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Registered number: 07824296









BINGO CLUBS UK LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
BINGO CLUBS UK LIMITED
REGISTERED NUMBER: 07824296

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
13,667

Tangible assets
 5 
23,010
32,252

  
23,010
45,919

Current assets
  

Stocks
 6 
3,247
4,411

Debtors: amounts falling due within one year
 7 
8,954
13,204

Cash at bank and in hand
  
39,206
69,827

  
51,407
87,442

Creditors: amounts falling due within one year
 8 
(824,121)
(766,832)

Net current liabilities
  
 
 
(772,714)
 
 
(679,390)

Provisions for liabilities
  

Deferred tax
 9 
(278)
(3,387)

Net liabilities
  
(749,982)
(636,858)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(750,082)
(636,958)

  
(749,982)
(636,858)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 2 February 2024.




M O'Byrne
Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Bingo Clubs UK Limited (the 'Company') 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 has net liabilities at the balance sheet date of £749,982 however as stated in note 12 to the accounts, this includes an amount owed to a group company totalling £796,283. The group company has confirmed it will not seek repayment of the loan until the company is able to do so. It is however noted that the ongoing trading of the company is reliant upon the group continuing to provide support.
The financial statements have been prepared on a going concern basis as the director is satisfied that the Company has the resources to continue in business for the foreseeable future, which has been taken as being at least twelve months from the date of approval of the financial statements.

  
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 the 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. Revenue is recognised on a weekly basis in which the game occurs.
Slot machines
Revenue for slot machines is based on cash received and is net of any cash prizes and movements in cash floats held. Revenue is recognised on a weekly basis in which cash is received.
Food and beverage
Revenue from food and beverage sales is recognised at the point of sale.

 
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.

Page 2

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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 other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
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.

Page 3

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.
 
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.

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%
reducing balance
Other fixed assets
-
25%
reducing balance

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.

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 4

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 5

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 17).

Page 6

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 November 2022
40,000



At 31 October 2023

40,000



Amortisation


At 1 November 2022
26,333


Charge for the year on owned assets
4,000


Impairment charge
9,667



At 31 October 2023

40,000



Net book value



At 31 October 2023
-



At 31 October 2022
13,667



Page 7

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Plant and machinery
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 November 2022
91,189
19,488
110,677


Disposals
(7,700)
-
(7,700)



At 31 October 2023

83,489
19,488
102,977



Depreciation


At 1 November 2022
63,575
14,850
78,425


Charge for the year on owned assets
6,904
1,304
8,208


Disposals
(6,666)
-
(6,666)



At 31 October 2023

63,813
16,154
79,967



Net book value



At 31 October 2023
19,676
3,334
23,010



At 31 October 2022
27,614
4,638
32,252


6.


Stocks

2023
2022
£
£

Bar and cafe stock
3,247
4,411



7.


Debtors

2023
2022
£
£


Other debtors
5,030
7,315

Prepayments and accrued income
3,924
5,889

8,954
13,204


Page 8

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,235
10,453

Other taxation and social security
7,354
11,593

Other creditors
801,704
736,072

Accruals and deferred income
3,828
8,714

824,121
766,832



9.


Deferred taxation




2023


£






At beginning of year
3,387


Charged to profit or loss
(3,109)



At end of year
278

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,753
8,862

Tax losses carried forward
(5,475)
(5,475)

278
3,387

The company has tax losses carried forward of £715,265 (2022 - £622,042).


10.


Pension commitments

The Company operates a defined contributions 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 payable by the Company  to the fund and amounted to £2,928 (2022 - £5,347). Contributions totalling £Nil (2022 - £669) were payable to the fund at the balance sheet date and are included in other creditors.

Page 9

 
BINGO CLUBS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
43,500
48,334

Later than 1 year and not later than 5 years
29,000
120,835

72,500
169,169

2023
2022

£
£

Other


Not later than 1 year
27,055
22,546

Later than 1 year and not later than 5 years
7,603
12,250

34,658
34,796


12.


Related party transactions

Included within other creditors is £796,283 (2022 - £729,591) owed to a group company.


13.


Controlling party

The Company is a wholly owned subsidiary of Wide Atlantic Limited, a company incorporated in Ireland with a 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 CRO.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which details the Company's going concern status. Our opinion is not modified in respect of this matter.

The audit report was signed on 5 February 2024 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

Page 10

 
BINGO CLUBS UK LIMITED
 
 
 Page 11