Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-302024-03-30false113truetruefalsetruetrue113false2023-04-01The principal activity of the company continued to be that of amusement centres and other leisure facilities.true 01090957 2023-04-01 2024-03-30 01090957 2022-04-01 2023-03-31 01090957 2024-03-30 01090957 2023-03-31 01090957 2022-04-01 01090957 1 2023-04-01 2024-03-30 01090957 1 2022-04-01 2023-03-31 01090957 2 2023-04-01 2024-03-30 01090957 2 2022-04-01 2023-03-31 01090957 d:Director1 2023-04-01 2024-03-30 01090957 d:Director2 2023-04-01 2024-03-30 01090957 d:Director3 2023-04-01 2024-03-30 01090957 d:RegisteredOffice 2023-04-01 2024-03-30 01090957 d:Agent1 2023-04-01 2024-03-30 01090957 e:Buildings 2023-04-01 2024-03-30 01090957 e:Buildings 2024-03-30 01090957 e:Buildings 2023-03-31 01090957 e:Buildings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:LandBuildings 2024-03-30 01090957 e:LandBuildings 2023-03-31 01090957 e:PlantMachinery 2023-04-01 2024-03-30 01090957 e:PlantMachinery 2024-03-30 01090957 e:PlantMachinery 2023-03-31 01090957 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:MotorVehicles 2023-04-01 2024-03-30 01090957 e:MotorVehicles 2024-03-30 01090957 e:MotorVehicles 2023-03-31 01090957 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:FurnitureFittings 2023-04-01 2024-03-30 01090957 e:FurnitureFittings 2024-03-30 01090957 e:FurnitureFittings 2023-03-31 01090957 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:ComputerEquipment 2023-04-01 2024-03-30 01090957 e:ComputerEquipment 2024-03-30 01090957 e:ComputerEquipment 2023-03-31 01090957 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-30 01090957 e:FreeholdInvestmentProperty 2024-03-30 01090957 e:FreeholdInvestmentProperty 2023-03-31 01090957 e:CurrentFinancialInstruments 2024-03-30 01090957 e:CurrentFinancialInstruments 2023-03-31 01090957 e:Non-currentFinancialInstruments 2024-03-30 01090957 e:Non-currentFinancialInstruments 2023-03-31 01090957 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-30 01090957 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 01090957 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-30 01090957 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 01090957 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-30 01090957 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 01090957 e:UKTax 2023-04-01 2024-03-30 01090957 e:UKTax 2022-04-01 2023-03-31 01090957 e:ShareCapital 2023-04-01 2024-03-30 01090957 e:ShareCapital 2024-03-30 01090957 e:ShareCapital 2022-04-01 2023-03-31 01090957 e:ShareCapital 2023-03-31 01090957 e:ShareCapital 2022-04-01 01090957 e:SharePremium 2023-04-01 2024-03-30 01090957 e:SharePremium 2024-03-30 01090957 e:SharePremium 2022-04-01 2023-03-31 01090957 e:SharePremium 2023-03-31 01090957 e:SharePremium 2022-04-01 01090957 e:RevaluationReserve 2023-04-01 2024-03-30 01090957 e:RevaluationReserve 2024-03-30 01090957 e:RevaluationReserve 2022-04-01 2023-03-31 01090957 e:RevaluationReserve 2023-03-31 01090957 e:RevaluationReserve 2022-04-01 01090957 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-30 01090957 e:RetainedEarningsAccumulatedLosses 2024-03-30 01090957 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01090957 e:RetainedEarningsAccumulatedLosses 2023-03-31 01090957 e:RetainedEarningsAccumulatedLosses 2022-04-01 01090957 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-30 01090957 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 01090957 e:AcceleratedTaxDepreciationDeferredTax 2024-03-30 01090957 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01090957 d:OrdinaryShareClass1 2023-04-01 2024-03-30 01090957 d:OrdinaryShareClass1 2024-03-30 01090957 d:OrdinaryShareClass1 2023-03-31 01090957 d:FRS102 2023-04-01 2024-03-30 01090957 d:Audited 2023-04-01 2024-03-30 01090957 d:FullAccounts 2023-04-01 2024-03-30 01090957 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-30 01090957 e:WithinOneYear 2024-03-30 01090957 e:WithinOneYear 2023-03-31 01090957 e:BetweenOneFiveYears 2024-03-30 01090957 e:BetweenOneFiveYears 2023-03-31 01090957 e:HirePurchaseContracts e:WithinOneYear 2024-03-30 01090957 e:HirePurchaseContracts e:WithinOneYear 2023-03-31 01090957 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-03-30 01090957 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-03-31 01090957 5 2023-04-01 2024-03-30 01090957 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-03-30 01090957 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-03-31 01090957 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-03-30 01090957 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-03-31 01090957 e:LeasedAssetsHeldAsLessee 2024-03-30 01090957 e:LeasedAssetsHeldAsLessee 2023-03-31 01090957 f:PoundSterling 2023-04-01 2024-03-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01090957










JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2024

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr S L Reader 
Mr G Reader 
Mr S Robson 




Registered number
01090957



Registered office
Pleasureland
Marine Road West

Morecambe

Lancashire

LA4 4BU




Independent auditors
Kinnair Associates Limited
Chartered Accountants & Statutory Auditor

Aston House

Redburn Road

Newcastle upon Tyne

NE5 1NB




Accountants
Your Digital Accountant Ltd
2 Defender Court

Sunderland Enterprise Park

Sunderland

SR5 3PE




Bankers
Barclays Bank plc
19-23 Wellington Square

Stockton-on-Tees

TS18 1NA




Solicitors
Mincoff Solicitors
5 Osborne Terrace

Newcastle upon Tyne

NE2 1SQ





 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 9
Statement of Comprehensive Income
 
 
10
Balance Sheet
 
 
11 - 12
Statement of Changes in Equity
 
 
13 - 14
Notes to the Financial Statements
 
 
15 - 37


 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2024

Introduction
 
Since refinancing in 2020, the Company has navigated significant challenges and pursued strategic investments to enhance its portfolio and operational resilience. 
Principal Activities
The principal activities of the Company continued to be that of amusement centres and other leisure facilities.

Business review
 
Since the refinance in 2020, the four properties held as security by Barclays have been actively managed and strategically enhanced to maintain their value. Through targeted investments, tenant engagement, and property upgrades, the portfolio has been kept competitive and aligned with current market expectations.
Financial Performance and Outlook
Our strategic investments and diversified portfolio have positioned us for recovery and growth. We anticipate improved financial performance in the upcoming financial periods, supported by our expanded offerings and enhanced customer experiences.
Our proactive approach to investment and expansion, despite external challenges, underscores our commitment to growth and operational excellence.

Principal risks and uncertainties
 
In March 2020, the onset of the COVID-19 pandemic led to industry-wide restrictions, adversely affecting our operations. We implemented measures to mitigate financial impacts, including cost reductions and operational adjustments, to maintain stability during the period and going forward.

Financial key performance indicators
 
The KPI's below are regularly monitored by the Board:-

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The directors are content with the EBITDA, labour cost element and GP achieved. 

Page 1

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024

Other key performance indicators
 
Other KPI's that venue managers are assessed on are:
Customers: social media scores need to be at 4* or above.
Processes: venue audits need to be at 4* or higher. These are comprehensive in-house audits on the venues and paperwork the managers complete each day/week/month.
Employees: all employees need to have completed at least one on-line training course per month (we have recently had a target that all employees have to complete the 4 basic courses we have outlined for them, to get everyone up to date on H&S, manual handling,etc. Also employee engagement has to be at 90% or higher. 


This report was approved by the board on 21 February 2025 and signed on its behalf.





Mr S Robson
Director

Page 2

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2024

The directors present their report and the financial statements for the year ended 30 March 2024.

Directors' responsibilities statement

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;

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.

Results and dividends

The profit for the year, after taxation, amounted to £393,680 (2023 - loss £37,881).

The directors do not recommend the payment of a dividend for the year.

Directors

The directors who served during the year were:

Mr S L Reader 
Mr G Reader 
Mr S Robson 

Future developments

The Company will continue to invest to preserve the business's existing venues and to diversify its income streams. 

Page 3

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Auditors

The auditorsKinnair Associates Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 February 2025 and signed on its behalf.
 





Mr S Robson
Director

Page 4

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 

Opinion


We have audited the financial statements of Johnny's Entertainments (Tyneside) Limited (the 'Company') for the year ended 30 March 2024, which comprise the Statement of Comprehensive Income, 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).


Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 March 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 qualified opinion


We were not appointed as auditor of the company until after 30 March 2024 and thus did not observe the counting of cash and physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 March 2024, which are included in the balance sheet at £138,971 and £51,864 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.


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 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 qualified 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 5

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 year 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.


Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
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:


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.



Page 6

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


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 an Auditors' 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 management;
• 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;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
• we ensured that the 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 and 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; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias.
 
Page 7

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED (CONTINUED)


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; and
• enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Other matters 
 

The financial statements for the year ended 31 March 2023, forming the corresponding figures of the financial statements for the year ended 30 March 2024, are unaudited.


Page 8

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED (CONTINUED)


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 Auditors' 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.





Detlev Anderson (Senior Statutory Auditor)
  
for and on behalf of
Kinnair Associates Limited
 
Chartered Accountants
Statutory Auditor
  
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB

21 February 2025
Page 9

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
5,896,746
5,614,906

Cost of sales
  
(3,061,184)
(3,365,353)

Gross profit
  
2,835,562
2,249,553

Distribution costs
  
(20,853)
(94,756)

Administrative expenses
  
(2,202,558)
(2,141,075)

Other operating income
  
54,811
129,331

Operating profit
 6 
666,962
143,053

Interest payable and similar expenses
 10 
(281,519)
(187,019)

Profit/(loss) before tax
  
385,443
(43,966)

Tax on profit/(loss)
 11 
8,237
6,085

Profit/(loss) for the financial year
  
393,680
(37,881)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 37 form part of these financial statements.

Page 10

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
REGISTERED NUMBER: 01090957

BALANCE SHEET
AS AT 30 MARCH 2024

30 March
31 March
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
8,113,826
8,049,969

Investment property
  
302,176
302,176

  
8,416,002
8,352,145

Current assets
  

Stocks
 14 
89,355
93,053

Debtors: amounts falling due within one year
 15 
210,999
159,484

Cash at bank and in hand
 16 
994,568
966,231

  
1,294,922
1,218,768

Creditors: amounts falling due within one year
 17 
(1,848,185)
(1,758,413)

Net current liabilities
  
 
 
(553,263)
 
 
(539,645)

Total assets less current liabilities
  
7,862,739
7,812,500

Creditors: amounts falling due after more than one year
 18 
(3,372,125)
(3,640,935)

Provisions for liabilities
  

Deferred tax
 22 
(237,228)
(277,805)

  
 
 
(237,228)
 
 
(277,805)

Net assets
  
4,253,386
3,893,760


Capital and reserves
  

Called up share capital 
 23 
25,000
25,000

Share premium account
 24 
8,413
8,413

Revaluation reserve
 24 
1,838,185
1,872,239

Profit and loss account
 24 
2,381,788
1,988,108

  
4,253,386
3,893,760


Page 11

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
REGISTERED NUMBER: 01090957
    
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2025.




Mr S Robson
Director

The notes on pages 15 to 37 form part of these financial statements.

Page 12

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
25,000
8,413
1,872,239
1,988,108
3,893,760


Comprehensive income for the year

Profit for the year

-
-
-
393,680
393,680


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
393,680
393,680

Property  disposed of in 2015
-
-
(34,054)
-
(34,054)


At 30 March 2024
25,000
8,413
1,838,185
2,381,788
4,253,386


The notes on pages 15 to 37 form part of these financial statements.

Page 13

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
25,000
8,413
1,872,239
2,025,989
3,931,641


Comprehensive income for the year

Loss for the year

-
-
-
(37,881)
(37,881)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(37,881)
(37,881)


Total transactions with owners
-
-
-
-
-


At 31 March 2023
25,000
8,413
1,872,239
1,988,108
3,893,760


The notes on pages 15 to 37 form part of these financial statements.

Page 14

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1.


General information

Johnny's Entertainments (Tyneside) Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 01090957. The registered address is Pleasureland, Marine Road West, Morecambe, Lancashire, LA4 4BU.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).

The financial statements are presented in pounds Sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Corkel Holdings Limited as at 30 March 2024 and these financial statements may be obtained from Pleasureland, Marine Road West, Morecambe, LA4 4BU.

Page 15

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis.
The Company meets its day to day working capital requirements through cash generated from operations.
The Company's forecasts and projections for the next twelve months show that the Company should be able to continue operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out in the Strategic Report,  the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.4

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. In practice this means that revenue is recognised on the day on which the services is provided. 
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.5

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.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 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, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below:.

Depreciation is provided on the following basis:

Freehold property
-
is not depreciated
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line
Computer equipment
-
25%
straight line

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.

With regards the freehold property held by the Company, the directors believe that the policy of not providing depreciation is necessary in order for the accounts to give a true and fair view.  In the opinion of the directors the freehold property is maintained in such a state of repair that their residual value (excluding any inflationary increases in market value)  is at least equal to their cost.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 18

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.13

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the
Page 20

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 21

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Assessing indicators of impairment
In assessing whether there have been any indicators of impairments of assets, the directors have considered both external and internal sources of information such as market conditions, credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Property valuations
Accounting estimates include the valuation of properties. The directors use their knowledge and experience, together with actual maintenance spend to determine if the properties held by the Company are being held at the correct valuation.
Depreciation
Depreciation is calculated so as to write off the cost of the asset, less the residual value, over the useful economic life of that asset. An estimate of the useful economic life of the assets is detailed in the depreciation accounting policy. The carrying amount of tangible fixed assets is £8,113,826 (2023 - £8,049,969).


4.


Turnover

The whole of the turnover is attributable to a single business activity.

All turnover arose within the United Kingdom.

Page 22

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

5.


Other operating income

2024
2023
£
£

Other operating income
7,250
83,271

Net rents receivable
37,541
36,395

Commissions receivable
10,020
9,665

54,811
129,331



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
8,084
4,375


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,000
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 23

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,843,987
2,028,442

Social security costs
120,359
122,721

Cost of defined contribution scheme
35,341
31,010

1,999,687
2,182,173


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


        2024
        2023
            No.
            No.







Average number of employees
113
113


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
41,220
24,612

41,220
24,612



10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
281,519
187,019

281,519
187,019

Page 24

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
32,340
(74,711)

Adjustments in respect of previous periods
-
(1,228)


32,340
(75,939)


Total current tax
32,340
(75,939)

Deferred tax


Origination and reversal of timing differences
(40,577)
69,854

Total deferred tax
(40,577)
69,854


Tax on profit/(loss)
(8,237)
(6,085)

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
385,443
(43,966)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
96,361
(8,353)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,929
399

Capital allowances for year in excess of depreciation
(35,449)
(84,225)

Utilisation of tax losses
(22,987)
17,469

Adjustments to tax charge in respect of prior periods
-
(1,229)

Other timing differences leading to an increase (decrease) in taxation
(40,577)
69,854

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(8,514)
-

Total tax charge for the year
(8,237)
(6,085)

Page 25

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
6,969,079
2,004,082
79,885
1,286,081
10,547
10,349,674


Additions
-
258,152
-
228,265
-
486,417


Disposals
-
(18,745)
-
-
-
(18,745)



At 30 March 2024

6,969,079
2,243,489
79,885
1,514,346
10,547
10,817,346



Depreciation


At 1 April 2023
-
1,384,214
28,238
876,707
10,546
2,299,705


Charge for the year on owned assets
-
250,221
12,905
141,080
-
404,206


Disposals
-
(391)
-
-
-
(391)



At 30 March 2024

-
1,634,044
41,143
1,017,787
10,546
2,703,520



Net book value



At 30 March 2024
6,969,079
609,445
38,742
496,559
1
8,113,826



At 31 March 2023
6,969,079
619,868
51,647
409,374
1
8,049,969

Page 26

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


30 March
31 March
2024
2023
£
£

Freehold
6,969,079
6,969,079

6,969,079
6,969,079


Page 27

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 March
31 March
2024
2023
£
£



Plant and machinery
197,347
286,792

Motor vehicles
38,661
51,548

236,008
338,340

Cost or valuation at 30 March 2024 is as follows:

Land and buildings
£


At cost
-
At valuation:

6,969,079



6,969,079

The properties are being carried at a valuation by the directors who have concluded that the value is not materially different from the carrying amount.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

30 March
31 March
2024
2023
£
£



Cost
5,130,894
5,096,840

Net book value
5,130,894
5,096,840

Page 28

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

13.


Investment property





Freehold investment property

£



Valuation


At 1 April 2023
302,176



At 30 March 2024
302,176

The 2024 valuations were made by the directors, on an open market value for existing use basis.



At 30 March 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

30 March
31 March
2024
2023
£
£


Historic cost
302,176
302,176

302,176
302,176


14.


Stocks

30 March
31 March
2024
2023
£
£

Finished goods and goods for resale
89,355
93,053

89,355
93,053


Page 29

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

15.


Debtors

30 March
31 March
2024
2023
£
£


Trade debtors
8,827
346

Amounts owed by group undertakings
29,507
25,503

Other debtors
27,332
29,812

Prepayments and accrued income
145,333
103,823

210,999
159,484


Included within other debtors is a loan, £3,740 (2023 - £nil) to Gavin Reader. Note 28 provides further information.




16.


Cash and cash equivalents

30 March
31 March
2024
2023
£
£

Cash at bank and in hand
994,568
966,231

994,568
966,231


Page 30

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

17.


Creditors: Amounts falling due within one year

30 March
31 March
2024
2023
£
£

Bank loans
206,981
232,189

Trade creditors
449,476
342,678

Corporation tax
62,459
-

Other taxation and social security
192,922
169,001

Obligations under finance lease and hire purchase contracts
111,040
107,574

Other creditors
661,607
763,354

Accruals and deferred income
163,700
143,617

1,848,185
1,758,413


The following liabilities were secured:

30 March
31 March
2024
2023
£
£



Bank loans
206,981
232,189

Obligations under finance lease and hire purchase contracts
111,040
107,574

318,021
339,763

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
The loans are either secured as a fixed charge over a particular property held by the Company or are secured by a floating charge over all the properties and undertakings held by the Company.

Page 31

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

18.


Creditors: Amounts falling due after more than one year

30 March
31 March
2024
2023
£
£

Bank loans
3,176,088
3,357,837

Net obligations under finance leases and hire purchase contracts
196,037
283,098

3,372,125
3,640,935


The following liabilities were secured:

30 March
31 March
2024
2023
£
£



Bank loans
3,176,088
3,357,837

Net obligations under finance leases and hire purchase contracts
196,037
283,098

3,372,125
3,640,935

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
The loans are either secured as a fixed charge over a particular property held by the Company or are secured by a floating charge over all the properties and undertakings held by the Company.

Page 32

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


30 March
31 March
2024
2023
£
£

Amounts falling due within one year

Bank loans
206,981
232,189


206,981
232,189

Amounts falling due 1-2 years

Bank loans
3,176,088
3,357,837


3,176,088
3,357,837



3,383,069
3,590,026


The Company has three loans:
Barclays loan - capital borrowed £3 million for 5 years with a 20-year repayment profile as a balloon  
                       payment due February 2025. The interest charge is at a margin of 2.25% above base.
Barclays loan - capital borrowed £750,000 for 5 years with a 10-year repayment profile as a balloon 
                       payment due February 2025. The interest charge is at a margin of 2.25% above base.
CBILS loan -  capital borrowed £250,000 for 5 years from December 2020 with a 12 month repayment 
                     holiday at the start. The interest charge margin is at 4.09% above base. 
The Company has  gone through a financing exercise post period end and have an extension with Barclays with a different loan structure which commences March 2025.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 March
31 March
2024
2023
£
£


Within one year
111,040
107,574

Between 1-5 years
196,037
283,098

307,077
390,672

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JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

21.


Financial instruments

30 March
31 March
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
994,568
966,231




Financial assets measured at fair value through profit or loss comprise cash and cash at bank held.


22.


Deferred taxation






2024


£






At beginning of year
(277,805)


Charged to profit or loss
40,577



At end of year
(237,228)

The provision for deferred taxation is made up as follows:

30 March
31 March
2024
2023
£
£


Accelerated capital allowances
(237,228)
(277,805)

(237,228)
(277,805)


23.


Share capital

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



25,000 (2023 - 25,000) Ordinary shares shares of £1.00 each
25,000
25,000


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JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

24.


Reserves

Share premium account

This represents the amount above nominal value received for shares sold, less transaction costs.

Revaluation reserve

This represents the value of the asset revaluations and fair value movements on assets recognised in other comprehensive income. 

Profit and loss account

This represents the retained earnings and accumulated losses reported by the Company.


25.


Capital commitments

As at 30 March 2024 the Company had no capital commitments.


26.


Pension commitments

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
Contributions totalling £35,341 (2023 - £31,010) were payable to the scheme in the period. Contributions totalling £3,452 (2023 - £4,446) were unpaid at the period end and included within other creditors.


27.


Commitments under operating leases

At 30 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 March
31 March
2024
2023
£
£


Not later than 1 year
4,715
8,084

Later than 1 year and not later than 5 years
-
4,715

4,715
12,799

Page 35

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

28.


Transactions with directors

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The directors loans are unsecured, repayable on demand and interest is payable at 10% p.a. on outstanding balances due to the director. 


29.


Related party transactions

Under FRS 102 paragraph 33.1A the Company has taken exemption from reporting transactions and balances with Corkel Limited and Corkel Holdings Limited as they are all members of the same group.
A charge is raised by the directors to the company in respect of amounts payable for interest foregone on previous loan balances.  The amount of the charge is £30,000 (2023 - £30,000) for Gavin Reader and £30,000 (2023 - £30,000) for Solomon Reader.
Gavin Reader is a director of and shareholder in Gavin Reader Limited, during the period there were no transactions with this company. As at 30 March 2024, included in other debtors is the balance due to the Company of £18,979 (2023 - £18,979).
Gavin Reader and Solomon Reader are both directors and shareholders in Kenron Developments Limited. During the period there were no transactions between the two companies. As at 30 March 2024 and included in other creditors is the balance due from the Company of £504,790 (2023 - £504,790).
During the period the Company had no transactions with Seaburn Beach Cafe Limited, a company in which Donna O'Brien is the director and only shareholder and who is the sister of directors, Gavin Reader and Solomon Reader. As at 30 March 2024, included in other debtors is the balance due to the Company of £4,613 (2023 - £4,613) and included in other creditors is the balance due from the Company of £115,000 (2023 - £115,000).

Page 36

 
JOHNNY'S ENTERTAINMENTS (TYNESIDE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

30.


Controlling party

The Company's immediate parent is Corkel Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available consolidated financial statements is Corkel Holdings Limited. These financial statements are available upon request from Corkel Holdings Limited at Pleasureland,  Marine Road West, Morecambe, LA4 4BU.
The directors do not consider there to be an ultimate controlling party.
 
As a member of a group, under FRS 102, PARA 1.12(b) and paragraph 3.17(d) the Company has claimed an exemption from preparing a cashflow statement. Corkel Holdings Limited, the most senior parent entity will prepare publicly available consolidated financial statements which will include a cashflow statement.

 
Page 37