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REGISTERED NUMBER: 05050529 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Funstation Limited

Funstation Limited (Registered number: 05050529)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Statement of Income and Retained Earnings 10

Balance Sheet 11

Notes to the Financial Statements 12 to 20


Funstation Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: J L Miller
Mrs V I Miller
Ms J A Pettitt





SECRETARY: J L Miller





REGISTERED OFFICE: Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 05050529 (England and Wales)





AUDITORS: Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Funstation Limited (Registered number: 05050529)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is that of providing affordable family entertainment within leisure and retail environments.

REVIEW OF BUSINESS
In the year ended 31st December 2023, the company's trading position continued on a positive trajectory, following on from the end of the previous year. We continue with our core activity of providing affordable family entertainment within leisure and retail environments.

During the year the company opened its third indoor golf location within Xscape, Milton Keynes. This includes new activities of AR Darts and Karaoke which have been added to increase the customer experience. During the year we extended and refurbished our Funstation offering within the same scheme, as well as refurbishing our Star City venue and head office.

Turnover continued to increase year on year whilst being able to maintain consistent gross and net margins. Day to day expenditure is continuously reviewed to ensure margins can be maintained and budgeted for. The company continues to explore cost saving opportunities where possible.

Staff costs have increased due to statutory increases in the National Minimum Wage and further investment into our team with mid-year increases to help with the rising levels of inflation, ensuring that quality staff are attracted and retained.

The company's reputation continues to grow within the leisure sector, and with the general public and landlords, due to the consistently high quality of our offering and ongoing investment within our venues.

The company remains in a strong position due to continual expert management of the business and its ability to react to any unforeseen circumstances.

PRINCIPAL RISKS AND UNCERTAINTIES
The company does not have significant exposure to foreign currency, credit, liquidity, interest rate or cash flow risks due to the nature of its trade. Exposure to other price risks arise in the normal course of Funstation Limited's business. These risks are limited by the company's financial management policies described below.

Other price risk
The main risk faced by the business is that sites with long leases will cease to be profitable, whether through the reduction in footfall or the increase in ongoing running costs. We manage these risks by monitoring the impact of new attractions at sites and closing unprofitable sites if necessary.


Funstation Limited (Registered number: 05050529)

Strategic Report
for the year ended 31 December 2023

ANALYSIS OF DEVELOPMENTS AND PERFORMANCE
The directors are satisfied with the performance of the company during the year and its position as at the 31st December, 2023.

The key performance indicators (KPI's) used in monitoring the company's performance are:

1. Organic sales growth - year on year percentage change in sales revenue.

2. Gross return on sales - gross profit as a percentage of sales revenue.

3. Working capital ratio - total current assets divided by total current liabilities.


KEY PERFORMANCE INDICATORS (KPI's)

2023 2022
Organic sales growth 15.44% 69.61%
Gross return on sales 72.76% 70.94%
Working capital ratio 1.49 3.21

ON BEHALF OF THE BOARD:





J L Miller - Director


12 September 2024

Funstation Limited (Registered number: 05050529)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £70,000 per share was paid on 30 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 7,000,000 .

FUTURE DEVELOPMENTS
Over the next 12 months the company has plans for further growth by adding additional locations and by extending some of our current venues. This again will be achieved using existing cash reserves ensuring the stability of the company is not compromised in any way. We will look to continually invest into existing trading locations where required.

The company has already implemented a change in pay rates at the beginning of 2024 so that employees aged 18 and over will be on the same hourly rate. This goes beyond the 21 and over age set by HMRC, which further shows the commitment to investing in our workforce.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J L Miller
Mrs V I Miller
Ms J A Pettitt

DISCLOSURE IN THE STRATEGIC REPORT
Principal activity, financial risk management objectives and policies and the exposure to foreign currency, credit, liquidity, interest rate, cash flow and other price risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Funstation Limited (Registered number: 05050529)

Report of the Directors
for the year ended 31 December 2023


AUDITORS
The auditors, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J L Miller - Director


12 September 2024

Report of the Independent Auditors to the Members of
Funstation Limited

Opinion
We have audited the financial statements of Funstation Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Funstation Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Funstation Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and
the sector in which they operate. We determined that the following laws and regulations were most
significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate
taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory
frameworks by making inquiries to the management and by observing the oversight of management,
the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud
prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which
could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries
through our review of all relevant available audit information.
- We assessed and understood the susceptibility of the company's financial statements to material
misstatement, including how fraud might occur. Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and regulations. The audit procedures
performed by the engagement team included:
> identifying and assessing the design and effectiveness of controls management has in place to
prevent and detect fraud;
> understanding of how senior management considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
> challenging assumptions and judgements made by management in its significant accounting
estimates;
> performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias;
and,
> assessing the extent of compliance with relevant laws and regulations.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Funstation Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Dearing BEng FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts
Chartered Accountants &
Statutory Auditors
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

12 September 2024

Funstation Limited (Registered number: 05050529)

Statement of Income and
Retained Earnings
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 12,944,868 11,213,036

Cost of sales 3,525,736 3,258,439
GROSS PROFIT 9,419,132 7,954,597

Administrative expenses 5,166,242 4,325,915
4,252,890 3,628,682

Other operating income 3 (10,431 ) 45,271
OPERATING PROFIT 5 4,242,459 3,673,953

Income from fixed asset investments 6 38,677 -
Interest receivable and similar income 7 59,802 5,283
98,479 5,283
4,340,938 3,679,236

Interest payable and similar expenses 8 - 5,997
PROFIT BEFORE TAXATION 4,340,938 3,673,239

Tax on profit 9 817,650 612,551
PROFIT FOR THE FINANCIAL YEAR 3,523,288 3,060,688

Retained earnings at beginning of year 10,631,426 7,570,738

Dividends 10 (7,000,000 ) -

RETAINED EARNINGS AT END OF
YEAR

7,154,714

10,631,426

Funstation Limited (Registered number: 05050529)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 5,984,042 4,492,340

CURRENT ASSETS
Stocks 12 293,392 242,392
Debtors 13 1,961,343 6,805,596
Investments 14 1,038,677 -
Cash at bank and in hand 1,672,146 2,204,334
4,965,558 9,252,322
CREDITORS
Amounts falling due within one year 15 3,334,001 2,878,706
NET CURRENT ASSETS 1,631,557 6,373,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,615,599

10,865,956

PROVISIONS FOR LIABILITIES 17 460,785 234,430
NET ASSETS 7,154,814 10,631,526

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 7,154,714 10,631,426
SHAREHOLDERS' FUNDS 7,154,814 10,631,526

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





J L Miller - Director


Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Funstation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal place of business is 2 Gate Lodge Close, Round Spinney, Northampton, NN3 8RJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the companies accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(a) Deferral of monies held on cards and redeemable tickets provision
Almost all locations operate cashless games. Customers preload their funcards and swipe or tap to play games. Tickets can be won on some games and prizes redeemed using them. Both card and ticket balances expire if not used within 12 months.

As such, all balances remaining on cards and the value of tickets still held are deferred into the period in which they expire or are used.

The income deferred was £443,927 (2022 - £545,047) and the value of the tickets provided for was £315,636 (2022 - £321,150).

(b) Determining net book value of tangible fixed assets
In determining the net book value of tangible fixed assets, management estimate both the residual value and the useful economic lives of the assets. Both judgements rely on the experience of management.

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point of use of leisure facilities by customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - Over the life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

No depreciation is provided on assets in the course of construction.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks consist of consumable items such as food and drink, and goods held for redemption using prize tickets.

Financial instruments
Funstation Limited enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans, balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Government grants (10,431 ) 45,271

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,611,478 2,080,710
Social security costs 166,148 135,634
Other pension costs 138,334 120,922
2,915,960 2,337,266

The average number of employees during the year was as follows:
2023 2022

Administration and support 14 13
Leisure, operations and management 150 125
164 138

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

20232022
££
Wages and salaries2,611,4772,080,710
Social security costs166,148135,634
Other pension costs138,334120,922
2,915,9592,337,266

The average monthly number of employees during the year was made up as follows:

20232022
No.No.
Administration and support1413
Leisure, operations and management150125
164138

2023 2022
£    £   
Directors' remuneration 107,775 95,167
Directors' pension contributions to money purchase schemes 2,513 2,135

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 17,495 13,556
Other operating leases 1,011,039 778,080
Depreciation - owned assets 968,993 812,714
(Profit)/loss on disposal of fixed assets (11,378 ) 19,834
Auditors' remuneration 14,488 10,897
Foreign exchange differences 4,824 12,230

6. INCOME FROM FIXED ASSET INVESTMENTS
2023 2022
£    £   
Fixed income bond interest 38,677 -

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Deposit account interest 38,731 5,283
Corporation tax interest 21,071 -
59,802 5,283

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Corporation tax interest - 5,997

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 591,295 616,968

Deferred tax 226,355 (4,417 )
Tax on profit 817,650 612,551

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 4,340,938 3,673,239
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

1,020,989

697,915

Effects of:
Expenses not deductible for tax purposes 4,078 2,928
Capital allowances in excess of depreciation (426,428 ) (85,179 )
Deferred tax 226,355 (4,417 )
Structures and buildings allowance (4,668 ) (1,242 )
(Profit)/loss on disposal of assets (2,676 ) 3,769
Balancing charge - 4,816
Group loss relief - (6,039 )
Total tax charge 817,650 612,551

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares shares of £1 each
Interim 7,000,000 -

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 4,219,893 4,263,013 1,728,635
Additions 149,354 756,656 129,599
Disposals - (49,400 ) -
Reclassification/transfer 1,048,115 40,650 1,133,818
At 31 December 2023 5,417,362 5,010,919 2,992,052
DEPRECIATION
At 1 January 2023 2,071,646 2,894,158 1,581,159
Charge for year 381,622 416,246 159,843
Eliminated on disposal - (18,783 ) -
At 31 December 2023 2,453,268 3,291,621 1,741,002
NET BOOK VALUE
At 31 December 2023 2,964,094 1,719,298 1,251,050
At 31 December 2022 2,148,247 1,368,855 147,476

Assets in
the
Motor course of
vehicles construction Totals
£    £    £   
COST
At 1 January 2023 53,145 795,520 11,060,206
Additions 28,640 1,427,138 2,491,387
Disposals - (75 ) (49,475 )
Reclassification/transfer - (2,222,583 ) -
At 31 December 2023 81,785 - 13,502,118
DEPRECIATION
At 1 January 2023 20,903 - 6,567,866
Charge for year 11,282 - 968,993
Eliminated on disposal - - (18,783 )
At 31 December 2023 32,185 - 7,518,076
NET BOOK VALUE
At 31 December 2023 49,600 - 5,984,042
At 31 December 2022 32,242 795,520 4,492,340

12. STOCKS
2023 2022
£    £   
Stocks 293,392 242,392

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,217 -
Amounts owed by group undertakings 243,656 5,668,604
Other debtors 32,209 10,000
Directors' current accounts 144 95,000
Tax 833,843 284,740
Prepayments and accrued income 848,274 747,252
1,961,343 6,805,596

14. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Fixed income bond 1,038,677 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 821,869 635,668
Tax 591,295 616,968
Social security and other taxes 52,380 27,827
VAT 182,342 142,665
Other creditors 10,580 9,895
Accruals and deferred income 1,675,535 1,445,683
3,334,001 2,878,706

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 956,585 865,352
Between one and five years 3,260,600 2,721,929
In more than five years 4,787,925 4,026,666
9,005,110 7,613,947

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,011,039 (2022: £778,080).

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 460,785 234,430

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 234,430
Provided during year 226,355
Balance at 31 December 2023 460,785

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 January 2023 10,631,426
Profit for the year 3,523,288
Dividends (7,000,000 )
At 31 December 2023 7,154,714

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable to the fund and amounted to £138,334 (2022: £120,922). The amount outstanding at the year end was £9,077 (2022: £7,033).

21. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 1,353,283

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J L Miller and Mrs V I Miller
Balance outstanding at start of year 95,000 536
Amounts advanced 144 95,000
Amounts repaid (95,000 ) (536 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 144 95,000

Funstation Limited (Registered number: 05050529)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Compensation 121,444 109,364

24. ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate parent company is Overstone Holdings Limited, which owns 100% of the issued ordinary share capital. Overstone Holdings Limited is a company registered in England that shares the same registered office as Funstation Limited.

Overstone Holdings Limited's consolidated financial statements are available at Companies House.