CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
351,659
-
0
Current assets
Debtors
4
61,474
-
0
Cash at bank and in hand
905
905
62,379
905
Creditors: amounts falling due within one year
5
(503,372)
(1,038)
Net current liabilities
(440,993)
(133)
Net liabilities
(89,334)
(133)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(89,335)
(134)
Total equity
(89,334)
(133)
The notes on pages 2 - 5 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
A M Pawson
Director
Company Registration No. 11413196
CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information

Continuum (Loch Ness) Limited is a private company limited by shares incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company reported a loss for the year ended 31 January 2023 and at that date the company's liabilities exceeded its assets. During the year the company incurred pre-opening costs regarding the visitor attraction, which opened in June 2023.true

 

The directors have prepared forecasts for the period to 31 January 2025. If the forecast revenue levels are achieved, the forecasts demonstrate that the company would be able to continue to operate within the group facilities. On this basis the directors have concluded it is appropriate to adopt the going concern basis in preparing the financial statements.

 

The company participates in the group's banking arrangements and thereby shares such facilities with its parent company and fellow subsidiaries. Accordingly the company meets its working capital requirements through the group facilities.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
0% - pending brought into use

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
-
0
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 February 2022
-
0
Additions
351,659
At 31 January 2023
351,659
Depreciation and impairment
At 1 February 2022 and 31 January 2023
-
0
Carrying amount
At 31 January 2023
351,659
At 31 January 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
61,474
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
215
-
0
Amounts owed to group undertakings
498,902
1,038
Taxation and social security
3,980
-
0
Other creditors
275
-
0
503,372
1,038
CONTINUUM (LOCH NESS) LIMITED
FORMERLY CONTINUUM (MANAGEMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mark Holmes BA FCA.
The auditor was Ashworth Moulds.
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
202,000
-
0
Between two and five years
808,000
-
0
In over five years
1,010,000
-
0
2,020,000
-
0

Further rent is payable annually, calculated as a percentage of the operating profit of the company.

9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
709,000
-
10
Parent company

The company's immediate parent undertaking is The Continuum Group Limited, a company registered in England and Wales, with its registered office address in the UK, and which is the parent of the smallest group in which the company is a member. These financial statements form part of the group financial statements of the Continuum Group Limited, copies of which are available at Companies House.

2023-01-312022-02-01false19 October 2023CCH SoftwareCCH Accounts Production 2022.300No description of principal activityThis audit opinion is unqualifiedJ E DelaneyA M PawsonA M Pawson114131962022-02-012023-01-31114131962023-01-31114131962022-01-3111413196core:FurnitureFittings2023-01-3111413196core:FurnitureFittings2022-01-3111413196core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3111413196core:CurrentFinancialInstrumentscore:WithinOneYear2022-01-3111413196core:CurrentFinancialInstruments2023-01-3111413196core:CurrentFinancialInstruments2022-01-3111413196core:ShareCapital2023-01-3111413196core:ShareCapital2022-01-3111413196core:RetainedEarningsAccumulatedLosses2023-01-3111413196core:RetainedEarningsAccumulatedLosses2022-01-3111413196bus:CompanySecretaryDirector12022-02-012023-01-3111413196core:FurnitureFittings2022-02-012023-01-31114131962021-02-012022-01-3111413196core:FurnitureFittings2022-01-3111413196core:WithinOneYear2023-01-3111413196core:WithinOneYear2022-01-3111413196core:BetweenTwoFiveYears2023-01-3111413196core:BetweenTwoFiveYears2022-01-3111413196core:MoreThanFiveYears2023-01-3111413196core:MoreThanFiveYears2022-01-3111413196bus:PrivateLimitedCompanyLtd2022-02-012023-01-3111413196bus:SmallCompaniesRegimeForAccounts2022-02-012023-01-3111413196bus:FRS1022022-02-012023-01-3111413196bus:Audited2022-02-012023-01-3111413196bus:Director12022-02-012023-01-3111413196bus:Director22022-02-012023-01-3111413196bus:CompanySecretary12022-02-012023-01-3111413196bus:FullAccounts2022-02-012023-01-31xbrli:purexbrli:sharesiso4217:GBP