IRIS Accounts Production v23.4.0.336 03163234 Board of Directors 1.11.22 31.10.23 31.10.23 the operation of amusement arcades. true false true true false false false true false A Ordinary 1.00000 D Ordinary 1.00000 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REGISTERED NUMBER: 03163234 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2023

for

Rubicon Pastimes Limited

Rubicon Pastimes Limited (Registered number: 03163234)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 13


Rubicon Pastimes Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: S L Nichols
Mrs H Nichols



SECRETARY: Mrs H Nichols



REGISTERED OFFICE: 12-14 The Front
Seaton Carew
Hartlepool
TS25 1BS



REGISTERED NUMBER: 03163234 (England and Wales)



AUDITORS: Anderson Barrowcliff LLP
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX



SOLICITORS: Tilly, Bailey & Irvine
Solicitors & Notaries
York Chambers
York Road
Hartlepool
TS26 9DP

Rubicon Pastimes Limited (Registered number: 03163234)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

The principal activity of the company during the year was that of operating amusement arcades.

REVIEW OF BUSINESS
Turnover has increased this year to £7,315,451 (2022: £7,141,173) and made a pre-tax profit of £1,119,909 (2022: £2,229,425). Net assets have also increased to £4,960,142 (2022: £4,471,163).

The company has benefitted from increased visitor numbers to the seaside this year again which has generated strong turnover figures.

The business in common with the wider economy is under increasing pressure from rising costs in particular energy, resulting in tighter margins.

The company continues to invest in its core activities and attractions helping it to provide the best possible customer experience.


KEY PERFORMANCE INDICATORS
The company's most important indicators remain turnover and profitability of each individual department within the business regardless of disruption caused by the pandemic. Staff retention is now firmly established as a crucial indicator.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company and how they may affect its performance, position or future prospects are set out below:

FINANCIAL RISK MANAGEMENT

In common with other businesses, the company aims to minimize financial risk wherever possible. The measures used include regular monitoring of actual performance and ensuring adequate sources of finance are in place to meet the requirement of the business.

The company's principal financial instruments comprise bank balances, loans, trade creditors and trade debtors to raise funds for, and finance, the company's operations.

CREDIT RISK

The company has policies concerning credit offered to customers and regularly monitor amounts outstanding for both time and credit limit.

LIQUIDITY RISK

Through negotiation with clients and suppliers we aim to manage our working capital and cash availability within certain limits.

ON BEHALF OF THE BOARD:





Mrs H Nichols - Director


2 April 2024

Rubicon Pastimes Limited (Registered number: 03163234)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
Interim dividends totalling 79.438p per share were paid on the A Ordinary £1 shares during the year. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 October 2023 will be £350,000 (2022: £453,723).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

S L Nichols
Mrs H Nichols

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mrs H Nichols - Director


2 April 2024

Report of the Independent Auditors to the Members of
Rubicon Pastimes Limited

Opinion
We have audited the financial statements of Rubicon Pastimes Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Rubicon Pastimes Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.


Report of the Independent Auditors to the Members of
Rubicon Pastimes Limited


Auditors' responsibilities for the audit of the financial statements (continued)
Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential
litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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. The 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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff LLP
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

3 April 2024

Rubicon Pastimes Limited (Registered number: 03163234)

Income Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £    £    £   

TURNOVER 2 7,315,451 7,141,173

Cost of sales 4,270,173 3,877,602
GROSS PROFIT 3,045,278 3,263,571

Administrative expenses 1,962,506 1,647,319
1,082,772 1,616,252

Other operating income 11,933 639,082
OPERATING PROFIT 4 1,094,705 2,255,334

Income from fixed asset investments 91 (137 )
Interest receivable and similar income 49,151 6,340
49,242 6,203
1,143,947 2,261,537

Interest payable and similar expenses 6 24,038 32,112
PROFIT BEFORE TAXATION 1,119,909 2,229,425

Tax on profit 7 280,930 511,311
PROFIT FOR THE FINANCIAL YEAR 838,979 1,718,114

Rubicon Pastimes Limited (Registered number: 03163234)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 118,423 134,035
Tangible assets 10 4,788,354 4,185,791
4,906,777 4,319,826

CURRENT ASSETS
Stocks 11 155,332 148,979
Debtors 12 128,343 132,638
Investments 13 207 116
Cash at bank and in hand 1,801,736 2,784,409
2,085,618 3,066,142
CREDITORS
Amounts falling due within one year 14 1,227,112 2,259,876
NET CURRENT ASSETS 858,506 806,266
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,765,283

5,126,092

CREDITORS
Amounts falling due after more than one
year

15

(140,941

)

(177,179

)

PROVISIONS FOR LIABILITIES 19 (664,200 ) (477,750 )
NET ASSETS 4,960,142 4,471,163

CAPITAL AND RESERVES
Called up share capital 20 289,000 289,000
Share premium 21 99,167 99,167
Capital redemption reserve 21 97,800 97,800
Retained earnings 21 4,474,175 3,985,196
SHAREHOLDERS' FUNDS 4,960,142 4,471,163

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





S L Nichols - Director


Rubicon Pastimes Limited (Registered number: 03163234)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 November 2021 289,000 3,030,205 99,167 97,800 3,516,172

Changes in equity
Reduction in share capital - (309,400 ) - - (309,400 )
Dividends - (453,723 ) - - (453,723 )
Total comprehensive income - 1,718,114 - - 1,718,114
Balance at 31 October 2022 289,000 3,985,196 99,167 97,800 4,471,163

Changes in equity
Dividends - (350,000 ) - - (350,000 )
Total comprehensive income - 838,979 - - 838,979
Balance at 31 October 2023 289,000 4,474,175 99,167 97,800 4,960,142

Rubicon Pastimes Limited (Registered number: 03163234)

Cash Flow Statement
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,700,182 2,306,578
Interest paid (24,038 ) (15,381 )
Interest element of hire purchase payments
paid

-

(2,051

)
Finance costs paid - (14,680 )
Tax paid (296,480 ) (230,291 )
VAT refund - 612,901
Net cash from operating activities 1,379,664 2,657,076

Cash flows from investing activities
Purchase of tangible fixed assets (1,302,230 ) (876,405 )
Sale of tangible fixed assets 20,058 27,300
Interest received 49,151 6,340
Net cash from investing activities (1,233,021 ) (842,765 )

Cash flows from financing activities
Loan repayments in year (1,061,912 ) (314,430 )
New HP leases 112,464 -
Capital repayments in year - (26,286 )
Amount introduced by directors 350,000 453,723
Amount withdrawn by directors (179,868 ) (314,753 )
Share buyback - (603,000 )
Equity dividends paid (350,000 ) (453,723 )
Net cash from financing activities (1,129,316 ) (1,258,469 )

(Decrease)/increase in cash and cash equivalents (982,673 ) 555,842
Cash and cash equivalents at beginning of
year

2

2,784,409

2,228,567

Cash and cash equivalents at end of year 2 1,801,736 2,784,409

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,119,909 2,229,425
Depreciation charges 701,013 582,122
Profit on disposal of fixed assets (5,792 ) (12,251 )
VAT refund - (612,901 )
Finance costs 24,038 32,112
Finance income (49,242 ) (6,203 )
1,789,926 2,212,304
Increase in stocks (6,353 ) (36,462 )
Decrease/(increase) in trade and other debtors 4,295 (51,279 )
(Decrease)/increase in trade and other creditors (87,686 ) 182,015
Cash generated from operations 1,700,182 2,306,578

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,801,736 2,784,409
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 2,784,409 2,228,567


Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 2,784,409 (982,673 ) 1,801,736
2,784,409 (982,673 ) 1,801,736

Liquid resources
Current asset investments 116 91 207
116 91 207
Debt
Finance leases - (112,464 ) (112,464 )
Debts falling due within 1 year (1,061,909 ) 950,798 (111,111 )
Debts falling due after 1 year (177,179 ) 111,114 (66,065 )
(1,239,088 ) 949,448 (289,640 )
Total 1,545,437 (33,134 ) 1,512,303

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. ACCOUNTING POLICIES

General information and basis of preparing the financial statements
Rubicon Pastimes Limited is a private limited company incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and its principal activity are set out in the Strategic Report on page 2.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historic cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Acquired goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 10% on reducing balance
Long leasehold - Straight line over the life of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Loans and Borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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 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 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 of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The turnover for both the current and previous year was derived from the operation of amusement arcades.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,131,425 1,968,521
Social security costs 160,068 150,751
Other pension costs 32,072 29,403
2,323,565 2,148,675

The average number of employees during the year was as follows:
2023 2022

Manager 4 4
Other 94 98
98 102

2023 2022
£    £   
Directors' remuneration 186,091 177,209

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 225,950 217,667
Depreciation - owned assets 685,401 559,170
Depreciation - assets on hire purchase contracts - 7,340
Profit on disposal of fixed assets (5,792 ) (12,251 )
Goodwill amortisation 15,612 15,612
Auditors remuneration 7,000 7,000

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items - 612,901

Included in the prior year within exceptional items was an amount received from HMRC relating to Machine Fiscal Neutrality claim 2005-2013.

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 24,038 6,860
PAYE interest - 95
Other finance costs - 8,426
Hire purchase - 2,051
Dividends - preference shares - 14,680
24,038 32,112

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 90,000 292,000
UK corporation tax re prev year 4,480 (1,614 )
Total current tax 94,480 290,386

Deferred taxation 186,450 220,925
Tax on profit 280,930 511,311

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,119,909 2,229,425
Profit multiplied by the standard rate of corporation tax in the UK of
22.520% (2022 - 19%)

252,204

423,591

Effects of:
Expenses not deductible for tax purposes 2,172 60,357
Depreciation in excess of capital allowances 34,971 74,985
Preference Share dividends - 2,789
Corporation tax overprovided 933 1,303
Previous year adjustment 4,480 (1,614 )

Capital allowances super-deduction (13,830 ) (50,100 )
Total tax charge 280,930 511,311

The rate of Corporation Tax shown this year is the effective rate upon the increase from 19% to 25% during the year.

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Interim 350,000 453,723

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 465,471
AMORTISATION
At 1 November 2022 331,436
Amortisation for year 15,612
At 31 October 2023 347,048
NET BOOK VALUE
At 31 October 2023 118,423
At 31 October 2022 134,035

10. TANGIBLE FIXED ASSETS
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 November 2022 80,796 1,453,893 1,650,334
Additions - - -
Disposals - - -
At 31 October 2023 80,796 1,453,893 1,650,334
DEPRECIATION
At 1 November 2022 35,560 874,705 276,807
Charge for year 1,616 57,919 24,260
Eliminated on disposal - - -
At 31 October 2023 37,176 932,624 301,067
NET BOOK VALUE
At 31 October 2023 43,620 521,269 1,349,267
At 31 October 2022 45,236 579,188 1,373,527

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 6,857,485 2,368,056 219,452 12,630,016
Additions 883,772 300,122 118,336 1,302,230
Disposals (99,856 ) (2,708 ) - (102,564 )
At 31 October 2023 7,641,401 2,665,470 337,788 13,829,682
DEPRECIATION
At 1 November 2022 5,427,601 1,668,069 161,483 8,444,225
Charge for year 450,532 136,605 14,469 685,401
Eliminated on disposal (87,632 ) (666 ) - (88,298 )
At 31 October 2023 5,790,501 1,804,008 175,952 9,041,328
NET BOOK VALUE
At 31 October 2023 1,850,900 861,462 161,836 4,788,354
At 31 October 2022 1,429,884 699,987 57,969 4,185,791

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 118,336
At 31 October 2023 118,336
NET BOOK VALUE
At 31 October 2023 118,336

11. STOCKS
2023 2022
£    £   
Stocks 155,332 148,979

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,828 30,858
Prepayments 126,515 101,780
128,343 132,638

13. CURRENT ASSET INVESTMENTS

Current asset investments are held at market value of £207 (2022: £116).

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 111,111 1,061,909
Hire purchase contracts (see note 17) 37,588 -
Trade creditors 272,864 411,491
Taxation 90,000 292,000
Social security and other taxes 69,874 65,933
VAT 201,284 178,417
Other creditors 87,290 99,053
Directors' current accounts 284,955 114,823
Accrued expenses 72,146 36,250
1,227,112 2,259,876

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 66,065 177,179
Hire purchase contracts (see note 17) 74,876 -
140,941 177,179

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 111,111 1,061,909

Amounts falling due between one and two years:
Bank loans - 1-2 years 66,065 111,111

Amounts falling due between two and five years:
Bank loans - 2-5 years - 66,068

Bank loan 1 (CBILS) is repayable in monthly instalments of £9,259 (capital and interest) and is due to expire 27 May 2025. Interest is charged at a rate of 2.75% per annum above base rate.

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 37,588 -
Between one and five years 74,876 -
112,464 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 243,875 143,042
Between one and five years 942,167 175,500
In more than five years 2,281,500 2,325,375
3,467,542 2,643,917

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 177,176 1,239,088
Hire purchase contracts 112,464 -
289,640 1,239,088

There is a debenture dated 1 April 1996 giving fixed and floating charges over the Company's assets. The bank also holds a legal charge over the Olympia Leisure Site at Foreshore Road Scarborough (long leasehold property) and the sites at Seaton Carew.

Mr S L Nichols also provides a personal guarantee to the value of £500,000.

Mr S L Nichols & Mrs H Nichols also provide a personal guarantee to the value of £100,000.

Mr S L Nichols also provides an assignment from Aegon Scottish Equitable International policy.

Hire purchase is secured against the assets it relates to.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 664,200 477,750

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 477,750
Provided during year 186,450
Balance at 31 October 2023 664,200

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
214,000 A Ordinary £1 214,000 214,000
75,000 D Ordinary £1 75,000 75,000
289,000 289,000

The D shares only have a right to vote when certain resolutions are proposed relating to the share capital of the company and the winding-up of the company.

The D shares rank first for the return of capital on winding-up.

21. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 November 2022 3,985,196 99,167 97,800 4,182,163
Profit for the year 838,979 838,979
Dividends (350,000 ) (350,000 )
At 31 October 2023 4,474,175 99,167 97,800 4,671,142

Share premium account
The share premium account represents the premium arising on the issue of shares net of issue costs.

Capital redemption reserve
The capital redemption reserve represents the nominal value of shares purchased by the company.

Retained earnings
The retained earnings represents cumulative profits and losses net of dividends and other adjustments.

22. PENSION COMMITMENTS

The company operates a non contributory defined contribution pension scheme for certain of its staff. Contributions are charged to the profit and loss as they are paid. The charge for the year was £32,072 (2022: £29,403).

Rubicon Pastimes Limited (Registered number: 03163234)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

23. RELATED PARTY DISCLOSURES

The Company rents premises owned by Rubicon Pastimes Limited Pension Scheme at market rates and during the year paid £182,500 (2022 : £170,000).

During the year the company paid dividends to the directors of £350,000 (2022: £453,723).

Key management personnel of the entity

Key management personnel are the directors of the company. Details of remuneration is disclosed in note 3 to the financial statements.

24. CONTROL

Mr S L Nichols, a director, controls the company by virtue of a 100% holding of the issued A ordinary shares.