Registration number:
Waterside Leisure UK Limited
for the Year Ended 31 December 2016
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Leicestershire
LE12 8DX
Waterside Leisure UK Limited
Contents
|
Company Information |
|
|
Accountants' Report |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
Waterside Leisure UK Limited
Company Information
|
Directors |
B. L. Chadwick S. J. Chadwick J. O. Chadwick |
|
Registered office |
|
|
Accountants |
|
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Waterside Leisure UK Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Waterside Leisure UK Limited for the year ended 31 December 2016 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Waterside Leisure UK Limited, as a body, in accordance with the terms of our engagement letter dated 27 August 2010. Our work has been undertaken solely to prepare for your approval the accounts of Waterside Leisure UK Limited and state those matters that we have agreed to state to the Board of Directors of Waterside Leisure UK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterside Leisure UK Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Waterside Leisure UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Waterside Leisure UK Limited. You consider that Waterside Leisure UK Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Waterside Leisure UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
................................................
Chartered Accountants
78 Loughborough Road
Quorn
Leicestershire
LE12 8DX
|
Page 2 |
Waterside Leisure UK Limited
(Registration number: 02716426)
Balance Sheet as at 31 December 2016
|
Note |
2016 |
2015 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
The notes on pages 5 to 10 form an integral part of these financial statements.
|
Page 3 |
Waterside Leisure UK Limited
(Registration number: 02716426)
Balance Sheet as at 31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
J. O. Chadwick
Director
The notes on pages 5 to 10 form an integral part of these financial statements.
|
Page 4 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
|
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% straight line |
|
Fixtures, fittings and equipment |
15% straight line |
|
Motor vehicles |
20% straight line |
|
Page 5 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the trade debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
|
Page 6 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Page 7 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Tangible assets |
|
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2016 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
At 31 December 2016 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2016 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2016 |
- |
|
|
|
|
At 31 December 2015 |
- |
|
|
|
|
Stocks |
|
2016 |
2015 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2016 |
2015 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Total current trade and other debtors |
|
|
|
Page 8 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
|
Creditors |
|
Note |
2016 |
2015 |
|
|
Due within one year |
|||
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Other creditors |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
|
2016 |
2015 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
|
2016 |
2015 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
- |
|
Finance lease liabilities |
|
|
|
Other borrowings |
|
|
|
|
|
|
|
Page 9 |
Waterside Leisure UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Bank borrowings
|
The bank loan is secured on the assets of the company. |
Other borrowings
The finance lease liability with a carrying amount of £14,730 (2015 - £25,593) is denominated in pound sterling with a nominal interest rate of 2%. The final instalment is due on 31 January 2021.
The finance lease liability is secured on the asset held under the agreement.
|
Related party transactions |
|
Transactions with directors |
|
Dividends paid to directors |
|
2016 |
2015 |
|||
|
B. L. Chadwick |
||||
|
Interim |
13,500 |
11,200 |
||
|
S. J. Chadwick |
||||
|
Interim |
26,400 |
26,200 |
||
|
J. O. Chadwick |
||||
|
Interim |
26,400 |
28,200 |
||
|
Transition to FRS 102 |
|
Page 10 |