Company Registration No. 01351740 (England and Wales)
LES CROUPIERS CASINO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
LES CROUPIERS CASINO LIMITED
COMPANY INFORMATION
Directors
Mr G W McIlroy
Mr J G Scanlon
Mr M J Hennessey
Company number
01351740
Registered office
Unit 8
Capital Retail Park
Leckwith Road
Cardiff
South Glamorgan
United Kingdom
CF11 8EG
Auditor
Azets Audit Services
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
LES CROUPIERS CASINO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
3
Directors' responsibilities statement
2
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
LES CROUPIERS CASINO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 September 2023.

Fair review of the business

During the period under review revenue has increased by £406k to £8,414k (2022: £8,008k). Gross profit has increased by £174k to £6,631k (2022 £6,457).

 

The Directors believe that the positive results reflect the continued attention to customer service and customer engagement with an increasingly technology-based environment, together with an ability to react swiftly to changing needs. Customer interest in enhanced slot machine offers has continued to grow in the past 12 months, and the casino is engaged in a continuing upgrade and renewals programme to remain proactive to customer expectations.

Development and performance

The Directors are committed to the future of the Casino and will continue to invest in order to ensure that the gaming experience had by members continues to be exceptional. A potential increase in the permitted number of slot machines is being encouraged by our national trade body, and our poker room attendance continues to grow.

Membership satisfaction

Membership satisfaction is key to the success of the Company to ensure that the members continue to return and also to refer new members, either by introduction or by word of mouth.

 

Responsible gaming

Compliance with the current regulations governing the gaming industry is essential to success and we are committed to ensuring that all our members are able to gamble safely and responsibly. Our experienced and highly skilled staff continuously monitor all gaming to ensure that this is the case.

 

On behalf of the board

Mr G W McIlroy
Director
11 September 2024
LES CROUPIERS CASINO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -

The directors are responsible for preparing the annual report 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:

 

 

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.

LES CROUPIERS CASINO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

The directors present their report and financial statements for the year ended 30 September 2023.

Principal activities

The principal activity of the company continued to be that of gaming club proprietors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G W McIlroy
Mr J G Scanlon
Mr M J Hennessey
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr G W McIlroy
Director
11 September 2024
LES CROUPIERS CASINO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LES CROUPIERS CASINO LIMITED
- 4 -
Opinion

We have audited the financial statements of Les Croupiers Casino Limited (the 'company') for the year ended 30 September 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

LES CROUPIERS CASINO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LES CROUPIERS CASINO LIMITED
- 5 -
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 and the directors' report.

 

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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LES CROUPIERS CASINO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LES CROUPIERS CASINO LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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.  This 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
11 September 2024
Chartered Accountants
Statutory Auditor
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
LES CROUPIERS CASINO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
as restated
Notes
£
£
Revenue
3
8,413,853
8,007,681
Cost of Sales
(1,783,073)
(1,550,650)
Gross profit
6,630,780
6,457,031
Administrative expenses
(4,521,302)
(3,994,743)
Other operating income
321,070
722,126
Operating profit
4
2,430,548
3,184,414
Interest receivable and similar income
7
182,289
19,656
Profit before taxation
2,612,837
3,204,070
Tax on profit
8
(582,557)
(612,775)
Profit for the financial year
2,030,280
2,591,295

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LES CROUPIERS CASINO LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
744,632
729,575
Investment property
10
800,000
800,000
1,544,632
1,529,575
Current assets
Stocks
12
4,752
2,450
Debtors
13
585,525
297,943
Cash at bank and in hand
6,527,728
4,815,057
7,118,005
5,115,450
Creditors: amounts falling due within one year
14
(1,854,424)
(1,879,212)
Net current assets
5,263,581
3,236,238
Total assets less current liabilities
6,808,213
4,765,813
Provisions for liabilities
Deferred tax liability
15
122,924
110,804
(122,924)
(110,804)
Net assets
6,685,289
4,655,009
Capital and reserves
Called up share capital
17
250,000
250,000
Revaluation reserve
600,000
600,000
Capital redemption reserve
250,000
250,000
Profit and loss reserves
5,585,289
3,555,009
Total equity
6,685,289
4,655,009
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr G W McIlroy
Director
Company Registration No. 01351740
LES CROUPIERS CASINO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 September 2022:
Balance at 1 October 2021
250,000
600,000
250,000
1,763,714
2,863,714
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
-
-
2,591,295
2,591,295
Dividends
9
-
-
-
(800,000)
(800,000)
Balance at 30 September 2022
250,000
600,000
250,000
3,555,009
4,655,009
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
2,030,280
2,030,280
Balance at 30 September 2023
250,000
600,000
250,000
5,585,289
6,685,289
LES CROUPIERS CASINO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,558,856
3,326,753
Income taxes paid
(616,831)
(213,316)
Net cash inflow from operating activities
1,942,025
3,113,437
Investing activities
Purchase of tangible fixed assets
(130,712)
(46,908)
Proceeds on disposal of tangible fixed assets
1
-
0
Loans made
(280,932)
-
0
Interest received
182,289
19,657
Net cash used in investing activities
(229,354)
(27,251)
Financing activities
Dividends paid
-
0
(800,000)
Net cash used in financing activities
-
(800,000)
Net increase in cash and cash equivalents
1,712,671
2,286,186
Cash and cash equivalents at beginning of year
4,815,057
2,528,871
Cash and cash equivalents at end of year
6,527,728
4,815,057
LES CROUPIERS CASINO LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
1
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 amount 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Fair values of investment properties

The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made via the Profit and Loss Account.

2
Accounting policies
Company information

 

Les Croupiers Casino Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Capital Retail Park, Leckwith Road, Cardiff, South Glamorgan, United Kingdom, CF11 8EG.

2.1
Accounting convention

 

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

Considering the strength of the balance sheet and encouraging results, atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

2.3
Turnover

Turnover is recognised as services performed and principally comprises revenue from gaming income, being net winnings from customers. The casino acts as agent, holding the customers money until the game is won or lost, therefore revenue is regonised when the result is known and the casino owns the money.

 

Revenue also includes rental of poker tables which is recognised on receipt.

 

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Accounting policies
(Continued)
- 12 -
2.4
Tangible fixed assets

 

 

Tangible fixed assets other than freehold land are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Life of the lease
Plant and machinery
4 years
Fixtures, fittings & equipment
4 years

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

 

 

2.5
Investment property

 

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
Stocks

Stocks are stated at the lower of cost and estimated selling price.

2.8
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 current liabilities.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Accounting policies
(Continued)
- 13 -
2.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including trade creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

 

 

2023
2022
£
£
Turnover analysed by class of business
Gaming tables
5,708,486
5,328,434
Fruit machines
2,058,963
2,046,564
Poker
646,404
632,683
8,413,853
8,007,681
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,413,853
8,007,681
2023
2022
£
£
Other revenue
Interest income
182,289
19,656
Commissions received
4,139
29,813
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(120)
212
Fees payable to the company's auditor for the audit of the company's financial statements
15,950
11,300
Depreciation of owned tangible fixed assets
114,670
105,507
Loss on disposal of tangible fixed assets
984
-
Operating lease charges
-
1,148

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £120 (2022 - £212).

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Management and administration
7
7
Casino
101
85
Total
108
92

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,921,103
2,472,843
Social security costs
317,667
247,034
Pension costs
57,739
48,914
3,296,509
2,768,791
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
257,000
279,729
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
175,000
191,000
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
182,289
19,656

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
182,289
19,656
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
570,437
616,831
Deferred tax
Origination and reversal of timing differences
12,120
(4,056)
Total tax charge
582,557
612,775

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,612,837
3,204,070
Expected tax charge based on the standard rate of corporation tax in the UK of 22.01% (2022: 19.00%)
575,085
608,773
Tax effect of expenses that are not deductible in determining taxable profit
6,858
10,671
Tax effect of income not taxable in determining taxable profit
(790)
-
0
Adjustments in respect of prior years
-
0
(4,417)
Effect of change in corporation tax rate
1,450
-
0
Rate changes
-
0
86
Super deduction
-
0
(2,338)
Timing differences
(46)
-
0
Taxation charge for the year
582,557
612,775
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
9
Dividends
2023
2022
£
£
Final paid
-
0
800,000

 

10
Investment property (Restated)
2023
£
Fair value
At 1 October 2022 and 30 September 2023
800,000

Investment property comprises of a property in St Mary's Street, Cardiff. The fair value of the investment property has been arrived at on the basis of director's valuation based on recent sales negotiations and rental yield.

11
Tangible Fixed Assets (Restated)
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 October 2022
1,846,343
711,482
1,067,845
3,625,670
Additions
87,533
40,914
2,265
130,712
Disposals
-
0
(50,561)
-
0
(50,561)
At 30 September 2023
1,933,876
701,835
1,070,110
3,705,821
Depreciation and impairment
At 1 October 2022
1,194,021
635,229
1,066,845
2,896,095
Depreciation charged in the year
95,633
18,993
44
114,670
Eliminated in respect of disposals
-
0
(49,576)
-
0
(49,576)
At 30 September 2023
1,289,654
604,646
1,066,889
2,961,189
Carrying amount
At 30 September 2023
644,222
97,189
3,221
744,632
At 30 September 2022
652,322
76,253
1,000
729,575
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,752
2,450
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
312,428
131,419
Prepayments and accrued income
273,097
166,524
585,525
297,943
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
177,526
135,212
Corporation tax
569,471
615,865
Other taxation and social security
64,398
-
0
Other creditors
10,400
323,711
Accruals and deferred income
1,032,629
804,424
1,854,424
1,879,212

Included within other creditors is a balance of £10,400 (2022: £308,916) owed to the directors of the company. The balance is unsecured, interest free and has no set repayment terms.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 21 -
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
93,039
79,380
Timing differences
-
(1,660)
Retirement benefit obligations
(3,199)
-
Investment property
33,084
33,084
122,924
110,804
2023
Movements in the year:
£
Liability at 1 October 2022
110,804
Charge to profit or loss
12,120
Liability at 30 September 2023
122,924

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,739
48,914

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
250,000
250,000
250,000
250,000
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
18
Operating lease commitments
Lessee

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
259,792
281,199
Between two and five years
944,020
986,929
In over five years
247,008
464,333
1,450,820
1,732,461
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
113,500
113,500
Between two and five years
367,726
407,000
In over five years
-
0
90,000
481,226
610,500
19
Directors' transactions

 

 

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr G W McIlroy - Overdrawn Directors account
-
(298,516)
579,477
280,961
(298,516)
579,477
280,961

Loan was repaid on 14 February 2024 and no interest was charged.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
257,000
263,900
21
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,030,280
2,591,295
Adjustments for:
Taxation charged
582,557
612,775
Investment income
(182,289)
(19,656)
Loss on disposal of tangible fixed assets
984
-
Depreciation and impairment of tangible fixed assets
114,670
105,506
Movements in working capital:
Increase in stocks
(2,302)
(823)
Increase in debtors
(6,650)
(64,294)
Increase in creditors
21,606
101,952
Cash generated from operations
2,558,856
3,326,755
Difference
-
(2)
Per cash flow statement page
2,558,856
3,326,753
22
Analysis of changes in net debt
2023
£
Opening net funds
Cash at bank and in hand
4,815,057
Changes in net debt arising from:
Cash flows of the entity
1,712,671
Closing net funds as analysed below
6,527,728
Closing net funds
Cash at bank and in hand
6,527,728
23
Prior period adjustment
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
23
Prior period adjustment
(Continued)
- 24 -
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Total adjustments
-
Profit as previously reported
2,591,295
Profit as adjusted
2,591,295
Notes to reconciliation
Revenue Recognition

Previously revenue was recognised as the "drop" for the year, with the cost of sales being the payout to customers. In the year this was changed in line with accounting standards with turnover representing the net profit made by the casino and the cost of sales being the gaming duty.

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