ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 08579710

Draughts Ltd.

Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

Draughts Ltd.

Registered number: 08579710

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		240,530		318,617
			240,530		318,617
Current assets
Stocks	5	21,812		25,928
Debtors: amounts falling due within one year	6	482,165		203,187
Cash at bank and in hand	7	327,145		325,001
		831,122		554,116
Creditors: amounts falling due within one year	8	(935,265)		(526,107)
Net current (liabilities)/assets			(104,143)		28,009
Total assets less current liabilities			136,387		346,626
Creditors: amounts falling due after more than one year	9		(81,629)		(152,324)

Net assets			54,758		194,302

Capital and reserves
Called up share capital	12	100	100
Profit and loss account		54,658	194,202
		54,758	194,302

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Draughts Ltd.

Registered number: 08579710

Balance Sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

N Curci

Director

Date: 22 September 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Draughts Ltd. is a private company limited by shares, incorporated in England & Wales (registered number: 08579710).
The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The Company's principal activity continued to be the operation of a licenced bar.
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

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

2.7

Borrowing costs

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

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Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

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Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Short-term leasehold property	-	20%	Straight Line
Plant and machinery	-	25%	Reducing Balance
Motor vehicles	-	25%	Straight Line
Fixtures and fittings	-	33%	Straight Line
Fixtures and fittings - Waterloo	-	25%	Reducing Balance
Computer equipment	-	50%	Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

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

2.14

Cash and cash equivalents

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

Page 6

Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.15

Creditors

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

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 66 (2023 - 66).

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		Draughts Ltd.

Notes to the Financial Statements For the Year Ended 31 December 2024

	4.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	626,344	68,106	52,649	301,797	22,396	1,071,292
Additions	-	15,489	57,428	3,637	1,598	78,152
Disposals	-	-	(52,649)	-	-	(52,649)
At 31 December 2024	626,344	83,595	57,428	305,434	23,994	1,096,795
Depreciation
At 1 January 2024	572,665	39,394	18,098	105,416	17,103	752,676
Charge for the year on owned assets	49,431	9,213	13,361	56,428	4,223	132,656
Disposals	-	-	(29,067)	-	-	(29,067)
At 31 December 2024	622,096	48,607	2,392	161,844	21,326	856,265
Net book value
At 31 December 2024	4,248	34,988	55,036	143,590	2,668	240,530
At 31 December 2023	53,680	28,712	34,551	196,381	5,293	318,617

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Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

5.	Stocks
		2024	2023
		£	£

Stocks	21,812	25,928
	21,812	25,928

Page 9

Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£


Trade debtors	3,044	13,829
Amounts owed by group undertakings	306,188	-
Other debtors	98,897	98,917
Prepayments and accrued income	74,036	90,441
	482,165	203,187

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	327,145	325,001
	327,145	325,001

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	76,446	72,955
Trade creditors	119,760	126,612
Amounts owed to group undertakings	362,269	-
Corporation tax	98,986	90,835
Other taxation and social security	154,766	162,730
Obligations under finance lease and hire purchase contracts	8,544	8,769
Other creditors	47,134	35,741
Accruals and deferred income	67,360	28,465
	935,265	526,107

Page 10

Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	40,724	124,976
Net obligations under finance leases and hire purchase contracts	40,905	27,348
	81,629	152,324

Amounts falling due within one year
Bank loans < 1 yr	76,446	72,955
Amounts falling due 1-2 years
Bank loans 1-2 yrs	20,723	64,973
Amounts falling due 2-5 years
Bank loans 2-5 yrs	20,000	60,003

	117,169	197,931

Within one year	8,544	8,769
Between one and five years	40,905	27,347
	49,449	36,116

Page 11

Draughts Ltd.

Notes to the Financial Statements

For the Year Ended 31 December 2024

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary Shares shares of £1.00 each	100	100

13.	Controlling party

The immediate parent company is Hudson Ventures Holding Limited (company number: 10709539). The registered office of Hudson Ventures Holding Limited is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

Page 12