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Registration number: 04792151

Betterbet Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Betterbet Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Betterbet Limited

Company Information

Director

M H Merran

Registered office

8-9 Argyll Street
London
W1F 7TF

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Betterbet Limited

Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

97,456

54,337

Investments

5

144

141

 

97,600

54,478

Current assets

 

Debtors

6

271,607

477,147

Cash at bank and in hand

 

24,053

116,538

 

295,660

593,685

Creditors: Amounts falling due within one year

7

(569,945)

(808,082)

Net current liabilities

 

(274,285)

(214,397)

Total assets less current liabilities

 

(176,685)

(159,919)

Provisions for liabilities - deferred tax

(7,314)

(16,495)

Net liabilities

 

(183,999)

(176,414)

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

(193,999)

(186,414)

Shareholders' deficit

 

(183,999)

(176,414)

For the financial year ending 30 September 2023 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.

 

Betterbet Limited

Statement of Financial Position as at 30 September 2023

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 28 February 2024
 

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

M H Merran

Director

Company registration number: 04792151

 

Betterbet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8-9 Argyll Street
London
W1F 7TF

The principal activity of the company is that of a holding company. The principal activity of the company's subsidiary undertakings is that of the running of a night club.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a loss before tax for the year ended 30 September 2023 and had net liabilities of £183,999 at that date although cash at bank amounted to £24,053.

The company's only major expense is its lease commitment, as detailed in note 9 of the financial statements.

Whilst the company's own ability to continue as a going concern is partly dependent on the subsidiary's ability to service the rent, no further matters have been drawn to the attention of the director to suggest that this arrangement will not continue on acceptable terms for the foreseeable future. The subsidiary undertaking has also confirmed they remain optimistic about future trading.

The company funds its working capital requirements by interest free loans from companies under common control, and is dependent on the continuation of this funding which amounted to £445,095 at the year end. No matters have been drawn to the attention of the director to suggest that this funding will not continue on acceptable terms in the future.

With the resources that the company has, the director believes that, with the current actions being taken, the company will be able to weather the crisis and has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 

Betterbet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Group accounts not prepared

In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Revenue recognition

The turnover shown in the profit and loss accounts represents management charges received in respect of the year, exclusive of Value Added Tax, which are recognised in the period to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

Over length of lease

Furniture, fittings and equipment

4 year straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Betterbet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

21,791

75,000

96,791

Additions

62,879

-

62,879

At 30 September 2023

84,670

75,000

159,670

Depreciation

At 1 October 2022

19,016

23,438

42,454

Charge for the year

1,010

18,750

19,760

At 30 September 2023

20,026

42,188

62,214

Carrying amount

At 30 September 2023

64,644

32,812

97,456

At 30 September 2022

2,775

51,562

54,337

5

Investments

2023
£

2022
£

Investments in subsidiaries

144

141

 

Betterbet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Subsidiaries

£

£

Cost or valuation

At 1 October 2022 and 30 September 2023

141

141

Additions

3

3

At 30 September 2023

144

144

Carrying amount

At 30 September 2023

144

144

At 30 September 2022

141

141

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

154,777

362,812

Other debtors

116,830

114,335

271,607

477,147

 

Betterbet Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

11,636

156,228

Amounts owed to group undertakings

50

50

Taxation and social security

2

14,454

Other creditors

558,257

637,350

569,945

808,082

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £5,001,735 (2022 - £1,162,330).

This financial commitment relates to property currently utilised by group undertakings. Although the lease is in the name of the company, London Mayfair Management Limited has agreed to meet any future liability in respect of this lease whilst they utilise the property.

9

Transactions with Directors

Included within debtors is a balance of £6,202 (2022: £6,202) due from the director. During the year no repayments or advances were made. No interest was charged on this balance during the year (2022: £Nil) and there are no set repayment terms in place.