LES_CROUPIERS_CASINO_LIMI - Accounts


Company Registration No. 01351740 (England and Wales)
LES CROUPIERS CASINO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
LES CROUPIERS CASINO LIMITED
COMPANY INFORMATION
Directors
Mr A W A Thompson
Mr G W McIlroy
Secretary
Mr A W A Thompson
Company number
01351740
Registered office
Unit 8
Capital Retail Park
Leckwith Road
CARDIFF
South Glamorgan
UK
CF11 8EG
Auditor
MHA Broomfield Alexander
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
CARDIFF
UK
CF23 8AB
LES CROUPIERS CASINO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
LES CROUPIERS CASINO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2018
- 1 -

The directors present the strategic report for the year ended 31 March 2018.

Fair review of the business

 

During the year 2017/18 revenue (drop) has increased significantly by £2.1m (8.6%) to £26.5m. and gross profit unchanged from 2017 at £4.76m, a reflection of volatility of play at higher staking customer level.

 

This has resulted in a gross profit percentage of 17.91%, a decrease from 19.45% experienced in the prior year.

The results are in line with the industry as a whole which has experienced marginal growth in gross gambling yield of 0.7% compared with the prior year. A more substantial growth in the national remote (on-line) sector of 8% has been experienced however.

 

The strong increase in turnover and gross profit has also been reflected in the balance sheet with net current assets increasing in the year.

 

The Directors believe that the positive results reflect the continued attention to customer service, customer engagement with an increasingly technology based gaming environment, together with an ability to react swiftly to changing needs. Customer interest with our enhanced slot machine offer has grown noticeably in this past 12 months. The casino is engaged on a continuing upgrade and renewals path to remain proactive to customer expectations

Principal risks and uncertainties

 

The Company operates in a market space with many facets. There are numerous competitors, local and nationally, ‘bricks and mortar’ or online, that present a challenge for customer resources. Challenges facing licenced casino operators include observing stringent money laundering regulations and KYC requirements, a similar gambling offer by Fixed Odds Betting Terminals, (FOBT’s) at bookmakers operating from high street venues, and mobile gambling apps. However the Company and its directors hold a substantial presence in the local community and feel this is of vital importance when considering the threat of substitute products it may encounter.

 

The gaming industry is highly regulated environment. Substantial financial penalties or potential revocation of the gaming licence may result from non-compliance. To manage these risks the Company has a continued strategy which ensures that they employ, train and retain the highest quality staff to ensure that all regulations are understood and complied with.

Development and performance

 

The directors are committed to the future of the casino and will continue to invest to ensure that the gaming experience had by members continues to be exceptional. Poker room attendance has grown strongly following a change in management and a potential increase in the permitted number of slot machines is being encouraged by the National Casino Forum trade body.

LES CROUPIERS CASINO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
Key performance indicators

 

Membership satisfaction

Membership satisfaction is key to the success of the Company to ensure that the members continue to return and continue to refer new members, either by introduction or by word of mouth.

 

Revenue (Drop)

An increase in volume, either by way of new custom or by attracting higher spend, is essential to the continued success of the Company and its ability to remain competitive.

 

Responsible gaming

Compliance with the demanding regulatory requirements of the 21st century gaming industry is essential to success. We are committed to ensure that all our members are able to gamble safely and responsibly. Our experienced and highly skilled staff continuously monitor all gaming to ensure this is the case.

 

 

By order of the board

Mr A W A Thompson
Secretary
12 September 2018
LES CROUPIERS CASINO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2018.

Principal activities

The principal activity of the company continued to be that of gaming club proprietors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A W A Thompson
Mr G W McIlroy
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £350,284 (2017: £nil) The directors do not recommend payment of a further dividend.

Auditor

In accordance with the company's articles, a resolution proposing that MHA Broomfield Alexander be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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:

 

  •     select suitable accounting policies and then apply them consistently;

  •     make judgements and accounting estimates that are reasonable and prudent;

  •     state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

  •     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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LES CROUPIERS CASINO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
By order of the board
Mr A W A Thompson
Secretary
12 September 2018
LES CROUPIERS CASINO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LES CROUPIERS CASINO LIMITED
- 5 -
Opinion

We have audited the financial statements of Les Croupiers Casino Limited (the 'company') for the year ended 31 March 2018 which comprise the statement of income and retained earnings, the balance sheet, the 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 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 company's affairs as at 31 March 2018 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's 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

  • the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

  • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

LES CROUPIERS CASINO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LES CROUPIERS CASINO LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the 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.

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 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.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.

James Gates FCA (Senior Statutory Auditor)
for and on behalf of MHA Broomfield Alexander
14 September 2018
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
CARDIFF
UK
CF23 8AB
LES CROUPIERS CASINO LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
2018
2017
Notes
£
£
Turnover
3
26,570,374
24,461,445
Cost of sales
(21,811,091)
(19,703,596)
Gross profit
4,759,283
4,757,849
Administrative expenses
(4,158,988)
(3,983,685)
Other operating income
254,850
218,754
Exceptional item
4
-
441,809
Operating profit
5
855,145
1,434,727
Interest receivable and similar income
8
8,883
11,107
Profit before taxation
864,028
1,445,834
Tax on profit
9
(182,322)
(278,957)
Profit for the financial year
681,706
1,166,877
Retained earnings brought forward
3,335,346
2,168,469
Dividends
10
(350,284)
-
Retained earnings carried forward
3,666,768
3,335,346

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

LES CROUPIERS CASINO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 8 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,283,815
1,402,889
Current assets
Stocks
13
2,715
3,412
Debtors
14
129,204
355,019
Cash at bank and in hand
3,693,926
2,736,145
3,825,845
3,094,576
Creditors: amounts falling due within one year
15
(890,526)
(621,229)
Net current assets
2,935,319
2,473,347
Total assets less current liabilities
4,219,134
3,876,236
Provisions for liabilities
16
(52,366)
(40,890)
Net assets
4,166,768
3,835,346
Capital and reserves
Called up share capital
19
500,000
500,000
Profit and loss reserves
3,666,768
3,335,346
Total equity
4,166,768
3,835,346
The financial statements were approved by the board of directors and authorised for issue on 12 September 2018 and are signed on its behalf by:
Mr G W McIlroy
Director
Company Registration No. 01351740
LES CROUPIERS CASINO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,174,019
317,076
Income taxes paid
(75,295)
(159,977)
Net cash inflow from operating activities
1,098,724
157,099
Investing activities
Purchase of tangible fixed assets
(21,285)
-
Other investments and loans made
221,743
(221,743)
Interest received
8,883
11,107
Net cash generated from/(used in) investing activities
209,341
(210,636)
Financing activities
Dividends paid
(350,284)
-
Net cash used in financing activities
(350,284)
-
Net increase/(decrease) in cash and cash equivalents
957,781
(53,537)
Cash and cash equivalents at beginning of year
2,736,145
2,789,682
Cash and cash equivalents at end of year
3,693,926
2,736,145
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 10 -
1
Accounting policies
Company information

Les Croupiers Casino Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Capital Retail Park, Leckwith Road, CARDIFF, South Glamorgan, UK, CF11 8EG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the gross value of bets placed and is recognised on receipt.

1.4
Tangible fixed assets

Tangible fixed assets other than freehold land are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
50 years
Land and buildings Leasehold
Life of the lease
Plant and machinery
4 years
Fixtures, fittings & equipment
4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies (Continued)
- 11 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies (Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies (Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2018
2017
£
£
Turnover analysed by class of business
Drop
25,453,143
23,624,574
Fruit machine receipts
1,117,231
836,871
26,570,374
24,461,445
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
3
Turnover and other revenue (Continued)
- 14 -
2018
2017
£
£
Other significant revenue
Interest income
8,883
11,107
2018
2017
£
£
Turnover analysed by geographical market
United Kingdom
26,570,374
24,461,445
4
Exceptional costs/(income)
2018
2017
£
£
Exceptional - Tax settlement
-
(441,809)

The exceptional item included in the prior year on the face of the profit and loss relates to a settlement provision agreed with HMRC in relation to taxation due on an historical tax planning arrangement.

5
Operating profit
2018
2017
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,500
5,500
Depreciation of owned tangible fixed assets
140,359
146,284
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2018
2017
Number
Number
Management and administration
6
6
Casino
91
90
97
96
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
6
Employees (Continued)
- 15 -

Their aggregate remuneration comprised:

2018
2017
£
£
Wages and salaries
1,887,884
1,829,374
Social security costs
162,160
145,929
Pension costs
10,881
9,907
2,060,925
1,985,210
7
Directors' remuneration
2018
2017
£
£
Remuneration for qualifying services
186,000
186,000
8
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
8,883
11,107

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
8,883
11,107
9
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
170,846
75,295
Deferred tax
Origination and reversal of timing differences
11,476
203,662
Total tax charge
182,322
278,957
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
9
Taxation (Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2018
2017
£
£
Profit before taxation
864,028
1,445,834
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 20.00%)
164,165
289,167
Tax effect of expenses that are not deductible in determining taxable profit
1,690
(221,406)
Effect of change in corporation tax rate
-
(1,509)
Permanent capital allowances in excess of depreciation
16,467
19,167
Depreciation on assets not qualifying for tax allowances
-
29,257
Other timing differences
-
164,281
Taxation charge for the year
182,322
278,957
10
Dividends
2018
2017
£
£
Final paid
350,284
-

The following dividends were paid to related parties of the company:

 

Mr A Thompson: £175,142 (2017: £nil)

 

Mr G Mcllroy £175,142 (2017: £nil)

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 17 -
11
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 April 2017
437,405
1,840,449
670,292
1,066,322
4,014,468
Additions
-
-
21,285
-
21,285
At 31 March 2018
437,405
1,840,449
691,577
1,066,322
4,035,753
Depreciation and impairment
At 1 April 2017
272,843
680,677
599,985
1,058,074
2,611,579
Depreciation charged in the year
5,580
96,396
35,190
3,193
140,359
At 31 March 2018
278,423
777,073
635,175
1,061,267
2,751,938
Carrying amount
At 31 March 2018
158,982
1,063,376
56,402
5,055
1,283,815
At 31 March 2017
164,562
1,159,772
70,307
8,248
1,402,889
12
Financial instruments
2018
2017
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
29,052
239,102
Carrying amount of financial liabilities
Measured at amortised cost
471,754
332,136
13
Stocks
2018
2017
£
£
Finished goods and goods for resale
2,715
3,412
14
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
29,052
239,102
Prepayments and accrued income
100,152
115,917
129,204
355,019
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 18 -
15
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
79,282
75,699
Corporation tax
170,846
75,295
Other taxation and social security
247,926
213,798
Other creditors
128,541
-
Accruals and deferred income
263,931
256,437
890,526
621,229

Included within other creditors is a balance of £128,541 (2017: £221,743 debit balance) owed to the directors of the company. The balance is unsecured, interest free and has no set repayment terms.

16
Provisions for liabilities
2018
2017
Notes
£
£
Deferred tax liabilities
17
52,366
40,890
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2018
2017
Balances:
£
£
ACAs
52,366
40,890

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
10,881
9,907

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 19 -
19
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
500,000Ordinary of £1 each
500,000
500,000
500,000
500,000
20
Operating lease commitments

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2018
2017
£
£
Within one year
238,000
238,000
Between two and five years
352,000
552,000
In over five years
215,403
418,000
805,403
1,208,000
Lessor

The operating leases represent leases to third parties. The leases are negotiated over terms of 12.5 years .

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2018
2017
£
£
Within one year
113,500
113,500
Between two and five years
369,142
392,642
In over five years
495,000
585,000
977,642
1,091,142
LES CROUPIERS CASINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 20 -
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2018
2017
£
£
Aggregate compensation
186,000
186,000
22
Cash generated from operations
2018
2017
£
£
Profit for the year after tax
681,706
1,166,877
Adjustments for:
Taxation charged
182,322
278,957
Investment income
(8,883)
(11,107)
Depreciation and impairment of tangible fixed assets
140,359
146,284
Movements in working capital:
Decrease in stocks
697
160
Decrease in debtors
4,072
62,983
Increase/(decrease) in creditors
173,746
(1,327,078)
Cash generated from operations
1,174,019
317,076
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