Caseware UK (AP4) 2023.0.135 2023.0.135 53true662023-01-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08579710 2023-01-01 2023-12-31 08579710 2022-01-01 2022-12-31 08579710 2023-12-31 08579710 2022-12-31 08579710 c:Director1 2023-01-01 2023-12-31 08579710 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 08579710 d:Buildings d:ShortLeaseholdAssets 2023-12-31 08579710 d:Buildings d:ShortLeaseholdAssets 2022-12-31 08579710 d:PlantMachinery 2023-01-01 2023-12-31 08579710 d:PlantMachinery 2023-12-31 08579710 d:PlantMachinery 2022-12-31 08579710 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08579710 d:MotorVehicles 2023-01-01 2023-12-31 08579710 d:MotorVehicles 2023-12-31 08579710 d:MotorVehicles 2022-12-31 08579710 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08579710 d:FurnitureFittings 2023-01-01 2023-12-31 08579710 d:FurnitureFittings 2023-12-31 08579710 d:FurnitureFittings 2022-12-31 08579710 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08579710 d:OfficeEquipment 2023-01-01 2023-12-31 08579710 d:ComputerEquipment 2023-01-01 2023-12-31 08579710 d:ComputerEquipment 2023-12-31 08579710 d:ComputerEquipment 2022-12-31 08579710 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08579710 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08579710 d:CurrentFinancialInstruments 2023-12-31 08579710 d:CurrentFinancialInstruments 2022-12-31 08579710 d:Non-currentFinancialInstruments 2023-12-31 08579710 d:Non-currentFinancialInstruments 2022-12-31 08579710 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08579710 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08579710 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08579710 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08579710 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 08579710 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 08579710 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 08579710 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 08579710 d:ShareCapital 2023-12-31 08579710 d:ShareCapital 2022-12-31 08579710 d:RetainedEarningsAccumulatedLosses 2023-12-31 08579710 d:RetainedEarningsAccumulatedLosses 2022-12-31 08579710 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08579710 c:OrdinaryShareClass1 2023-12-31 08579710 c:OrdinaryShareClass1 2022-12-31 08579710 c:FRS102 2023-01-01 2023-12-31 08579710 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08579710 c:FullAccounts 2023-01-01 2023-12-31 08579710 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08579710 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 08579710 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 08579710 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 08579710 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 08579710 2 2023-01-01 2023-12-31 08579710 4 2023-01-01 2023-12-31 08579710 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08579710










Draughts Ltd.








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Draughts Ltd.
Registered number: 08579710

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
318,615
403,900

  
318,615
403,900

Current assets
  

Stocks
 5 
25,928
19,685

Debtors: amounts falling due within one year
 6 
203,187
125,731

Cash at bank and in hand
 7 
325,001
161,000

  
554,116
306,416

Creditors: amounts falling due within one year
 8 
(526,105)
(454,488)

Net current assets/(liabilities)
  
 
 
28,011
 
 
(148,072)

Total assets less current liabilities
  
346,626
255,828

Creditors: amounts falling due after more than one year
 9 
(152,324)
(241,137)

  

Net assets
  
194,302
14,691


Capital and reserves
  

Called up share capital 
 12 
100
50,000

Profit and loss account
  
194,202
(35,309)

  
194,302
14,691


Page 1

 
Draughts Ltd.
Registered number: 08579710
    
Balance Sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Curci
Director

Date: 2 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Draughts Ltd. is a private company limited by shares, incorporated in England & Wales (registered number: 08579710). 
The registered office is 101 New Cavendish Street,1st Floor South, London, W1W 6XH.
The Company's principal activity continued to be the operation of a licenced bar.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Straight Line
Plant and machinery
-
25%
Reducing Balance
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
33%
Straight Line
Fixtures and fittings - Waterloo
-
25%
Reducing Balance
Computer equipment
-
50%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 66 (2022 - 53).



4.


Tangible fixed assets






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
626,344
54,118
52,649
248,730
17,595
999,436


Additions
-
13,987
-
53,067
4,801
71,855



At 31 December 2023

626,344
68,105
52,649
301,797
22,396
1,071,291



Depreciation


At 1 January 2023
513,463
31,638
6,581
32,658
11,199
595,539


Charge for the year on owned assets
59,202
7,756
11,517
72,758
5,904
157,137



At 31 December 2023

572,665
39,394
18,098
105,416
17,103
752,676



Net book value



At 31 December 2023
53,679
28,711
34,551
196,381
5,293
318,615



At 31 December 2022
112,882
22,481
46,068
216,072
6,396
403,899

Page 7

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Stocks

2023
2022
£
£

Stocks
25,928
19,685

25,928
19,685



6.


Debtors

2023
2022
£
£


Trade debtors
13,829
-

Amounts owed by group undertakings
-
1,098

Other debtors
98,917
62,185

Prepayments and accrued income
90,441
62,448

203,187
125,731



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
325,001
161,000

325,001
161,000



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
72,955
69,805

Trade creditors
126,612
155,810

Corporation tax
90,835
239

Other taxation and social security
162,730
160,888

Obligations under finance lease and hire purchase contracts
8,769
6,551

Other creditors
35,739
28,958

Accruals and deferred income
28,465
32,237

526,105
454,488


Page 8

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
124,976
205,021

Net obligations under finance leases and hire purchase contracts
27,348
36,116

152,324
241,137



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
72,955
69,805


72,955
69,805

Amounts falling due 1-2 years

Bank loans
64,973
105,021


64,973
105,021

Amounts falling due 2-5 years

Bank loans
60,003
100,000


60,003
100,000


197,931
274,826


Page 9

 
Draughts Ltd.
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
8,769
6,551

Between one and five years
27,347
36,117

36,116
42,668


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 50,000) Ordinary Shares shares of £1.00 each
100
50,000



13.


Controlling party

The immediate parent company is Hudson Ventures Holding Limited (company number: 10709539). The registered office of Hudson Ventures Holding Limited is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

 
Page 10