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Unaudited Financial Statements |
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for the Period |
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7 February 2020 to 31 January 2021 |
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for |
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Leisure Management (Scotland) Ltd |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period |
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7 February 2020 to 31 January 2021 |
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for |
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Leisure Management (Scotland) Ltd |
Leisure Management (Scotland) Ltd (Registered number: SC653804) |
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Contents of the Financial Statements |
for the Period 7 February 2020 to 31 January 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Leisure Management (Scotland) Ltd |
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Company Information |
for the Period 7 February 2020 to 31 January 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
147 Bath Street |
Glasgow |
G2 4SN |
Leisure Management (Scotland) Ltd (Registered number: SC653804) |
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Balance Sheet |
31 January 2021 |
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Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Cash in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Leisure Management (Scotland) Ltd (Registered number: SC653804) |
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Notes to the Financial Statements |
for the Period 7 February 2020 to 31 January 2021 |
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1. | STATUTORY INFORMATION |
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Leisure Management (Scotland) Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors consider it appropriate to prepare the financial statements on the going concern basis, in spite of the balance sheet showing a net liabilities position and the reliance on subsidiary companies for support, since the directors of those companies have pledged their ongoing commitment to the company. |
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Should this support be withdrawn or unavailable, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to reduce the value of assets to their recoverable amounts and to provide for any further liabilities which may arise. |
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Significant judgements and estimates |
The directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
The company has no complex financial instruments but does hold basic financial instruments of: cash in hand and creditors. |
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Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. |
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Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Leisure Management (Scotland) Ltd (Registered number: SC653804) |
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Notes to the Financial Statements - continued |
for the Period 7 February 2020 to 31 January 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Provision for liabilities |
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL. |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
Additions |
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At 31 January 2021 |
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NET BOOK VALUE |
At 31 January 2021 |
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Fixed asset investments reflect the company's investment in its three subsidiary companies, namely Lochview Theme Park (Scotland) Ltd, Bizarre Bar Ltd and Alona Hotel Ltd. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Amounts owed to group undertakings |
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6. | SECURED DEBTS |
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The Clydesdale Bank PLC hold a group guarantee between the company, Bizarre Bar Ltd, Lochview Theme Park (Scotland) Ltd and Alona Hotel Ltd for all monies owing to the bank, supported by: |
- standard securities granted by Bizarre Bar Ltd and Lochview Theme Park (Scotland) Ltd over all property at Strathclyde Theme Park; |
- a standard security over the long lease of the Alona Hotel and associated land and buildings; |
- floating charges over all assets of the four companies; and |
- a subordination agreement over director/shareholders loans totalling £310,000. |
Leisure Management (Scotland) Ltd (Registered number: SC653804) |
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Notes to the Financial Statements - continued |
for the Period 7 February 2020 to 31 January 2021 |
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7. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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8. | ULTIMATE CONTROLLING PARTY |
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The directors consider that there is no ultimate controlling party - the issued share capital (which rank pari passu in all respects) is divided equally between the three directors of the company and Matthew W Taylor, all of whom own 25% of the shares. |