Registration number:
Slot Leisure Limited
for the
Year Ended 30 June 2019
29 Commercial Street
Dundee
DD1 3DG
Slot Leisure Limited
Contents
Statement of Financial Position |
|
Notes to the Financial Statements |
Slot Leisure Limited
(Registration number: SC095597)
Statement of Financial Position as at 30 June 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
4,000 |
4,000 |
|
|
|
||
Current assets |
|||
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 |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 1 |
Slot Leisure Limited
(Registration number: SC095597)
Statement of Financial Position as at 30 June 2019
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK 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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
Page 3 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Tenants improvements |
10% straight line |
Amusement machines |
25% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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 Income Statement 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.
Page 4 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
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.
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.
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
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense/(receipt) 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 (2018 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2019 |
2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
- |
Tax increase (decrease) from effect of capital allowances and depreciation |
- |
|
Tax increase (decrease) from other short-term timing differences |
|
( |
Total tax charge/(credit) |
|
( |
Page 6 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Tangible assets |
Tenants improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Amusement machines |
Total |
|
Cost or valuation |
||||||
At 1 July 2018 |
|
|
|
|
|
|
At 30 June 2019 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 July 2018 |
|
|
|
|
|
|
Charge for the year |
|
- |
- |
- |
|
|
At 30 June 2019 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 June 2019 |
|
- |
- |
- |
|
|
At 30 June 2018 |
|
- |
- |
- |
|
|
Investment properties |
2019 |
|
At 1 July 2018 |
|
Additions |
- |
Disposals |
- |
At 30 June 2019 |
|
The last valuation of the properties was at 30 June 2019 by the directors and they are of the opinion that they are stated at fair value in these accounts.
Page 7 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Fixed asset investments |
£ |
|
Investments |
|
Cost or valuation |
|
At 1 July 2018 |
4,000 |
At 30 June 2019 |
4,000 |
Carrying amount |
|
At 30 June 2019 |
|
Debtors |
2019 |
2018 |
|
Prepayments |
|
|
Other debtors |
|
- |
|
|
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
The term loans and overdraft are secured on certain fixed assets of the business.
Page 8 |
Slot Leisure Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Creditors: amounts falling due after more than one year
2019 |
2018 |
|
Due after one year |
||
Loans and borrowings |
- |
|
The term loans and overdraft are secured on certain fixed assets of the business.
Operating lease commitments |
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018 |
2017 |
||
£ |
£ |
||
33,785 |
91,727 |
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2018 |
2017 |
||
£ |
£ |
||
32,000 |
56,000 |
Dividends |
Final dividends paid
2019 |
2018 |
|||
Final dividend of £
|
|
|
||
Page 9 |