Company registration number 03854238 (England and Wales)
TAYLOR MADE FUN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TAYLOR MADE FUN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,952,008
5,897,561
Investment property
5
614,115
582,750
6,566,123
6,480,311
Current assets
Stocks
75,693
77,632
Debtors
6
2,582,259
1,259,788
Cash at bank and in hand
429,133
1,429,486
3,087,085
2,766,906
Creditors: amounts falling due within one year
7
(1,854,247)
(1,232,516)
Net current assets
1,232,838
1,534,390
Total assets less current liabilities
7,798,961
8,014,701
Creditors: amounts falling due after more than one year
8
(737,477)
(1,014,299)
Provisions for liabilities
(680,000)
(675,000)
Net assets
6,381,484
6,325,402
Capital and reserves
Called up share capital
2
2
Revaluation reserve
2,934,011
2,967,011
Profit and loss reserves
3,447,471
3,358,389
Total equity
6,381,484
6,325,402

The directors of the company have 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 directors acknowledge their 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.

TAYLOR MADE FUN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mrs T R M Taylor
Director
Company registration number 03854238 (England and Wales)
TAYLOR MADE FUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Taylor Made Fun Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gresham House, 5-7 St Pauls Street, Leeds, LS1 2JG.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the Statement of Comprehensive Income represents the fair value of income from amusement arcades exclusive of Value Added Tax. Revenue is recognised at the point of receipt.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold and freehold property
2% straight line
Gaming machines
10% to 25% straight line
Plant, machinery, fixtures and equipment
10% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

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. Changes in fair value are recognised in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

TAYLOR MADE FUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable, deferred tax and the tax estimate detailed in note 9.

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.

TAYLOR MADE FUN LIMITED
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TAYLOR MADE FUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
31
31
4
Tangible fixed assets
Long leasehold and freehold property
Gaming machines
Plant, machinery, fixtures and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
5,300,000
2,687,070
477,097
6,369
8,470,536
Additions
87,447
226,212
21,461
-
0
335,120
Disposals
-
0
(244,478)
-
0
-
0
(244,478)
At 31 March 2023
5,387,447
2,668,804
498,558
6,369
8,561,178
Depreciation and impairment
At 1 April 2022
-
0
2,203,126
367,079
2,770
2,572,975
Depreciation charged in the year
34,022
193,120
19,762
1,072
247,976
Eliminated in respect of disposals
-
0
(211,781)
-
0
-
0
(211,781)
At 31 March 2023
34,022
2,184,465
386,841
3,842
2,609,170
Carrying amount
At 31 March 2023
5,353,425
484,339
111,717
2,527
5,952,008
At 31 March 2022
5,300,000
483,944
110,018
3,599
5,897,561

The directors have reviewed the valuation of the freehold properties on 31 March 2023 and have concluded that the valuation above reflects the market value.

5
Investment property
2023
£
Fair value
At 1 April 2022
582,750
Additions
31,365
At 31 March 2023
614,115

The directors have reviewed the valuation of the investment properties on 31 March 2023 and have concluded that the valuation above reflects the market value.

TAYLOR MADE FUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,619
13,608
Other debtors
2,540,640
1,246,180
2,582,259
1,259,788
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
271,176
281,050
Trade creditors
167,463
219,216
Corporation tax
385,845
458,152
Other taxation and social security
916,308
27,942
Other creditors
65,185
71,564
Accruals and deferred income
48,270
174,592
1,854,247
1,232,516

The overdraft facility of £300,000 is repayable on demand - the balance was not overdrawn at the year-end or the prior year-end. The above balance relates to bank loans and the security for these loans can be found in note 8.

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
737,477
1,014,299

As security for these loans and overdraft, Barclays Bank PLC hold a fixed and floating charge and first legal mortgages over the company's freehold and leasehold properties, which are included in the financial statements with a net book value of £5,967,540 (2022: £5,882,750).

 

9
Contingent liabilities

A director dispute arose in 2021 regarding historical recognition of revenue which may result in the revenue and profits of the accounts being noted as materially understated for a number of years. As a result, there would also be material underpayment of tax, the possibility of which has been notified to HMRC and an estimation has been included in the tax charge of these financial statements.

10
Related party transactions

Included in other debtors is £364,254 (2022: £172,698) due from a company which a director is a shareholder and director.

TAYLOR MADE FUN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Directors' transactions

At the end of the reporting period, the directors owed the company £778,018 (2022 £277,063). This amount is provided interest free and is repayable on demand. The balance is included in other debtors.

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