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Company No: 10251061 (England and Wales)

L & R AMUSEMENTS LTD

Unaudited Financial Statements
For the financial period from 01 July 2023 to 31 December 2024
Pages for filing with the registrar

L & R AMUSEMENTS LTD

Unaudited Financial Statements

For the financial period from 01 July 2023 to 31 December 2024

Contents

L & R AMUSEMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
L & R AMUSEMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 31.12.2024 30.06.2023
£ £
Fixed assets
Intangible assets 3 9,333 13,532
Tangible assets 4 32,676 14,148
42,009 27,680
Current assets
Debtors 5 1,250 1,250
Cash at bank and in hand 171,725 49,113
172,975 50,363
Creditors: amounts falling due within one year 6 ( 50,469) ( 8,492)
Net current assets 122,506 41,871
Total assets less current liabilities 164,515 69,551
Provision for liabilities 7 ( 6,238) ( 769)
Net assets 158,277 68,782
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 158,275 68,780
Total shareholders' funds 158,277 68,782

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of L & R Amusements Ltd (registered number: 10251061) were approved and authorised for issue by the Board of Directors on 19 March 2025. They were signed on its behalf by:

Robert John William Phipps
Director
L & R AMUSEMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 December 2024
L & R AMUSEMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 December 2024
1. Accounting policies

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

General information and basis of accounting

L & R Amusements Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fairway Pottery Road, Bovey Tracey, Newton Abbot, TQ13 9DS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

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

Reporting period length

The reporting period length has been extended to an 18 month period. The prior year reporting period was 12 months and therefore the comparative period would be one year from 1 July 2022 to 30 June 2023.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Taxation

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

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

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 5 years.

Tangible fixed assets

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. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.07.2023 to
31.12.2024
Year ended
30.06.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 13,999 13,999
At 31 December 2024 13,999 13,999
Accumulated amortisation
At 01 July 2023 467 467
Charge for the financial period 4,199 4,199
At 31 December 2024 4,666 4,666
Net book value
At 31 December 2024 9,333 9,333
At 30 June 2023 13,532 13,532

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 3,040 936 10,844 14,820
Additions 0 31,254 0 31,254
VAT recovered on VAT registration 0 0 ( 1,198) ( 1,198)
At 31 December 2024 3,040 32,190 9,646 44,876
Accumulated depreciation
At 01 July 2023 101 374 197 672
Charge for the financial period 912 7,722 2,894 11,528
At 31 December 2024 1,013 8,096 3,091 12,200
Net book value
At 31 December 2024 2,027 24,094 6,555 32,676
At 30 June 2023 2,939 562 10,647 14,148

5. Debtors

31.12.2024 30.06.2023
£ £
Prepayments 1,250 1,250

6. Creditors: amounts falling due within one year

31.12.2024 30.06.2023
£ £
Trade creditors 1,371 750
Amounts owed to directors 3,997 3,922
Accruals 3,200 2,250
Taxation and social security 41,901 1,570
50,469 8,492

7. Deferred tax

31.12.2024 30.06.2023
£ £
At the beginning of financial period/year ( 769) 0
Charged to the Statement of Income and Retained Earnings ( 5,469) ( 769)
At the end of financial period/year ( 6,238) ( 769)

8. Called-up share capital

31.12.2024 30.06.2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's directors

31.12.2024 30.06.2023
£ £
Amounts owed to directors by the Company 3,997 3,922

There is no interest charged and there are no fixed repayment terms.