REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2023 |
for |
Rubicon Pastimes Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
SOLICITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Rubicon Pastimes Limited (Registered number: 03163234) |
Income Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 2 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,082,772 | 1,616,252 |
Other operating income |
OPERATING PROFIT | 4 |
Income from fixed asset investments | ( |
) |
Interest receivable and similar income |
49,242 | 6,203 |
1,143,947 | 2,261,537 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Rubicon Pastimes Limited (Registered number: 03163234) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Investments | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Reduction in share capital | - | (309,400 | ) | - | - | (309,400 | ) |
Dividends | - | (453,723 | ) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | (350,000 | ) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 October 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Finance costs paid | - | (14,680 | ) |
Tax paid | ( |
) | ( |
) |
VAT refund |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
New HP leases | 112,464 | - |
Capital repayments in year | ( |
) |
Amount introduced by directors | 350,000 | 453,723 |
Amount withdrawn by directors | (179,868 | ) | (314,753 | ) |
Share buyback | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
Freehold property | - |
Short leasehold | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Manager | 4 | 4 |
Other | 94 | 98 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Auditors remuneration |
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 |
PAYE interest |
Other finance costs |
Hire purchase |
Dividends - preference shares | - | 14,680 |
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 |
UK corporation tax re prev year | 4,480 | (1,614 | ) |
Total current tax |
Deferred taxation |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
Amortisation for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Short | Long |
property | leasehold | leasehold |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
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) |
Hire purchase contracts (see note 17) |
Trade creditors |
Taxation |
Social security and other taxes |
VAT | 201,284 | 178,417 |
Other creditors |
Directors' current accounts | 284,955 | 114,823 |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 112,464 | - |
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 |
Provided during year |
Balance at 31 October 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 214,000 | 214,000 |
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. |