The Movie House Cinemas Ltd Group accounts (Group and Company)

The Movie House Cinemas Ltd Group accounts (Group and Company)

MOVIE HOUSE CINEMAS LIMITED -THE - Company Information

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COMPANY REGISTRATION NUMBER: NI022017
The Movie House Cinemas Ltd
Financial Statements
31 May 2023
The Movie House Cinemas Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Strategic report
1
Director's report
2
Independent auditor's report to the members
4
Consolidated statement of income and retained earnings
8
Company statement of income and retained earnings
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of cash flows
12
Notes to the financial statements
13
The Movie House Cinemas Ltd
Strategic Report
Year ended 31 May 2023
Business Review The director is satisfied with the overall group performance. The group operates in a very competitive marketplace and the director has taken steps to ensure that the group will maintain their competitive strengths and are confident of future results. Given the nature of the group's activities, the director is of the opinion that the use of key performance indicators is not necessary for an understanding of the development, performance or position of the group. Financial risk management objectives and policies The group has exposures to risk of a downturn in the consumer market. The group is exposed to interest rate risk. The group mitigates the risk of a downturn in the consumer market by maintaining competitive prices in the sector and producing a high standard of customer service. The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rates.
This report was approved by the board of directors on 23 February 2024 and signed on behalf of the board by:
Mr McAdam
Director
Registered office:
Cityside Complex
100-150 York Street
Belfast
BT151WA
The Movie House Cinemas Ltd
Director's Report
Year ended 31 May 2023
The director presents his report and the financial statements of the group for the year ended 31 May 2023 .
Principal activities
The principal activity of the company during the year was motion film projection and associated leisure activities.
Director
The director who served the company during the year was as follows:
Mr McAdam
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is 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. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 23 February 2024 and signed on behalf of the board by:
Mr McAdam
Director
Registered office:
Cityside Complex
100-150 York Street
Belfast
BT151WA
The Movie House Cinemas Ltd
Independent Auditor's Report to the Members of The Movie House Cinemas Ltd
Year ended 31 May 2023
Opinion
We have audited the financial statements of The Movie House Cinemas Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 group's and of the parent company's affairs as at 31 May 2023 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group 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 group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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. 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 was as follows: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that 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. These included data protection, employment and health and safety regulations. Audit procedures designed to respond to the risks of fraud: We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. - 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 group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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 group's or the parent 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 group or the parent company to cease to continue as a going concern. - 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group 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. 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.
Mr Eoin McMullan ACA
(Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered accountants & statutory auditor
22 Great Victoria Street
Belfast
BT2 7BA
23 February 2024
The Movie House Cinemas Ltd
Consolidated Statement of Income and Retained Earnings
Year ended 31 May 2023
2023
2022
Note
£
£
Turnover
4
9,645,193
10,511,689
Cost of sales
( 3,526,075)
( 3,485,091)
------------
-------------
Gross profit
6,119,118
7,026,598
Administrative expenses
( 6,565,634)
( 4,969,798)
Other operating income
5
381,302
449,207
------------
------------
Operating (loss)/profit
6
( 65,214)
2,506,007
Other interest receivable and similar income
10
8,761
205
Interest payable and similar expenses
11
( 285,489)
( 144,832)
------------
------------
(Loss)/profit before taxation
( 341,942)
2,361,380
Tax on (loss)/profit
12
( 3,812)
( 425,597)
---------
------------
(Loss)/profit for the financial year and total comprehensive income
( 345,754)
1,935,783
---------
------------
Dividends paid and payable
13
( 60,000)
–
Retained earnings at the start of the year
6,893,856
4,958,073
------------
------------
Retained earnings at the end of the year
6,488,102
6,893,856
------------
------------
All the activities of the group are from continuing operations.
The Movie House Cinemas Ltd
Company Statement of Income and Retained Earnings
Year ended 31 May 2023
2023
2022
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
( 542,387)
1,210,088
Dividends paid and payable
13
( 60,000)
–
Retained earnings at the start of the year
4,279,099
3,069,011
------------
------------
Retained earnings at the end of the year
3,676,712
4,279,099
------------
------------
The Movie House Cinemas Ltd
Consolidated Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
28,000
32,000
Tangible assets
15
9,583,941
10,158,339
Investments
16
117,200
217,200
------------
-------------
9,729,141
10,407,539
Current assets
Stocks
17
235,739
216,247
Debtors
18
925,298
724,539
Cash at bank and in hand
5,788,547
7,021,802
------------
------------
6,949,584
7,962,588
Creditors: amounts falling due within one year
20
8,365,903
8,457,052
------------
------------
Net current liabilities
1,416,319
494,464
------------
-------------
Total assets less current liabilities
8,312,822
9,913,075
Creditors: amounts falling due after more than one year
21
1,754,720
2,949,219
------------
------------
Net assets
6,558,102
6,963,856
------------
------------
Capital and reserves
Called up share capital
24
70,000
70,000
Profit and loss account
6,488,102
6,893,856
------------
------------
Shareholders funds
6,558,102
6,963,856
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr McAdam
Director
Company registration number: NI022017
The Movie House Cinemas Ltd
Company Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
28,000
32,000
Tangible assets
15
9,096,173
9,283,200
Investments
16
117,202
217,202
------------
------------
9,241,375
9,532,402
Current assets
Stocks
17
198,522
182,692
Debtors
18
563,935
494,404
Cash at bank and in hand
4,515,797
5,920,642
------------
------------
5,278,254
6,597,738
Creditors: amounts falling due within one year
20
9,718,648
9,649,160
------------
------------
Net current liabilities
4,440,394
3,051,422
------------
------------
Total assets less current liabilities
4,800,981
6,480,980
Creditors: amounts falling due after more than one year
21
1,054,269
2,131,881
------------
------------
Net assets
3,746,712
4,349,099
------------
------------
Capital and reserves
Called up share capital
24
70,000
70,000
Profit and loss account
3,676,712
4,279,099
------------
------------
Shareholders funds
3,746,712
4,349,099
------------
------------
The loss for the financial year of the parent company was £ 542,387 (2022: £ 1,210,088 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr McAdam
Director
Company registration number: NI022017
The Movie House Cinemas Ltd
Consolidated Statement of Cash Flows
Year ended 31 May 2023
2023
2022
Note
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 345,754)
1,935,783
Adjustments for:
Depreciation of tangible assets
1,050,758
1,085,105
Amortisation of intangible assets
4,000
4,000
Government grant income
–
( 172,418)
Other interest receivable and similar income
( 8,761)
( 205)
Interest payable and similar expenses
285,489
144,832
Gains on disposal of tangible assets
( 36,834)
( 34,983)
Tax on (loss)/profit
3,812
425,597
Accrued expenses
116,451
46,674
Changes in:
Stocks
( 19,492)
( 137,544)
Trade and other debtors
( 237,845)
76,193
Trade and other creditors
38,728
( 142,950)
------------
------------
Cash generated from operations
850,552
3,230,084
Interest paid
( 285,489)
( 144,832)
Interest received
8,761
205
Tax paid
( 76,236)
( 353,173)
---------
------------
Net cash from operating activities
497,588
2,732,284
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 518,573)
( 846,297)
Proceeds from sale of tangible assets
79,047
43,500
Proceeds from sale of other investments
137,086
–
---------
------------
Net cash used in investing activities
( 302,440)
( 802,797)
---------
------------
Cash flows from financing activities
Repayments of borrowings
( 1,994,950)
( 236,631)
Government grant income
–
172,418
Dividends paid
( 60,000)
–
------------
------------
Net cash used in financing activities
( 2,054,950)
( 64,213)
------------
------------
Net (decrease)/increase in cash and cash equivalents
( 1,859,802)
1,865,274
Cash and cash equivalents at beginning of year
2,844,470
979,196
------------
------------
Cash and cash equivalents at end of year
19
984,668
2,844,470
------------
------------
The Movie House Cinemas Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Cityside Complex, 100-150 York Street, Belfast, BT151WA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of The Movie House Cinemas Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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. Significant judgements: There are no judgements (apart from those involving estimations) that management has made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment and this value may vary depending on a number of factors.
Revenue recognition
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. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 revalued amounts, 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:
Patents, trademarks and licences
-
10% 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
2% straight line
Plant and machinery
-
25% and 10% Straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
50 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Capital grants
Capital 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. Capital grants are recognised using the accrual model and the performance model. Under the accrual model, capital 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.
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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
2,941,281
3,497,168
Rendering of services
6,703,912
7,014,521
------------
-------------
9,645,193
10,511,689
------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
–
172,418
Other operating income
381,302
276,789
---------
---------
381,302
449,207
---------
---------
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
4,000
4,000
Depreciation of tangible assets
1,050,758
1,085,105
Gains on disposal of tangible assets
( 36,834)
( 34,983)
Impairment of trade debtors
(25)
1
Foreign exchange differences
–
65
------------
------------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
20,000
20,000
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2023
2022
No.
No.
Distribution staff
165
149
Administrative staff
10
10
Management staff
1
1
----
----
176
160
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,336,477
2,141,911
Other pension costs
34,305
7,160
------------
------------
2,370,782
2,149,071
------------
------------
9. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
80,000
75,000
--------
--------
10. Other interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
8,761
205
-------
----
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
282,387
144,131
Other interest payable and similar charges
3,102
701
---------
---------
285,489
144,832
---------
---------
12. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
3,812
425,597
Tax on (loss)/profit
3,812
425,597
-------
---------
Reconciliation of tax expense
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
(Loss)/profit on ordinary activities before taxation
( 341,942)
2,361,380
---------
------------
(Loss)/profit on ordinary activities by rate of tax
( 64,969)
448,662
Effect of expenses not deductible for tax purposes
–
( 4,428)
Effect of capital allowances and depreciation
68,781
( 18,637)
---------
------------
Tax on (loss)/profit
3,812
425,597
---------
------------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
60,000
–
--------
----
14. Intangible assets
Group and company
Patents, trademarks and licences
£
Cost
At 1 June 2022 and 31 May 2023
40,000
--------
Amortisation
At 1 June 2022
8,000
Charge for the year
4,000
--------
At 31 May 2023
12,000
--------
Carrying amount
At 31 May 2023
28,000
--------
At 31 May 2022
32,000
--------
15. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2022
18,115,480
6,278,978
4,749,994
60,830
296,437
29,501,719
Additions
199,366
255,908
7,610
54,512
1,177
518,573
Disposals
–
( 796,426)
( 877,180)
( 16,060)
( 76,119)
( 1,765,785)
-------------
------------
------------
--------
---------
-------------
At 31 May 2023
18,314,846
5,738,460
3,880,424
99,282
221,495
28,254,507
-------------
------------
------------
--------
---------
-------------
Depreciation
At 1 Jun 2022
8,549,448
5,772,300
4,680,669
54,920
286,043
19,343,380
Charge for the year
818,838
177,270
44,191
7,011
3,448
1,050,758
Disposals
–
( 758,374)
( 873,019)
( 16,060)
( 76,119)
( 1,723,572)
-------------
------------
------------
--------
---------
-------------
At 31 May 2023
9,368,286
5,191,196
3,851,841
45,871
213,372
18,670,566
-------------
------------
------------
--------
---------
-------------
Carrying amount
At 31 May 2023
8,946,560
547,264
28,583
53,411
8,123
9,583,941
-------------
------------
------------
--------
---------
-------------
At 31 May 2022
9,566,032
506,678
69,325
5,910
10,394
10,158,339
-------------
------------
------------
--------
---------
-------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2022
13,757,841
4,427,574
3,202,883
25,180
296,438
21,709,916
Additions
199,366
241,137
–
54,512
1,177
496,192
Disposals
–
( 796,427)
( 877,181)
–
( 76,119)
( 1,749,727)
-------------
------------
------------
--------
---------
-------------
At 31 May 2023
13,957,207
3,872,284
2,325,702
79,692
221,496
20,456,381
-------------
------------
------------
--------
---------
-------------
Depreciation
At 1 Jun 2022
4,999,835
3,986,009
3,135,559
19,270
286,043
12,426,716
Charge for the year
442,214
144,406
43,925
7,011
3,448
641,004
Disposals
–
( 758,374)
( 873,019)
–
( 76,119)
( 1,707,512)
-------------
------------
------------
--------
---------
-------------
At 31 May 2023
5,442,049
3,372,041
2,306,465
26,281
213,372
11,360,208
-------------
------------
------------
--------
---------
-------------
Carrying amount
At 31 May 2023
8,515,158
500,243
19,237
53,411
8,124
9,096,173
-------------
------------
------------
--------
---------
-------------
At 31 May 2022
8,758,006
441,565
67,324
5,910
10,395
9,283,200
-------------
------------
------------
--------
---------
-------------
16. Investments
Group
Other investments other than loans
£
Cost
At 1 June 2022
217,200
Disposals
( 100,000)
---------
At 31 May 2023
117,200
---------
Impairment
At 1 June 2022 and 31 May 2023
–
---------
Carrying amount
At 31 May 2023
117,200
---------
At 31 May 2022
217,200
---------
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 June 2022
2
217,200
217,202
Disposals
–
( 100,000)
( 100,000)
----
---------
---------
At 31 May 2023
2
117,200
117,202
----
---------
---------
Impairment
At 1 June 2022 and 31 May 2023
–
–
–
----
---------
---------
Carrying amount
At 31 May 2023
2
117,200
117,202
----
---------
---------
At 31 May 2022
2
217,200
217,202
----
---------
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Moviehouse Cinemas (Yorkgate) Limited
Yorkgate Complex
Ordinary
100
100-150 York Street
Belfast
BT15 1WA
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
235,739
216,247
198,522
182,692
---------
---------
---------
---------
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
156,750
138,148
128,367
97,241
Prepayments and accrued income
549,202
445,939
297,076
213,106
Other debtors
219,346
140,452
138,492
184,057
---------
---------
---------
---------
925,298
724,539
563,935
494,404
---------
---------
---------
---------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
5,788,547
7,021,802
Bank overdrafts
( 4,803,879)
( 4,177,332)
------------
------------
984,668
2,844,470
------------
------------
20. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
5,846,643
6,020,423
5,243,427
5,356,231
Trade creditors
744,222
732,083
531,151
506,403
Amounts owed to group undertakings
–
–
3,031,370
2,839,452
Accruals and deferred income
1,317,640
1,201,189
549,426
515,181
Corporation tax
–
72,424
–
72,424
Social security and other taxes
220,475
175,474
163,559
127,874
Director loan accounts
35,000
35,124
35,000
35,124
Other creditors
201,923
220,335
164,715
196,471
------------
------------
------------
------------
8,365,903
8,457,052
9,718,648
9,649,160
------------
------------
------------
------------
21. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,482,797
2,677,296
1,054,269
2,131,881
Accruals and deferred income
271,923
271,923
–
–
------------
------------
------------
------------
1,754,720
2,949,219
1,054,269
2,131,881
------------
------------
------------
------------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 34,305 (2022: £ 7,160 ).
23. Capital grants
The amounts recognised in the financial statements for capital grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
271,923
271,923
–
–
---------
---------
----
----
Recognised in other operating income:
Government grants recognised directly in income
–
172,418
–
40,910
----
---------
----
--------
In the prior year the company received a £1,650,000 CBIL loan, the government have provided a 80% guarantee along with the first twelve months interest payments are covered.
24. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
70,000
70,000
70,000
70,000
--------
--------
--------
--------
25. Analysis of changes in net debt
At 1 Jun 2022
Cash flows
At 31 May 2023
£
£
£
Cash at bank and in hand
7,021,802
(1,233,255)
5,788,547
Bank overdrafts
(4,177,332)
(626,547)
(4,803,879)
Debt due within one year
(1,878,215)
800,451
(1,077,764)
Debt due after one year
(2,677,296)
1,194,499
(1,482,797)
------------
------------
------------
( 1,711,041)
135,148
( 1,575,893)
------------
------------
------------
The Movie House Cinemas Ltd
Notes to the Financial Statements (continued)
Year ended 31 May 2023
26. Charges on assets
AIB Group (UK) PLC holds the following security:
Mortgage debenture incorporating a fixed & floating charge over all company assets, present & future.
Legal Mortgage/Charge over Movie House Cinemas (Yorkgate) Limited, dated 21/05/2019.
Letter of Guarantee plus interest, dated 25/06/2004.
Letter of Authority and indemnity relating to BACS Payplan.
Miscellaneous Security Item dated 08/09/2020.
Charge/Lien over Deposits
Lien over deposits executed by the Movie House Cinemas Limited dated 25/04/2022 credit balance limit of £50.
Assignment of Life Policy
Assignment of a keyman life cover policy from Movie House Cinemas Limited in respect of the life of Michael McAdam.
27. Limitation of auditors liability
The group has entered into a liability limitation agreement with the group's auditor which was approved on 5 July 2023. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
28. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr McAdam
( 35,124)
124
( 35,000)
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr McAdam
( 46,586)
11,462
( 35,124)
--------
--------
--------