CONTINUUM (ENTERTAINMENT) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
CONTINUUM (ENTERTAINMENT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CONTINUUM (ENTERTAINMENT) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,657
1,082
Current assets
Stocks
61,691
70,789
Debtors
4
77,923
526,309
Cash at bank and in hand
1,764,123
354,412
1,903,737
951,510
Creditors: amounts falling due within one year
5
(1,930,967)
(1,329,026)
Net current liabilities
(27,230)
(377,516)
Net liabilities
(23,573)
(376,434)
Capital and reserves
Called up share capital
6
20,000
20,000
Profit and loss reserves
(43,573)
(396,434)
Total equity
(23,573)
(376,434)
The notes on pages 2 - 6 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. 1950293
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Continuum (Entertainment) 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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
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.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.
1.3
Turnover
Turnover represents amounts receivable for visitor admissions, cafe and retail sales net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from visitors to the attraction is recognised by reference to the date of admission.
1.4
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:
Exhibitions
over term of contract
Fixtures and fittings
over term of contract
Computer equipment
over term of contract
Motor vehicles
25% straight line basis
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
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.
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.
1.10
Retirement benefits
The company contributes to an insured scheme for certain employees. Contributions are charged to the profit and loss account in the year in which they are payable.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
110
55
3
Tangible fixed assets
Exhibitions
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2022
783,147
76,797
70,393
4,311
934,648
Additions
2,551
702
3,253
At 31 January 2023
783,147
79,348
71,095
4,311
937,901
Depreciation and impairment
At 1 February 2022
783,147
76,797
69,311
4,311
933,566
Depreciation charged in the year
282
396
678
At 31 January 2023
783,147
77,079
69,707
4,311
934,244
Carrying amount
At 31 January 2023
2,269
1,388
3,657
At 31 January 2022
1,082
1,082
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,980
399,709
Other debtors
41,283
Prepayments and accrued income
12,660
126,600
77,923
526,309
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
319,442
269,945
Amount owed to parent and fellow subsidiary undertakings
556,508
212,342
Other taxation and social security
72,096
70,244
Other creditors
4,451
57,194
Accruals and deferred income
978,470
719,301
1,930,967
1,329,026
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
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
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee against the group bank borrowings, supported by debentures over the company's assets comprising fixed and floating charges. The guarantee is limited to £3,088,125 (2022: £1,741,250).
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
9
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
400,000
Between two and five years
1,600,000
In over five years
1,800,000
3,800,000
Under the terms of the agreements for the Emmerdale and Coronation Street tour attractions, rents and contributions are based on a percentage of profits / losses and visitor numbers. At 31 January 2023 there are no fixed rent commitments for these attractions.
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.