Company registration number NI007191 (Northern Ireland)
OASIS RETAIL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OASIS RETAIL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr G Steinberg
Mr M Trimble
Company number
NI007191
Registered office
Oasis House
Mallusk Drive
Newtownabbey
BT36 4GX
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Oasis House
Mallusk Drive
Newtownabbey
BT36 4GX
OASIS RETAIL SERVICES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
OASIS RETAIL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
Principal risks and uncertainties
The directors are satisfied with the overall performance of the company during 2024 displaying a net profit after taxation of £2,789,609 (2023 - £1,867,721) and a net balance sheet total of £17,230,622 (2023 - £15,116,808).
The company’s principal risks are as follows: -
susceptibility to the actions of its competitors looking to gain market share.
complying with health and safety and other regulations applicable to its sector;
ensuring that there are no issues relating to the operating licences required for each of our sites;
In terms of managing these risks the company implements compliance controls relating to health and safety issues and ensures that all licence conditions are adhered to. The Board are focused on employee training in these areas and, indeed, in all areas of the business. The company prepares detailed monthly management accounts comparing actual performance with budgeted figures with the financial controller reporting to the Board of Directors and relevant managers on any material variances.
The company continues to actively seek new opportunities for expansion and investment within our core area of operations.
Key performance indicators
The key performance indicator is net profit before taxation as set out on page seven of these accounts.
Mr G Steinberg
Director
16 June 2025
OASIS RETAIL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the operation of gaming centres and coin operated gaming and amusement machines.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £675,795. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G Steinberg
Mr M Trimble
Auditor
The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr G Steinberg
Director
16 June 2025
OASIS RETAIL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual 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 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; and
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.
OASIS RETAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OASIS RETAIL SERVICES LIMITED
- 4 -
Opinion
We have audited the financial statements of Oasis Retail Services Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
OASIS RETAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OASIS RETAIL SERVICES LIMITED (CONTINUED)
- 5 -
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 and the directors' report.
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 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 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.
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, 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:
OASIS RETAIL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OASIS RETAIL SERVICES LIMITED (CONTINUED)
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Jason Selig BA ACA CTA DChA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
19 June 2025
OASIS RETAIL SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
13,403,356
11,454,077
Administrative expenses
(10,056,536)
(9,092,617)
Operating profit
3
3,346,820
2,361,460
Interest receivable and similar income
6
468,555
220,987
Interest payable and similar expenses
7
(1,925)
Profit before taxation
3,815,375
2,580,522
Tax on profit
8
(1,025,766)
(712,801)
Profit for the financial year
2,789,609
1,867,721
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OASIS RETAIL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
2,789,609
1,867,721
Other comprehensive income
-
-
Total comprehensive income for the year
2,789,609
1,867,721
OASIS RETAIL SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
7,861,126
4,748,607
Current assets
Stocks
13
54,210
51,816
Debtors
14
1,412,528
1,399,241
Cash at bank and in hand
13,364,265
11,288,700
14,831,003
12,739,757
Creditors: amounts falling due within one year
15
(4,058,797)
(1,822,929)
Net current assets
10,772,206
10,916,828
Total assets less current liabilities
18,633,332
15,665,435
Provisions for liabilities
Deferred tax liability
16
1,402,710
548,627
(1,402,710)
(548,627)
Net assets
17,230,622
15,116,808
Capital and reserves
Called up share capital
18
35,625
35,625
Share premium account
839,375
839,375
Profit and loss reserves
16,355,622
14,241,808
Total equity
17,230,622
15,116,808
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
Mr G Steinberg
Director
Company registration number NI007191 (Northern Ireland)
OASIS RETAIL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
35,625
839,375
12,533,342
13,408,342
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,867,721
1,867,721
Dividends
9
-
-
(159,255)
(159,255)
Balance at 31 December 2023
35,625
839,375
14,241,808
15,116,808
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,789,609
2,789,609
Dividends
9
-
-
(675,795)
(675,795)
Balance at 31 December 2024
35,625
839,375
16,355,622
17,230,622
OASIS RETAIL SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
7,206,024
4,098,138
Interest paid
(1,925)
Income taxes paid
(605,697)
(373,074)
Net cash inflow from operating activities
6,600,327
3,723,139
Investing activities
Purchase of tangible fixed assets
(4,662,441)
(2,348,870)
Proceeds from disposal of tangible fixed assets
108,919
125,536
Movement on loans
236,000
(450,000)
Interest received
468,555
220,987
Net cash used in investing activities
(3,848,967)
(2,452,347)
Financing activities
Dividends paid
(675,795)
(159,255)
Net cash used in financing activities
(675,795)
(159,255)
Net increase in cash and cash equivalents
2,075,565
1,111,537
Cash and cash equivalents at beginning of year
11,288,700
10,177,163
Cash and cash equivalents at end of year
13,364,265
11,288,700
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Oasis Retail Services Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Oasis House, Mallusk Drive, Newtownabbey, BT36 4GX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Oasis Retail Services Limited is a wholly owned subsidiary of Oasis Leisure Group Limited and the results of Oasis Retail Services Limited are included in the consolidated financial statements of Oasis Leisure Group Limited which are available from Companies House.
1.2
Turnover
Revenue is recognised at the time cash is entered into the gaming machines.
Turnover comprises the total of machine income and services (excluding VAT and MGD) in the normal course of business.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over the term of the corresponding lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Long Leasehold
1% Straight line
Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
20%-50% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% 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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, 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 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 creditors, bank loans, loans from fellow group companies 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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 through 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.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
The operation of gaming centres and coin operated gaming and amusement machines.
13,403,356
11,454,077
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,403,356
11,454,077
2024
2023
£
£
Other revenue
Interest income
468,555
220,987
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Auditor's remuneration - includes other work £5,000 (2023 - £5,000)
28,500
27,000
Depreciation of owned tangible fixed assets
1,515,760
1,582,829
Profit on disposal of tangible fixed assets
(74,757)
(101,486)
Operating lease charges
594,618
587,239
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Gaming centre staff and engineers
146
135
Administration staff and directors
6
6
Total
152
141
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,184,503
3,629,683
Social security costs
362,996
306,965
Pension costs
108,403
67,170
4,655,902
4,003,818
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
207,221
198,321
Company pension contributions to defined contribution schemes
49,603
23,226
256,824
221,547
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
103,229
103,109
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
468,361
220,776
Other interest
194
211
Total income
468,555
220,987
Investment income includes the following:
Interest on financial assets
468,361
220,776
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
1,925
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
171,683
443,641
Deferred tax
Origination and reversal of timing differences
854,083
269,160
Total tax charge
1,025,766
712,801
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
3,815,375
2,580,522
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
953,844
645,131
Tax effect of expenses that are not deductible in determining taxable profit
7,206
3,025
Effect of change in corporation tax rate
(27,905)
Permanent capital allowances in excess of depreciation
(789,367)
(176,610)
Deferred tax
854,083
269,160
Taxation charge for the year
1,025,766
712,801
9
Dividends
2024
2023
£
£
Interim paid
675,795
159,255
10
Allocation
All profits are attributable to the owners of the parent company.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
85,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
85,000
Carrying amount
At 31 December 2024
At 31 December 2023
12
Tangible fixed assets
Land and buildings Long Leasehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,627,608
287,914
10,267,608
4,795,857
574,516
17,553,503
Additions
3,933,101
555,924
173,416
4,662,441
Disposals
(1,400,441)
(2,407,137)
(116,766)
(3,924,344)
At 31 December 2024
1,627,608
287,914
12,800,268
2,944,644
631,166
18,291,600
Depreciation and impairment
At 1 January 2024
114,442
247,335
8,580,183
3,496,490
366,446
12,804,896
Depreciation charged in the year
16,260
896,815
480,280
122,405
1,515,760
Eliminated in respect of disposals
(1,366,279)
(2,407,137)
(116,766)
(3,890,182)
At 31 December 2024
130,702
247,335
8,110,719
1,569,633
372,085
10,430,474
Carrying amount
At 31 December 2024
1,496,906
40,579
4,689,549
1,375,011
259,081
7,861,126
At 31 December 2023
1,513,166
40,579
1,687,425
1,299,367
208,070
4,748,607
A professional valuation was carried out on 28 July 2017 by GVA NI Ltd (RICS) valuing the property at Oasis House, Mallusk Drive, Newtwonabbey at £1,000,000. Long leasehold also includes a property purchase in November 2019 at High Street, Newtownards at an accumulated cost of £394,172.
On 29 June 2022 the company puchased a property at 80/82 Market Street, Downpatrick at an accumulated cost of £241,790.
The buildings have been depreciated, and the director considers the residual value in the accounts to reflect the current market value.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 20 -
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
1,348,726
1,348,726
Accumulated depreciation
(130,702)
(114,442)
Carrying value
1,218,024
1,234,284
13
Stocks
2024
2023
£
£
Machine spares, prizes and plush
54,210
51,816
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
409,099
405,035
Corporation tax recoverable
89,487
12,503
Amounts owed by group undertakings
327,837
327,837
Other debtors
262,514
489,178
Prepayments and accrued income
323,591
164,688
1,412,528
1,399,241
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,377,389
380,076
Corporation tax
357,030
Other taxation and social security
350,507
747,815
Other creditors
39,823
4,879
Accruals and deferred income
291,078
333,129
4,058,797
1,822,929
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
1,350,325
496,242
Revaluations
52,385
52,385
1,402,710
548,627
2024
Movements in the year:
£
Liability at 1 January 2024
548,627
Charge to profit or loss
854,083
Liability at 31 December 2024
1,402,710
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,403
67,170
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 5p each
712,500
712,500
35,625
35,625
19
Operating lease commitments
As lessee
The company leases numerous gaming centres under operating leases, which have lease expiry dates between November 2022 and November 2043.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Operating lease commitments
(Continued)
- 22 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
49,364
17,034
Years 2-5
283,892
314,075
After 5 years
4,029,098
3,773,460
4,362,354
4,104,569
20
Ultimate controlling party
The ultimate parent company is Oasis Leisure Group Limited, a company registered in Northern Ireland.
Oasis Leisure Group Limited is controlled by Gerald Steinberg who owns the majority of that company's issued share capital.
Oasis Leisure Group Limited prepares group financial statements and copies can be obtained from - Companies House, Crown Way, Cardiff, CF14 3UZ.
21
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Dividends totalling £675,795 (2023 - £159,255) were paid in the year in respect of shares held by the company's directors in the parent company.
The loan of £214,000 was repaid in full on 1 April 2025.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
-
450,000
214,000
(450,000)
214,000
Director's loan
-
34,514
-
-
34,514
484,514
214,000
(450,000)
248,514
22
Profit and loss account reserves
Profit and loss account reserves include £226,497 (2023 - £226,497) of non-distributable reserves.
OASIS RETAIL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
23
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,789,609
1,867,721
Adjustments for:
Taxation charged
1,025,766
712,801
Finance costs
1,925
Investment income
(468,555)
(220,987)
Gain on disposal of tangible fixed assets
(74,757)
(101,486)
Depreciation and impairment of tangible fixed assets
1,515,760
1,582,829
Movements in working capital:
(Increase)/decrease in stocks
(2,394)
6,836
(Increase)/decrease in debtors
(172,303)
72,824
Increase in creditors
2,592,898
175,675
Cash generated from operations
7,206,024
4,098,138
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
11,288,700
2,075,565
13,364,265
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr G SteinbergMr M TrimbleNI0071912024-01-012024-12-31NI007191bus:Director12024-01-012024-12-31NI007191bus:Director22024-01-012024-12-31NI007191bus:RegisteredOffice2024-01-012024-12-31NI0071912024-12-31NI0071912023-01-012023-12-31NI007191core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31NI007191core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31NI0071912023-12-31NI007191core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-31NI007191core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-12-31NI007191core:PlantMachinery2024-12-31NI007191core:FurnitureFittings2024-12-31NI007191core:MotorVehicles2024-12-31NI007191core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-31NI007191core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-31NI007191core:PlantMachinery2023-12-31NI007191core:FurnitureFittings2023-12-31NI007191core:MotorVehicles2023-12-31NI007191core:ShareCapital2024-12-31NI007191core:ShareCapital2023-12-31NI007191core:SharePremium2024-12-31NI007191core:SharePremium2023-12-31NI007191core:RetainedEarningsAccumulatedLosses2024-12-31NI007191core:RetainedEarningsAccumulatedLosses2023-12-31NI007191core:ShareCapital2022-12-31NI007191core:SharePremium2022-12-31NI007191core:RetainedEarningsAccumulatedLosses2022-12-31NI007191core:ShareCapitalOrdinaryShareClass12024-12-31NI007191core:ShareCapitalOrdinaryShareClass12023-12-31NI0071912023-12-31NI0071912022-12-31NI007191core:Goodwill2024-01-012024-12-31NI007191core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-31NI007191core:LandBuildingscore:LongLeaseholdAssets2024-01-012024-12-31NI007191core:PlantMachinery2024-01-012024-12-31NI007191core:FurnitureFittings2024-01-012024-12-31NI007191core:MotorVehicles2024-01-012024-12-31NI00719112024-01-012024-12-31NI00719112023-01-012023-12-31NI007191core:UKTax2024-01-012024-12-31NI007191core:UKTax2023-01-012023-12-31NI007191core:Goodwill2023-12-31NI007191core:Goodwill2024-12-31NI007191core:Goodwill2023-12-31NI007191core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-31NI007191core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-31NI007191core:PlantMachinery2023-12-31NI007191core:FurnitureFittings2023-12-31NI007191core:MotorVehicles2023-12-31NI007191core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-012024-12-31NI007191core:CurrentFinancialInstruments2024-12-31NI007191core:CurrentFinancialInstruments2023-12-31NI007191bus:OrdinaryShareClass12024-01-012024-12-31NI007191bus:OrdinaryShareClass12024-12-31NI007191bus:OrdinaryShareClass12023-12-31NI007191core:WithinOneYear2024-12-31NI007191core:WithinOneYear2023-12-31NI007191core:BetweenTwoFiveYears2024-12-31NI007191core:BetweenTwoFiveYears2023-12-31NI007191core:MoreThanFiveYears2024-12-31NI007191core:MoreThanFiveYears2023-12-31NI007191bus:PrivateLimitedCompanyLtd2024-01-012024-12-31NI007191bus:FRS1022024-01-012024-12-31NI007191bus:Audited2024-01-012024-12-31NI007191bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP