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Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Ripe LLP
9A Burroughs Gardens
London
NW4 4AU

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Company Information

Director

Mr M C Aljoe

Company secretary

Mr M C Aljoe

Registered office

Basement 2 22 Greek Street London W1D 4DY

Accountants

Ripe LLP 9A Burroughs Gardens London NW4 4AU

Page 1

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

(Registration number: 00887321)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	3	12,000	12,000
Investments		801,250	865,000
		813,250	877,000
Current assets
Debtors	4	531,372	342,200
Cash at bank and in hand		25,122	116,080
		556,494	458,280
Creditors: Amounts falling due within one year	5	(244,241)	(149,061)
Net current assets		312,253	309,219
Net assets		1,125,503	1,186,219
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,125,403	1,186,119
Total equity		1,125,503	1,186,219

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 21 March 2017
 

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

Mr M C Aljoe

Company secretary and director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

1	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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Tax

The tax expense for the period comprises 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.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Plant and machinery etc	15% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Page 3

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

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 receivables.

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.

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.

Page 4

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

2	Investments in subsidiaries, joint ventures and associates

 

Subsidiaries	£
Cost or valuation
At 1 January 2016	898,750
Additions	-
Disposals	(63,750)
At 31 December 2016	835,000
Provision
At 1 January 2016	33,750
Carrying amount
At 31 December 2016	801,250
At 31 December 2015	865,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:
Abbey Box Office Limited
Nature of business: Ticket agents
	%
Class of shares:	holding
Ordinary	100
			31/12/16		31/12/15
			£		£
Aggregate capital and reserves			4,934		7,460
(Loss)/profit for the year			(2,526)		(2,376)

Abbey Travel Service Limited
Nature of business: Ticket and travel agents
	%
Class of shares:	holding
Ordinary	100
The Company is in the process of being struck off the Companies House Register.

Page 5

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

Oberon Properties Limited
Country of incorporation: Malta
Nature of business: Property Investment
	%
Class of shares:	holding
Ordinary	100
			31/12/16		31/12/15
			£		£
Aggregate capital and reserves			-		-
(Loss)/profit for the year			-		-
Information in respect of the capital, reserves as at 31 December 2016 and the profit/loss for the year ended 31 December 2016 of Oberon Properties Limited is not yet available .

Page 6

Abbey Leisure Group Limited

trading as Abbey Leisure Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	1,080	12,000	13,080
At 31 December 2016	1,080	12,000	13,080
Depreciation
At 1 January 2016	1,080	-	1,080
At 31 December 2016	1,080	-	1,080
Carrying amount
At 31 December 2016	-	12,000	12,000
At 31 December 2015	-	12,000	12,000

4

Debtors

	Note	2016  £	2015  £
Trade debtors		112,525	-
Amounts owed by related parties		172,820	342,200
Other debtors		13,154	-
Prepayments		232,873	-
		531,372	342,200

5

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		96,017	-
Other creditors		148,224	149,061
		244,241	149,061