Company registration number SC582654 (Scotland)
Play Town Ltd
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with registrar
Play Town Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Play Town Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Play Town Ltd for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Play Town Ltd, as a body, in accordance with the terms of our engagement letter dated 9 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Play Town Ltd and state those matters that we have agreed to state to the Board of Directors of Play Town Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Play Town Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Play Town Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Play Town Ltd. You consider that Play Town Ltd 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 financial statements of Play Town Ltd. 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 financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
13 November 2023
Play Town Ltd
Balance sheet
as at 31 March 2023
31 March 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
192,529
192,529
Investments
4
1
1
192,530
192,530
Current assets
Debtors
55,440
59,040
Creditors: amounts falling due within one year
(49,459)
(52,724)
Net current assets
5,981
6,316
Net assets
198,511
198,846
Capital and reserves
Called up share capital
200,001
200,001
Profit and loss reserves
(1,490)
(1,155)
Total equity
198,511
198,846
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Play Town Ltd
Balance sheet (continued)
as at 31 March 2023
31 March 2023
3
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
Fiona Clegg
Director
Company Registration No. SC582654
Play Town Ltd
Notes to the financial statements
for the year ended 31 March 2023
4
1
Accounting policies
Company information
Play Town Ltd is a private company limited by shares incorporated in Scotland. The registered office is 18 High Street, Inverurie, Aberdeenshire, AB51 3XQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Play Town Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
192,529
Investment property comprises of one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2018. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Play Town Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2023
4
Fixed asset investments (continued)
6
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 & 31 March 2023
1
Carrying amount
At 31 March 2023
1
At 31 March 2022
1