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Company No: 12949636 (England and Wales)

ACM LEISURE LIMITED

Unaudited Financial Statements
For the financial period from 01 December 2022 to 28 November 2023
Pages for filing with the registrar

ACM LEISURE LIMITED

Unaudited Financial Statements

For the financial period from 01 December 2022 to 28 November 2023

Contents

ACM LEISURE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 28 November 2023
ACM LEISURE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 November 2023
Note 28.11.2023 30.11.2022
£ £
Fixed assets
Intangible assets 3 225,525 253,425
Tangible assets 4 951,686 1,382,605
Investments 5 200 200
1,177,411 1,636,230
Current assets
Stocks 75,235 108,225
Debtors 6 446,799 115,525
Cash at bank and in hand 247,599 325,920
769,633 549,670
Creditors: amounts falling due within one year 7 ( 1,659,658) ( 1,799,251)
Net current liabilities (890,025) (1,249,581)
Total assets less current liabilities 287,386 386,649
Provision for liabilities ( 143,122) ( 182,006)
Net assets 144,264 204,643
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 144,164 204,543
Total shareholders' funds 144,264 204,643

For the financial period ending 28 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ACM Leisure Limited (registered number: 12949636) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

Henry Charles Moreton
Director
ACM LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 28 November 2023
ACM LEISURE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 28 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ACM Leisure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 5, Rowditch Business Centre, 282 Uttoxeter New Road, Derby, DE22 3LN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset 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. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Period from
01.12.2022 to
28.11.2023
Year ended
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 14 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 279,000 279,000
At 28 November 2023 279,000 279,000
Accumulated amortisation
At 01 December 2022 25,575 25,575
Charge for the financial period 27,900 27,900
At 28 November 2023 53,475 53,475
Net book value
At 28 November 2023 225,525 225,525
At 30 November 2022 253,425 253,425

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 December 2022 633,841 648,155 91,721 80,483 12,963 1,467,163
Additions 0 423,446 140 13,747 658 437,991
Disposals ( 276,187) ( 501,381) ( 8,500) ( 5,633) ( 2,923) ( 794,624)
At 28 November 2023 357,654 570,220 83,361 88,597 10,698 1,110,530
Accumulated depreciation
At 01 December 2022 26,366 48,513 9,679 0 0 84,558
Charge for the financial period 8,534 122,665 16,437 15,848 2,257 165,741
Disposals ( 12,880) ( 77,580) ( 567) ( 282) ( 146) ( 91,455)
At 28 November 2023 22,020 93,598 25,549 15,566 2,111 158,844
Net book value
At 28 November 2023 335,634 476,622 57,812 73,031 8,587 951,686
At 30 November 2022 607,475 599,642 82,042 80,483 12,963 1,382,605

5. Fixed asset investments

Investments in subsidiaries

28.11.2023
£
Cost
At 01 December 2022 200
At 28 November 2023 200
Carrying value at 28 November 2023 200
Carrying value at 30 November 2022 200

6. Debtors

28.11.2023 30.11.2022
£ £
Trade debtors 6,374 51,550
Amounts owed by own subsidiaries 343,599 0
Amounts owed by directors 25,903 49
Prepayments and accrued income 50,381 62,253
Other debtors 20,542 1,673
446,799 115,525

7. Creditors: amounts falling due within one year

28.11.2023 30.11.2022
£ £
Trade creditors 89,112 141,673
Amounts owed to Group undertakings 1,270,905 1,285,021
Amounts owed to Parent undertakings 117,150 218,149
Accruals 41,756 33,334
Taxation and social security 82,254 44,624
Other creditors 58,481 76,450
1,659,658 1,799,251

8. Called-up share capital

28.11.2023 30.11.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

28.11.2023 30.11.2022
£ £
Amounts owed to Stade Developments (Hastings) Limited 1,270,905 1,284,921
Amounts owed to Cornshire Limited 117,150 218,149

No interest has been charged on these balances and there are no fixed dates for repayment.

The company has taken the exemption in Section 1AC.35 of FRS102 from disclosing related party transactions with 100% owned group companies.

Transactions with the entity's directors

28.11.2023 30.11.2022
£ £
Amounts owed to the company by the director 25,903 49

Interest has been charged at the HMRC official rates on overdrawn balances and there are no set repayment terms.