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Registration number: 06725687

Home Leisure Stores Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2017

 

Home Leisure Stores Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Home Leisure Stores Ltd

(Registration number: 06725687)
Balance Sheet as at 31 October 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

394

542

Current assets

 

Stocks

5

25,239

21,207

Debtors

6

18,231

3,655

Cash at bank and in hand

 

26,850

29,087

 

70,320

53,949

Creditors: Amounts falling due within one year

7

(42,580)

(35,587)

Net current assets

 

27,740

18,362

Net assets

 

28,134

18,904

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

28,132

18,902

Total equity

 

28,134

18,904

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 25 January 2018 and signed on its behalf by:
 

.........................................

Mr E Linton

Director

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Sandpiper Close
Brownhills
Walsall
WS8 6GB

These financial statements were authorised for issue by the Board on 25 January 2018.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

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

Office equipment

25% straight line basis

Website development

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 receivables.

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 and work in progress 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.

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2016

4,951

4,951

Additions

89

89

At 31 October 2017

5,040

5,040

Depreciation

At 1 November 2016

4,409

4,409

Charge for the year

237

237

At 31 October 2017

4,646

4,646

Carrying amount

At 31 October 2017

394

394

At 31 October 2016

542

542

5

Stocks

2017
£

2016
£

Other inventories

25,239

21,207

6

Debtors

2017
£

2016
£

Prepayments

2,296

-

Other debtors

15,935

3,655

18,231

3,655

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

7

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

21,011

18,483

Trade creditors

 

5,334

2,394

Taxation and social security

 

2,927

2,405

Accruals and deferred income

 

468

1,037

Other creditors

 

12,840

11,268

 

42,580

35,587

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Other borrowings

21,011

18,483

10

Dividends

   

2017

 

2016

   

£

 

£

Final dividend of £5,000 (2016 - £13,000) per ordinary share

 

10,000

 

26,000

The directors are proposing a final dividend of £5,000 (2016 - £5,000) per share totalling £10,000 (2016 - £10,000). This dividend has not been accrued in the Balance Sheet.

 

Home Leisure Stores Ltd

Notes to the Financial Statements for the Year Ended 31 October 2017

11

Related party transactions

Transactions with directors

2017

At 1 November 2016
£

Advances to directors
£

Repayments by director
£

At 31 October 2017
£

Mr E Linton

Interest free loan

(18,483)

6,614

(9,142)

(21,011)

         
       

 

2016

At 1 November 2015
£

Advances to directors
£

Repayments by director
£

At 31 October 2016
£

Mr E Linton

Interest free loan

(15,085)

2,616

(6,014)

(18,483)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2017
£

2016
£

Remuneration

24,000

24,000

Contributions paid to money purchase schemes

2,062

2,002

26,062

26,002


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