The A&S Leisure Group Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 00939109

The A&S Leisure Group Limited

Financial Statements

30 September 2025

The A&S Leisure Group Limited

Financial Statements

Year ended 30 September 2025

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 2025

The directors present their strategic report of the group for the year ended 30 September 2025. Business review and key performance indicators Group turnover has remained static during the year and there was a modest reduction in gross profit. Higher gaming duty rates, together with significant increases in employment costs, increased overheads by 7.6% and contributed to a fall in operating profits. Further refurbishment work was undertaken to casino properties during the year in order to update and improve the customer experience and drive attendance. Additional advertising and promotion costs were also incurred in this regard in the year. The results for 2025 against the previous year are:

	2025	2024
	£	£
Turnover	47,446,103	47,649,583
Operating profit	5,814,838	7,243,031
Administrative costs	14,367,285	13,345,237
Profit before tax	6,238,458	7,661,776

At the end of the financial year, both the company and the group had substantial net assets of approximately £37.5 and £52 million respectively, and the group's ratio of current assets/current liabilities for 2025 is 2.82 (2024 - 2.85). Whilst the directors are confident of the future of the company and its subsidiaries, the current state of the UK economy, continuing global hostilities and international trade disruptions will continue to put pressure on business results. 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 23 June 2026 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 2025

The directors present their report and the financial statements of the group for the year ended 30 September 2025 .

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 the refurbishment of the Sheffield and Hull sites during the year, the directors remain committed to the ongoing development of the group's casino estate. Investment in facilities, customer experience and marketing initiatives will continue where appropriate, with the objective of maintaining market share and supporting future profitability. The directors remain confident that the company's strong financial position will allow it to take advantage of opportunities as they arise.

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 23 June 2026 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 2025

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 2025 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 2025 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

23 June 2026

The A&S Leisure Group Limited

Consolidated Statement of Comprehensive Income

Year ended 30 September 2025

		2025	2024
Note		£	£
Turnover	4	47,446,103	47,649,563

Cost of sales	27,756,213	27,492,684
	------------	------------
Gross profit	19,689,890	20,156,879

Administrative expenses		14,367,285	13,345,237
Other operating income	5	492,233	431,389
		------------	------------
Operating profit	6	5,814,838	7,243,031

Other interest receivable and similar income	10	432,169	419,625
Interest payable and similar expenses	11	8,549	880
		------------	------------
Profit before taxation		6,238,458	7,661,776

Tax on profit	12	1,695,388	2,122,514
		-----------	-----------
Profit for the financial year and total comprehensive income		4,543,070	5,539,262
		-----------	-----------

All the activities of the group are from continuing operations.

The A&S Leisure Group Limited

Consolidated Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	14	6,546,114	6,685,624
Tangible assets	15	32,112,183	31,074,222
Investments	16	2,100,002	2,100,000
		------------	------------
		40,758,299	39,859,846

Current assets

Stocks	17	219,366	202,066
Debtors	18	1,932,095	1,536,227
Cash at bank and in hand		19,413,671	18,284,971
		------------	------------
		21,565,132	20,023,264

Creditors: amounts falling due within one year	19	7,646,014		7,038,194
		------------		------------
Net current assets			13,919,118	12,985,070
			------------	------------
Total assets less current liabilities			54,677,417	52,844,916

Creditors: amounts falling due after more than one year	20		15,378	18,620

Provisions	21	2,586,911	2,294,238
		------------	------------
Net assets		52,075,128	50,532,058
		------------	------------

Capital and reserves

Called up share capital	24	1,000,000	1,000,000
Revaluation reserve	25	3,732,934	3,851,136
Profit and loss account	25	47,342,194	45,680,922
		------------	------------
Shareholders funds		52,075,128	50,532,058
		------------	------------

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 23 June 2026 , 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 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	14	5,580,398	5,719,908
Tangible assets	15	16,388,247	14,771,927
Investments	16	3,317,257	3,317,255
		------------	------------
		25,285,902	23,809,090

Current assets

Stocks	17	81,677	76,479
Debtors	18	10,079,321	9,451,765
Cash at bank and in hand		16,662,743	16,363,185
		------------	------------
		26,823,741	25,891,429

Creditors: amounts falling due within one year	19	13,500,532		9,645,349
		------------		------------
Net current assets			13,323,209	16,246,080
			------------	------------
Total assets less current liabilities			38,609,111	40,055,170

Provisions	21	999,011	716,738
		------------	------------
Net assets		37,610,100	39,338,432
		------------	------------

Capital and reserves

Called up share capital	24	1,000,000	1,000,000
Revaluation reserve	25	1,849,738	1,904,765
Profit and loss account	25	34,760,362	36,433,667
		------------	------------
Shareholders funds		37,610,100	39,338,432
		------------	------------

The profit for the financial year of the parent company was £ 1,271,668 (2024: £ 2,701,973 ).

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 23 June 2026 , 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 2025

			Called up share capital	Revaluation reserve	Profit and loss account	Total
			£	£	£	£
At 1 October 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

Profit for the year					4,543,070	4,543,070
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)	4,661,272	4,543,070

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 2025			1,000,000	3,732,934	47,342,194	52,075,128
			-----------	-----------	------------	------------

The A&S Leisure Group Limited

Company Statement of Changes in Equity

Year ended 30 September 2025

			Called up share capital	Revaluation reserve	Profit and loss account	Total
			£	£	£	£
At 1 October 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

Profit for the year					1,271,668	1,271,668
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)	1,326,695	1,271,668

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 2025			1,000,000	1,849,738	34,760,362	37,610,100
			-----------	-----------	------------	------------

The A&S Leisure Group Limited

Consolidated Statement of Cash Flows

Year ended 30 September 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	4,543,070	5,539,262

Adjustments for:
Depreciation of tangible assets	1,523,137	1,576,980
Amortisation of intangible assets	139,510	139,510
Other interest receivable and similar income	( 432,169)	( 419,625)
Interest payable and similar expenses	8,549	880
(Gains)/loss on disposal of tangible assets	( 3,220)	28,818
Tax on profit	1,695,388	2,122,514
Accrued expenses/(income)	545,314	( 100,587)

Changes in:
Stocks	( 17,300)	27,469
Trade and other debtors	( 395,868)	( 569,362)
Trade and other creditors	59,264	149,510
	-----------	-----------
Cash generated from operations	7,665,675	8,495,369

Interest paid	( 8,549)	( 880)
Interest received	432,169	419,625
Tax paid	( 1,402,715)	( 1,530,810)
	-----------	-----------
Net cash from operating activities	6,686,580	7,383,304
	-----------	-----------

Cash flows from investing activities

Purchase of tangible assets	( 2,585,227)	( 3,560,795)
Proceeds from sale of tangible assets	27,349	–
Acquisition of subsidiaries	( 2)	–
	-----------	-----------
Net cash used in investing activities	( 2,557,880)	( 3,560,795)
	-----------	-----------

Cash flows from financing activities

Dividends paid	( 3,000,000)	( 2,000,000)
	-----------	-----------
Net cash used in financing activities	( 3,000,000)	( 2,000,000)
	-----------	-----------

Net increase in cash and cash equivalents	1,128,700	1,822,509
Cash and cash equivalents at beginning of year	18,284,971	16,462,462
	------------	------------
Cash and cash equivalents at end of year	19,413,671	18,284,971
	------------	------------

The A&S Leisure Group Limited

Notes to the Financial Statements

Year ended 30 September 2025

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 28 September 2025 (2024: 30 September 2024).

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:

	2025	2024
	£	£
Casino gross gaming yield	40,358,433	37,176,304
Other turnover	3,450,325	7,056,237
Racing income and associated revenues	3,637,345	3,417,022
	------------	------------
	47,446,103	47,649,563
	------------	------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Rental income	488,991	426,821
Grant income received	3,242	4,568
	---------	---------
	492,233	431,389
	---------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	139,510	139,510
Depreciation of tangible assets	1,523,137	1,576,980
(Gains)/loss on disposal of tangible assets	( 3,220)	28,818
Operating lease rentals	1,747,023	1,655,517
	-----------	-----------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	50,000	26,000
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	–	83,688
	-------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Administrative staff	42	43
Management staff	3	3
Operating staff	679	697
	----	----
	724	743
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	17,375,537	16,742,034
Social security costs	1,702,946	1,364,978
Other pension costs	294,357	277,296
	------------	------------
	19,372,840	18,384,308
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	524,284	519,971
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	180,540	180,450
	---------	---------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	–	125
Interest on cash and cash equivalents	426,250	406,624
Corporation tax interest received	3,071	3,489
Other interest receivable and similar income	2,848	9,387
	---------	---------
	432,169	419,625
	---------	---------

11. Interest payable and similar expenses

	2025	2024
	£	£
Other interest payable and similar charges	8,549	880
	------	----

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	1,402,715	1,720,687
Adjustments in respect of prior periods	–	( 189,877)
	-----------	-----------
Total current tax	1,402,715	1,530,810
	-----------	-----------

Deferred tax:

Origination and reversal of timing differences	292,673	591,704
	-----------	-----------
Tax on profit	1,695,388	2,122,514
	-----------	-----------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	6,238,458	7,661,776
	-----------	-----------
Profit on ordinary activities by rate of tax	1,559,355	1,915,704
Adjustment to tax charge in respect of prior periods	( 26,898)	49,988
Effect of expenses not deductible for tax purposes	115,845	110,610
Reduction in provision	43,250	–
Depreciation of ineligible assets	3,836	46,212
	-----------	-----------
Tax on profit	1,695,388	2,122,514
	-----------	-----------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	3,000,000	2,000,000
	-----------	-----------

14. Intangible assets

Group	Casino licences
	£
Cost
At 1 October 2024 and 30 September 2025	7,941,214
	-----------
Amortisation
At 1 October 2024	1,255,590
Charge for the year	139,510
	-----------
At 30 September 2025	1,395,100
	-----------
Carrying amount
At 30 September 2025	6,546,114
	-----------
At 30 September 2024	6,685,624
	-----------

Company	Casino licences
	£
Cost
At 1 October 2024 and 30 September 2025	6,975,498
	-----------
Amortisation
At 1 October 2024	1,255,590
Charge for the year	139,510
	-----------
At 30 September 2025	1,395,100
	-----------
Carrying amount
At 30 September 2025	5,580,398
	-----------
At 30 September 2024	5,719,908
	-----------

Total cost or valuation for the group at 30 September 2025 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 2024	17,948,395	18,823,117	15,390,170	272,851	52,434,533
Additions	2,139,625	–	443,689	1,913	2,585,227
Disposals	–	–	–	( 48,257)	( 48,257)
	------------	------------	------------	---------	------------
At 30 September 2025	20,088,020	18,823,117	15,833,859	226,507	54,971,503
	------------	------------	------------	---------	------------
Depreciation
At 1 October 2024	4,744,332	4,208,581	12,206,822	200,576	21,360,311
Charge for the year	339,852	502,217	657,377	23,691	1,523,137
Disposals	–	–	–	( 24,128)	( 24,128)
	------------	------------	------------	---------	------------
At 30 September 2025	5,084,184	4,710,798	12,864,199	200,139	22,859,320
	------------	------------	------------	---------	------------
Carrying amount
At 30 September 2025	15,003,836	14,112,319	2,969,660	26,368	32,112,183
	------------	------------	------------	---------	------------
At 30 September 2024	13,204,063	14,614,536	3,183,348	72,275	31,074,222
	------------	------------	------------	---------	------------

Company	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2024	17,948,395	9,750,191	160,997	27,859,583
Additions	2,139,625	213,673	–	2,353,298
Disposals	–	–	( 48,258)	( 48,258)
	------------	-----------	---------	------------
At 30 September 2025	20,088,020	9,963,864	112,739	30,164,623
	------------	-----------	---------	------------
Depreciation
At 1 October 2024	4,744,332	8,243,286	100,038	13,087,656
Charge for the year	339,852	355,441	17,555	712,848
Disposals	–	–	( 24,128)	( 24,128)
	------------	-----------	---------	------------
At 30 September 2025	5,084,184	8,598,727	93,465	13,776,376
	------------	-----------	---------	------------
Carrying amount
At 30 September 2025	15,003,836	1,365,137	19,274	16,388,247
	------------	-----------	---------	------------
At 30 September 2024	13,204,063	1,506,905	60,959	14,771,927
	------------	-----------	---------	------------

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 2025.

16. Investments

Group	Shares in group undertakings	Investment properties	Total
	£	£	£
Cost
At 1 October 2024	–	2,100,000	2,100,000
Additions	2	–	2
	----	-----------	-----------
At 30 September 2025	2	2,100,000	2,100,002
	----	-----------	-----------
Impairment
At 1 October 2024 and 30 September 2025	–	–	–
	----	-----------	-----------

Carrying amount
At 30 September 2025	2	2,100,000	2,100,002
	----	-----------	-----------
At 30 September 2024	–	2,100,000	2,100,000
	----	-----------	-----------

Company	Shares in group undertakings	Investment properties	Total
	£	£	£
Cost
At 1 October 2024	1,217,255	2,100,000	3,317,255
Additions	2	–	2
	-----------	-----------	-----------
At 30 September 2025	1,217,257	2,100,000	3,317,257
	-----------	-----------	-----------
Impairment
At 1 October 2024 and 30 September 2025	–	–	–
	-----------	-----------	-----------

Carrying amount
At 30 September 2025	1,217,257	2,100,000	3,317,257
	-----------	-----------	-----------
At 30 September 2024	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).

	2025	2024
	£	£
Sheffield Sports Stadium Limited	251,435	251,435
Harveys (Leisure) Limited	100	100
Napoleons Racing Limited	2	2
Napoleons Leisure Group Limited	2	2
The Players Club UK Limited	965,716	965,716

			-----------	-----------
			1,217,255	1,217,255
			-----------	-----------

The capital and reserves of each company as at 30 September 2025 were:

	Share capital	Reserves
	£	£
Sheffield Sports Stadium Limited	9,006	827,455
Harveys (Leisure) Limited	100	–
Napoleons Leisure Limited	2	–
Napoleons Leisure Group Limited	2	–
The Players Club UK Limited	1,101,009	13,889,007

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bar and restaurant stock	219,366	202,066	81,677	76,479
	---------	---------	-------	-------

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	301,373	335,483	–	–
Amounts owed by group undertakings	–	–	8,539,941	8,314,893
Prepayments and accrued income	655,851	639,909	368,215	375,830
Corporation tax repayable	934,941	552,212	1,171,165	761,042
Other debtors	39,930	8,623	–	–
	-----------	-----------	------------	-----------
	1,932,095	1,536,227	10,079,321	9,451,765
	-----------	-----------	------------	-----------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,282,103	1,262,879	587,335	571,208
Amounts owed to group undertakings	–	–	9,347,056	6,051,696
Accruals and deferred income	3,730,069	3,181,513	1,536,762	948,524
Social security and other taxes	2,165,920	2,268,234	1,793,386	1,903,290
Other creditors	467,922	325,568	235,993	170,631
	-----------	-----------	------------	-----------
	7,646,014	7,038,194	13,500,532	9,645,349
	-----------	-----------	------------	-----------

20. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accruals and deferred income	15,378	18,620	–	–
	-------	-------	----	----

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 October 2024	2,294,238
Additions	300,273
Charge against provision	( 7,600)
	-----------
At 30 September 2025	2,586,911
	-----------

Company	Deferred tax (note 22)
	£
At 1 October 2024	716,738
Additions	282,273
	---------
At 30 September 2025	999,011
	---------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 21)	2,586,911	2,294,238	999,011	716,738
	-----------	-----------	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	2,197,911	1,905,238	999,011	716,738
Revaluation of tangible assets	389,000	389,000	–	–
	-----------	-----------	---------	---------
	2,586,911	2,294,238	999,011	716,738
	-----------	-----------	---------	---------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 294,357 (2024: £ 277,296 ).

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	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 2024	Cash flows	At 30 Sep 2025
	£	£	£
Cash at bank and in hand	18,284,971	1,128,700	19,413,671
	------------	-----------	------------

The A&S Leisure Group Limited

Notes to the Financial Statements (continued)

Year ended 30 September 2025

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	–	28,823	–	–
Later than 1 year and not later than 5 years	858,408	887,149	858,408	887,149
Later than 5 years	74,000	74,000	–	–
	---------	---------	---------	---------
	784,408	989,972	858,408	887,149
	---------	---------	---------	---------

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 £9,347,056.00 (2024: £6,051,696) was owed to The Players Club UK Limited, a wholly owned subsidiary. In addition £8,540,220.00 (2024: £8,314,893) 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.