Standards
Bingo and casino technical requirements
Bingo and casino technical requirements under section 85 and section 89 of the Gambling Act 2005.
14 - Lease liabilities
| Descriptions | Victoria Square House Land and Buildings £ thousands |
Plant and Equipment £ thousands |
2024 to 2025 Total £ thousands |
2023 to 2024 Total £ thousands |
|---|---|---|---|---|
| Leases under International Financial Reporting Standards (IFRS) 16 Total future lease payments under leases are given in this table for each of the following periods: |
||||
| No later than one year | 700 | 3 | 703 | 748 |
| Later than one year and not later than five years | 0 | 1 | 1 | 1,013 |
| Later than five years | 0 | 0 | 0 | 0 |
| Balance as at 31 March | 700 | 4 | 704 | 1,761 |
| Lease Liabilities included in the balance sheet | ||||
| Current | 700 | 3 | 703 | 748 |
| Non-current | 0 | 1 | 1 | 1,013 |
| Balance as at 31 March | 700 | 4 | 704 | 1,761 |
| Movement in lease during the year | ||||
| At 1 April | 1,753 | 8 | 1,761 | 2,492 |
| Interest on lease liabilities – finance costs at 1.99 percent | (274) | 0 | (274) | 50 |
| Lease Liability payments | (779) | (4) | (783) | (781) |
| Balance as at 31 March | 700 | 4 | 704 | 1,761 |
Interest on lease liabilities – Finance Cost - amounts recognised in Statement of Comprehensive Net Expenditure (SoCNE), a discount rate of 1.99 percent per annum has been applied in the calculations of interest on lease liabilities.
Lease Liabilities Adjustment: As part of the calculation of lease liabilities under IFRS 16, an incorrect assumption was made regarding inflation, leading to an overstatement of the lease liability. No inflation increases were applied to the lease payments. To correct this, an adjustment was made during the year ended 31 March 2025, reducing the liability and resulting in a credit of £303,200 recognised in the financial statements. The actual finance cost for the year amounted to £29,113, resulting in a net finance income of £274,087. This adjustment ensures that the lease liabilities reflect the revised, accurate assumptions.
Lease liability payments amounts are recognised in the Statement of cash flow.
Last updated: 6 March 2026
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