Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Ellen O'Brien 10/05/2022 James Frederick Henry O'Brien 10/05/2022 James Todd O'Brien 10/05/2022 01 October 2024 The principal activity of the Company during the financial year was that of an indoor fun fair and amusement arcade. SC731957 2024-03-31 SC731957 bus:Director1 2024-03-31 SC731957 bus:Director2 2024-03-31 SC731957 bus:Director3 2024-03-31 SC731957 2023-03-31 SC731957 core:CurrentFinancialInstruments 2024-03-31 SC731957 core:CurrentFinancialInstruments 2023-03-31 SC731957 core:ShareCapital 2024-03-31 SC731957 core:ShareCapital 2023-03-31 SC731957 core:CapitalRedemptionReserve 2024-03-31 SC731957 core:CapitalRedemptionReserve 2023-03-31 SC731957 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC731957 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC731957 core:OtherPropertyPlantEquipment 2023-03-31 SC731957 core:OtherPropertyPlantEquipment 2024-03-31 SC731957 2022-05-09 SC731957 bus:OrdinaryShareClass1 2024-03-31 SC731957 bus:OrdinaryShareClass2 2024-03-31 SC731957 bus:OrdinaryShareClass3 2024-03-31 SC731957 bus:PreferenceShareClass1 2024-03-31 SC731957 2023-04-01 2024-03-31 SC731957 bus:FilletedAccounts 2023-04-01 2024-03-31 SC731957 bus:SmallEntities 2023-04-01 2024-03-31 SC731957 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC731957 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC731957 bus:Director1 2023-04-01 2024-03-31 SC731957 bus:Director2 2023-04-01 2024-03-31 SC731957 bus:Director3 2023-04-01 2024-03-31 SC731957 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC731957 2022-05-10 2023-03-31 SC731957 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC731957 bus:OrdinaryShareClass1 2022-05-10 2023-03-31 SC731957 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC731957 bus:OrdinaryShareClass2 2022-05-10 2023-03-31 SC731957 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC731957 bus:OrdinaryShareClass3 2022-05-10 2023-03-31 SC731957 bus:PreferenceShareClass1 2023-04-01 2024-03-31 SC731957 bus:PreferenceShareClass1 2022-05-10 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC731957 (Scotland)

O'BRIEN'S ENTERTAINMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

O'BRIEN'S ENTERTAINMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

O'BRIEN'S ENTERTAINMENT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
O'BRIEN'S ENTERTAINMENT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 659,808 609,225
659,808 609,225
Current assets
Stocks 24,748 17,597
Debtors 4 29,748 22,501
Cash at bank and in hand 118,668 47,092
173,164 87,190
Creditors: amounts falling due within one year 5 ( 603,637) ( 590,249)
Net current liabilities (430,473) (503,059)
Total assets less current liabilities 229,335 106,166
Provision for liabilities 6, 7 ( 152,118) ( 95,832)
Net assets 77,217 10,334
Capital and reserves
Called-up share capital 8 100 100
Capital redemption reserve 22,000 0
Profit and loss account 55,117 10,234
Total shareholders' funds 77,217 10,334

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of O'BRIEN'S ENTERTAINMENT LIMITED (registered number: SC731957) were approved and authorised for issue by the Board of Directors on 01 October 2024. They were signed on its behalf by:

James Todd O'Brien
Director
O'BRIEN'S ENTERTAINMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
O'BRIEN'S ENTERTAINMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

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

General information and basis of accounting

O'BRIEN'S ENTERTAINMENT LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Pleasureland, Queens Drive, Arbroath, DD11 1QD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements have been prepared for the twelve month period to 31 March 2024. The prior period covered from the date of incorporation on 10 May 2022 to 31 March 2023 and as a result, the comparatives are not directly comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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

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

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 - 25 % reducing balance

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

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

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

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

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and preference shares that are classified as debt, are 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

Year ended
31.03.2024
Period from
10.05.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 33

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 681,317 681,317
Additions 180,882 180,882
Disposals ( 25,670) ( 25,670)
At 31 March 2024 836,529 836,529
Accumulated depreciation
At 01 April 2023 72,092 72,092
Charge for the financial year 110,643 110,643
Disposals ( 6,014) ( 6,014)
At 31 March 2024 176,721 176,721
Net book value
At 31 March 2024 659,808 659,808
At 31 March 2023 609,225 609,225

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 0 7,200
Other debtors 29,748 15,301
29,748 22,501

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 15,456 16,482
Taxation and social security 24,645 5,459
Other creditors 563,536 568,308
603,637 590,249

6. Provision for liabilities

31.03.2024 31.03.2023
£ £
Deferred tax 152,118 95,832

7. Deferred tax

31.03.2024 31.03.2023
£ £
At the beginning of financial year/period ( 95,832) 0
Charged to the Profit and Loss Account ( 56,286) ( 95,832)
At the end of financial year/period ( 152,118) ( 95,832)

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
25 Ordinary B shares of £ 1.00 each 25 25
25 Ordinary C shares of £ 1.00 each 25 25
100 100
528,000 Preference shares redeemable shares of £ 1.00 each (31.03.2023: 550,000 shares of £ 1.00 each) 528,000 550,000
528,100 550,100

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.03.2024 31.03.2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,051 1,116

10. Related party transactions