Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetrue2023-04-03falseOperation of Fairgame competitive socialising venues11263falsefalsefalse 12859516 2023-04-03 2024-03-31 12859516 2022-04-02 2023-04-02 12859516 2024-03-31 12859516 2023-04-02 12859516 2022-04-02 12859516 1 2023-04-03 2024-03-31 12859516 1 2022-04-02 2023-04-02 12859516 d:CompanySecretary1 2023-04-03 2024-03-31 12859516 d:Director1 2023-04-03 2024-03-31 12859516 d:Director2 2023-04-03 2024-03-31 12859516 d:Director3 2023-04-03 2024-03-31 12859516 d:RegisteredOffice 2023-04-03 2024-03-31 12859516 e:Buildings e:ShortLeaseholdAssets 2023-04-03 2024-03-31 12859516 e:Buildings e:ShortLeaseholdAssets 2024-03-31 12859516 e:Buildings e:ShortLeaseholdAssets 2023-04-02 12859516 e:PlantMachinery 2023-04-03 2024-03-31 12859516 e:FurnitureFittings 2023-04-03 2024-03-31 12859516 e:FurnitureFittings 2024-03-31 12859516 e:FurnitureFittings 2023-04-02 12859516 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-03 2024-03-31 12859516 e:OfficeEquipment 2023-04-03 2024-03-31 12859516 e:OfficeEquipment 2024-03-31 12859516 e:OfficeEquipment 2023-04-02 12859516 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-04-03 2024-03-31 12859516 e:ComputerEquipment 2023-04-03 2024-03-31 12859516 e:ComputerEquipment 2024-03-31 12859516 e:ComputerEquipment 2023-04-02 12859516 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-03 2024-03-31 12859516 e:OtherPropertyPlantEquipment 2023-04-03 2024-03-31 12859516 e:OwnedOrFreeholdAssets 2023-04-03 2024-03-31 12859516 e:PatentsTrademarksLicencesConcessionsSimilar 2023-04-03 2024-03-31 12859516 e:ComputerSoftware 2024-03-31 12859516 e:ComputerSoftware 2023-04-02 12859516 e:CurrentFinancialInstruments 2024-03-31 12859516 e:CurrentFinancialInstruments 2023-04-02 12859516 e:Non-currentFinancialInstruments 2024-03-31 12859516 e:Non-currentFinancialInstruments 2023-04-02 12859516 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 12859516 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-02 12859516 e:ReportableOperatingSegment1 2023-04-03 2024-03-31 12859516 e:ReportableOperatingSegment1 2022-04-02 2023-04-02 12859516 e:ReportableOperatingSegment2 2023-04-03 2024-03-31 12859516 e:ReportableOperatingSegment2 2022-04-02 2023-04-02 12859516 e:ReportableOperatingSegment3 2023-04-03 2024-03-31 12859516 e:ReportableOperatingSegment3 2022-04-02 2023-04-02 12859516 e:ReportableOperatingSegment5 2023-04-03 2024-03-31 12859516 e:ReportableOperatingSegment5 2022-04-02 2023-04-02 12859516 e:UKTax 2023-04-03 2024-03-31 12859516 e:UKTax 2022-04-02 2023-04-02 12859516 e:ShareCapital 2023-04-03 2024-03-31 12859516 e:ShareCapital 2024-03-31 12859516 e:ShareCapital 2022-04-02 2023-04-02 12859516 e:ShareCapital 2023-04-02 12859516 e:ShareCapital 2022-04-02 12859516 e:RetainedEarningsAccumulatedLosses 2023-04-03 2024-03-31 12859516 e:RetainedEarningsAccumulatedLosses 2024-03-31 12859516 e:RetainedEarningsAccumulatedLosses 2022-04-02 2023-04-02 12859516 e:RetainedEarningsAccumulatedLosses 2023-04-02 12859516 e:RetainedEarningsAccumulatedLosses 2022-04-02 12859516 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 12859516 e:AcceleratedTaxDepreciationDeferredTax 2023-04-02 12859516 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 12859516 e:TaxLossesCarry-forwardsDeferredTax 2023-04-02 12859516 e:RetirementBenefitObligationsDeferredTax 2024-03-31 12859516 e:RetirementBenefitObligationsDeferredTax 2023-04-02 12859516 d:OrdinaryShareClass1 2023-04-03 2024-03-31 12859516 d:OrdinaryShareClass1 2024-03-31 12859516 d:OrdinaryShareClass1 2023-04-02 12859516 d:FRS102 2023-04-03 2024-03-31 12859516 d:Audited 2023-04-03 2024-03-31 12859516 d:FullAccounts 2023-04-03 2024-03-31 12859516 d:PrivateLimitedCompanyLtd 2023-04-03 2024-03-31 12859516 e:WithinOneYear 2024-03-31 12859516 e:WithinOneYear 2023-04-02 12859516 e:BetweenOneFiveYears 2024-03-31 12859516 e:BetweenOneFiveYears 2023-04-02 12859516 e:MoreThanFiveYears 2024-03-31 12859516 e:MoreThanFiveYears 2023-04-02 12859516 2 2023-04-03 2024-03-31 12859516 e:ComputerSoftware e:OwnedIntangibleAssets 2023-04-03 2024-03-31 12859516 f:PoundSterling 2023-04-03 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 12859516












PARTISAN WORK FG LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 

PARTISAN WORK FG LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Profit and loss account
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 30


 

PARTISAN WORK FG LIMITED
 
COMPANY INFORMATION


Directors
P A Campbell 
R S Hilton 
A M Myers 




Company secretary
B J Bhudia



Registered number
12859516



Registered office
30 Churchill Place
Wework (4th Floor)

London

E14 5RE




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

PARTISAN WORK FG LIMITED
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report on the company for the period ended 31 March 2024. The principal activity of the company during the year continued to be that of operating the Fairgame competitive socialising business.

Business review
 
During the year the business traded as Fairgame at Canary Wharf. At this venue the business generates sales from games, drinks sales and food sales.
This was the business’ first full year of trading and the directors were pleased with the continued strong level of sales and the general trading performance.
Turnover in the period increased to £12,008,603 for the first full period compared to £4,964,166 in the previous period.
Gross profit in the period increased to £7,494,140 for the first full period compared to £2,920,957 in the previous period.
Profit before tax in the period increased to £1,943,248 for the first full period compared to a loss of £847,576 in the previous period.

Future developments

The business plans in the future to open further venues trading as Fairgame.

Principal risks and uncertainties
 
Whilst the UK economic environment has been relatively weak, Fairgame has continued to trade very strongly. The directors believe this is a reflection of the underlying appeal of Fairgame to customers.
The company manages its credit risk by establishing credit limits for customers.
The business buys some products from outside the UK, mainly in US Dollars, and therefore keeps a reasonable balance of monies in US Dollar accounts to avoid any undue exchange rate exposure. 

Financial key performance indicators
 
The directors monitor operating gross margins at gross, labour and ebitda levels on a weekly and monthly basis. In addition they review a number of other relevant financial and non-financial key performance indicators as well as customer feedback. During the period all margins were at levels that the directors regard as very satisfactory.
Stock days decreased by 9 days from 20 days at 1 April 2023 to 11 days at 31 March 2024 reflecting the increased of stock holdings commensurate with the level of trading activity of the company.
The company ended the period with cash of £3,702,926 compared to £1,739,094 at the end of the previous period.

Page 2

 

PARTISAN WORK FG LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Other key performance indicators
 
The directors are committed to promoting the health, safety and welfare of their staff and continue to ensure appropriate measures are undertaken in this regard. The business organises regular events and initiatives to enhance staff engagement.
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment through, for example, regularly monitoring and takin measures to control energy consumption.


This report was approved by the board and signed on its behalf.



R S Hilton
Director

Date: 14 October 2024
Page 3

 

PARTISAN WORK FG LIMITED

DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

Results and dividends

The profit for the period, after taxation, amounted to £1,457,436 (2023 - loss £454,656).

The directors do not recommend a dividend.

Directors

The directors who served during the period were:

P A Campbell 
R S Hilton 
A M Myers 

Matters covered in the Strategic report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report. 

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





R S Hilton
Director

Date: 14 October 2024

Page 4

 

PARTISAN WORK FG LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 

PARTISAN WORK FG LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARTISAN WORK FG LIMITED
 FOR THE PERIOD ENDED 31 MARCH 2024

Opinion


We have audited the financial statements of Partisan Work FG Limited (the 'Company') for the period ended 31 March 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 March 2024 and of its profit for the period 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 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 

PARTISAN WORK FG LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARTISAN WORK FG LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

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 reportOur 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.


Opinion 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


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 directors' report.


We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement set out on page 5, 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.


Page 7

 

PARTISAN WORK FG LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARTISAN WORK FG LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

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.
 
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:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hospitality sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs and relevant regulators.
 
Page 8

 

PARTISAN WORK FG LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARTISAN WORK FG LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 auditor's report.


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 2006Our 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.





Daniel Burke (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
15 October 2024
Page 9

 

PARTISAN WORK FG LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended 31 March
Period ended
2 April
2024
2023
£
£

  

Turnover
 4 
12,008,623
4,964,166

Cost of sales
  
(4,514,483)
(2,043,209)

Gross profit
  
7,494,140
2,920,957

Administrative expenses
  
(5,599,842)
(3,768,533)

Operating profit/(loss)
 5 
1,894,298
(847,576)

Interest receivable and similar income
 7 
48,972
-

Interest payable and similar expenses
 8 
(22)
-

Profit/(loss) before taxation
 15 
1,943,248
(847,576)

Tax on profit/(loss)
  
(485,812)
392,920

Profit/(loss) for the financial period
  
1,457,436
(454,656)

There are no items of other comprehensive income for either the period or the prior period other than the profit/(loss) for the period. Accordingly, no statement of other comprehensive income has been presented. 

Page 10


 
REGISTERED NUMBER:12859516
PARTISAN WORK FG LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
2 April
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
74,952
79,021

Tangible assets
 11 
3,618,462
3,625,591

  
3,693,414
3,704,612

Current assets
  

Stocks
 12 
135,830
113,360

Debtors: amounts falling due after more than one year
 13 
240,000
300,000

Debtors: amounts falling due within one year
 13 
135,537
489,173

Cash at bank and in hand
  
3,702,926
1,739,094

  
4,214,293
2,641,627

Creditors: amounts falling due within one year
 14 
(7,006,427)
(6,995,287)

Net current liabilities
  
 
 
(2,792,134)
 
 
(4,353,660)

Total assets less current liabilities
  
901,280
(649,048)

Provisions for liabilities
  

Deferred tax
 15 
(92,892)
-

  
 
 
(92,892)
 
 
-

Net assets/(liabilities)
  
808,388
(649,048)

Page 11


 
REGISTERED NUMBER:12859516
PARTISAN WORK FG LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

31 March
2 April
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 17 
1
1

Profit and loss account
  
808,387
(649,049)

Total equity
  
808,388
(649,048)


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




R S Hilton
Director

Date: 14 October 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 12

 

PARTISAN WORK FG LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 31 March 2022
1
(194,393)
(194,392)


Comprehensive income for the period

Loss for the period
-
(454,656)
(454,656)
Total comprehensive income for the period
-
(454,656)
(454,656)



At 3 April 2023
1
(649,049)
(649,048)


Comprehensive income for the period

Profit for the period
-
1,457,436
1,457,436
Total comprehensive income for the period
-
1,457,436
1,457,436


At 31 March 2024
1
808,387
808,388


Page 13

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Partisan Work FG Limited is a private company limited by shares incorporated in England and Wales with registered office at 30 Churchill Place, (We Work, 4th Floor), London, E14 5RE. 
These financial statements have been prepared for a 52-week period from 3 April 2023 to 31 March 2024. The comparative figures represent the period from 1 April 2022 to 2 April 2023.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
• Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
• Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
• Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
• Section 26 Share based payments (disclosure of share based payments);
• Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation). 
The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 14

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Sale of goods

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

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

Rendering of services relates to games sales.
 
 
2.4

Operating leases: the company as lessee

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

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

 
2.5

Interest income

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

Page 15

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

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

 
2.7

Share capital

Ordinary shares are classified as equity. 

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Branding
-
20
years (over life of lease)

 
2.9

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5%
(over life of lease)
Plant and machinery
-
20%
Fixtures and fittings
-
20%
Office equipment
-
33%
Computer equipment
-
33%
Other fixed assets
-
5%

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

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

Page 16

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.13

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, amounts due from group undertakings and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 

 
Page 18

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


 
Page 19

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.14

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'. 

Page 20

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.15

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the period or prior periods.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors are required to exercise judgement in applying accounting policies and make estimates which may materially impact the financial statements. Significant judgements and sources of estimation uncertainty are outlined below.Useful life of fixed assets.
Useful life of fixed assets 
The company depreciates its tangible fixed assets over the asset's useful life. The useful life is a significant judgement made by the directors as it impacts the rate of depreciation of assets, and consequently, profit or loss and net assets. The directors do not necessarily consider this a key source of estimation uncertainty (but accept depreciation is a material figure) as the majority of the company's fixed assets are leasehold improvements, whereby the useful life is closely linked to the lease term.

Page 21

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended 31 March
Period ended
2 April
2024
2023
£
£

Activities
4,489,499
1,881,860

Food and drink
7,352,210
3,023,466

Merchandise
154,263
52,443

Other
12,651
6,397

12,008,623
4,964,166


All turnover arose within the United Kingdom.


5.


Operating profit/(loss)

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

Period ended 31 March
Period ended
2 April
2024
2023
£
£

Exchange differences
129
(13,638)

Other operating lease rentals
496,293
547,826

Pension costs
23,832
11,780

Audit fees
20,000
18,500

Depreciation of tangible fixed assets
599,339
305,713

Amortisation of intangible fixed assets
4,069
2,362

Page 22

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Employees

Staff costs were as follows:


Period ended 31 March
Period ended
2 April
2024
2023
£
£

Wages and salaries
2,176,203
1,183,674

Social security costs
138,798
81,458

Cost of defined contribution scheme
23,832
11,780

2,338,833
1,276,912


The average monthly number of employees, including the directors, during the period was as follows:


Period ended 31 March
     Period ended
         2 April
        2024
        2023
            No.
            No.







Venue staff
109
60



Directors
3
3

112
63

Directors' remuneration in the period was £nil (2023: £nil).


7.


Interest receivable and similar income

Period ended 31 March
Period ended
2 April
2024
2023
£
£


Other interest receivable
48,972
-

Page 23

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Interest payable and similar expenses

Period ended 31 March
Period ended
2 April
2024
2023
£
£


Other loan interest payable
22
-


9.


Taxation


Period ended 31 March
Period ended
2 April
2024
2023
£
£



Current tax on profits for the year
-
-


Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
485,812
(392,920)

Total deferred tax
485,812
(392,920)


Tax on profit/(loss)
485,812
(392,920)
Page 24

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

Period ended 31 March
Period ended
2 April
2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,943,248
(847,576)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
485,812
(161,039)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
19

Capital allowances for period in excess of depreciation
(7,351)
(561,694)

Short-term timing difference leading to an increase (decrease) in taxation
(230)
803

Unrelieved tax losses carried forward
-
328,991

Other timing differences leading to an increase (decrease) in taxation
(12,238)
-

Utilisation of tax losses
19,819
-

Total tax charge for the period
485,812
(392,920)

Page 25

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


10.


Intangible assets






Branding

£



Cost


At 3 April 2023
81,383



At 31 March 2024

81,383



Amortisation


At 3 April 2023
2,362


Charge for the period
4,069



At 31 March 2024

6,431



Net book value



At 31 March 2024
74,952



At 2 April 2023
79,021



Page 26

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 3 April 2023
1,963,353
548,637
1,059,978
359,336
3,931,304


Additions
128,814
137,136
134,633
191,627
592,210



At 31 March 2024

2,092,167
685,773
1,194,611
550,963
4,523,514



Depreciation


At 3 April 2023
59,879
57,913
121,914
66,007
305,713


Charge for the period on owned assets
105,390
128,031
227,678
138,240
599,339



At 31 March 2024

165,269
185,944
349,592
204,247
905,052



Net book value



At 31 March 2024
1,926,898
499,829
845,019
346,716
3,618,462



At 2 April 2023
1,903,474
490,724
938,064
293,329
3,625,591


12.


Stocks

31 March
2 April
2024
2023
£
£

Finished goods and goods for resale
135,830
113,360

Page 27

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Debtors

31 March
2 April
2024
2023
£
£

Due after more than one year

Other debtors
240,000
300,000


31 March
2 April
2024
2023
£
£

Due within one year

Trade debtors
2,086
5,800

Amounts owed by group undertakings
41,324
-

Other debtors
395
-

Prepayments and accrued income
91,732
90,453

Deferred taxation
-
392,920

135,537
489,173


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


14.


Creditors: Amounts falling due within one year

31 March
2 April
2024
2023
£
£

Trade creditors
406,424
374,798

Amounts owed to group undertakings
4,721,989
5,042,701

Other taxation and social security
441,556
422,776

Other creditors
21,465
16,088

Accruals and deferred income
1,414,993
1,138,924

7,006,427
6,995,287


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.

Page 28

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Deferred taxation






2024


£






At beginning of year
392,920


Charged to profit or loss
(485,812)



At end of year
(92,892)

The deferred taxation balance is made up as follows:

31 March
2 April
2024
2023
£
£


Accelerated capital allowances
(613,790)
(606,439)

Tax losses carried forward
520,072
998,302

Short term timing differences
826
1,057

(92,892)
392,920


16.


Reserves

The profit and loss account includes all current and prior period retained profits and losses. 


17.


Share capital

31 March
2 April
2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share capital share of £1.00
1
1

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



18.


Pension commitments

The company operates a defined contributions 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 by the company to the fund and amounted to £23,832 (2023: £11,780). Contributions totalling £7,016 (2023: £9,180) were payable to the fund at the balance sheet date and are included in creditors.

Page 29

 

PARTISAN WORK FG LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
2 April
2024
2023
£
£


Not later than 1 year
413,750
149,167

Later than 1 year and not later than 5 years
1,908,333
1,822,083

Later than 5 years
6,083,333
6,583,333

8,405,416
8,554,583


20.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

21.


Controlling party

The immediate parent undertaking is Partisan Work Limited.
 
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Partisan Work Limited, whose registered office is at 30 Churchill Place, (We Work, 4th Floor), London, E14 5RE. Copies of these group financial statements are available to the public from its registered office.
In the opinion of the directors, there is no ultimate controlling party.
 
Page 30