Winners Bingo Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04617444 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2021

for

Winners Bingo Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr K J Waterman

Mrs D V Waterman

Mrs C M Waterman

Secretary:

Mrs C M Waterman

Registered office:

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

Registered number:

04617444 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

Chartered accountants

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

Fixed assets

Tangible assets

4

13,928

15,530

Current assets

Stocks

6,845

12,850

Debtors

5

21,443

31,046

Cash at bank and in hand

166,270

178,317

194,558

222,213

Creditors

Amounts falling due within one year

6

45,118

12,514

Net current assets

149,440

209,699

Total assets less current liabilities

163,368

225,229

Creditors

Amounts falling due after more than one year

7

(41,343

)

(50,000

)

Provisions for liabilities

-

(2,951

)

Net assets

122,025

172,278

Capital and reserves

Called up share capital

100

100

Retained earnings

121,925

172,178

122,025

172,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2022 and were signed on its behalf by:

Mr K J Waterman - Director

1.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Gaming Machines

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. 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.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

3.	Employees and directors

The average number of employees during the year was 21 (2020 - 21 ) .

4.	Tangible fixed assets

Fixtures

Gaming

and

Computer

Machines

fittings

equipment

Totals

£

£

£

£

Cost

At 1st January 2021

19,593

27,708

1,999

49,300

Additions

1,854

-

-

1,854

At 31st December 2021

21,447

27,708

1,999

51,154

Depreciation

At 1st January 2021

15,653

16,634

1,483

33,770

Charge for year

1,600

1,661

195

3,456

At 31st December 2021

17,253

18,295

1,678

37,226

Net book value

At 31st December 2021

4,194

9,413

321

13,928

At 31st December 2020

3,940

11,074

516

15,530

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Other debtors

21,443

31,046

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

6,600

-

Trade creditors

6,326

3,634

Taxation and social security

5,792

2,902

Other creditors

26,400

5,978

45,118

12,514

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

41,343

50,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

14,943

-