Registration number:
Future Leisure Limited
for the Year Ended 31 May 2025
Future Leisure Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Future Leisure Limited
Company Information
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Directors |
Mr G D Tresidder Mr B S Tresidder Mr M J Tresidder |
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Registered office |
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Auditors |
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Future Leisure Limited
Strategic Report for the Year Ended 31 May 2025
The directors present their strategic report for the year ended 31 May 2025.
Principal activity
The principal activity of the company is the operation of adult gaming centres (AGCs), snooker and pool clubs, and associated entertainment activities.
Fair review of the business
During the year, the company opened one new venue and continued to focus on optimising the performance of its existing estate. This included investment in venue refurbishments and the ongoing review and renewal of the machine mix and gaming content to reflect customer preferences. Turnover also benefited from a full-year contribution from a venue opened during the previous financial year.
The company operates in a highly regulated industry and maintains a strong commitment to regulatory compliance, safer gambling and customer protection.
For the year ended 31 May 2025, the company achieved a turnover of £14,105,346 (2024: £11,222,570), representing an increase of £2,882,776 (25.7%). Income derived from arcade operations was the main contributor to this growth, increasing to £12,828,032 (2024: £9,756,439). Club operations income was £1,277,314 (2024: £1,466,131). Turnover is expected to continue to increase as the company continues to grow.
Gross profit increased to £10,338,583 (2024: £8,288,483), with the gross profit margin holding steady at 73.3% (2024: 73.9%).
Profit before tax was £1,124,517 (2024: £1,313,678). Although the company achieved substantial turnover and gross profit growth, profit before tax was marginally lower than in the previous year as the increased contribution was offset by higher operating and administrative costs, including continued investment in the company's venue estate and operations.
The directors are satisfied with the company's overall performance and financial position.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
14,105,346 |
11,222,570 |
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Gross profit |
£ |
10,338,583 |
8,288,483 |
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Gross profit margin |
% |
73.3 |
73.9 |
|
Profit before tax |
£ |
1,124,517 |
1,313,678 |
|
Net assets |
£ |
1,559,377 |
1,033,520 |
Future Leisure Limited
Strategic Report for the Year Ended 31 May 2025
Principal risks and uncertainties
Regulation and taxation
The company operates in a highly regulated industry. Changes to gambling legislation or Machine Games Duty could affect the company’s operations and profitability. The directors monitor developments within the industry and maintain policies and controls to ensure continued regulatory compliance.
Market and economic conditions
Competition from other land-based gambling operators and alternative forms of entertainment remains an ongoing risk. Performance may also be affected by changes in customer preferences and wider economic conditions. The company mitigates these risks by maintaining high standards of customer service and continuing to invest in its estate and machine offering.
Liquidity and financial management
The company must maintain sufficient liquidity to meet its operational obligations and to support continued investment in its estate. The directors regularly monitor cash flow and working capital requirements to ensure sufficient funds remain available.
Approved and authorised by the
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Future Leisure Limited
Directors' Report for the Year Ended 31 May 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
Directors of the company
The directors who held office during the year were as follows:
Future developments
Since the year end, the company has continued its measured expansion and has opened two new venues. The directors intend to continue investing in the existing estate through venue refurbishments and improvements to the machine offering, while considering opportunities for expansion where suitable locations are identified.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Sterling Grove Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Future Leisure Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Future Leisure Limited
Independent Auditor's Report to the Members of Future Leisure Limited
Opinion
We have audited the financial statements of Future Leisure Limited (the 'company') for the year ended 31 May 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Future Leisure Limited
Independent Auditor's Report to the Members of Future Leisure Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Other matter - Corresponding figures
The financial statements of the company for the year ended 31 May 2025 were not audited. Accordingly, the corresponding figures for the year ended 31 May 2025 are unaudited.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Future Leisure Limited
Independent Auditor's Report to the Members of Future Leisure Limited
Auditor 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Future Leisure Limited
Independent Auditor's Report to the Members of Future Leisure Limited
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: (i) had a direct effect on the determination of material amounts and disclosures in the financial statements. This included UK Companies Act, pensions legislation, tax legislation; and (ii) 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. This included the company's ongoing compliance with the Gambling Commission regulations in order to maintain its operating licence.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Future Leisure Limited
Independent Auditor's Report to the Members of Future Leisure Limited
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.
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For and on behalf of
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD
Future Leisure Limited
Profit and Loss Account for the Year Ended 31 May 2025
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Note |
2025 |
2024 |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
- |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(200,582) |
(246,508) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Future Leisure Limited
(Registration number: 05316966)
Balance Sheet as at 31 May 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
- |
|
|
|
Tangible assets |
|
|
|
|
Investments |
- |
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1 |
1 |
|
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Retained earnings |
1,559,376 |
1,033,519 |
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Shareholders' funds |
1,559,377 |
1,033,520 |
Approved and authorised by the
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Future Leisure Limited
Statement of Changes in Equity for the Year Ended 31 May 2025
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Share capital |
Retained earnings |
Total |
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|
At 1 June 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 May 2025 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 June 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 May 2024 |
1 |
1,033,519 |
1,033,520 |
Future Leisure Limited
Statement of Cash Flows for the Year Ended 31 May 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
|
Loss on disposal of intangible assets |
|
- |
|
|
Loss from disposals of investments |
|
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Taxation expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
- |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Corporation tax (paid)/received |
( |
|
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Repayment of other borrowing |
( |
- |
|
|
Payments to finance lease creditors |
|
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 June |
|
|
|
|
Cash and cash equivalents at 31 May |
1,391,751 |
566,489 |
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales, with a company number of 05316966.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
10% straight line |
|
Lease premium |
Over lease term |
|
Furniture, fittings and equipment |
25% straight line |
|
Plant and machinery |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, plus any costs directly attributable to the business combination.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously
Basic financial assets
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price(adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured as fair value through the profit and loss). When this constitutes a financing transaction, whereby the debt instruments is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is material.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year.
If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Arcade operations |
|
|
|
Club operations |
|
|
|
|
|
All turnover arose within the United Kingdom.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Property consultancy income |
|
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - other |
|
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other interest received |
|
- |
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Clerical |
|
|
|
Operational |
|
|
|
|
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
188,397 |
106,439 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
- |
|
Other fees to auditors |
||
|
Audit-related assurance services |
|
- |
|
Taxation compliance services |
|
- |
|
All other assurance services |
|
- |
|
|
- |
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
278,521 |
376,684 |
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
30,139 |
(12,275) |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase/(decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period |
|
( |
|
Tax increase from other tax effects |
|
|
|
Total tax charge |
|
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 June 2024 |
|
|
|
Disposals |
( |
( |
|
At 31 May 2025 |
- |
- |
|
Amortisation |
||
|
At 1 June 2024 |
|
|
|
Amortisation eliminated on disposals |
( |
( |
|
At 31 May 2025 |
- |
- |
|
Carrying amount |
||
|
At 31 May 2025 |
- |
- |
|
At 31 May 2024 |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Leasehold improvements |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 June 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 May 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 June 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 May 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 May 2025 |
|
|
|
|
|
At 31 May 2024 |
|
|
|
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
2,996,182 |
2,614,945 |
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
- |
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 June 2024 |
|
|
Disposals |
( |
|
At 31 May 2025 |
- |
|
Provision |
|
|
At 1 June 2024 |
|
|
Eliminated on disposals |
( |
|
At 31 May 2025 |
- |
|
Carrying amount |
|
|
At 31 May 2025 |
- |
|
At 31 May 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 20 Fleetway West
|
|
|
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Subsidiary undertakings |
|
Planned Amusements Limited The principal activity of Planned Amusements Limited is |
|
Stocks |
|
2025 |
2024 |
|
|
Consumables |
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Corporation tax |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax liability |
1,019,825 |
531,333 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 June 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 May 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2024 - £Nil) were payable to the scheme at the end of the year and are included in creditors.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
Finance lease liabilities |
|
|
|
Other borrowings |
- |
|
|
|
|
|
The finance leases relate to gaming machines used in the trade.
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
The above operating leases relate to property.
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
290,000 |
85,000 |
||
|
Commitments |
Other financial commitments
|
Analysis of changes in net debt |
|
At 1 June 2024 |
Financing cash flows |
At 31 May 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
566,489 |
825,262 |
1,391,751 |
|
Borrowings |
|||
|
Long term borrowings |
231,921 |
(123,462) |
108,459 |
|
|
|
|
|
|
|
|||
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 June 2024 |
Advances to director |
Repayments by director |
At 31 May 2025 |
|
Mr G D Tresidder |
||||
|
Advance |
( |
( |
|
( |
|
Mr M J Tresidder |
||||
|
Advance |
( |
( |
- |
( |
During the year interest of £22,983 was charged on these loans at a rate of between 2.25% and 3.75%. These loans are unsecured and repayable on demand.
|
2024 |
At 1 June 2023 |
Advances to director |
Repayments by director |
At 31 May 2024 |
|
Mr G D Tresidder |
||||
|
Advance |
|
( |
|
( |
|
Mr M J Tresidder |
||||
|
Advance |
- |
( |
- |
( |
Summary of transactions with entities with joint control or significant interest
|
|
|
|
|
|
Summary of transactions with other related parties
Future Leisure Limited
Notes to the Financial Statements for the Year Ended 31 May 2025
|
Financial instruments |
|
Financial assets measured at amortised cost |
2025 |
2024 |
|
Cash at bank and in hand |
1,391,751 |
566,489 |
|
Trade debtors |
201,652 |
33,631 |
|
Other debtors |
1,893,448 |
1,381,563 |
|
3,486,851 |
1,981,683 |
|
Financial liabilities measured at amortised cost |
2025 |
2024 |
|
Loans and borrowings |
2,612,961 |
2,755,587 |
|
Trade creditors |
848,058 |
808,126 |
|
Other payables |
2,957,823 |
1,427,124 |
|
6,418,842 |
4,990,837 |
|
Parent and ultimate parent undertaking |
The ultimate controlling party is