REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Funstation Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants & |
Statutory Auditors |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Funstation Limited (Registered number: 05050529) |
Statement of Income and |
Retained Earnings |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
4,252,890 | 3,628,682 |
Other operating income | 3 | ( |
) |
OPERATING PROFIT | 5 |
Income from fixed asset investments | 6 |
Interest receivable and similar income | 7 |
98,479 | 5,283 |
4,340,938 | 3,679,236 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 10 | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Funstation Limited (Registered number: 05050529) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Funstation Limited (Registered number: 05050529) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Funstation Limited is a |
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 |
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 |
Leasehold property improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 | ( |
) |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration and support | 14 | 13 |
Leisure, operations and management | 150 | 125 |
Funstation Limited (Registered number: 05050529) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,611,477 | 2,080,710 |
Social security costs | 166,148 | 135,634 |
Other pension costs | 138,334 | 120,922 |
2,915,959 | 2,337,266 |
The average monthly number of employees during the year was made up as follows: |
2023 | 2022 |
No. | No. |
Administration and support | 14 | 13 |
Leisure, operations and management | 150 | 125 |
164 | 138 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences |
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 |
Corporation tax interest |
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 |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
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 |
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 |
Additions |
Disposals | ( |
) |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Assets in |
the |
Motor | course of |
vehicles | construction | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
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 |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 144 | 95,000 |
Tax |
Prepayments and accrued income |
14. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Fixed income bond |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 182,342 | 142,665 |
Other creditors |
Accruals and deferred income |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
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 |
Provided during year |
Balance at 31 December 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Funstation Limited (Registered number: 05050529) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
23. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Compensation |
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. |