Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3101492022-02-01truefalse560610107543000100000100000falseOther amusement and recreation activites not elsewhere classified.215true SC022655 2022-02-01 2023-01-31 SC022655 2021-02-01 2022-01-31 SC022655 2023-01-31 SC022655 2022-01-31 SC022655 2021-02-01 SC022655 1 2022-02-01 2023-01-31 SC022655 1 2021-02-01 2022-01-31 SC022655 4 2022-02-01 2023-01-31 SC022655 4 2021-02-01 2022-01-31 SC022655 5 2022-02-01 2023-01-31 SC022655 5 2021-02-01 2022-01-31 SC022655 6 2022-02-01 2023-01-31 SC022655 6 2021-02-01 2022-01-31 SC022655 9 2022-02-01 2023-01-31 SC022655 9 2021-02-01 2022-01-31 SC022655 d:CompanySecretary1 2022-02-01 2023-01-31 SC022655 d:Director1 2022-02-01 2023-01-31 SC022655 d:Director2 2022-02-01 2023-01-31 SC022655 d:Director3 2022-02-01 2023-01-31 SC022655 d:Director4 2022-02-01 2023-01-31 SC022655 d:Director5 2022-02-01 2023-01-31 SC022655 d:Director6 2022-02-01 2023-01-31 SC022655 d:Director7 2022-02-01 2023-01-31 SC022655 d:Director7 2023-01-31 SC022655 d:RegisteredOffice 2022-02-01 2023-01-31 SC022655 e:Buildings 2022-02-01 2023-01-31 SC022655 e:Buildings 2023-01-31 SC022655 e:Buildings 2022-01-31 SC022655 e:Buildings e:LongLeaseholdAssets 2022-02-01 2023-01-31 SC022655 e:LandBuildings 2023-01-31 SC022655 e:LandBuildings 2022-01-31 SC022655 e:PlantMachinery 2022-02-01 2023-01-31 SC022655 e:PlantMachinery 2023-01-31 SC022655 e:PlantMachinery 2022-01-31 SC022655 e:OfficeEquipment 2022-02-01 2023-01-31 SC022655 e:ComputerEquipment 2022-02-01 2023-01-31 SC022655 e:ComputerEquipment 2023-01-31 SC022655 e:ComputerEquipment 2022-01-31 SC022655 e:ComputerEquipment 1 2022-02-01 2023-01-31 SC022655 e:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC022655 e:OtherPropertyPlantEquipment 2023-01-31 SC022655 e:OtherPropertyPlantEquipment 2022-01-31 SC022655 e:OtherPropertyPlantEquipment 1 2022-02-01 2023-01-31 SC022655 e:CurrentFinancialInstruments 2023-01-31 SC022655 e:CurrentFinancialInstruments 2022-01-31 SC022655 e:Non-currentFinancialInstruments 2023-01-31 SC022655 e:Non-currentFinancialInstruments 2022-01-31 SC022655 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 SC022655 e:CurrentFinancialInstruments e:WithinOneYear 2022-01-31 SC022655 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 SC022655 e:Non-currentFinancialInstruments e:AfterOneYear 2022-01-31 SC022655 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-01-31 SC022655 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-01-31 SC022655 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-01-31 SC022655 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-01-31 SC022655 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-01-31 SC022655 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-01-31 SC022655 f:UnitedKingdom 2022-02-01 2023-01-31 SC022655 f:UnitedKingdom 2021-02-01 2022-01-31 SC022655 e:UKTax 2022-02-01 2023-01-31 SC022655 e:UKTax 2021-02-01 2022-01-31 SC022655 e:ShareCapital 2023-01-31 SC022655 e:ShareCapital 2022-01-31 SC022655 e:ShareCapital 2021-02-01 SC022655 e:CapitalRedemptionReserve 2023-01-31 SC022655 e:CapitalRedemptionReserve 2022-01-31 SC022655 e:CapitalRedemptionReserve 2021-02-01 SC022655 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 SC022655 e:RetainedEarningsAccumulatedLosses 2023-01-31 SC022655 e:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 SC022655 e:RetainedEarningsAccumulatedLosses 2022-01-31 SC022655 e:RetainedEarningsAccumulatedLosses 2021-02-01 SC022655 d:OrdinaryShareClass1 2022-02-01 2023-01-31 SC022655 d:OrdinaryShareClass1 2021-02-01 2022-01-31 SC022655 d:OrdinaryShareClass1 2023-01-31 SC022655 d:OrdinaryShareClass1 2022-01-31 SC022655 d:OrdinaryShareClass2 2022-02-01 2023-01-31 SC022655 d:OrdinaryShareClass2 2021-02-01 2022-01-31 SC022655 d:OrdinaryShareClass2 2023-01-31 SC022655 d:OrdinaryShareClass2 2022-01-31 SC022655 d:OrdinaryShareClass3 2022-02-01 2023-01-31 SC022655 d:OrdinaryShareClass3 2021-02-01 2022-01-31 SC022655 d:OrdinaryShareClass3 2023-01-31 SC022655 d:OrdinaryShareClass3 2022-01-31 SC022655 d:OrdinaryShareClass4 2022-02-01 2023-01-31 SC022655 d:OrdinaryShareClass4 2021-02-01 2022-01-31 SC022655 d:OrdinaryShareClass4 2023-01-31 SC022655 d:OrdinaryShareClass4 2022-01-31 SC022655 d:OrdinaryShareClass5 2022-02-01 2023-01-31 SC022655 d:OrdinaryShareClass5 2021-02-01 2022-01-31 SC022655 d:OrdinaryShareClass5 2023-01-31 SC022655 d:OrdinaryShareClass5 2022-01-31 SC022655 d:FRS102 2022-02-01 2023-01-31 SC022655 d:Audited 2022-02-01 2023-01-31 SC022655 d:FullAccounts 2022-02-01 2023-01-31 SC022655 d:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC022655 e:ComputerEquipment e:PriorPeriodIncreaseDecrease 2022-02-01 2023-01-31 SC022655 e:OtherPropertyPlantEquipment e:PriorPeriodErrorIncreaseDecrease 2022-02-01 2023-01-31 SC022655 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-01 2023-01-31 SC022655 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-31 SC022655 e:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-31 SC022655 e:WithinOneYear 2023-01-31 SC022655 e:WithinOneYear 2022-01-31 SC022655 e:BetweenOneFiveYears 2023-01-31 SC022655 e:BetweenOneFiveYears 2022-01-31 SC022655 2 2022-02-01 2023-01-31 SC022655 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 SC022655 e:AcceleratedTaxDepreciationDeferredTax 2022-01-31 SC022655 e:OtherDeferredTax 2023-01-31 SC022655 e:OtherDeferredTax 2022-01-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC022655













JOHN CODONA'S PLEASURE FAIRS LIMITED







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 JANUARY 2023

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Alan J Codona 
Nancy Codona 
Andrea Codona 
Marissa A Hopkins 
Alan J Codona Jnr 
Alfred J Codona 
Jack Codona (appointed 10 August 2023)




COMPANY SECRETARY
Alan J Codona



REGISTERED NUMBER
SC022655



REGISTERED OFFICE
Amusement Park
Beach Boulevard

Aberdeen

AB24 5ED




INDEPENDENT AUDITORS
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 26

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The directors present their report and the financial statements for the year ended 31 January 2023.

Business review
 
The directors are pleased with the results for the year which reflect the continued strong trading helped by the pent up demand created by the Covid restrictions. Our new karting attraction coupled with our Fully Loaded Amusement Park package has continued to perform well. The profits generated will contribute to repay the loan that was drawn down during the Covid restrictions as well as finance a new program of refurbishment works throughout the organisation. 
The directors are continually looking at opportunities to grow and development the operations of the company and will continue to seek opportunities to invest and develop the business.
Professional working practices, customer care, health and safety procedures and development of staff remain extremely important factors for the continual development of the company.

Principal risks and uncertainties
 
The management of the business and the performance of the company are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the local economic climate.
The company has considerable financial resources together with a mixture of debt finance. As a consequence, the directors believe that the company is well placed to manage its business risks successfully.
The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

KEY PERFORMANCE INDICATORS
 
In monitoring the company's financial performance the directors monitor revenue as their primary KPI and are satisfied with the growth achieved during the year.

 

This report was approved by the board and signed on its behalf.



Alfred J Codona
Director

Date: 24 October 2023
Page 1
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,177,311 (2022 -  £1,586,928).

DIRECTORS

The directors who served during the year were:

Alan J Codona 
Nancy Codona 
Andrea Codona 
Marissa A Hopkins 
Alan J Codona Jnr 
Alfred J Codona 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsAnderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Alfred J Codona
Director

Date: 24 October 2023
Page 2
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED
 

OPINION


We have audited the financial statements of John Codona's Pleasure Fairs Limited (the 'Company') for the year ended 31 January 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 January 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves.  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 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 5
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and
disclosures in the financial statements.

The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to
be:

Management override of controls to manipulate the company’s key performance indicators to meet targets
Timing and completeness of revenue recognition
Existence and valuation of stock
Management judgement applied in calculating provisions against the carrying value of stock and debtors
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading

Our audit procedures to respond to these risks included:
 
Testing of journal entries and other adjustments for appropriateness
Evaluating the business rationale of significant transactions outside the normal course of business
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
Enquiries of management about litigation and claims and inspection of relevant correspondence
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
Reviewing a sample of year end debtor balances to ensure post year end receipts support debtor recoverability
Reviewing a sample of January 2023 and February 2023 sales and purchases to ensure relevant income and costs have been recorded accurately in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Derek Mair (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

24 October 2023
Page 7
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 3 
7,701,789
6,688,053

Cost of sales
  
(946,540)
(780,728)

Gross profit
  
6,755,249
5,907,325

Administrative expenses
  
(5,294,211)
(4,104,399)

Other operating income
 4 
19,006
400,684

Operating profit
  
1,480,044
2,203,610

Income from fixed assets investments
  
1,695
1,269

Interest receivable and similar income
  
12,182
211

Interest payable and similar expenses
  
(40,623)
(38,734)

Profit before tax
  
1,453,298
2,166,356

Tax on profit
 9 
(275,987)
(579,428)

Profit for the financial year
  
1,177,311
1,586,928

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 26 form part of these financial statements.

Page 8
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

REGISTERED NUMBER:SC022655

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
3,799,969
3,799,958

  
3,799,969
3,799,958

Current assets
  

Stocks
 12 
142,058
107,440

Debtors: amounts falling due within one year
 13 
783,156
478,664

Current asset investments
 14 
19,530
17,834

Cash at bank and in hand
 15 
3,760,837
3,779,270

  
4,705,581
4,383,208

Creditors: amounts falling due within one year
 16 
(1,475,840)
(1,515,209)

Net current assets
  
 
 
3,229,741
 
 
2,867,999

Total assets less current liabilities
  
7,029,710
6,667,957

Creditors: amounts falling due after more than one year
 17 
(700,000)
(1,000,000)

Provisions for liabilities
  

Deferred tax
 19 
(770,567)
(743,125)

  
 
 
(770,567)
 
 
(743,125)

Net assets
  
5,559,143
4,924,832


Capital and reserves
  

Called up share capital 
 20 
4,332
4,332

Capital redemption reserve
  
1,168
1,168

Profit and loss account
  
5,553,643
4,919,332

  
5,559,143
4,924,832

Page 9
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

REGISTERED NUMBER:SC022655

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Alfred J Codona
Director

Date: 24 October 2023

The notes on pages 14 to 26 form part of these financial statements.
Page 10
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2021
4,332
1,168
3,692,404
3,697,904



Profit for the year
-
-
1,586,928
1,586,928

Dividends: Equity capital
-
-
(360,000)
(360,000)



At 1 February 2022
4,332
1,168
4,919,332
4,924,832



Profit for the year
-
-
1,177,311
1,177,311

Dividends: Equity capital
-
-
(543,000)
(543,000)


At 31 January 2023
4,332
1,168
5,553,643
5,559,143


The notes on pages 14 to 26 form part of these financial statements.
Page 11
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,177,311
1,586,928

Adjustments for:

Depreciation of tangible assets
423,316
389,968

Loss on disposal of tangible assets
(32,658)
-

Interest paid
40,623
1,406

Interest received
(13,877)
(1,480)

Taxation charge
275,987
579,428

Increase in stocks
(34,618)
(47,024)

Increase in debtors
(210,904)
(23,115)

Increase in amounts owed by related undertakings
(100,000)
-

(Decrease)/increase in creditors
(82,661)
492,256

Corporation tax paid
(200,537)
(1,261)

Net cash generated from operating activities

1,241,982
2,977,106


Cash flows from investing activities

Purchase of tangible fixed assets
(440,687)
(277,796)

Sale of tangible fixed assets
50,018
-

Interest received
12,182
211

Income from investments
1,695
1,269

Net cash from investing activities

(376,792)
(276,316)

Cash flows from financing activities

Repayment of loans
(300,000)
(200,000)

Dividends paid
(543,000)
(360,000)

Interest paid
(40,623)
(1,406)

Net cash used in financing activities
(883,623)
(561,406)

Net (decrease)/increase in cash and cash equivalents
(18,433)
2,139,384

Cash and cash equivalents at beginning of year
3,779,270
1,639,886

Cash and cash equivalents at the end of year
3,760,837
3,779,270


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,760,837
3,779,270

3,760,837
3,779,270


The notes on pages 14 to 26 form part of these financial statements.

Page 12
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

3,779,270

(18,433)

3,760,837

Debt due after 1 year

(1,000,000)

300,000

(700,000)

Debt due within 1 year

(300,000)

-

(300,000)


2,479,270
281,567
2,760,837

The notes on pages 14 to 26 form part of these financial statements.
Page 13
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

John Codona's Pleasure Fairs Limited is a private company limited by shares incorporated in Scotland. The registered office is Amusement Park, Beach Boulevard, Aberdeen.
The principal activity of the company is the provision of amusement and recreational activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2
Going Concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
10 - 40 years
Plant, equipment and motor vehicles
-
5 - 40 years
Office equipment
-
24%
Coin operated machines
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Page 15
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.9
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.16

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 17
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,701,789
6,688,053

7,701,789
6,688,053



4.


Other operating income

2023
2022
£
£

Other operating income
-
260,498

Government grants receivable
19,006
140,186

19,006
400,684



5.


Auditors' remuneration

Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £13,000 (2022 - £12,000).

Page 18
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Employees

2023
2022
£
£

Wages and salaries
2,421,719
1,987,735

Social security costs
164,600
129,627

Cost of defined contribution scheme
29,079
27,933

2,615,398
2,145,295


The average monthly number of employees, including directors, during the year was 215 (2022 - 149).


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
286,726
215,359

286,726
215,359


The highest paid director received remuneration of £95,131 (2022 - £71,901).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).


8.


Income from investments

2023
2022
£
£

Income from fixed asset investments
1,695
1,269

1,695
1,269






Page 19
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on (loss)/profits for the year
243,829
402,791

Adjustments in respect of previous periods
4,716
-


Total current tax
248,545
402,791

Deferred tax


Origination and reversal of timing differences
27,012
(703)

Changes to tax rates
-
178,519

Prior year adjustment
430
(1,179)

Total deferred tax
27,442
176,637


Taxation on profit on ordinary activities
275,987
579,428

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,453,298
2,166,356


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
276,127
411,608

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
199
329

Capital allowances for year in excess of depreciation
(11,968)
(5,683)

Other permanent differences
-
(3,997)

Prior year adjustment
5,146
(1,179)

Remeasurement of deferred tax for changes in tax rates
6,483
178,350

Total tax charge for the year
275,987
579,428


Factors that may affect future tax charges

The Government have announced that the corporation tax main rate will be increased to 25% for profits over £250,000 from 1 April 2023. As this rate has been substantively enacted the deferred tax provision has been based on the rate of 25%.

Page 20
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Dividends

2023
2022
£
£


B Ordinary shares
181,000
120,000


D Ordinary shares
181,000
120,000


E Ordinary shares
181,000
120,000

543,000
360,000


11.


Tangible fixed assets





Leasehold property
Plant, equipment & motor vehicles
Assets under construction
Base stock
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
7,587,931
6,166,862
87,145
35,944
13,877,882


Additions
16,593
383,412
39,691
991
440,687


Disposals
-
(246,916)
-
-
(246,916)


Transfers between classes
10,200
(10,200)
-
-
-



At 31 January 2023
7,614,724
6,293,158
126,836
36,935
14,071,653



Depreciation


At 1 February 2022
5,604,032
4,473,892
-
-
10,077,924


Charge for the year on owned assets
137,649
285,667
-
-
423,316


Disposals
-
(229,556)
-
-
(229,556)


Transfers between classes
340
(340)
-
-
-



At 31 January 2023
5,742,021
4,529,663
-
-
10,271,684



Net book value



At 31 January 2023
1,872,703
1,763,495
126,836
36,935
3,799,969



At 31 January 2022
1,983,899
1,692,970
87,145
35,944
3,799,958

Page 21
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           11.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,872,703
1,983,899

1,872,703
1,983,899



12.


Stocks

2023
2022
£
£

Raw materials and consumables
52,342
70,464

Finished goods and goods for resale
89,716
36,976

142,058
107,440



13.


Debtors

2023
2022
£
£


Trade debtors
149,923
97,465

Amounts owed by related undertakings
100,000
-

Other debtors
397,784
220,569

Prepayments and accrued income
135,449
160,630

783,156
478,664



14.


Current asset investments

2023
2022
£
£

UK Bonds
19,530
17,834

19,530
17,834


The market value of the UK Bonds at 31 January 2023 was £22,651 (2022 - £24,450).

Page 22
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,760,837
3,779,270

3,760,837
3,779,270


16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
300,000
300,000

Trade creditors
348,366
376,913

Corporation tax
243,829
200,537

Other taxation and social security
230,621
188,588

Other creditors
24,938
198,779

Accruals and deferred income
328,086
250,392

1,475,840
1,515,209


Secured Loans
Bank borrowings are guaranteed by a standard security over the lease of the Amusement Park, Beach Boulevard, Aberdeen and also by a bond and a floating charge over the moveable and heritable assets of the company.
The bank loan in repayable in monthly installments commencing in May 2021.  Interest is charged on the loan at 2.75% over base rate.


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
700,000
1,000,000

700,000
1,000,000


Page 23
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
300,000
300,000


300,000
300,000

Amounts falling due 1-2 years

Bank loans
300,000
300,000


300,000
300,000

Amounts falling due 2-5 years

Bank loans
400,000
700,000


400,000
700,000


Bank loans
-
-

-
-

1,000,000
1,300,000



19.


Deferred taxation




2023


£






At beginning of year
743,125


Charged to profit or loss
27,442



At end of year
770,567

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
771,091
743,874

Short term timing differences
(524)
(749)

770,567
743,125

Page 24
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,301 (2022 - 1,301) A Ordinary Shares shares of £1.00 each
1,301
1,301
866 (2022 - 866) B Ordinary Shares shares of £1.00 each
866
866
433 (2022 - 433) C Ordinary Shares shares of £1.00 each
433
433
866 (2022 - 866) D Ordinary Shares shares of £1.00 each
866
866
866 (2022 - 866) E Ordinary Shares shares of £1.00 each
866
866

4,332

4,332



21.


Capital commitments


At 31 January 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
317,908
-

317,908
-


22.


Pension commitments

The company contributes to a defined contribution group pension scheme. There are unpaid contributions outstanding at the year end, included within accruals totalling £5,606 (2022- £10,107).


23.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
150,500
150,500

Later than 1 year and not later than 5 years
451,500
602,000

602,000
752,500

Page 25
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

24.


Related party transactions

Control
During the year the company was controlled by the directors.
Transactions
During the year the company paid dividends to directors amounting to £543,000 (2022- £360,000).
During the year the company has provided a loan to a company with common directors amounting to £100,000.  This balance remains due to the company at the year end.

During 2021 the company provided loans to directors totalling £100,000. This balance remains due from the directors at the year end. 
 

Page 26