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COMPANY REGISTRATION NUMBER: 00939109
The A&S Leisure Group Limited
Financial Statements
30 September 2024
The A&S Leisure Group Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
The A&S Leisure Group Limited
Officers and Professional Advisers
The board of directors
Mr P Coy
Mr M Allen
Mr D Allen
Company secretary
S M Battersby
Registered office
15 Livesey Street
Sheffield
South Yorkshire
S6 2BL
Auditor
Allen, West and Foster Limited
Chartered Accountants & Statutory Auditor
Omega Court
364-366 Cemetery Road
Sheffield
S11 8FT
Bankers
Lloyds TSB
1 High Street
Sheffield
South Yorkshire
S1 2GA
The A&S Leisure Group Limited
Strategic Report
Year ended 30 September 2024
The directors present their strategic report of the group for the year ended 30 September 2024. Business review and key performance indicators Turnover for the year has increased by 7.3%, administration costs have increased by 4.9%, and the increase on profit before tax is 14.5%. Over the last three years, the company has undergone refurbishment at two of the operations which has created regeneration and interest in the premises improving attendance and turnover. There has been increases in particular areas of expenditure, in particular direct wages and employment related costs. But these additional costs have been offset by the increase in turnover. The expenditure on advertising and promotions within the current year have also exceeded similar in the previous year in order to promote the new improved facilities of the two sites previously mentioned. The results for 2024 against the previous year are:
2024 2023
£ £
Turnover 47,649,583 44,410,403
Operating profit 7,243,031 6,689,098
Administrative costs 13,345,237 12,720,723
Profit before tax 7,661,776 6,689,952
At the end of the financial year, both the company and the group had substantial net assets of approximately £40 and £51 million respectively, and the ratio of current assets/current liabilities for 2024 is 2.85, the previous year, 2023, it was 2.53. Whilst the directors are confident of the future of the company and its subsidiaries, the current state of the UK economy, the continuing global hostilities and international trade disruptions will put pressure on business results. Increases in employers' national insurance imposed in April 2025, planned levies on water, heat & light, and possible changes introduced by HMRC which are specific to the activity of the group, will have an impact in the year 2024/25, but the directors are aware of these and are proactively adjusting to prepare for the impact they may have. The group has strong cash reserves to act as a cushion against any deterioration in the trading position, and efforts continue to reduce costs wherever possible.
Principal risks and uncertainties The company and its subsidiaries are subject to the normal risks of running commercial businesses. However, there are a number of more specific risks relating to the different activities of the group companies. The company and its main subsidiaries Sheffield Sports Stadium Limited and The Players Club UK Limited, as operators in the leisure industry, are subject to various risks, which include:- * Breach of regulatory rules regarding licences. * Failure to adhere to gambling regulations and/or internal controls. * The effect of additional gambling legislation and an increase in the casino population/other forms of betting and gambling. The directors of the company and its subsidiaries seek to minimise the foregoing risks, where possible, by a system of strong internal controls and monitoring, complete with the use of independent advisers where appropriate.
This report was approved by the board of directors on 10 June 2025 and signed on behalf of the board by:
S M Battersby
Company Secretary
Registered office:
15 Livesey Street
Sheffield
South Yorkshire
S6 2BL
The A&S Leisure Group Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the group for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mr P Coy
Mr M Allen
Mr D Allen
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
Following disruption to the trade of the hospitality sector in recent years, mainly due to the recent pandemic, the directors look forward to a period of consolidation and growth with confidence. Following the refurbishment of two of the casinos in 2023/24 with an investment financed from working capital, the company will continue with this strategy by developing and refurbishing another site in 2025.
Employment of disabled persons
In recruiting, training, career development and promotion, no distinction is made between disabled and able-bodied persons, provided the disability does not make the particular employment impractical.
Employee involvement
The group recognises the importance of keeping employees informed of the progress of the business and involving them in the group's performance. Regular contact between the directors and individual employees ensures that there is an understanding of the purpose of the business and the commercial realities which determine its success.
Financial instruments
The group has a cautious approach to the use of financial instruments, with current accounts, deposit accounts and term deposits being the preferred approach. This ensures that there is minimal risk when considering cash flow and also means that funds are readily available to fund current capital developments including the new banqueting suite and additional casino which are both currently under development. No further financial instruments are held.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 10 June 2025 and signed on behalf of the board by:
S M Battersby
Company Secretary
Registered office:
15 Livesey Street
Sheffield
South Yorkshire
S6 2BL
The A&S Leisure Group Limited
Independent Auditor's Report to the Members of The A&S Leisure Group Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of The A&S Leisure Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: Audit risks identified - the nature of the industry and sector, control environment and business performance; - results of our enquiries of management, about their own identification and assessment of the risks of irregularities; - any matters we identified having made enquiries about the documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to income recognition, banking procedures and segregation of duties. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. 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. Audit response to risks identified As a result of performing the above, we identified income recognition and the recording and accuracy of related party transactions as key audit matters related to the potential risk of fraud. In order to mitigate the risk identified, enquiries were made of key management personnel as to the processes surrounding the recording of transactions and all bank transactions within the company and the related group companies were reviewed in detail. Income was considered for completeness in line with our understanding of the company operations and expectations based thereon. These processes provided reassurance in the systems, controls and the resulting figures included in these financial statements. In addressing the risk of fraud through management override of controls, our procedures included reviewing and testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. From the work conducted and review of transactions throughout the financial year it was clear that there had been no management override of controls and that each transaction had been correctly and properly recorded as appropriate. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Allen ACA FCCA
(Senior Statutory Auditor)
For and on behalf of
Allen, West and Foster Limited
Chartered Accountants & Statutory Auditor
Omega Court
364-366 Cemetery Road
Sheffield
S11 8FT
10 June 2025
The A&S Leisure Group Limited
Consolidated Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
47,649,563
44,410,403
Cost of sales
27,492,684
25,364,952
------------
------------
Gross profit
20,156,879
19,045,451
Administrative expenses
13,345,237
12,720,723
Other operating income
5
431,389
364,370
------------
------------
Operating profit
6
7,243,031
6,689,098
Other interest receivable and similar income
10
419,625
181,342
Interest payable and similar expenses
11
880
488
------------
------------
Profit before taxation
7,661,776
6,869,952
Tax on profit
12
2,122,514
2,031,287
-----------
-----------
Profit for the financial year and total comprehensive income
5,539,262
4,838,665
-----------
-----------
All the activities of the group are from continuing operations.
The A&S Leisure Group Limited
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
6,685,624
6,825,134
Tangible assets
15
31,074,222
29,119,225
Investments
16
2,100,000
2,100,000
------------
------------
39,859,846
38,044,359
Current assets
Stocks
17
202,066
229,535
Debtors
18
1,536,227
966,865
Cash at bank and in hand
18,284,971
16,462,462
------------
------------
20,023,264
17,658,862
Creditors: amounts falling due within one year
19
7,038,194
6,990,556
------------
------------
Net current assets
12,985,070
10,668,306
------------
------------
Total assets less current liabilities
52,844,916
48,712,665
Creditors: amounts falling due after more than one year
20
18,620
17,335
Provisions
21
2,294,238
1,702,534
------------
------------
Net assets
50,532,058
46,992,796
------------
------------
Capital and reserves
Called up share capital
24
1,000,000
1,000,000
Revaluation reserve
25
3,851,136
3,969,338
Profit and loss account
25
45,680,922
42,023,458
------------
------------
Shareholders funds
50,532,058
46,992,796
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 June 2025 , and are signed on behalf of the board by:
Mr D Allen
Director
Company registration number: 00939109
The A&S Leisure Group Limited
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
5,719,908
5,859,418
Tangible assets
15
14,771,927
12,591,308
Investments
16
3,317,255
3,317,255
------------
------------
23,809,090
21,767,981
Current assets
Stocks
17
76,479
90,807
Debtors
18
9,451,765
8,890,137
Cash at bank and in hand
16,363,185
14,409,239
------------
------------
25,891,429
23,390,183
Creditors: amounts falling due within one year
19
9,645,349
6,272,370
------------
------------
Net current assets
16,246,080
17,117,813
------------
------------
Total assets less current liabilities
40,055,170
38,885,794
Provisions
21
716,738
249,334
------------
------------
Net assets
39,338,432
38,636,460
------------
------------
Capital and reserves
Called up share capital
24
1,000,000
1,000,000
Revaluation reserve
25
1,904,765
1,959,792
Profit and loss account
25
36,433,667
35,676,668
------------
------------
Shareholders funds
39,338,432
38,636,460
------------
------------
The profit for the financial year of the parent company was £ 2,701,973 (2023: £ 2,101,234 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 10 June 2025 , and are signed on behalf of the board by:
Mr D Allen
Director
Company registration number: 00939109
The A&S Leisure Group Limited
Consolidated Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 October 2022
1,000,000
4,181,243
39,972,888
45,154,131
Profit for the year
4,838,665
4,838,665
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 211,905)
211,905
-----------
-----------
------------
------------
Total comprehensive income for the year
( 211,905)
5,050,570
4,838,665
Dividends paid and payable
13
( 3,000,000)
( 3,000,000)
-----------
-----------
------------
------------
Total investments by and distributions to owners
( 3,000,000)
( 3,000,000)
At 30 September 2023
1,000,000
3,969,338
42,023,458
46,992,796
Profit for the year
5,539,262
5,539,262
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 118,202)
118,202
-----------
-----------
------------
------------
Total comprehensive income for the year
( 118,202)
5,657,464
5,539,262
Dividends paid and payable
13
( 2,000,000)
( 2,000,000)
----
----
-----------
-----------
Total investments by and distributions to owners
( 2,000,000)
( 2,000,000)
-----------
-----------
------------
------------
At 30 September 2024
1,000,000
3,851,136
45,680,922
50,532,058
-----------
-----------
------------
------------
The A&S Leisure Group Limited
Company Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 October 2022
1,000,000
2,014,819
36,520,407
39,535,226
Profit for the year
2,101,234
2,101,234
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 55,027)
55,027
-----------
-----------
------------
------------
Total comprehensive income for the year
( 55,027)
2,156,261
2,101,234
Dividends paid and payable
13
( 3,000,000)
( 3,000,000)
-----------
-----------
------------
------------
Total investments by and distributions to owners
( 3,000,000)
( 3,000,000)
At 30 September 2023
1,000,000
1,959,792
35,676,667
38,636,459
Profit for the year
2,701,973
2,701,973
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
( 55,027)
55,027
-----------
-----------
------------
------------
Total comprehensive income for the year
( 55,027)
2,757,000
2,701,973
Dividends paid and payable
13
( 2,000,000)
( 2,000,000)
----
----
-----------
-----------
Total investments by and distributions to owners
( 2,000,000)
( 2,000,000)
-----------
-----------
------------
------------
At 30 September 2024
1,000,000
1,904,765
36,433,667
39,338,432
-----------
-----------
------------
------------
The A&S Leisure Group Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
5,539,262
4,838,665
Adjustments for:
Depreciation of tangible assets
1,576,980
1,375,678
Amortisation of intangible assets
139,510
139,510
Other interest receivable and similar income
( 419,625)
( 181,342)
Interest payable and similar expenses
880
488
Loss/(gains) on disposal of tangible assets
28,818
( 30,519)
Tax on profit
2,122,514
2,031,287
Accrued (income)/expenses
( 100,587)
1,209,191
Changes in:
Stocks
27,469
( 15,899)
Trade and other debtors
( 569,362)
( 31,388)
Trade and other creditors
149,510
429,439
-----------
-----------
Cash generated from operations
8,495,369
9,765,110
Interest paid
( 880)
( 488)
Interest received
419,625
181,342
Tax paid
( 1,530,810)
( 1,785,613)
-----------
-----------
Net cash from operating activities
7,383,304
8,160,351
-----------
-----------
Cash flows from investing activities
Purchase of tangible assets
( 3,560,795)
( 3,929,401)
Proceeds from sale of tangible assets
30,521
-----------
-----------
Net cash used in investing activities
( 3,560,795)
( 3,898,880)
-----------
-----------
Cash flows from financing activities
Dividends paid
( 2,000,000)
( 3,000,000)
-----------
-----------
Net cash used in financing activities
( 2,000,000)
( 3,000,000)
-----------
-----------
Net increase in cash and cash equivalents
1,822,509
1,261,471
Cash and cash equivalents at beginning of year
16,462,462
15,200,991
------------
------------
Cash and cash equivalents at end of year
18,284,971
16,462,462
------------
------------
The A&S Leisure Group Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Livesey Street, Sheffield, S6 2BL, South Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are prepared to a date which corresponds to the end of the last trading week in an accounting period. In relation to the current accounting period this date was 30 September 2024 (2023: 1 October 2023).
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of The A&S Leisure Group Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Turnover represents casino gross gaming yield, being the aggregate of all gaming gains and losses for the year, and all other net sales to customers, excluding value added tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. The freehold and leasehold properties from which the company conducts its operations have previously been carried at open market value on an existing use and fully operational basis, including the benefit of licences. The 2015 financial statements reflected the valuation of the licences as a separate asset, and as such included the licences as an intangible asset. The directors review the valuation of intangible assets each year and if in their opinion, there is any permanent diminution in value, it is charged to the revaluation reserve or the profit and loss account as appropriate.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Casino licences
-
Over 50 years straight line basis
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Property and licences The freehold and leasehold properties from which the company conducts its operations were previously carried at open market value on an existing use and fully operational basis, including the benefit of licences. As permitted by the transitional provisions of FRS15 "Tangible Fixed Assets" the company elected not to adopt a policy of revaluation of tangible fixed assets in the future. However it will retain the carrying value of property and licences, previously revalued, and will not update that valuation. The directors review fixed assets including properties and licences each year and if, in their opinion, there is any permanent diminution in value, it is charged to the revaluation reserve or the profit and loss account as appropriate.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Over the remaining estimated useful life.
Long leasehold property
-
2% straight line.
Fixtures, fittings and equipment
-
5% to 25% straight line basis.
Motor vehicles
-
25% straight line basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Casino gross gaming yield
37,176,304
33,956,921
Other turnover
7,056,237
6,963,047
Racing income and associated revenues
3,417,022
3,490,435
------------
------------
47,649,563
44,410,403
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
426,821
357,307
Grant income received
4,568
4,240
Other operating income
2,823
---------
---------
431,389
364,370
---------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
139,510
139,510
Depreciation of tangible assets
1,576,980
1,375,678
Loss/(gains) on disposal of tangible assets
28,818
( 30,519)
Operating lease rentals
1,655,517
1,490,194
-----------
-----------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
26,000
26,000
-------
-------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
83,688
83,179
-------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
43
39
Management staff
3
4
Operating staff
697
685
----
----
743
728
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
16,742,034
15,894,557
Social security costs
1,364,978
1,309,603
Other pension costs
277,296
269,613
------------
------------
18,384,308
17,473,773
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
519,971
731,738
---------
---------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
180,450
270,810
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on loans and receivables
125
99,276
Interest on cash and cash equivalents
406,624
67,307
Corporation tax interest received
3,489
14,759
Other interest receivable and similar income
9,387
---------
---------
419,625
181,342
---------
---------
11. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
880
488
----
----
12. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
1,720,687
1,402,995
Adjustments in respect of prior periods
( 189,877)
-----------
-----------
Total current tax
1,530,810
1,402,995
-----------
-----------
Deferred tax:
Origination and reversal of timing differences
591,704
628,292
-----------
-----------
Tax on profit
2,122,514
2,031,287
-----------
-----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
7,661,776
6,869,952
-----------
-----------
Profit on ordinary activities by rate of tax
1,915,704
1,491,601
Adjustment to tax charge in respect of prior periods
49,988
8,286
Effect of expenses not deductible for tax purposes
110,610
86,721
Depreciation of ineligible assets
46,212
45,274
Effect of superdeduction
26
Effect of changing tax rates
399,379
-----------
-----------
Tax on profit
2,122,514
2,031,287
-----------
-----------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,000,000
3,000,000
-----------
-----------
14. Intangible assets
Group
Casino licences
£
Cost
At 1 October 2023 and 30 September 2024
7,941,214
-----------
Amortisation
At 1 October 2023
1,116,080
Charge for the year
139,510
-----------
At 30 September 2024
1,255,590
-----------
Carrying amount
At 30 September 2024
6,685,624
-----------
At 30 September 2023
6,825,134
-----------
Company
Casino licences
£
Cost
At 1 October 2023 and 30 September 2024
6,975,498
-----------
Amortisation
At 1 October 2023
1,116,080
Charge for the year
139,510
-----------
At 30 September 2024
1,255,590
-----------
Carrying amount
At 30 September 2024
5,719,908
-----------
At 30 September 2023
5,859,418
-----------
Total cost or valuation for the group at 30 September 2024 amounting to £7,941,214 includes £6,800,412 at 1997 valuation, and £1,140,802 of subsequent cost. For the company, the totals include £6,800,412 at 1997 valuation, and £175,086 of subsequent cost.
15. Tangible assets
Group
Freehold property
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
15,643,315
18,823,117
14,173,000
267,241
48,906,673
Additions
2,305,080
1,217,170
38,545
3,560,795
Disposals
( 32,935)
( 32,935)
------------
------------
------------
---------
------------
At 30 September 2024
17,948,395
18,823,117
15,390,170
272,851
52,434,533
------------
------------
------------
---------
------------
Depreciation
At 1 October 2023
4,418,360
3,706,364
11,493,310
169,414
19,787,448
Charge for the year
325,972
502,217
713,512
35,279
1,576,980
Disposals
( 4,117)
( 4,117)
------------
------------
------------
---------
------------
At 30 September 2024
4,744,332
4,208,581
12,206,822
200,576
21,360,311
------------
------------
------------
---------
------------
Carrying amount
At 30 September 2024
13,204,063
14,614,536
3,183,348
72,275
31,074,222
------------
------------
------------
---------
------------
At 30 September 2023
11,224,955
15,116,753
2,679,690
97,827
29,119,225
------------
------------
------------
---------
------------
Company
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
15,643,315
9,177,353
155,387
24,976,055
Additions
2,305,080
572,838
38,545
2,916,463
Disposals
( 32,935)
( 32,935)
------------
-----------
---------
------------
At 30 September 2024
17,948,395
9,750,191
160,997
27,859,583
------------
-----------
---------
------------
Depreciation
At 1 October 2023
4,418,360
7,891,853
74,534
12,384,747
Charge for the year
325,972
351,433
29,621
707,026
Disposals
( 4,117)
( 4,117)
------------
-----------
---------
------------
At 30 September 2024
4,744,332
8,243,286
100,038
13,087,656
------------
-----------
---------
------------
Carrying amount
At 30 September 2024
13,204,063
1,506,905
60,959
14,771,927
------------
-----------
---------
------------
At 30 September 2023
11,224,955
1,285,500
80,853
12,591,308
------------
-----------
---------
------------
Four casino properties of the company together with their licences, fixtures and fittings, were valued on 28th September 1997 by the directors. The directors' valuations of the assets of each branch were on the basis of existing use on a going concern basis having regard to the branch's trading potential as a single entity. For this reason it was considered appropriate to combine the property and licence elements of the valuations until last year when they were divided as between intangible and tangible assets. The elements of the values placed on fixtures and fittings equalled the net book values at the date of valuation. In line with the provisions available within FRS102, the values upon conversion were considered as deemed cost and as such no revaluation is required on an annual basis. Following a review of the valuation the amount at which these assets are stated does not, in the opinion of the directors, exceed their market value as at 30 September 2024.
16. Investments
Group
Investment properties
£
Cost
At 1 October 2023 and 30 September 2024
2,100,000
-----------
Impairment
At 1 October 2023 and 30 September 2024
-----------
Carrying amount
At 1 October 2023 and 30 September 2024
2,100,000
-----------
At 30 September 2023
2,100,000
-----------
Company
Shares in group undertakings
Investment properties
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
1,217,255
2,100,000
3,317,255
-----------
-----------
-----------
Impairment
At 1 October 2023 and 30 September 2024
-----------
-----------
-----------
Carrying amount
At 1 October 2023 and 30 September 2024
1,217,255
2,100,000
3,317,255
-----------
-----------
-----------
At 30 September 2023
1,217,255
2,100,000
3,317,255
-----------
-----------
-----------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Sheffield Sports Stadium Limited
Ordinary
100
Harveys (Leisure) Limited
Ordinary
100
Napoleans Racing Limited
Ordinary
100
Napoleans Leisure Group Limited
Ordinary
100
The Players Club UK Limited
Ordinary
100
The company owns 100% of the issued share capital of each of the companies listed below (all of which are registered in the UK).
20242023
££
Sheffield Sports Stadium Limited251,435251,435
Harveys (Leisure) Limited100100
Napoleons Racing Limited22
Napoleons Leisure Group Limited22
The Players Club UK Limited965,716965,716
----------------------
1,217,2551,217,255
----------------------
The capital and reserves of each company as at 30 September 2024 were:
Share capitalReserves
££
Sheffield Sports Stadium Limited9,0061,044,679
Harveys (Leisure) Limited100
Napoleons Leisure Limited2
Napoleons Leisure Group Limited2
The Players Club UK Limited1,101,0099,291,406
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Bar and restaurant stock
202,066
229,535
76,479
90,807
---------
---------
-------
-------
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
335,483
293,962
Amounts owed by group undertakings
8,314,893
7,968,730
Prepayments and accrued income
639,909
487,939
375,830
228,465
Corporation tax repayable
552,212
177,247
761,042
673,100
Other debtors
8,623
7,717
19,842
-----------
---------
-----------
-----------
1,536,227
966,865
9,451,765
8,890,137
-----------
---------
-----------
-----------
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,262,879
1,299,961
571,208
567,858
Amounts owed to group undertakings
6,051,696
2,390,516
Accruals and deferred income
3,181,513
3,283,385
948,524
1,354,910
Social security and other taxes
2,268,234
2,043,042
1,903,290
1,725,546
Other creditors
325,568
364,168
170,631
233,540
-----------
-----------
-----------
-----------
7,038,194
6,990,556
9,645,349
6,272,370
-----------
-----------
-----------
-----------
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
18,620
17,335
-------
-------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 October 2023
1,702,534
Additions
591,704
-----------
At 30 September 2024
2,294,238
-----------
Company
Deferred tax (note 22)
£
At 1 October 2023
249,334
Additions
467,404
---------
At 30 September 2024
716,738
---------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
2,294,238
1,702,534
716,738
249,334
-----------
-----------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
1,905,238
1,313,534
716,738
249,334
Revaluation of tangible assets
389,000
389,000
-----------
-----------
---------
---------
2,294,238
1,702,534
716,738
249,334
-----------
-----------
---------
---------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 277,296 (2023: £ 269,613 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary £1 shares of £ 1 each
1,000,000
1,000,000
1,000,000
1,000,000
-----------
-----------
-----------
-----------
25. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
16,462,462
1,822,509
18,284,971
------------
-----------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
28,823
25,553
Later than 1 year and not later than 5 years
887,149
856,184
887,149
856,184
Later than 5 years
74,000
74,000
---------
---------
---------
---------
989,972
955,737
887,149
856,184
---------
---------
---------
---------
28. Other financial commitments
The company and group are party to group overdraft facilities at the balance sheet date of up to £250,000 which is repayable upon demand and subject to periodic reviews. At the balance sheet date there were no overdrafts for any of the group companies. In addition, there are two debentures held by the bank dated 1973 and 1988 by way of a fixed and floating charge over the whole undertaking and all of its assets.
29. Related party transactions
Company
At the financial year end, an amount of £6,051,696 (2023: £2,390,517) was owed to The Players Club UK Limited, a wholly owned subsidiary. In addition £8,314,893 (202: £7,968,730) was owed by Sheffield Sports Stadium Limited, a wholly owned subsidiary. There are no formal repayment terms and no interest is being charged on either loan.