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REGISTERED NUMBER: 03048036 (England and Wales)















TEEN SPIRIT LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 7

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14 to 23


TEEN SPIRIT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: W Sheeran
Mrs S J Sheeran


SECRETARY: Mrs S J Sheeran


REGISTERED OFFICE: The Tower Cinema
111 Lumley Road
Skegness
Lincs
PE25 3LZ


REGISTERED NUMBER: 03048036 (England and Wales)


SENIOR STATUTORY AUDITOR: Timothy Godson FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR


BANKERS: HSBC Bank PLC
49 Lumley Road
Skegness
Lincolnshire
PE25 3LW

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
The headline results for the year and the two preceding years are as follows:-

Year to Year to Year to
31 January 2024 31 January 2023 31 January 2022
£    £    £   

Turnover 6,276,237 6,237,069 5,920,016
Gross profit 3,675,153 3,697,491 3,653,393
Gross profit margin 59% 59% 62%
Operating profit/(loss) 1,015,167 1,478,427 2,148,852
Operating profit margin 16% 24% 36%

The directors are happy with another strong trading performance during the year within the leisure trade. Operating profit has decreased, this was due to unavoidable operational costs mainly the large increase in minimum wage and the energy cost crisis. Gross profit margin has remained consistent. The directors have considered the key performance indicators and the current economic conditions in the country and are working to reduce the operational costs where possible in the future to counteract the unavoidable increases as mentioned above.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. Risks are formally reviewed by the directors and appropriate processes put in place to monitor and mitigate them.

The key risks affecting the company are set out below:

Customers
In order to reduce the potential loss of custom the company values integrity and seeks to conduct its business with professionalism and aspires to provide excellent service in the eyes of our customers. In order to do so the business ensures it is closely aligned to all its customers' objectives.

Employees
The company respects and cares for its staff and invests in their employment potential in return for loyalty, openness, commitment and performance. The company believes in remunerating its staff fairly for doing a good job, which includes taking on responsibility, working as a team and supporting the company's continuous improvement.

Commodity risk
The company is also exposed to the varieties of the climate and consequent impacts upon the price and availability of product. Consequently the company operates a variety of key mitigating tools to reduce exposure to commodity risk.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest rate risk
The company finances its operations through a combination of bank borrowings and finance leases. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and variable rate facilities.

The company's revenues and activity levels are affected by a number of factors, the principal ones of which are:

- The economic climate (GFC), and localised factors, all impact on demand.
- Consumer tastes and expenditure, influenced by demographics and trends in the leisure sector.
- Rising input costs, such as food, labour and utility costs all have an impact on the cost base of the company and operating margins.


TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

DEVELOPMENT AND PERFORMANCE
The directors are mindful of costing the company's expansion of operations. Despite continuing economic difficulties the directors look forward to the future of the company and the industry sector it operates in with ever increasing optimism.

ON BEHALF OF THE BOARD:





W Sheeran - Director


11 October 2024

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing family entertainment such as amusement arcades, aquariums, cinema and golf.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 will be £100,000

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

W Sheeran
Mrs S J Sheeran

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.

ON BEHALF OF THE BOARD:





W Sheeran - Director


11 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEEN SPIRIT LIMITED

Opinion
We have audited the financial statements of Teen Spirit Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 January 2024 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TEEN SPIRIT LIMITED


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.

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.

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Gambling Commission, Food Safety Hygiene and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the health and safety audits and food hygiene certificates and correspondence with the Gambling Commission within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls and gambling commission compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
TEEN SPIRIT 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.




Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

16 October 2024

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 6,276,237 6,237,069

Cost of sales 2,601,084 2,539,578
GROSS PROFIT 3,675,153 3,697,491

Administrative expenses 2,800,235 2,426,342
874,918 1,271,149

Other operating income 140,249 207,278
OPERATING PROFIT 5 1,015,167 1,478,427

Interest receivable and similar income (297 ) 6
1,014,870 1,478,433
Gain/loss on revaluation of investment property 68,243 -
1,083,113 1,478,433

Interest payable and similar expenses 6 344,081 257,700
PROFIT BEFORE TAXATION 739,032 1,220,733

Tax on profit 7 200,777 228,773
PROFIT FOR THE FINANCIAL YEAR 538,255 991,960

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 538,255 991,960


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 538,255 991,960

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 8,982,592 8,147,153
Investments 10 100 100
Investment property 11 1,005,575 718,557
9,988,267 8,865,810

CURRENT ASSETS
Stocks 12 197,262 242,062
Debtors 13 1,991,538 1,842,814
Cash at bank and in hand 404,005 1,073,852
2,592,805 3,158,728
CREDITORS
Amounts falling due within one year 14 1,742,664 1,414,515
NET CURRENT ASSETS 850,141 1,744,213
TOTAL ASSETS LESS CURRENT LIABILITIES 10,838,408 10,610,023

CREDITORS
Amounts falling due after more than one year 15 (4,582,517 ) (4,925,966 )

PROVISIONS FOR LIABILITIES 19 (395,442 ) (261,863 )
NET ASSETS 5,860,449 5,422,194

CAPITAL AND RESERVES
Called up share capital 20 50,000 50,000
Fair value reserve 21 55,191 5,345
Capital redemption reserve 21 1,000 1,000
Retained earnings 21 5,754,258 5,365,849
SHAREHOLDERS' FUNDS 5,860,449 5,422,194

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2024 and were signed on its behalf by:





W Sheeran - Director


TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Fair Capital
share Retained value redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 February 2022 50,000 4,473,889 5,345 1,000 4,530,234

Changes in equity
Dividends - (100,000 ) - - (100,000 )
Total comprehensive income - 991,960 - - 991,960
Balance at 31 January 2023 50,000 5,365,849 5,345 1,000 5,422,194

Changes in equity
Dividends - (100,000 ) - - (100,000 )
Total comprehensive income - 488,409 49,846 - 538,255
Balance at 31 January 2024 50,000 5,754,258 55,191 1,000 5,860,449

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,936,284 1,145,212
Interest paid (344,081 ) (254,952 )
Interest element of hire purchase payments paid - (2,748 )
Tax paid (203,540 ) (233,187 )
Net cash from operating activities 1,388,663 654,325

Cash flows from investing activities
Purchase of tangible fixed assets (1,517,578 ) (628,291 )
Purchase of investment property (218,775 ) (160,000 )
Sale of tangible fixed assets 4,000 39,322
Interest received (297 ) 6
Net cash from investing activities (1,732,650 ) (748,963 )

Cash flows from financing activities
New loans in year 143,500 1,212,000
Loan repayments in year (394,241 ) (424,383 )
Capital repayments in year 112,132 (78,831 )
Amount introduced by directors 43,401 3,199
Amount withdrawn by directors (230,652 ) (251,122 )
Net cash from financing activities (325,860 ) 460,863

(Decrease)/increase in cash and cash equivalents (669,847 ) 366,225
Cash and cash equivalents at beginning of year 2 1,073,852 707,627

Cash and cash equivalents at end of year 2 404,005 1,073,852

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 739,032 1,220,733
Depreciation charges 680,339 595,355
Profit on disposal of fixed assets (2,200 ) (13,414 )
Gain on revaluation of fixed assets (68,243 ) -
Finance costs 344,081 257,700
Finance income 297 (6 )
1,693,306 2,060,368
Decrease/(increase) in stocks 44,800 (2,174 )
Increase in trade and other debtors (33,384 ) (842,974 )
Increase/(decrease) in trade and other creditors 231,562 (70,008 )
Cash generated from operations 1,936,284 1,145,212

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 404,005 1,073,852
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 1,073,852 707,627


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 1,073,852 (669,847 ) 404,005
1,073,852 (669,847 ) 404,005
Debt
Finance leases (99,262 ) (112,132 ) (211,394 )
Debts falling due within 1 year (587,813 ) (133,509 ) (721,322 )
Debts falling due after 1 year (4,485,358 ) 384,250 (4,101,108 )
(5,172,433 ) 138,609 (5,033,824 )
Total (4,098,581 ) (531,238 ) (4,629,819 )

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Preparation of consolidated financial statements
The financial statements contain information about Teen Spirit Limited as an individual company and do not contain consolidated financial information as the parent of a group.The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied and services rendered, net of returns and discounts allowed by the company and value added taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 20% on cost and 2% on cost
Short leasehold - 3 - 13 years straight line
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on reducing balance and 3 - 13 years straight line
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position date.


TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Employee benefit trust
The company has established a Trust with the broad objective of providing benefits to the employees and their dependents, both past and present. The Trustees operate independently of the company and the assets of the Trust are held separately from those of the company. In order to comply with accounting standards the assets of the Trust are combined with those of the company in these accounts, except to the extent that they have been designated into subtrusts for specific employees.

The set up costs of the Employee Benefit Trust were originally capitalised but have now been fully expensed.

Provisions
Provisions are recognised when the company has an obligation at the financial reporting date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each financial reporting date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,872,704 1,815,611
Social security costs 2,656 1,910
Other pension costs 18,948 14,404
1,894,308 1,831,925

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Office 18 18
Sales 75 75
95 95

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 31,122 27,044

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 34,560 52,938
Depreciation - owned assets 680,339 595,357
Profit on disposal of fixed assets (2,200 ) (13,414 )
Auditors' remuneration 12,045 11,330

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 339,002 249,677
Interest payable 5,079 5,275
Hire purchase interest - 2,748
344,081 257,700

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 89,707 177,975
Adjustment re previous years (22,509 ) -
Total current tax 67,198 177,975

Deferred tax 133,579 50,798
Tax on profit 200,777 228,773

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 739,032 1,220,733
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

184,758

231,939

Effects of:
Expenses not deductible for tax purposes - 747
Income not taxable for tax purposes (17,611 ) (2,549 )
Capital allowances in excess of depreciation (74,369 ) (52,616 )
Adjustments to tax charge in respect of previous periods (22,509 ) -
Accelerated capital allowances 115,182 50,798
Timing differences 18,397 -
Chargeable gain 550 454
Movement in tax rates (3,621 ) -
Total tax charge 200,777 228,773

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 100,000 100,000

9. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 February 2023 4,120,299 3,532,969 3,809,591
Additions - 920,063 419,357
Disposals - - (1,800 )
Reclassification/transfer - 1,531 -
At 31 January 2024 4,120,299 4,454,563 4,227,148
DEPRECIATION
At 1 February 2023 1,223,800 344,337 2,904,414
Charge for year 83,368 112,216 294,288
At 31 January 2024 1,307,168 456,553 3,198,702
NET BOOK VALUE
At 31 January 2024 2,813,131 3,998,010 1,028,446
At 31 January 2023 2,896,499 3,188,632 905,177

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Aquarium
fittings vehicles Equipment Totals
£    £    £    £   
COST
At 1 February 2023 2,398,582 73,624 182,741 14,117,806
Additions 168,708 6,000 3,450 1,517,578
Disposals - - - (1,800 )
Reclassification/transfer (1,531 ) - - -
At 31 January 2024 2,565,759 79,624 186,191 15,633,584
DEPRECIATION
At 1 February 2023 1,372,088 68,279 57,735 5,970,653
Charge for year 167,011 2,273 21,183 680,339
At 31 January 2024 1,539,099 70,552 78,918 6,650,992
NET BOOK VALUE
At 31 January 2024 1,026,660 9,072 107,273 8,982,592
At 31 January 2023 1,026,494 5,345 125,006 8,147,153

The net book value of tangible fixed assets includes £211,394 in respect of assets held under hire purchase contracts.

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Even Flow (Skegness) Ltd
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 718,557
Additions 218,775
Revaluations 68,243
At 31 January 2024 1,005,575
NET BOOK VALUE
At 31 January 2024 1,005,575
At 31 January 2023 718,557

The investment property was subject a professional valuation during the 2024 year end.

The directors, who are not professionally qualified valuers, are satisfied that the value at 31 January 2024 is not materially different.

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2010 5,345
Valuation in 2024 68,243
Cost 931,987
1,005,575

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 937,332 713,212

12. STOCKS
2024 2023
£    £   
Stocks 197,262 242,062

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 17,471 6,219
Other debtors 958,060 928,369
Directors' current accounts 702,393 615,142
Tax 196,868 168,779
VAT - 17,047
Prepayments 116,746 107,258
1,991,538 1,842,814

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 721,322 587,813
Hire purchase contracts (see note 17) 93,287 46,176
Trade creditors 204,850 184,630
Amounts owed to group undertakings 100 100
Taxation 119,155 227,408
Other taxes and social security 23,302 18,606
VAT 241,130 -
Other creditors 270,398 297,649
Accrued expenses 69,120 52,133
1,742,664 1,414,515

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 4,101,108 4,485,358
Hire purchase contracts (see note 17) 118,107 53,086
Other creditors 363,302 387,522
4,582,517 4,925,966

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 721,322 587,813

Amounts falling due between one and two years:
Bank loans - 1-2 years 693,794 559,365

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,877,514 1,678,094

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by installments 1,529,800 2,247,899
1,529,800 2,247,899

At the financial reporting date, the company has two loans for which the repayment terms range from 60 to 66 months and the interest is charged at 2.75% per annum.

The company also has a mortgage for which the repayment term is 25 years and the interest rate is charged at 3.35% for the first year and 5.44% per annum for the remaining term of the mortgage.

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 93,287 46,176
Between one and five years 118,107 53,086
211,394 99,262

The hire purchase contracts relate to: arcade machines, catering equipment, café furniture, the aquarium soft play area and an audio visual system. At the end of the lease, title of the asset passes to the company for a nominal fee.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 27,500 73,943
Between one and five years 162,500 190,000
In more than five years 500,000 500,000
690,000 763,943

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,822,430 5,073,171
Hire purchase contracts 211,394 99,262
5,033,824 5,172,433

Bank loans arising are secured by fixed and floating charges over all assets and undertaking of the company, both present and future.

Bank mortgages arising are secured against the property borrowed against.

Hire purchase agreements are secured by a guarantee given by Mrs S Sheeran a director and on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 377,045 261,863
Other timing differences 18,397 -
395,442 261,863

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 261,863
Charge to Income Statement during year 133,579
Balance at 31 January 2024 395,442

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

21. RESERVES
Fair Capital
Retained value redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 February 2023 5,365,849 5,345 1,000 5,372,194
Profit for the year 538,255 538,255
Dividends (100,000 ) (100,000 )
Revaluation in the year (49,846 ) 49,846 - -
At 31 January 2024 5,754,258 55,191 1,000 5,810,449

Retained earnings
Includes all current and prior period retained profits and losses less dividends paid. All amounts are distributable.

Revaluation reserve
Is the reserve created when properties have been revalued, and is a cumulative balance of gains and losses created in the current and prior periods.

Capital redemption reserve
The statuary, non distributable reserve into which amounts were transferred following the redemption of the company's own shares

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 562,151

TEEN SPIRIT LIMITED (REGISTERED NUMBER: 03048036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
W Sheeran and Mrs S J Sheeran
Balance outstanding at start of year 615,142 467,219
Amounts advanced 230,651 251,122
Amounts repaid (143,400 ) (103,199 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 702,393 615,142

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due to related party 100 100

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Expenses paid on behalf of related party 1,363 5,222
Transfers 22,000 -
Amount due from related party 499,507 388,893

The transactions and balances with directors during the reporting period are set out in note 23 above.

Entities that provide key management personnel services to the entity
2024 2023
£    £   
Expenses 31,122 27,044

Other related parties
2024 2023
£    £   
Amount due from related party 907,283 860,717

During the year, a total of key management personnel compensation of £ 31,122 (2023 - £ 27,044 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are W Sheeran and Mrs S J Sheeran, by virtue of their majority shareholding.