overdrafts are secured by fixed charges over the freehold properties of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
872,315
945,377
Taxation and social security
1,285,676
1,310,547
Other creditors
891,133
894,660
3,049,124
3,150,584
Other creditors includes £650,000 of redeemable preference shares.
For redemption and voting rights of preference shares, please see the Share capital note.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,752,170
1,767,029
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,750
12,750
12,750
12,750
B Ordinary shares of £1 each
5,000
5,000
5,000
5,000
C Ordinary shares of £1 each
5,000
5,000
5,000
5,000
D Ordinary shares of £1 each
1,125
1,125
1,125
1,125
E Ordinary shares of £1 each
1,125
1,125
1,125
1,125
25,000
25,000
25,000
25,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
650,000
-
650,000
-
Preference shares classified as liabilities
650,000
-
All shares are ranked pari passu in all respects save that the directors may vote dividends on one class of share and not another.
The preference shares are redeemable at par together with any arrears of accrued preference dividends.
Ordinary shares carry one vote per share. Preference shares carry no voting rights and do not entitle the holders to attend company meetings.
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
118,225
118,225
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
7,420
10,118
11
Related party transactions
Transactions with related parties
BARRY ROBINSON LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Related party transactions
(Continued)
- 10 -
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.
2023
2022
Amounts due to related parties
£
£
Key management personnel
242,186
901,073
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