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REGISTERED NUMBER: SC653954 (Scotland)
















Audited Financial Statements

for the Year Ended 31 January 2023

for

Lochview Theme Park (Scotland) Ltd

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lochview Theme Park (Scotland) Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mrs L J Connelly
Mr M T Taylor
Mr M R Taylor





REGISTERED OFFICE: c/o Gillespie & Anderson CA
147 Bath Street
Glasgow
G2 4SN





REGISTERED NUMBER: SC653954 (Scotland)





AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 29,002 16,002
Tangible assets 5 3,315,831 2,922,570
3,344,833 2,938,572

CURRENT ASSETS
Stocks 162,859 89,844
Debtors 6 1,015,931 306,042
Cash at bank and in hand 93,488 1,316,058
1,272,278 1,711,944
CREDITORS
Amounts falling due within one year 7 1,950,135 2,195,687
NET CURRENT LIABILITIES (677,857 ) (483,743 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,666,976

2,454,829

CREDITORS
Amounts falling due after more than one
year

8

(382,131

)

(404,811

)

PROVISIONS FOR LIABILITIES (459,455 ) (286,137 )
NET ASSETS 1,825,390 1,763,881

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,825,290 1,763,781
1,825,390 1,763,881

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2023 and were signed on its behalf by:





Mr M R Taylor - Director


Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Lochview Theme Park (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sales of goods and services, excluding value added tax, and recognised when the company becomes entitled to the income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
The company recognises intangible assets when it is probable that the expected future economic benefits that are attributable to the asset will flow to the company, and when the cost (or value) of the asset can be measured reliably.

Such assets are measured initially at cost, with subsequent measurements being based on that cost, as adjusted by periodic amortisation and any impairment losses.The directors consider the assets acquired to have an estimated useful life of ten years, and the intangible assets are therefore amortised evenly over that period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 1% on cost
Plant and machinery etc - 20% on cost, 10% on cost, 10% on reducing balance and 6.67% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of: cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 191 (2022 - 142 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2022 - 20,002 20,002
Additions 15,000 - 15,000
At 31 January 2023 15,000 20,002 35,002
AMORTISATION
At 1 February 2022 - 4,000 4,000
Charge for year - 2,000 2,000
At 31 January 2023 - 6,000 6,000
NET BOOK VALUE
At 31 January 2023 15,000 14,002 29,002
At 31 January 2022 - 16,002 16,002

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 1,443,042 1,690,897 3,133,939
Additions 23,522 671,716 695,238
Disposals - (24,735 ) (24,735 )
At 31 January 2023 1,466,564 2,337,878 3,804,442
DEPRECIATION
At 1 February 2022 26,456 184,913 211,369
Charge for year 14,666 266,701 281,367
Eliminated on disposal - (4,125 ) (4,125 )
At 31 January 2023 41,122 447,489 488,611
NET BOOK VALUE
At 31 January 2023 1,425,442 1,890,389 3,315,831
At 31 January 2022 1,416,586 1,505,984 2,922,570

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 64,242 29,712
Amounts owed by group undertakings 669,714 50,898
Other debtors 281,975 225,432
1,015,931 306,042

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 93,578 587,293
Trade creditors 359,822 872,763
Amounts owed to group undertakings 383,071 138,551
Taxation and social security 154,679 144,602
Other creditors 958,985 452,478
1,950,135 2,195,687

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 31,667 41,667
Other creditors 350,464 363,144
382,131 404,811

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alun Johnstone B.Acc CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

10. CAPITAL COMMITMENTS

In January 2023, the company entered into a franchise agreement to operate a Monterey Jacks restaurant within the company's premises. At the balance sheet date, the directors anticipate a further commitment of approximately £240,000 on the project to complete the work commenced in January 2023..

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between the company, its parent company and its fellow subsidiaries within the group, all of which are wholly owned.

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

11. RELATED PARTY DISCLOSURES - continued

Included within other creditors at the financial year is an amount of £350,464 (2022 - £356,344) reflecting loans advanced to the company by the shareholders of the parent company (three of whom are the directors of Lochview Theme Park (Scotland) Ltd). The loan includes interest levied totalling £8,809 (2022 - £9,146) for the year, and the balance owed by the company is considered repayable after giving 12 months notice.

Other creditors also include an amount of £561,139 (2022 £379 debtor) owed to Continental Marketplace Ltd which is considered a related party by virtue of the control exerted over both entities by the same individuals.The loan is interest free and repayable on demand, with movements in the year relating to income received less expenses incurred by the company on behalf of Continental Marketplace Ltd.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be the parent company, Leisure Management (Scotland) Ltd, (a company registered in Scotland) by virtue of its controlling shareholding of 100% in the company. Leisure Management (Scotland) Ltd's registered office and principal place of business are identical to that of the company.

Control over the parent company is divided equally between the three directors of that company (who are also directors of this company) and Matthew W Taylor, all of whom own 25% of the parent company.