Company registration number:
12456803
Meat Raffle Limited
Trading as
Escape to Freight Island
Unaudited filleted financial statements
31 August 2024
Meat Raffle Limited
Contents
Statement of financial position
Notes to the financial statements
Meat Raffle Limited
Statement of financial position
31 August 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Intangible assets |
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5 |
25,123 |
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50,896 |
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Tangible assets |
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6 |
2,434,035 |
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2,852,636 |
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_______ |
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_______ |
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2,459,158 |
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2,903,532 |
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Current assets |
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Debtors |
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7 |
853,810 |
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376,231 |
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Cash at bank and in hand |
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61,761 |
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72,000 |
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_______ |
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_______ |
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915,571 |
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448,231 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
2,695,111) |
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(
3,517,046) |
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_______ |
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_______ |
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Net current liabilities |
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(
1,779,540) |
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(
3,068,815) |
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_______ |
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_______ |
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Total assets less current liabilities |
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679,618 |
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(
165,283) |
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Creditors: amounts falling due |
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after more than one year |
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9 |
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(
2,340,400) |
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(
1,547,195) |
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_______ |
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_______ |
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Net liabilities |
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(
1,660,782) |
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(
1,712,478) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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40 |
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10 |
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Profit and loss account |
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(
1,660,822) |
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(
1,712,488) |
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_______ |
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_______ |
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Shareholders deficit |
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(
1,660,782) |
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(
1,712,478) |
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_______ |
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_______ |
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 December 2025
, and are signed on behalf of the board by:
Mr Niall James Moen
Director
Company registration number:
12456803
Meat Raffle Limited
Notes to the financial statements
Year ended 31 August 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 11 Baring Street, Manchester, M1 2PY.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
As of the reporting date, the company's liabilities exceeded its assets by £1,660,782. The accounts have been prepared on a going concern basis, as the directors and creditors will continue to support the company for the foreseeable future. After the reporting date, the company secured new investment and has sufficient resources to continue trading as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 a revalued amount, 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. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
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| Branding & development |
- |
33 % |
straight line |
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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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Short leasehold property |
- |
10 % |
straight line |
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IT equipment |
- |
33 % |
straight line |
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Equipment |
- |
20 % |
straight line |
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Initial operating equipment |
- |
33 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
26
(2023:
99
).
7.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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222,948 |
169,852 |
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Other debtors |
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630,862 |
206,379 |
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_______ |
_______ |
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853,810 |
376,231 |
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_______ |
_______ |
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8.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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1,047,093 |
923,960 |
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Trade creditors |
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741,460 |
532,082 |
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Social security and other taxes |
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308,336 |
976,426 |
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Other creditors |
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598,222 |
1,084,578 |
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_______ |
_______ |
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2,695,111 |
3,517,046 |
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_______ |
_______ |
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Included in other creditors is a loan from Field Vision Bars Limited, a connected company. The amount included in short term creditors for this loan is £19. The loan is secured with a debenture comprising fixed and floating charges over the trade and assets of Meat Raffle Ltd.
9.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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35,388 |
39,448 |
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Other creditors |
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2,305,012 |
1,507,747 |
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_______ |
_______ |
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2,340,400 |
1,547,195 |
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_______ |
_______ |
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Included in other creditors is a loan from Field Vision Bars Limited, a connected company. The amount included in short term creditors for this loan is £1,617,554. The loan is secured with a debenture comprising fixed and floating charges over the trade and assets of Meat Raffle Ltd.
10.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
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£ |
£ |
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| Not later than 1 year |
302,352 |
303,528 |
| Later than 1 year and not later than 5 years |
1,200,000 |
477,352 |
| Later than 5 years |
475,000 |
- |
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_______ |
_______ |
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1,977,352 |
780,880 |
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_______ |
_______ |
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Gareth Cooper has provided a personal guarantee towards an operating lease for the company. The payments remaining on this operating lease totalled £2,352 at the reporting date.
11.
Related party transactions
The company received interest-free loans from its directors. The loans had no conditions attached to them. They totalled £1,265,743 (2023: £2,004,258) at the reporting date, of which £836,419 (2023: £776,015) is included in short-term creditors and £429,324 (2023: £1,228,243) is included in long-term creditors.The company received an interest-bearing loan from Field Vision Bars Limited, a company which owned 25% of the shares in Meat Raffle Ltd at the reporting date. The loan totalled £1,617,573 (2023: £0) at the reporting date. £19 of this loan is included in short-term creditors, and £1,617,554 is included in long-term creditors. The loan is secured with a debenture comprising fixed and floating charges over the trade and assets of Meat Raffle Ltd.