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Registration number: NI024524

Castle Entertainment Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Castle Entertainment Centre Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Castle Entertainment Centre Limited

(Registration number: NI024524)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,812,617

1,873,757

Current assets

 

Stocks

5

17,384

16,228

Debtors

6

2,059,922

2,037,038

Cash at bank and in hand

 

449,934

366,871

 

2,527,240

2,420,137

Creditors: Amounts falling due within one year

7

(123,664)

(122,012)

Net current assets

 

2,403,576

2,298,125

Total assets less current liabilities

 

4,216,193

4,171,882

Provisions for liabilities

(32,031)

(12,794)

Net assets

 

4,184,162

4,159,088

Capital and reserves

 

Called up share capital

8

3,000

3,000

Retained earnings

4,181,162

4,156,088

Shareholders' funds

 

4,184,162

4,159,088

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Castle Entertainment Centre Limited

(Registration number: NI024524)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Paul Ward
Director

.........................................
Mr Lorcan Ward
Director

 

Castle Entertainment Centre Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ
Northern Ireland

The principal place of business is:
IMC Enniskillen
Raceview
Factory Road
Enniskillen
County Fermanagh
BT74 6DT

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these financial statements is sterling and amounts have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. As at the date of sign off of the financial statements the directors believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

 

Castle Entertainment Centre Limited

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns,rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Any grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. The company assesses at each reporting date whether tangible fixed assets are impaired.

 

Castle Entertainment Centre Limited

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

Depreciation

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

Asset class

Depreciation method and rate

Buildings

2% straight line

Other tangibles - Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Castle Entertainment Centre Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the related contracttual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss,which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.

The comany only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the diifference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate. For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Castle Entertainment Centre Limited

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

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

1,922,747

739,730

2,662,477

Additions

-

36,606

36,606

At 31 October 2023

1,922,747

776,336

2,699,083

Depreciation

At 1 November 2022

230,730

557,990

788,720

Charge for the year

38,455

59,291

97,746

At 31 October 2023

269,185

617,281

886,466

Carrying amount

At 31 October 2023

1,653,562

159,055

1,812,617

At 31 October 2022

1,692,017

181,740

1,873,757

Included within the net book value of land and buildings above is £1,653,562 (2022 - £1,692,017) in respect of freehold land and buildings.

5

Stocks

2023
£

2022
£

Other inventories

17,384

16,228

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

2,019,829

2,003,976

Prepayments

 

40,093

33,012

Income tax asset

-

50

 

2,059,922

2,037,038

 

Castle Entertainment Centre Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

52,766

52,224

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

13,954

-

Taxation and social security

 

8,424

7,568

Accruals and deferred income

 

39,903

59,862

Other creditors

 

8,617

2,358

 

123,664

122,012

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

3,000

3,000

3,000

3,000

       
 

Castle Entertainment Centre Limited

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

9

Related party transactions

Key management personnel

The company's key management personnel are deeemd to be the directors who received no remuneration from the company.

Summary of transactions with entities with joint control or significant interest

The company paid for goods and services during the current and prior year on behalf of entities under joint control or significant influence. Some of these amounts are outstanding at the current and prior year ends.
 

Summary of transactions with other related parties

During the year ended 31 October 2019, the company provided a loan to an entity under common ownership and control. In addition, the company pays management fees and Head office administration charges to entities under common ownership and control.
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Settlement of liabilities

15,853

Amounts receivable from related party

21,879

2022

Entities with joint control or significant influence
£

Settlement of liabilities

2,013

Amounts receivable from related party

6,026

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Other related parties
£

Rendering of services

-

44,500

Settlement of liabilities

13,954

-

13,954

44,500

Amounts payable to related party

13,954

-

2022

Other related parties
£

Rendering of services

74,500

 

Castle Entertainment Centre Limited

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

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

1,997,950

1,997,950

At end of period

1,997,950

1,997,950

2022

Other related parties
£

Total
£

At start of period

1,997,950

1,997,950

At end of period

1,997,950

1,997,950

Terms of loans to related parties

The loan is denominated in sterling, interest free and repayable on demand.

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mr Paul Ward.