Registration number:
City Gaming Holdings Limited
for the Year Ended 31 March 2023
City Gaming Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
City Gaming Holdings Limited
Company Information
Directors |
Mr A D S Hodges Mr I S Azeri Mr K Lin Mr R U Bengtsson |
Registered office |
|
Auditors |
|
City Gaming Holdings Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is that of a holding company that provides support to its subsidiaries. The principal activity of the group is that of the operation of amusement arcade centres. There has been no changes to the principal activity in the year under review.
Fair review of the business
The “City Gaming Holdings Group” is formed of the following companies and groups:
City Gaming Holdings Limited
The CGL Gaming PLC Group
On 24 March 2023, The Group acquired the trade and assets of five amusement arcade sites and sold four of its loss making sites to Whittaker Arcades Limited. On 24 March 2023, City Gaming Limited sold its entire shareholding in Whittaker Arcades Limited. These transactions took place to acquire strong performing sites and dispose of poor performing sites.
The Group considers its main KPI's to be turnover, gross profit and EBITDA.
For the year ending 31 March 2023 the City Gaming Group achieved a turnover of £36,574,000 (2022: £32,783,000), an increase of £3,791,000 (11.6%). The increase is driven by the sites being open for the entire year, whereas in the previous year the sites were closed for the first month due to Covid-19. Despite the rising costs of living, the Group has managed to increase its turnover. Management anticipates that revenue may increase further in future periods as a result of the Governments proposed changes to the current restriction on Category B machines. This change will allow for an increased percentage of Category B machines at sites which would lead to an increase in turnover and profits.
For the year ending 31 March 2023 the gross profit margin for the Group was 49.4% (2022: 47.7%) an increase of 1.7%. The Group has achieved a gross profit of £18,059,000 (2022: £15,636,000), an increase of £2,423,000 (15.5%). The gross profit margin has increased despite the rising costs of living, and is a result of the business trading more efficiently.
For the year ending 31 March 2023 the EBITDA for the Group was a profit of £3,791,000 (2022: £5,587,000), a decrease of £1,796,000 (32.1%). No Covid related grants were received during the year, and in the previous year other operating income included £1,232,000 relating to these grants. During the year, one off costs were incurred on the sale of Whittaker Arcades Limited and on the acquisition of several trading sites from this entity.
City Gaming Holdings Limited
Strategic Report for the Year Ended 31 March 2023
Principal risks and uncertainties
The Group’s financial results are influenced by a number of risks and uncertainties, some of which cannot be controlled, and management are looking to mitigate these risks.
Management no longer consider Covid-19 to be a material financial risk. The risk is closely monitored, although future lockdown measures could impact the financial performance of the Group. The UK economy has been affected by the ongoing cost of living crisis and rising inflation and this could have a financial impact on the group. Historically, the sector has proved to be resilient during economic downturns. Management have taken decisive action to reduce costs and mitigate these risks.
The City Gaming Holdings Group does not have any major overseas suppliers or customers and is not exposed to exchange rate risk.
The City Gaming Holdings Group has loan facilities and is exposed to interest rate fluctuations which may lead to variances in interest costs.
Section 172(1) statement
As a Board we have a legal responsibility under section 172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and all its stakeholders.
The Board reviewed the entity’s strategy during the year and concluded that it remains appropriate to support the long-term success of the group. The Board reviews it’s short-term strategies which are approved as part of the budget process. The performance of the group is monitored and compared to the short-term budgets during board meetings which take place on a monthly basis. Decisions are taken in the context of the group strategy, financial performance and the funds available to the group.
The Board recognises that our employees are key to delivering the success of the business. A strong relationship with customers is important in our industry and employees are rewarded for their services in recognition of this. The senior leadership team visit the shops frequently which gives all employees the opportunity to provide ideas and feedback on the business and for the leadership team to brief staff on the group’s performance and future plans.
Managing the relationships with suppliers and customers is critical to the success of the business. It is important that the needs of our customers are met by our employees. We achieve this by providing a welcoming environment at our stores, and by employees offering customers free plays and promotions. Our employees work closely with our suppliers to develop a strong relationship to assist the business.
The group is aware that our industry can be addictive and could adversely affect customers if not properly managed. The group works closely with Gamble Aware and makes an annual donation to provide help to those who require it. The group also trains its staff regularly to intervene in situations of problematic gambling in line with its policies and procedures.
The group conducts business with integrity in all its relationships. The group complies with laws and regulations and ensures that each store maintains an up to date licence to operate.
We balance the needs of all stakeholders and set ourselves high standards of business conduct in our decision making. Whilst customers are at the heart of our business, we believe we best serve these through good employee and supplier relationships, maintaining a positive role in our community and minimising our impact on the environment.
City Gaming Holdings Limited
Strategic Report for the Year Ended 31 March 2023
Approved and authorised by the
......................................... |
City Gaming Holdings Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the for the year ended 31 March 2023.
Directors of the group
The directors who held office during the year were as follows:
Dividends
No dividends were paid during the year.
Financial instruments
Objectives and policies
The group’s principal financial instrument is a bank loan. The main purpose of the financial instruments is to raise finance for the group’s operations. The group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
Price risk, credit risk, liquidity risk and cash flow risk
The main risks arising from the group’s financial instruments are credit risk, interest risk and liquidity risk.
Credit Risk
The group considers its customer credit risk to be low due to the cash nature of the business. The group operates under normal credit terms determined by its suppliers.
Interest rate risk
The group is subject to interest risk on borrowings.
Liquidity & cash flow risk
The group’s objective is to maintain a balance between continuity of funding through the use of loan facilities and its operations.
Employment of disabled persons
The group recognises its obligations to disabled persons and endeavours to ensure as far as possible the training, career development and promotion of disabled persons is the same as for other employees. Should employees become disabled, every effort is made to ensure that their employment continues, and appropriate retraining is received.
City Gaming Holdings Limited
Directors' Report for the Year Ended 31 March 2023
Employee involvement
Regular meetings with employees' representatives are held to inform them of the development of the business and matters likely to affect employees will be discussed in employee meetings. The group is committed to employment policies which follow best practice based on equal opportunities and offers appropriate training and career development to all employees. The group is also committed to improving its participative and consultive arrangements with all employees.
Engagement with suppliers, customers and other relationships
See the Strategic Report on Page 3 for a statement summarising how the directors have fostered the group’s business relationships with suppliers, customers, and other groups.
Environmental report
This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.
The group has gathered data regarding scope one, two and three carbon emissions (electricity and both direct and indirect transport) for the financial year ending 31st March 2023 from its UK operations as defined by the requirements for the Streamlined Energy and Carbon Reporting (SECR) legislation.
No mandatory emissions have been excluded from this report. The DEFRA/BEIS GHG Conversion Factors (2022) have been used and the report is aligned with the GHG protocol. 10% of the overall Energy Data (KwH) and 10% of the overall emissions is based on estimated values.
Emissions and energy consumption
The footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol.
Summary of greenhouse gas emissions and energy consumption for the year ended 31 March 2023:
Element |
2023 |
2022 |
2023 |
2022 |
|
Scope one emissions |
152,522 |
196,738 |
|
|
|
Scope two emissions |
4,304,007 |
3,899,414 |
Location based |
|
|
Scope two emissions |
Market based |
180.00 |
210.00 |
||
Scope three emissions |
117,993 |
114,601 |
|
|
|
Total carbon emissions |
4,575,522 |
4,210,754 |
Location based |
899.00 |
904.00 |
Total carbon emissions |
Market based |
247.00 |
285.00 |
||
City Gaming Holdings Limited
Directors' Report for the Year Ended 31 March 2023
Intensity ratio
Usable Floor Area
|
The group aims to achieve direct savings in energy consumption and the associated carbon emission through operational and technological improvements including: a proactive approach to the building design and fit out to create more energy efficient spaces for customers and staff considering HVAC and lighting, the ongoing rollout of energy saving initiatives and more timely provision of consumption data to enable behavioural change and instil best practice, and through the ongoing replacement of company cars with vehicles providing lower tailpipe emissions.
Future developments
The group’s continued focus is to increase its profitability by consolidating and developing its existing sites. The group does not anticipate that there will be any significant further acquisitions, however, they will look to dispose of any non-profit making sites.
Going concern
The directors note that there is a material uncertainty that casts doubt on the Groups ability to continue as a going concern. These financial statements do not contain any adjustments that would result if the Group were unable to continue as a going concern.
The Group continues to be backed by its lenders and ultimate controlling party. The directors have concluded that the going concern concept is appropriate in the preparation of the 2023 financial statements and that the group will be cash generative in future periods with the continued support of its majority shareholder and lenders.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
......................................... |
City Gaming Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and 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; and |
• |
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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
City Gaming Holdings Limited
Independent Auditor's Report to the Members of City Gaming Holdings Limited
Opinion
We have audited the financial statements of City Gaming Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 Financial Reporting Standard 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 the parent company's affairs as at 31 March 2023 and of its loss 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 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.
Key audit matters
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.
Material uncertainty related to going concern
We draw attention to Note 1 in the financial statements, which indicates that the Group incurred a net loss of £17,022,000 during the year ended 31 March 2023 and, as of that date, the Group’s total assets exceeded its current liabilities by £50,700,000. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate and are satisfied with the conclusions arrived at.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
As not all future events or conditions can be predicted, this statement is not a guarantee as to the Group’s ability to continue as a going concern.
City Gaming Holdings Limited
Independent Auditor's Report to the Members of City Gaming Holdings Limited
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.
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 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 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 Statement of Directors' Responsibilities [set out on page 8], 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.
City Gaming Holdings Limited
Independent Auditor's Report to the Members of City Gaming Holdings Limited
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
City Gaming Holdings Limited
Independent Auditor's Report to the Members of City Gaming Holdings Limited
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.
......................................
For and on behalf of
Ground Floor Seneca House
Links Point
Amy Johnson Way
FY4 2FF
City Gaming Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating loss |
( |
( |
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(11,518) |
(10,147) |
||
Loss before tax |
( |
( |
|
Tax on loss |
|
( |
|
Loss for the financial year |
( |
( |
|
Profit/(loss) attributable to: |
|||
Owners of the company |
( |
( |
The operating loss includes non-recurring expenditure incurred in relation to the group restructuring, business disposals and acquisitions, exceptional dilapidation costs and new site set up costs. These costs amount to £1,277,000 (2022 - £1,196,000) and are included within the most relevant expense category.
The operating loss includes impairment and amortisation of goodwill amounting to £6,286,000 (2022 - £5,023,000).
City Gaming Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023
2023 |
2022 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Total comprehensive income attributable to: |
||
Owners of the company |
( |
( |
City Gaming Holdings Limited
(Registration number: 11896374)
Consolidated Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
- |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Equity attributable to owners of the company |
( |
( |
|
Shareholders' deficit |
( |
( |
Approved and authorised by the
......................................... |
City Gaming Holdings Limited
(Registration number: 11896374)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
The company made a profit after tax for the financial year of £1,515,715 (2022 - profit of £1,552,736).
Approved and authorised by the
......................................... |
City Gaming Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company
Share capital |
Share premium |
Retained earnings |
Total |
Total equity |
|
At 1 April 2022 |
|
|
( |
( |
( |
Loss for the year |
- |
- |
( |
( |
( |
Other share capital movements |
3,600 |
- |
- |
3,600 |
3,600 |
At 31 March 2023 |
|
|
( |
( |
( |
Share capital |
Share premium |
Retained earnings |
Total |
Total equity |
|
At 1 April 2021 |
|
- |
( |
( |
( |
Loss for the year |
- |
- |
( |
( |
( |
New share capital subscribed |
|
|
- |
|
|
Other share capital movements |
14,237 |
- |
- |
14,237 |
14,237 |
At 31 March 2022 |
|
|
( |
( |
( |
City Gaming Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
4,008 |
34,487 |
Profit for the year |
- |
- |
|
|
Other share capital movements |
3,600 |
- |
- |
3,600 |
At 31 March 2023 |
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 April 2021 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
New share capital subscribed |
|
|
- |
|
Other share capital movements |
14,237 |
- |
- |
14,237 |
At 31 March 2022 |
|
|
4,009 |
34,488 |
City Gaming Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Impairment of goodwill |
1,240 |
25 |
|
Impairment of PPE |
258 |
- |
|
Loss on disposal of tangible assets |
|
|
|
Loss from disposals of investments |
|
- |
|
Loss on disposal of intangible assets |
33 |
- |
|
Income tax expense |
( |
|
|
Finance income |
- |
(411) |
|
Finance costs |
11,518 |
10,558 |
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
- |
|
(Increase)/decrease in trade debtors |
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
Increase/(decrease) in long term creditors |
- |
(747) |
|
Effect of disposal of subsidiary on working capital adjustments |
(12) |
- |
|
(Decrease)/increase in provisions |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Proceeds on sale of intangible assets |
603 |
- |
|
Future probable investments |
- |
(209) |
|
Net cash flows from investing activities |
( |
( |
City Gaming Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from financing activities |
|||
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Proceeds from issue of preference shares, net of issue costs |
3,600 |
14,237 |
|
Proceeds from bank borrowing draw downs |
- |
1,842 |
|
Repayment of bank borrowing |
(1,444) |
(16,000) |
|
Payments to finance lease creditors |
(5) |
(30) |
|
Interest paid |
(265) |
(104) |
|
Net cash flows from financing activities |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
2,998 |
4,354 |
City Gaming Holdings Limited
Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Finance income |
( |
( |
|
- |
- |
||
Working capital adjustments |
|||
Increase in trade debtors |
( |
( |
|
Effect of non cash items on working capital adjustments |
1,515 |
1,554 |
|
Net cash flow from operating activities |
( |
- |
|
Cash flows from investing activities |
|||
Acquisition of subsidiaries |
- |
( |
|
Cash flows from financing activities |
|||
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
Proceeds from issue of preference shares, net of issue costs |
3,600 |
14,237 |
|
Net cash flows from financing activities |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
- |
- |
|
Cash and cash equivalents at 1 April |
- |
- |
|
Cash and cash equivalents at 31 March |
- |
- |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £1,515,715 (2022 - profit of £1,552,736).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Going concern
The financial statements have been prepared on a going concern basis.
At the year end 31 March 2023, the Group incurred a net loss of £17,022,000 and, as of that date, the Group’s total assets exceeded its current liabilities by £50,700,000. During the year, the Group sold several loss making sites and is looking to continue to sell loss making sites in the following year. The Group is now generating its own cash on a regular basis from which it can invest and pay off payment plans and arrears from the lockdown and recovery period.
In the previous year, the Group entered into a debt for equity swap agreement with the lender which materially reduced the debt burden within the Group. The directors are confident that the restructure has supported the Group’s ability to continue as a going concern. The Group has received a letter of support from the majority shareholder and lender stating that it will continue to financially support the Group and intends to extend the maturity date of its loan with the Group.
The directors note that there is a material uncertainty that casts doubt on the Groups ability to continue as a going concern, however, due to a combination of forecasts and the continued support of the lender, the directors believe that the preparation of the accounts on the going concern basis is appropriate.
Changes in accounting estimate
Income recognition policy for promotion sales
In the previous year, promotion sales were recognised as separate items of income and expenditure but are now recognised at the fair value of the net income received. In the previous year, turnover included promotion sales of £1,748,000.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of gaming and arcade takings net of any prizes paid out.
Machines used by the group fall into two separate categories; those where the takings are subject to VAT and those where the takings are subject to Machine Games Duty.
Where the machine takings are subject to VAT the turnover is shown in the profit and loss account exclusive of VAT.
Where the machine takings are subject to Machine Games Duty the turnover is shown in the profit and loss account gross with the Machine Games Duty recorded separately as an expense.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold property |
15 year straight line |
Plant and machinery |
20% straight line |
Fixtures, fittings and equipment |
20% straight line |
Freehold property |
No depreciation. This departure from the accounting standards is based upon the reasonable assumption that freehold buildings have a high residual value and that any depreciation would be immaterial. |
Motor vehicles |
20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill on leases |
Over the period of the lease |
Positive goodwill |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods is made up of prizes. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Machine takings |
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2023 |
2022 |
|
Loss on disposal of Tangible assets |
( |
( |
Loss on disposal of intangible assets |
( |
- |
Loss from disposals of investments |
( |
- |
(1,488) |
(95) |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Operating loss |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Impairment loss |
|
- |
Operating lease expense - plant and machinery |
|
|
Loss on disposal of property, plant and equipment |
|
|
Government grants |
The amount of grants recognised in the financial statements was £Nil (2022 - £
Other interest receivable and similar income |
2023 |
2022 |
|
Fair value gain/(loss) on financial instrument |
- |
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
|
|
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
416 |
439 |
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
176 |
135 |
The company entered into a liability limitation agreement with the auditor on 17 February 2022. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
( |
UK corporation tax adjustment to prior periods |
( |
|
(11) |
(35) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
( |
UK deferred tax credit relating to changes in tax rates or laws |
( |
- |
Decrease from tax losses for which no deferred tax asset was recognised |
( |
( |
Decrease in UK and foreign current tax from unrecognised tax loss or credit |
( |
- |
(Decrease)/increase in UK and foreign current tax from adjustment for prior periods |
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from other short-term timing differences |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
Total tax (credit)/charge |
( |
|
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Tax losses carried forward |
|
- |
|
|
2022 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Tax losses carried forward |
|
- |
|
|
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2022 |
|
|
Disposals |
( |
( |
At 31 March 2023 |
|
|
Amortisation |
||
At 1 April 2022 |
|
|
Amortisation charge |
|
|
Amortisation eliminated on disposals |
( |
( |
Impairment |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Impairment
Goodwill
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Group
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 April 2022 |
|
|
|
|
|
|
Additions |
|
|
|
|
- |
|
Disposals |
( |
( |
( |
( |
( |
( |
At 31 March 2023 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 April 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
( |
( |
Impairment |
- |
- |
|
- |
- |
|
At 31 March 2023 |
|
|
|
|
|
|
Carrying amount |
||||||
At 31 March 2023 |
|
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
|
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £4,810,748 (2022 - £5,238,353) in respect of short leasehold land and buildings.
Impairment
Plant and machinery
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Investments |
Group
2023 |
2022 |
|
Costs of future investments |
- |
571,790 |
Investment costs are attributable to investments that are incomplete at the year end but it was probable that the investment would proceed.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
||||
|
4 Cavendish Square
|
|
|
|
England and Wales |
* indicates direct investment of the company
The principal activity of the above named subsidiaries is that of the operation of amusement arcade centres.
The principal activity of CGL Gaming PLC is that of a holding company that provides support to it's subsidiaries. The principal activity of City Gaming Leasing Limited is that of a dormant company.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ 000 |
Cost or valuation |
|
At 1 April 2022 |
|
At 31 March 2023 |
|
Provision |
|
At 31 March 2023 |
- |
Carrying amount |
|
At 31 March 2023 |
|
At 31 March 2022 |
|
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Other inventories |
|
|
- |
- |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Group |
Company |
||||
Current |
Note |
2023 |
2022 |
2023 |
2022 |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments and accrued income |
|
|
- |
- |
|
Deferred tax assets |
|
|
- |
- |
|
Income tax asset |
- |
|
- |
- |
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
- |
- |
Other cash and cash equivalents |
- |
|
- |
- |
|
|
- |
- |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
|
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Other non-current financial liabilities |
|
|
- |
- |
|
|
|
- |
- |
Sanne Group (UK) Limited has a charge over CGL Gaming PLC for which Mulbrook Limited and Southern City Leisure Limited are additional chargors. The charge is secured by way of fixed and floating charges over all of the property or undertakings of the companies.
Provisions for liabilities |
Group
Other provisions |
Total |
|
At 1 April 2022 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 March 2023 |
- |
- |
|
A corporation tax provision of £nil (2022: £181,482) and accrued interest of £nil (2022: £35,674) has been included on the balance sheet in respect of a chargeable gain arising in Family Leisure Euston Limited on the disposal of Spooky Cool Labs LLC. Double taxation relief has been claimed in respect of tax withheld in the United States. The amount is no longer recognised as a provision.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. 000 |
£ 000 |
No. 000 |
£ 000 |
|
|
- |
- |
|
138 |
|
|
250 |
|
250 |
|
|
1,000 |
|
863 |
|
|
112 |
|
112 |
|
- |
- |
- |
- |
|
- |
- |
|
6,965 |
|
|
525 |
|
525 |
|
|
24,803 |
|
14,237 |
|
|
|
|
New shares allotted
During the year 3,600,000 |
During the year 16 |
The Senior Growth shares were issued as 16 separate classes of shares, being A1 Series 1, A2 Series 2, B1 Series 1, B2 Series 2, C1 Series 1, C2 Series 2, D1 Series 1, D2 Series 2, E1 Series 1, E2 Series 2, F1 Series 1, F2 Series 2, G1 Series 1, G2 Series 2, H1 Series 1 and H2 Series 2.
During the year 137,501 A Ordinary shares each having a nominal value of £1 were redesignated as C Ordinary shares. 6,965,443 A Preferred Ordinary shares were redesignated as C Preferred Ordinary shares.
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Hire purchase and finance contracts |
- |
|
- |
- |
|
|
- |
- |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Hire purchase and finance contracts |
|
|
- |
- |
|
|
- |
- |
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Group
Bank borrowings
NHTV Cherry Holdings LLC has debentures with CGL Gaming PLC. The charge is secured by way of fixed and floating charges over all of the property or undertakings of the company and all group entities.
|
National Westminster Bank PLC has debentures with City Gaming Limited. The charge is secured by way of fixed and floating charges over all the property or undertakings of the company and all group entities.
|
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
- |
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
City Gaming Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
Group
Key management compensation
2023 |
2022 |
|
Salaries and other short term employee benefits |
|
|
Parent and ultimate parent undertaking |
The ultimate parent is North Haven Tactical Fund (AIV) LP, incorporated in the state of Delaware, United States of America.
The parent of the largest and smallest group in which these financial statements are consolidated is City Gaming Holdings Limited, incorporated in England and Wales.
The address of City Gaming Holdings Limited is:
4 Cavendish Square
London
W1G 0PG
Non adjusting events after the financial period |
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