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REGISTERED NUMBER: 12204523 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

26 DECEMBER 2022 TO 31 DECEMBER 2023

FOR

ALL STAR LANES LIMITED

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


ALL STAR LANES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023







DIRECTORS: J R Jenkins
L O Johnson
C T Antoniades
J R A Morris





REGISTERED OFFICE: 6 Kingly Street
London
W1B 5PF





REGISTERED NUMBER: 12204523 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

STRATEGIC REPORT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


The directors present their strategic report for the period 26 December 2022 to 31 December 2023.

REVIEW OF BUSINESS
The company was acquired in May 2025 by Searchlight Ventures Group Limited, the holding company of Light Cinemas and Entertainment, which has common ownership in Risk Capital. All outstanding debt was repaid at the time of the transaction. The deal will create synergies capable of returning the business to profitability. Searchlight plans to re-establish All Stars as a renowned national leisure operator, having sufficient funds available to support the expansion of the brand.

In FY23, All Star Lanes delivered top line sales of £12.2m, almost flat on the prior year (FY22: £12.5m). This was encouraging to management as these sales were achieved despite considerable disruption to trade caused by a heavy amount of industrial action, largely centred around train and London Underground operators. The frequently disrupted public transport network serving the capital further reinforced preferences to work from home/ remotely which severely hampered footfall into venues at traditional peak times.

EBITDA in the year was £202k (FY22: £1,346k). This is a significant reduction from the prior year as the business faced significant increased cost pressures, in part due to the end of Covid rent concessions and soaring utility costs. Management have worked to renegotiate these costs lines, amongst others, although the benefit of the new cost basis is not realised within the year.

EBITDA is key performance indicator of the company and is defined as follows:
2023 2022
£    £   
Profit/(loss) for the financial period (918,760 ) 973,814
Less Tax on Profit 80,524 (80,524 )
Add Back Interest payable and similar expenses 322,321 267,003
Add Back Exceptional (Income)/cost 166,483 (308,701 )
Add Back Depreciation and amortisations 551,402 494,441
EBITDA before exceptional income 201,970 1,346,033

The business also felt the impact of the cost of living crisis by the latter half of FY23, which was highlighted as a significant risk for trade in FY24 and beyond. It has been observed that guests continue to have an appetite to spend their afforded disposable income on activities that cannot be replicated within the home. This, in part, plays to the business strength, as a multi activity operator, whereas softening in secondary food and drink spend is envisaged to continue/ escalate, diluting revenue usually seen from these lines. Investment, therefore, in the repurposing of square footage traditionally dedicated to F&B sales, and the purchasing of new activities and gaming, to create both new reasons to visit and 'dwell time extenders' is recommended by management as a form of growth capex.


ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

STRATEGIC REPORT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The business faces several principal risks and uncertainties that could impact its performance. Economic instability and inflationary pressures may reduce consumer spending, limiting discretionary income available for leisure activities. Rising operational costs, including escalating energy prices and staff wages, are likely to strain profitability further in the coming year. The emergence of increased competition from other competitive socialising concepts poses significant challenges to customer retention and visit frequency. Continued travel disruptions within the city, which severely affected trade in 2023, remain a pressing concern if these issues persist. Additionally, COVID-19-related behavioural changes, such as the lack of a full return to late-night activities and shifts in consumer frequency of visits to the city, present ongoing risks to the business's success.

ON BEHALF OF THE BOARD:





J R Jenkins - Director


16 May 2025

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

REPORT OF THE DIRECTORS
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the period 26 December 2022 to 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of proprietor and operator of bowling entertainment venues.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2023.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 26 December 2022 to the date of this report.

J R Jenkins
L O Johnson

Other changes in directors holding office are as follows:

M G Ha, C T Antoniades and J R A Morris were appointed as directors after 31 December 2023 but prior to the date of this report.

M G Ha and Mr G R Cook resigned as directors after 31 December 2023 but prior to the date of this report.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

REPORT OF THE DIRECTORS
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


AUDITORS
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J R Jenkins - Director


16 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALL STAR LANES LIMITED


Opinion
We have audited the financial statements of All Star Lanes Limited (the 'company') for the period ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 December 2023 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALL STAR LANES LIMITED


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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALL STAR LANES LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing 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
ALL STAR LANES 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.




Martin Thomas FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

16 May 2025

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

INCOME STATEMENT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £

TURNOVER 4 12,237,532 12,503,189

Cost of sales 5,879,684 5,941,815
GROSS PROFIT 6,357,848 6,561,374

Administrative expenses 6,851,511 5,872,683
(493,663 ) 688,691

Other operating income 144,231 162,901
OPERATING (LOSS)/PROFIT 6 (349,432 ) 851,592

Exceptional items 7 (166,483 ) 308,701
(515,915 ) 1,160,293


Interest payable and similar expenses 8 322,321 267,003
(LOSS)/PROFIT BEFORE TAXATION (838,236 ) 893,290

Tax on (loss)/profit 9 80,524 (80,524 )
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(918,760

)

973,814

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £

(LOSS)/PROFIT FOR THE PERIOD (918,760 ) 973,814


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(918,760

)
Prior year adjustment (170,151 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

803,663

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £
FIXED ASSETS
Intangible assets 10 111,168 211,810
Tangible assets 11 1,912,224 1,472,935
2,023,392 1,684,745

CURRENT ASSETS
Stocks 12 132,151 137,228
Debtors 13 947,211 1,015,764
Cash at bank 811,362 2,379,487
1,890,724 3,532,479
CREDITORS
Amounts falling due within one year 14 2,158,674 2,288,500
NET CURRENT (LIABILITIES)/ASSETS (267,950 ) 1,243,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,755,442

2,928,724

CREDITORS
Amounts falling due after more than one
year

15

(3,202,418

)

(3,456,713

)

PROVISIONS FOR LIABILITIES 19 (278,880 ) (278,880 )
NET LIABILITIES (1,725,856 ) (806,869 )

CAPITAL AND RESERVES
Called up share capital 20 2,001,517 2,001,744
Capital redemption reserve 21 1,133 906
Retained earnings 21 (3,728,506 ) (2,809,519 )
SHAREHOLDERS' FUNDS (1,725,856 ) (806,869 )

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 16 May 2025 and were signed on its behalf by:





J R Jenkins - Director


ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 27 December 2021 2,002,309 (3,612,616 ) 340 (1,609,967 )
Prior year adjustment - (170,151 ) - (170,151 )
As restated 2,002,309 (3,782,767 ) 340 (1,780,118 )

Changes in equity
Reduction in share capital (565 ) - - (565 )
Total comprehensive income - 973,248 566 973,814
Balance at 25 December 2022 2,001,744 (2,809,519 ) 906 (806,869 )

Changes in equity
Reduction in share capital (227 ) - - (227 )
Total comprehensive income - (918,987 ) 227 (918,760 )
Balance at 31 December 2023 2,001,517 (3,728,506 ) 1,133 (1,725,856 )

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

CASH FLOW STATEMENT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (155,625 ) 1,066,087
Interest paid (322,321 ) (267,003 )
Tax charge - (80,524 )
Net cash from operating activities (477,946 ) 718,560

Cash flows from investing activities
Purchase of intangible fixed assets (12,670 ) (19,000 )
Purchase of tangible fixed assets (877,379 ) (337,857 )
Net cash from investing activities (890,049 ) (356,857 )

Cash flows from financing activities
Loan repayments in year (392,741 ) (362,409 )
Preference shares 192,838 177,149
Share buyback (227 ) (565 )
Net cash from financing activities (200,130 ) (185,825 )

(Decrease)/increase in cash and cash equivalents (1,568,125 ) 175,878
Cash and cash equivalents at
beginning of period

2

2,379,487

2,203,609

Cash and cash equivalents at end of
period

2

811,362

2,379,487

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
(Loss)/profit before taxation (838,236 ) 893,290
Depreciation charges 551,402 495,441
Finance costs 322,321 267,003
35,487 1,655,734
Decrease in stocks 5,077 14,518
Increase in trade and other debtors (11,971 ) (200,349 )
Decrease in trade and other creditors (184,218 ) (403,816 )
Cash generated from operations (155,625 ) 1,066,087

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 December 2023
31/12/23 26/12/22
£ £
Cash and cash equivalents 811,362 2,379,487
Period ended 25 December 2022
25/12/22 27/12/21
£ £
Cash and cash equivalents 2,379,487 2,203,609


ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 26/12/22 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank 2,379,487 (1,568,125 ) 811,362
2,379,487 (1,568,125 ) 811,362
Debt
Debts falling due within 1 year (395,491 ) (5,970 ) (401,461 )
Debts falling due after 1 year (3,160,780 ) 205,873 (2,954,907 )
(3,556,271 ) 199,903 (3,356,368 )
Total (1,176,784 ) (1,368,222 ) (2,545,006 )

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

All Star Lanes 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 (£).


The financial statements are rounded to the nearest £.

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.

Going concern
The company is wholly dependent upon the provision of financial support from the ultimate owner Searchlight Ventures Group Limited (SVG). The directors have considered the ability of SVG to provide this support and performed appropriate enquiries to validate this assessment. The budget and financial support, including cash need, for at least 12 months after signing of these financial statements, has been approved by SVG and they have committed to providing the support as required to enable the company to meet its obligations.

With the arrangements in place the directors are confident of receiving the required ongoing funding and support from SVG. Considering these factors and the provision of support to date, the directors have prepared the financial statements on a going concern basis.

Turnover
The turnover shown in the profit and loss account represents amounts receivable from the operation of bowling entertainment venues and associated merchandise sales during the period, exclusive of Value Added Tax. Income is recognised at the point of sale through electronic tills.

Goodwill
The Company applies the purchase method in accounting for business combination. The consideration transferred by the Company to obtain control of the business is calculated as the sum of the acquisition date fair values of assets transferred, liabilities incurred, and the equity interest issued by the Company.

Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition date fair values.

The Company after consideration of the assets liabilities and contingent liabilities acquired and the cost of the combinations, recognised goodwill on the statement of financial position.

Goodwill recognised represents the future economic benefits arising from a business combination that are not individually identified and separately recognised. Goodwill is allocated to cash-generating units. It is amortised on a straight line basis over a period of 5 years as in the opinion of the directors this represents the period over which the goodwill is effective and subsequently measured at cost less accumulated amortisation and accumulated losses.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Other intangible assets
Intangible assets purchased other than in a business combination are recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost (which for intangible assets acquired in a business combination is fair value at acquisition date) and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives, as follows:

Website - 2-5 years
Software - 3-5 years

On disposal, the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised in profit or loss.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Tangible assets acquired on 17 September 2019:

Leasehold property - 6 years straight line
Fixtures, fittings and equipment - 2 years straight line
Bowling lane fitout - 6 years straight line

Tangible assets purchased post 17 September 2019:

Leasehold property - Over the life of the lease or 15 years straight line
Fixtures, fittings and equipment - 8 year straight line
Bowling lane fitout - 15 years straight line
IT Hardware - 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Impairment testing of goodwill, other intangible assets and tangible fixed assets
For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Cash-generating units to which goodwill has been allocated are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset's (or cash-generating units) carrying amount exceeds its recoverable amount, which is the higher of fair values less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Company's latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors. Impairment losses for cash-generating units reduce first the carrying amount of any goodwill allocated to that cash-generating unit. Any remaining impairment loss is charged pre rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment loss is reversed if the asset's or cash generating unit's recoverable amount exceeds its carrying amount.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

At each reporting date, the Company assesses whether stocks are impaired or if an impairment loss recognised in period periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in profit or loss.

Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Company becomes party to the contractual provisions of the instrument, and are offset, with the net amounts presented in the financial statements, only when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar expenses.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs.

Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable,

Current tax is based on taxable profit for the period. Current tax assets and liabilities are measure using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Leasing commitments
Rental payments under operating leases are charged against income on a straight line basis over the lease term.

Rent free periods or other incentives received for entering into an operating lease are accounted for as a reduction to the expense and are recognised on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Dilapidations
The company has several operating leases in place and within these agreements there is a requirement to put right the property upon expiration or cancellation of the lease. The company has therefore included in the financial statements, their best estimate of the costs anticipated under these leases, accruing over the duration of the lease.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


4. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
United Kingdom 12,237,532 12,503,189
12,237,532 12,503,189

5. EMPLOYEES AND DIRECTORS
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Wages and salaries 4,263,995 4,169,211
Social security costs 393,219 387,281
Other pension costs 79,371 80,845
4,736,585 4,637,337

The average number of employees during the period was as follows:
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22

Monthly 51 48
Fortnightly 162 159
Directors 1 1
214 208

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Directors' remuneration 163,415 136,325
Directors' pension contributions to money purchase schemes 8,000 6,750

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


5. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Hire of plant and machinery 58,213 46,285
Other operating leases 1,315,238 1,033,187
Depreciation - owned assets 438,090 366,334
Goodwill amortisation 101,177 99,263
Computer software amortisation 12,135 29,844
Auditors' remuneration 22,050 16,000
Taxation compliance services 8,000 4,000

7. EXCEPTIONAL ITEMS
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Exceptional items (166,483 ) 308,701

Exceptional costs in the year relate to professional fees for a non-recurring transaction that did not form part of the standard business expenditure.

The exceptional income in the prior year related to a refund of VAT.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Bank loan interest 128,710 89,792
Interest on preference shares 192,837 177,149
Interest payable 774 62
322,321 267,003

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the period was as follows:
Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
Deferred tax 80,524 (80,524 )
Tax on (loss)/profit 80,524 (80,524 )

UK corporation tax has been charged at 25% .

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

Period Period
26/12/22 27/12/21
to to
31/12/23 25/12/22
£ £
(Loss)/profit before tax (838,236 ) 893,290
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2022 - 19%)

(209,559

)

169,725

Effects of:
Expenses not deductible for tax purposes 50,073 37,906
Capital allowances in excess of depreciation (34,231 ) -
Depreciation in excess of capital allowances - 35,164
Utilisation of tax losses - (241,165 )
Deferred tax 80,524 (80,524 )
Tax losses carried forward 193,717 -
Other - (1,630 )
Total tax charge/(credit) 80,524 (80,524 )

At the year end the Company had trading tax losses carried forward totalling £1,133,534 (2022: £504,084).

No deferred tax asset has been recognised.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


10. INTANGIBLE FIXED ASSETS
Computer
Goodwill Website software Totals
£ £ £ £
COST
At 26 December 2022 519,132 26,623 151,311 697,066
Additions - - 12,670 12,670
At 31 December 2023 519,132 26,623 163,981 709,736
AMORTISATION
At 26 December 2022 346,854 26,623 111,779 485,256
Amortisation for period 101,177 - 12,135 113,312
At 31 December 2023 448,031 26,623 123,914 598,568
NET BOOK VALUE
At 31 December 2023 71,101 - 40,067 111,168
At 25 December 2022 172,278 - 39,532 211,810

11. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Bowling and Computer
Property Lane Fitout fittings equipment Totals
£ £ £ £ £
COST
At 26 December 2022 1,654,861 515,026 711,235 17,737 2,898,859
Additions 441,163 - 433,636 2,580 877,379
At 31 December 2023 2,096,024 515,026 1,144,871 20,317 3,776,238
DEPRECIATION
At 26 December 2022 798,920 280,762 340,630 5,612 1,425,924
Charge for period 258,818 87,106 88,216 3,950 438,090
At 31 December 2023 1,057,738 367,868 428,846 9,562 1,864,014
NET BOOK VALUE
At 31 December 2023 1,038,286 147,158 716,025 10,755 1,912,224
At 25 December 2022 855,941 234,264 370,605 12,125 1,472,935

12. STOCKS
2023 2022
£ £
Stocks 132,151 137,228

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


13. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 148,954 79,138
Other debtors 57,622 16,339
Deferred tax asset - 80,524
Prepayments and accrued income 483,325 582,453
689,901 758,454

Amounts falling due after more than one year:
Other debtors 257,310 257,310

Aggregate amounts 947,211 1,015,764

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 16) 401,461 395,491
Trade creditors 343,519 558,568
Social security and other taxes 649,634 225,986
Other creditors 112,482 228,271
Accruals and deferred income 651,578 880,184
2,158,674 2,288,500

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans (see note 16) 813,429 1,212,140
Preference shares (see note 16) 2,141,478 1,948,640
Accruals and deferred income 247,511 295,933
3,202,418 3,456,713

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 401,461 395,491

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


16. LOANS - continued
2023 2022
£ £
Amounts falling due between one and two years:
Bank loans - 1-5years 813,429 1,212,140
Preference shares 2,141,478 1,948,640
2,954,907 3,160,780

The bank loan is guaranteed by a Director.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,425,001 Preference £1 2,141,478 1,948,640

Preferred dividends that have accrued but have not been paid are compounded and added to the Original Subscription Price of the Preferred Shares on an annual basis.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 1,350,114 1,300,605
Between one and five years 5,478,335 5,202,419
In more than five years 6,304,637 4,674,380
13,133,086 11,177,404

On 3 January 2023, the Company extended the operating lease for the Brick Lane venue for a further 5 years.

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 1,214,890 1,607,631

The bank loan is secured via a fixed and floating charge over all assets of the Company.

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


19. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax - -
Dilapidation provision 278,880 278,880
278,880 278,880

Deferred tax
£
Balance at 26 December 2022 (80,524 )
Charge to Income Statement during period 80,524
Balance at 31 December 2023 -

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,948,718 Ordinary A £1 1,948,718 1,948,718
51,282 Ordinary B £1 51,282 51,282
113,248 Ordinary C 1p 1,132 1,359
38,461 Ordinary D 1p 385 385
2,001,517 2,001,744

During the year, the Company repurchased and cancelled 22,650 Ordinary C 1p shares at par value.

Ordinary share rights
The Company's ordinary shares carries no right to fixed income, each share carries the right to one vote for every ordinary share on a poll vote at general meetings of the company.

Presented as a financial liability


20232022
Allotted, called up and fully paid£   £   
1,425,001 Preference shares of £1.00 each1,425,0011,425,001

Preference share rights
The preference shares carry no voting rights, may be redeemed on demand by the Company and accrue a fixed cumulative dividend at an annual rate of 10%

ALL STAR LANES LIMITED (REGISTERED NUMBER: 12204523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 26 DECEMBER 2022 TO 31 DECEMBER 2023


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

At 26 December 2022 (2,809,519 ) 906 (2,808,613 )
Deficit for the period (918,760 ) (918,760 )
Purchase of own shares (227 ) 227 -
At 31 December 2023 (3,728,506 ) 1,133 (3,727,373 )

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year the company made contributions to the scheme totalling £79,371 (2022: £80,846). At the year end there were outstanding contributions to the pension scheme totalling £25,815 (2022: £32,433).

23. RELATED PARTY DISCLOSURES

During the year purchases were made from the following companies under common ownership were £65,260 (2022: £69,056)

At the year end balances outstanding to these companies totalled £205 (2022: £612).

24. POST BALANCE SHEET EVENTS

The company was acquired in May 2025 by Searchlight Ventures Group Limited, the holding company of Light Cinemas and Entertainment, which has common ownership in Risk Capital. All outstanding debt was repaid at the time of the transaction.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr L Johnson, a director and shareholder of the company.