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Registered number: 07824296









BINGO CLUBS UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

 
BINGO CLUBS UK LIMITED
REGISTERED NUMBER: 07824296

BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
17,667
21,667

Tangible assets
 5 
29,762
39,683

  
47,429
61,350

Current assets
  

Stocks
 6 
3,261
3,857

Debtors: amounts falling due within one year
 7 
16,341
16,478

Cash at bank and in hand
  
38,840
29,543

  
58,442
49,878

Creditors: amounts falling due within one year
 8 
(696,603)
(548,218)

Net current liabilities
  
 
 
(638,161)
 
 
(498,340)

  

Net liabilities
  
(590,732)
(436,990)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(590,832)
(437,090)

  
(590,732)
(436,990)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2022.




M O'Byrne
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 1

 
BINGO CLUBS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2020
100
(437,090)
(436,990)


Comprehensive income for the year

Loss for the year
-
(153,742)
(153,742)
Total comprehensive income for the year
-
(153,742)
(153,742)


At 31 October 2021
100
(590,832)
(590,732)


The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
BINGO CLUBS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2020


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2019
100
(308,715)
(308,615)


Comprehensive income for the year

Loss for the year
-
(128,375)
(128,375)
Total comprehensive income for the year
-
(128,375)
(128,375)


At 31 October 2020
100
(437,090)
(436,990)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

Bingo Clubs UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Castlegate Leisure Centre, Lombard Street, Newark, NG24 1BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors pay careful attention to the cost base of the Company ensuring not only that it is kept at a level to satisfy the commercial requirements but also that it remains appropriate to the level of activity of the Company and the financial resources available to it.
The company was adversely effected by the COVID-19 pandemic and recovery is expected going forwards. Furthermore it has the continued financial support of the parent company and group  to which it belongs as confirmed by a letter of support such that there is no concern over the going concern of the company. 

  
2.3

Revenue

Revenue consists of the fair value of sales of goods and services net of VAT, rebates and discounts. The fair value of promotions and cash prizes are also deducted from appropriate revenue streams.
Bingo
Revenue for Bingo is net of customer contribution to prizes but gross of company contributed prizes. It is net of any VAT and deduction of gaming-related duties.
Slot machines
Revenue for slot machines is based on cash received and is net of any cash prizes and movements in cash floats held.
Food and beverage
Revenue from food and beverage sales is recognised at the point of sale..

Page 4

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Other fixed assets
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The depreciation rate above differs to previous stated policies but better reflects the actual policy processed.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2021
        2020
            No.
            No.







Employees
19
19


4.


Intangible assets




Goodwill

£



Cost


At 1 November 2020
40,000



At 31 October 2021

40,000



Amortisation


At 1 November 2020
18,333


Charge for the year on owned assets
4,000



At 31 October 2021

22,333



Net book value



At 31 October 2021
17,667



At 31 October 2020
21,667



Page 8

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

5.


Tangible fixed assets





Plant and machinery
Other 
fixed 
assets
Total

£
£
£



Cost or valuation


At 1 November 2020
77,905
19,488
97,393



At 31 October 2021

77,905
19,488
97,393



Depreciation


At 1 November 2020
47,498
10,212
57,710


Charge for the year on owned assets
7,602
2,319
9,921



At 31 October 2021

55,100
12,531
67,631



Net book value



At 31 October 2021
22,805
6,957
29,762



At 31 October 2020
30,407
9,276
39,683


6.


Stocks

2021
2020
£
£

Bar and cafe stock
3,261
3,857



7.


Debtors

2021
2020
£
£


Other debtors
5,030
5,000

Prepayments and accrued income
5,836
6,003

Deferred taxation
5,475
5,475

16,341
16,478


Page 9

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
75,985
31,249

Other taxation and social security
15,691
15,739

Other creditors
597,102
498,260

Accruals and deferred income
7,825
2,970

696,603
548,218



9.


Deferred taxation




2021
2020


£

£






At beginning of year
5,475
5,475



At end of year
5,475
5,475

The deferred tax asset is made up as follows:

2021
2020
£
£


Tax losses carried forward
5,475
5,475

5,475
5,475

The company has tax losses carried forward of £577,796. 


10.


Pension commitments

The company operates a defined contribution pension scheme.

The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions paid by the company to the fund and amounted to £2,849 (2020 - £3,497). At the year end there was an amount outstanding of £176 (2020 - £669).


11.


Related party transactions

Included within other creditors is £589,591 (2020 - £497,591) owed to its parent company.

Page 10

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

12.


Controlling party

The Company is a wholly owned subsidiary of Wide Atlantic Limited, a company incorporated in Ireland and registered office at 43 Parnell Street, Limerick, Ireland. The ultimate parent undertaking is Crowncast Holdings Limited and the ultimate controlling party is considered to be the directors.
The largest group in which the results of the Company are consolidated is headed by Crowncast Holdings Limited. The consolidated financial statements of this Company are available to the public and may be obtained from the registered address.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2021 was unqualified.

The audit report was signed on 25 March 2022 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11