Registered number:
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
COMPANY INFORMATION
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CURVEBALL LEISURE LTD
CONTENTS
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CURVEBALL LEISURE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their strategic report for the year ended 30 June 2023.
Established in 2004, Curveball Leisure Ltd has grown to become Europe's largest independent video game distributor. The Company also operates a highly successful award winning online retail site called The Game Collection.
The Directors focus and the Company’s strategy is to pursue sustainable growth by offering a premium service at competitive prices. To achieve this, the Company aims to offer and support its customers with a comprehensive range of new releases, back catalogue and pre-owned games for all current formats, together with a range of game related merchandise. Customer service is a priority and the Company is proud of its to continue to hold a 5 star average rating on Trustpilot. During the year Curveball Leisure Ltd have continued to invest in talent and recognizes the importance of its team, as the company continues to grow. The Company recruits from within the local community, whenever possible, and tries to build on local links to promote its local community. This is evident with the continued investment in its warehousing facility. For the year ended 30 June 2023 revenues increased by 86% as a result of a number of factors, including, expanding its wholesale team, market penetration opportunities increasing market share and reducing competition, whilst gross margin was maintained at 7.2% . The Directors believe that the Company is well placed to take advantage of market opportunities and provide customers with the best choice of games and a first class service and are confident that the Company will continue to trade profitably into the future.
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CURVEBALL LEISURE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The nature of the business environment in which the company operates in, is inherently risky. Whilst it is not possible to eliminate all such risks and uncertainties, the company has an established risk management and internal control system in place to manage them.
The directors and management meet regularly to identify the risks that are considered most likely to have an impact on the business and its strategic priorities. If emerging risks are identified, these are incorporated immediately into the risk management process. The following sets out the principal risks faced by the company and how they are mitigated: Risks Potential impact Mitigation Technological Although the current generation The business is well placed for changes technology is forecast to continue in the market by increasing its market in the short to medium term, the share in digital delivery as well as games markets is cyclical and will exploring new generation games. also see an increase towards digital The business continues to be strong in delivery. the "retro" and old generation games market Retail In recent years, the industry has seen The company continues to grow its many traditional high street retailers online retail presence. The business aim struggle in changing customer of offering a premium service level at purchasing patterns. market sustainable prices are evident in customer feedback, continuing growth and market share. People Loss of key staff and inability to recruit The business looks to develop staff and people with the right experience. their working environment by continual enagagement. All members are encouraged to challenge convention. Competitive remuneration and ensuring it is a "great place to work" are the ethos of the business. Financial A significant change in the financing The business maintains good facilities would affect the ability of the relationships with its key suppliers and business to achieve its growth credit insurers, bank and financial objectives. providers. The company maintain sufficient cash reserves to meet any unexpected issues or to take advantage of favourable opportunities.
This report was approved by the board on 28 March 2024 and signed on its behalf.
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CURVEBALL LEISURE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ordinary dividends were paid amounting to £120,000 (2022 - £140,000). The directors do not recommend payment of a further dividend.
The strategy and future developments in the business are set out in the Strategic Report.
The directors who served during the year were:
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CURVEBALL LEISURE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company.
Following a rebranding exercise on 15 May 2023, the trading name of the company's independent auditor changed from MHA MacIntyre Hudson to MHA.
This report was approved by the board on
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CURVEBALL LEISURE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVEBALL LEISURE LTD
We have audited the financial statements of Curveball Leisure LTD (the 'Company') for the year ended 30 June 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CURVEBALL LEISURE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVEBALL LEISURE LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CURVEBALL LEISURE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVEBALL LEISURE LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Obtained and reviewed the findings of reports produced by specialists on the compliance with key laws and regulations. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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CURVEBALL LEISURE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CURVEBALL LEISURE LTD (CONTINUED)
for and on behalf of
Statutory Auditors
Swansea, United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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CURVEBALL LEISURE LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
REGISTERED NUMBER: 05287160
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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CURVEBALL LEISURE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Curveball Leisure Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found below:
Company's registered number: 05287160 Registered office address: Unit C Redbrick Court, Ferryboat Close, Swansea, SA6 8QN The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
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 financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the statement of the financial position, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The company meets its day to day working capital requirements from its cash reserves, overdraft and invoice discounting facilities. At the date of signing the report sales to all key markets are significantly above forecast levels. At the date of signing the financial statements the directors have also considered the impact of recent global events and emerging economic pressures, including the impact of cost of living increases of its customers. The directors have prepared detailed forecasts and projections and analysed the company cash flow requirements. Based on this assessment the directors have concluded that they have a reasonable expectation that with the continued support of its bankers in the form of facility levels which it has historically been provided with, in the scenarios reviewed the company will be able to continue to operate within those facilities. . At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing financial statements.
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Impairment of assets Assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. Stock provisions Stock holdings are assessed for indicators of obsolescence at each reporting date. If there is objective evidence of obsolescence, a provision is recognised in the income statement. Provisions and contingencies Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that the future economic benefits will flow to the entity and when specific criteria have been met. The company sells video games, hardware and accessories and revenue is recognised when the goods are dispatched to the customer and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the goods.
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation 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: Development costs - 25% on cost
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost Fixtures and fittings - 15% on cost Motor vehicles - 12.5% to 25% on cost Computer equipment - 15% on cost Tangible fixed assets are carried at cost less depreciation and impairment. Assets acquired but not brought into use at the balance sheet date are not depreciated. The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Stocks are stated at lower of cost and estimated price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including trade and other creditors and bank loans, 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 receipts discounted at a market rate of interest.
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research expenditure is written off in the year in which it is incurred. identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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 finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases are consumed.
An invoice discounting arrangement, with recourse, is in place covering certain debts. Invoice discounted debts are disclosed gross within debtors. Advances from the factoring company are disclosed gross within creditors.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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CURVEBALL LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held in a separately administered fund.
The pension cost charge £111,142 (2022 - £99,874) represents the contributions payable by the company to the fund. £5,214 (2022 - £3,298) contributions were outstanding at the statement of financial position date.
Dividends totaling £120,000 were paid in the period in respect of shares held by the company's directors (2022 - £140,000).
Included in other debtors are amounts owed to the company from the directors totaling £491,163 (2022 - £411,053). These amounts are unsecured, repayable on demand. Interest has been charged by the company in respect of the loan. Rental paid to The Premier SIPP (a pension for the benefit of the director, Mr A Naunton) during the period amounted to £40,000 (2022 - £40,000). Included in other debtors are amounts owed to the company from The Premier SIPP of £13,456 (2022 - £18,994).
The controlling party is A Naunton.
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