Meat Raffle Limited 31/08/2022 iXBRL

MEAT RAFFLE LIMITED - Company Information

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Company registration number: 12456803

Meat Raffle Limited

Trading as Escape to Freight Island

Unaudited filleted financial statements

31 August 2022

Meat Raffle Limited

Contents

Statement of financial position

Notes to the financial statements

Meat Raffle Limited

Statement of financial position

31 August 2022

		31/08/22		31/08/21
	Note	£	£	£	£

Fixed assets
Intangible assets	5	99,127		78,471
Tangible assets	6	3,181,555		2,771,449
		_______		_______
			3,280,682		2,849,920

Current assets
Stocks		88,844		102,863
Debtors	7	693,471		477,856
Cash at bank and in hand		5,701		93,859
		_______		_______
		788,016		674,578
Creditors: amounts falling due
within one year	8	( 3,115,885)		( 2,220,145)
		_______		_______
Net current liabilities			( 2,327,869)		( 1,545,567)
			_______		_______
Total assets less current liabilities			952,813		1,304,353

Creditors: amounts falling due
after more than one year	9		( 1,740,178)		( 1,248,201)

Provisions for liabilities			-		( 14,036)

			_______		_______
Net (liabilities)/assets			( 787,365)		42,116
			_______		_______

Capital and reserves
Called up share capital			10		10
Profit and loss account			( 787,375)		42,106
			_______		_______
Shareholders (deficit)/funds			( 787,365)		42,116
			_______		_______

For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 31 August 2023 , and are signed on behalf of the board by:

Mr Tim Cooper

Director

Company registration number: 12456803

Meat Raffle Limited

Notes to the financial statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Baring Street, Manchester, M1 2PY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the reporting date the liabilities of the company exceeded its assets by £787,365. The accounts have been prepared on a going concern basis on the assumption that the support of the company by its directors and creditors will continue for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Branding & development	-	33 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Short leasehold property	-	10 %	straight line
IT equipment	-	33 %	straight line
Equipment	-	20 %	straight line
Initial operating equipment	-	33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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 or 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 201 (2021: 163 ).

5. Intangible assets

	Branding & development	Total
	£	£
Cost
At 1 September 2021	112,091	112,091
Additions	63,294	63,294
	_______	_______
At 31 August 2022	175,385	175,385
	_______	_______
Amortisation
At 1 September 2021	33,620	33,620
Charge for the year	42,638	42,638
	_______	_______
At 31 August 2022	76,258	76,258
	_______	_______
Carrying amount
At 31 August 2022	99,127	99,127
	_______	_______
At 31 August 2021	78,471	78,471
	_______	_______

6. Tangible assets

	Short leasehold property	IT Equipment	Equipment	Initial Operating Equipment	Total
	£	£	£	£	£
Cost
At 1 September 2021	2,284,110	38,377	595,445	94,146	3,012,078
Additions	515,346	23,494	332,457	-	871,297
	_______	_______	_______	_______	_______
At 31 August 2022	2,799,456	61,871	927,902	94,146	3,883,375
	_______	_______	_______	_______	_______
Depreciation
At 1 September 2021	148,348	6,570	67,213	18,499	240,630
Charge for the year	265,239	18,449	146,279	31,223	461,190
	_______	_______	_______	_______	_______
At 31 August 2022	413,587	25,019	213,492	49,722	701,820
	_______	_______	_______	_______	_______
Carrying amount
At 31 August 2022	2,385,869	36,852	714,410	44,424	3,181,555
	_______	_______	_______	_______	_______
At 31 August 2021	2,135,762	31,807	528,232	75,647	2,771,448
	_______	_______	_______	_______	_______

7. Debtors

	31/08/22	31/08/21
	£	£
Trade debtors	297,728	52,895
Other debtors	395,743	424,961
	_______	_______
	693,471	477,856
	_______	_______

8. Creditors: amounts falling due within one year

	31/08/22	31/08/21
	£	£
Bank loans and overdrafts	5,052	1,582
Trade creditors	1,207,133	1,393,677
Social security and other taxes	864,203	392,636
Other creditors	1,039,497	432,250
	_______	_______
	3,115,885	2,220,145
	_______	_______

A guarantee was provided jointly between Jon Drape, a director of the company, and Outgoing Ltd, a company of which Meat Raffle Ltd directors Tim Cooper and Gareth Cooper are also directors. This guarantee was in relation to a finance lease upon which £33,590 was still outstanding at the reporting date. Gareth Cooper has provided a personal guarantee towards another finance lease upon which £14,396 was still outstanding at the reporting date.

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

	31/08/22	31/08/21
	£	£
Bank loans and overdrafts	42,218	48,418
Other creditors	1,697,960	1,199,783
	_______	_______
	1,740,178	1,248,201
	_______	_______

10. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	31/08/22	31/08/21
	£	£
Not later than 1 year	164,348	35,537
Later than 1 year and not later than 5 years	221,345	44,421
	_______	_______
	385,693	79,958
	_______	_______
Present value of minimum lease payments	385,693	79,958
	_______	_______

11. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	31/08/22	31/08/21
	£	£
Tangible assets	29,477	171,048
	_______	_______

12. Operating leases

The company as lessee

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


	£	£

Not later than 1 year	128,532	126,448
Later than 1 year and not later than 5 years	305,880	434,412
	_______	_______
	434,412	560,860
	_______	_______

13. Related party transactions

During the year the directors provided loans to the company. The loans were unconditional,non-interest bearing, and not repayable within 12 months following from the reporting date. Thebalance outstanding on the loans at the reporting date in total were £1,118,691.