IRIS Accounts Productionv24.1.9.209606235Board of Directors31.12.231.1.2331.12.2331.12.23The group owns South, Central and North piers on Blackpool Queens Promenade. This incorporates various income streams into the business such as bar sales, amusements, theatre, concession rents and ride income. The group consists of a parent company and three subsidiaries over which the income types and locations are split..truetruetruefalsetruetruefalsefalsefalsefalsefalsetruetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096062352022-12-31096062352023-12-31096062352023-01-012023-12-31096062352021-12-31096062352022-01-012022-12-31096062352022-12-3109606235ns15:EnglandWales2023-01-012023-12-3109606235ns14:PoundSterling2023-01-012023-12-3109606235ns10:Director12023-01-012023-12-3109606235ns10:Consolidated2023-12-3109606235ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3109606235ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109606235ns10:Consolidatedns10:FRS1022023-01-012023-12-3109606235ns10:Consolidatedns10:Audited2023-01-012023-12-3109606235ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3109606235ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3109606235ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3109606235ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3109606235ns10:FullAccounts2023-01-012023-12-3109606235ns5:Subsidiary12023-01-012023-12-3109606235ns5:Subsidiary22023-01-012023-12-3109606235ns5:Subsidiary32023-01-012023-12-3109606235ns10:Consolidated2023-01-012023-12-3109606235ns10:Director22023-01-012023-12-3109606235ns10:Director32023-01-012023-12-3109606235ns10:Director42023-01-012023-12-3109606235ns10:RegisteredOffice2023-01-012023-12-3109606235ns10:Consolidated2022-01-012022-12-3109606235ns5:CurrentFinancialInstruments2023-12-3109606235ns5:CurrentFinancialInstruments2022-12-3109606235ns5:Non-currentFinancialInstruments2023-12-3109606235ns5:Non-currentFinancialInstruments2022-12-3109606235ns5:ShareCapital2023-12-3109606235ns5:ShareCapital2022-12-3109606235ns5:RevaluationReserve2023-12-3109606235ns5:RevaluationReserve2022-12-3109606235ns5:RetainedEarningsAccumulatedLosses2023-12-3109606235ns5:RetainedEarningsAccumulatedLosses2022-12-3109606235ns5:ShareCapital2021-12-3109606235ns5:RetainedEarningsAccumulatedLosses2021-12-3109606235ns5:RevaluationReserve2021-12-3109606235ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109606235ns5:RevaluationReserve2022-01-012022-12-3109606235ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3109606235ns5:RevaluationReserve2023-01-012023-12-3109606235ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3109606235ns5:PlantMachinery2023-01-012023-12-3109606235ns5:FurnitureFittings2023-01-012023-12-3109606235ns5:MotorVehicles2023-01-012023-12-3109606235ns5:ComputerEquipment2023-01-012023-12-3109606235ns5:LandBuildings2022-12-3109606235ns5:PlantMachinery2022-12-3109606235ns5:ComputerEquipment2022-12-3109606235ns5:LandBuildings2023-01-012023-12-3109606235ns5:LandBuildings2023-12-3109606235ns5:PlantMachinery2023-12-3109606235ns5:ComputerEquipment2023-12-3109606235ns5:LandBuildings2022-12-3109606235ns5:PlantMachinery2022-12-3109606235ns5:ComputerEquipment2022-12-3109606235ns5:CostValuation2022-12-3109606235ns5:Subsidiary112023-01-012023-12-3109606235ns5:Subsidiary12023-12-3109606235ns5:Subsidiary12022-12-3109606235ns5:Subsidiary12022-01-012022-12-31096062353ns5:Subsidiary22023-01-012023-12-3109606235ns5:Subsidiary22023-12-3109606235ns5:Subsidiary22022-12-3109606235ns5:Subsidiary22022-01-012022-12-3109606235ns5:Subsidiary352023-01-012023-12-3109606235ns5:Subsidiary32023-12-3109606235ns5:Subsidiary32022-12-3109606235ns5:Subsidiary32022-01-012022-12-3109606235ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109606235ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109606235ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3109606235ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3109606235ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3109606235ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3109606235ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109606235ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109606235ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3109606235ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3109606235ns5:HirePurchaseContracts2023-12-3109606235ns5:HirePurchaseContracts2022-12-3109606235ns5:Secured2023-12-3109606235ns5:Secured2022-12-3109606235ns5:DeferredTaxation2022-12-3109606235ns5:DeferredTaxation2023-12-3109606235ns5:RetainedEarningsAccumulatedLosses2022-12-3109606235ns5:RevaluationReserve2022-12-31

REGISTERED NUMBER: 09606235 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for


The Blackpool Pier Company Limited


The Blackpool Pier Company Limited (Registered number: 09606235)







Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

3



Report of the Independent Auditors  

5



Consolidated Income Statement  

8



Consolidated Other Comprehensive Income  

9



Consolidated Balance Sheet  

10



Company Balance Sheet  

11



Consolidated Statement of Changes in Equity  

12



Company Statement of Changes in Equity  

13



Consolidated Cash Flow Statement  

14



Notes to the Consolidated Cash Flow Statement

15



Notes to the Consolidated Financial Statements

16




The Blackpool Pier Company Limited


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

Mr P J Sedgwick


Mrs S Sedgwick


Miss R S Sedgwick


Mr P J Sedgwick







REGISTERED OFFICE:

Empress Buildings


97 Church Street


Blackpool


Lancashire


FY1 1HU







REGISTERED NUMBER:

09606235 (England and Wales)







AUDITORS:

Ashworth Treasure Limited


Statutory Auditors


17-19 Park Street


Lytham


Lancashire


FY8 5LU


The Blackpool Pier Company Limited (Registered number: 09606235)


Group Strategic Report

for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.


REVIEW OF BUSINESS

The group owns South, Central and North piers on the Blackpool Promenade, incorporating various income streams for the business such as bars, amusement arcades, theatre and funfair rides as well as a rental income from the concession holders. The group consists of a parent company and three subsidiaries over which the income types and locations are split.


The results for the year show a pre-tax loss of £335,652 (2022: pre-tax profit £354,231) and turnover of £15,320,718 (2022: £14,991,042).  The directors have been paid £60,000 dividends in the year.


PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business are considered to be economic and environmental conditions, together with continued compliance with current rules and regulations. With current economic conditions, the business has to balance being able to provide our customers with a memorable visitor experience on our attractions at an affordable price whilst still being able to ensure its increasing operating costs can be met.


The group's business is of a seasonal nature with peak trading levels around the school and bank holidays with the season normally ending in October.  The initiatives created by Blackpool Council to attract visitors to the resort during the winter months have helped to extend the trading season with the increased visitor footfall created from these events.


Climate Change is becoming a significant risk to the resort and the groups' attractions, not only for the negative effect on the visitor numbers but the rising sea levels and the increasing number of extreme storms along the coast pose additional threats to the buildings and structures along the length of Blackpool's promenade.


The group is financed by a mixture of short and long term debt. This comprises of a bank loan, other loans and asset

refinancing.


DEVELOPMENT AND PERFORMANCE

The group continues to invest heavily in fixed assets in respect of the pier structures especially in light of the environmental challenges being faced and ensuring that the attractions on offer remain at a high standard across the group. The directors are conscious of the historic importance of the three piers and as such ensure that there are ongoing improvement and maintenance plans in place to preserve them for future generations to enjoy.


The overhead cost increases alongside continued increases in NMW has put pressures on the profitability of the business, but the directors are confident that continued measures implemented to offset the increases in costs will allow the business to maintain its profitability.


KEY PERFORMANCE INDICATORS

KPI's include sales, margins, underlying profitability, as a whole and per each department and pier, and cash flow which are monitored by senior management. Cash management is regularly reviewed and monitored in order to forecast availability out of season.



2023


2022



  £


   £


Turnover



15,320,718


14,991,042


Gross profit



11,940,693


11,519,542


Gross margin



77.9%


76.8%


Operating profit



145,643


719,563


Cash at bank



1,264,983


3,024,659



Senior management also monitor performance by reference to certain non-financial KPI's, including visitor satisfaction, social media presence, efficiency of maintenance programs.


ON BEHALF OF THE BOARD:






Miss R S Sedgwick - Director



26 July 2024


The Blackpool Pier Company Limited (Registered number: 09606235)


Report of the Directors

for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.


DIVIDENDS

Dividends were declared in August 2023 to the holders of shares as follows:

Ordinary A Shares


£  15,000


net total



Ordinary B Shares


£  15,000


net total



Ordinary C Shares


£  15,000


net total



Ordinary D Shares


£  15,000


net total





FUTURE DEVELOPMENTS

The Directors continue to embrace new opportunities, invest in improving methodologies for maintenance programmes and consider new market trends  to ensure that Central, South and North Piers attractions continuously improve so that they remain integral attractions, drawing significant footfall, within the resort.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


Mr P J Sedgwick

Mrs S Sedgwick

Miss R S Sedgwick

Mr P J Sedgwick


DISCLOSURE IN THE STRATEGIC REPORT

The directors have provided a summary of the key developments and risks of the group within the strategic report.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


The Blackpool Pier Company Limited (Registered number: 09606235)


Report of the Directors

for the Year Ended 31 December 2023



AUDITORS

The auditors,  Ashworth Treasure Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:





Miss R S Sedgwick - Director



26 July 2024


Report of the Independent Auditors to the Members of

The Blackpool Pier Company Limited


Opinion

We have audited the financial statements of The Blackpool Pier Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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.


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


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.


In connection with our audit of the financial statements, 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 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.


Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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.


Report of the Independent Auditors to the Members of

The Blackpool Pier Company Limited



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


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 a Report of the Auditors 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.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as licensing laws, waste disposal regulations, Companies Act, taxation legislation, environmental and health and safety legislation etc.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team maintained alert to instances of non-compliance throughout the audit.


We assessed the susceptibility of the group's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journals to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC etc


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Report of the Auditors.


Report of the Independent Auditors to the Members of

The Blackpool Pier Company Limited



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 2006. Our 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 a Report of the Auditors 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.





Victoria Reynolds (Senior Statutory Auditor)

for and on behalf of Ashworth Treasure Limited

Statutory Auditors

17-19 Park Street

Lytham

Lancashire

FY8 5LU


26 July 2024


The Blackpool Pier Company Limited (Registered number: 09606235)


Consolidated Income Statement

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



TURNOVER

15,320,718


14,991,042




Cost of sales

3,380,025


3,471,500



GROSS PROFIT

11,940,693


11,519,542




Administrative expenses

11,795,050


10,799,979



OPERATING PROFIT

5

145,643


719,563




Interest receivable and similar income

37,997


21,152



183,640


740,715




Interest payable and similar expenses

6

519,292


386,484



(LOSS)/PROFIT BEFORE TAXATION

(335,652

)

354,231




Tax on (loss)/profit

7

(32,823

)

232,687



(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(302,829

)

121,544



(Loss)/profit attributable to:

Owners of the parent

(302,829

)

121,544




The Blackpool Pier Company Limited (Registered number: 09606235)


Consolidated Other Comprehensive Income

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   



(LOSS)/PROFIT FOR THE YEAR

(302,829

)

121,544





OTHER COMPREHENSIVE INCOME  


Deferred tax on revaluation rate change

-


(94,127

)


Property revaluation

3,988,381


-



Income tax relating to components of other

comprehensive income

(997,095

)

-



OTHER COMPREHENSIVE INCOME FOR

THE YEAR, NET OF INCOME TAX

2,991,286


(94,127

)


TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

2,688,457


27,417




Total comprehensive income attributable to:

Owners of the parent

2,688,457


27,417




The Blackpool Pier Company Limited (Registered number: 09606235)


Consolidated Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

16,722,092


12,118,930



Investments

11

99


99



16,722,191


12,119,029




CURRENT ASSETS

Stocks

12

149,850


199,781



Debtors

13

3,165,800


2,393,201



Cash at bank and in hand

1,264,983


3,024,659



4,580,633


5,617,641



CREDITORS

Amounts falling due within one year

14

3,325,358


2,495,691



NET CURRENT ASSETS

1,255,275


3,121,950



TOTAL ASSETS LESS CURRENT

LIABILITIES

17,977,466


15,240,979




CREDITORS

Amounts falling due after more than one

year

15

(3,911,350

)

(4,767,591

)



PROVISIONS FOR LIABILITIES

19

(2,090,663

)

(1,126,392

)


NET ASSETS

11,975,453


9,346,996




CAPITAL AND RESERVES

Called up share capital

20

400


400



Revaluation reserve

21

4,167,736


1,176,450



Retained earnings

21

7,807,317


8,170,146



SHAREHOLDERS' FUNDS

11,975,453


9,346,996




The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:






Miss R S Sedgwick - Director



The Blackpool Pier Company Limited (Registered number: 09606235)


Company Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

13,438,123


8,478,650



Investments

11

300


300



13,438,423


8,478,950




CURRENT ASSETS

Stocks

12

103,832


153,235



Debtors

13

3,096,470


2,235,328



Cash at bank and in hand

989,265


2,179,006



4,189,567


4,567,569



CREDITORS

Amounts falling due within one year

14

4,296,393


2,726,098



NET CURRENT (LIABILITIES)/ASSETS

(106,826

)

1,841,471



TOTAL ASSETS LESS CURRENT

LIABILITIES

13,331,597


10,320,421




CREDITORS

Amounts falling due after more than one

year

15

(3,911,350

)

(4,741,136

)



PROVISIONS FOR LIABILITIES

19

(1,434,382

)

(374,887

)


NET ASSETS

7,985,865


5,204,398




CAPITAL AND RESERVES

Called up share capital

20

400


400



Revaluation reserve

21

3,736,200


533,952



Retained earnings

21

4,249,265


4,670,046



SHAREHOLDERS' FUNDS

7,985,865


5,204,398




Company's loss for the financial year

(360,781

)

(266,341

)



The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:






Miss R S Sedgwick - Director



The Blackpool Pier Company Limited (Registered number: 09606235)


Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Revaluation


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

400


8,056,602


1,270,577


9,327,579




Changes in equity

Dividends

-


(8,000

)

-


(8,000

)


Total comprehensive income

-


121,544


(94,127

)

27,417



Balance at 31 December 2022

400


8,170,146


1,176,450


9,346,996




Changes in equity

Dividends

-


(60,000

)

-


(60,000

)


Total comprehensive income

-


(302,829

)

2,991,286


2,688,457



Balance at 31 December 2023

400


7,807,317


4,167,736


11,975,453




The Blackpool Pier Company Limited (Registered number: 09606235)


Company Statement of Changes in Equity

for the Year Ended 31 December 2023



Called up



share


Retained


Revaluation


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

400


4,944,387


576,679


5,521,466




Changes in equity

Dividends

-


(8,000

)

-


(8,000

)


Total comprehensive income

-


(266,341

)

(42,727

)

(309,068

)


Balance at 31 December 2022

400


4,670,046


533,952


5,204,398




Changes in equity

Dividends

-


(60,000

)

-


(60,000

)


Total comprehensive income

-


(360,781

)

3,202,248


2,841,467



Balance at 31 December 2023

400


4,249,265


3,736,200


7,985,865




The Blackpool Pier Company Limited (Registered number: 09606235)


Consolidated Cash Flow Statement

for the Year Ended 31 December 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,122,711


389,089



Interest paid

(380,807

)

(240,726

)


Interest element of hire purchase payments

paid

(138,485

)

(145,758

)


Tax paid

48,792


(879,288

)


Net cash from operating activities

652,211


(876,683

)



Cash flows from investing activities

Purchase of tangible fixed assets

(1,530,865

)

(1,118,931

)


Sale of tangible fixed assets

-


122,340



Interest received

37,997


21,152



Net cash from investing activities

(1,492,868

)

(975,439

)



Cash flows from financing activities

Loan repayments in year

(520,906

)

(442,801

)


New HP loans in year

434,332


500,000



Capital repayments in year

(281,476

)

(254,737

)


Amount introduced by directors

908,359


245,334



Amount withdrawn by directors

(1,399,328

)

(707,989

)


Equity dividends paid

(60,000

)

(8,000

)


Net cash from financing activities

(919,019

)

(668,193

)



Decrease in cash and cash equivalents

(1,759,676

)

(2,520,315

)


Cash and cash equivalents at beginning

of year

2

3,024,659


5,544,974




Cash and cash equivalents at end of year

2

1,264,983


3,024,659




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2023


1.

RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2023


2022

£   

£   



(Loss)/profit before taxation

(335,652

)

354,231




Depreciation charges

915,286


738,678




Loss/(profit) on disposal of fixed assets

798


(42,317

)



Finance costs

519,292


386,484




Finance income

(37,997

)

(21,152

)


1,061,727


1,415,924




Decrease/(increase) in stocks

49,931


(24,984

)



Increase in trade and other debtors

(43,462

)

(591,717

)



Increase/(decrease) in trade and other creditors

54,515


(410,134

)



Cash generated from operations

1,122,711


389,089




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

1,264,983


3,024,659




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

3,024,659


5,544,974





3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

3,024,659


(1,759,676

)

1,264,983



3,024,659


(1,759,676

)

1,264,983




Debt


Finance leases

(715,677

)

(152,857

)

(868,534

)



Debts falling due within 1 year

(703,931

)

-


(703,931

)



Debts falling due after 1 year

(4,232,736

)

520,906


(3,711,830

)


(5,652,344

)

368,049


(5,284,295

)



Total

(2,627,685

)

(1,391,627

)

(4,019,312

)



The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



The Blackpool Pier Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Basis of consolidation


The group financial statements consolidate the annual  financial statements of the Company and its subsidiary undertakings. Business combinations are accounted for under the merger method, all accounting policies are in line within the group.  All intra-group transactions, balances, income and expenses are eliminated on consolidation.



Related party exemption


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 with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

Impairment value of building 10 years


Plant and machinery

-        

33% on cost, 25% on reducing balance, 20% on cost, 10% on reducing balance and 5% on reducing balance  


Fixtures and fittings

-    

25% on reducing balance, 20% on cost and 20% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

33% on cost


Fixed assets are stated at cost or revaluation, net of depreciation and any provision for impairment.

Assets that have been revalued are subject to subsequent revaluations performed with sufficient regularity to ensure that the carrying amount does not differ materially from the fair value at the balance sheet date. The valuations are performed by a qualified external valuer.


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Stocks

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


The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The following assets and liabilities are classified as financial instruments - investments in subsidiaries, trade debtors, trade creditors, hire purchase contracts, bank loans, other loans and inter-group balances.

Investments in subsidiary undertakings are measured at cost less impairment.

Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Inter-group balances (being repayable on demand), trade debtors, trade creditors and other loans are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment and if applicable recognised as appropriate.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 agreements


Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.



Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.



Leased assets and obligations


Tangible fixed assets operated under the terms of finance leases are capitalised at a value equal to the cost incurred by the lessor in acquiring the relevant assets and depreciated in the same manner as owned assets. Leases are regarded as finance leases where their terms transfer to the lessee substantially all the benefits and burdens of ownership other than the right to title.  The capital element of future lease payments is included in creditors.  In the case of other leases, the annual rentals are charged to trading profit on a straight line basis over the lease terms.



Bank loan covenants


Some of the groups loan agreements are subjected to covenant clauses, whereby the group is required to meet certain key financial ratios. The covenants were breached at the balance sheet date. The bank have indicated their continued support of the business and therefore, the loans have been disclosed in the financial statements as non-current.


The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


2.

ACCOUNTING POLICIES - continued



Contingent liabilities


A contingent liability is either a possible but uncertain obligation or a present obligation that is not recognised because a transfer of economic benefits is not probable. A contingent liability also arises if a present obligation exists but the amount required to settle it cannot be reliably estimated.



Contingent liabilities are not recoginsed unless they have arisen in a business combination. They are disclosed unless the possibility of an outflow of resources is remote.



When an entity is jointly and severally liable for an obligation, the part of the obligation that is expected to be met by other parties is treated as a contingent liability.


3.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY



In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily available from other sources.  The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.



The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both.



The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:



Estimated useful lives and residual values of fixed assets


Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors.  Estimated useful lives are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.



Impairment of non-financial assets


Non-financial assets include goodwill, investments and tangible fixed assets.  The group assesses at each reporting date whether there is an indication that the carrying amount of an asset may not be recoverable.  If there is such an indication then the group estimates the recoverable amount of the asset using the information available at that date.  The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.  If the recoverable amount is less than the carrying amount, the carrying amount of an asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income.



Revaluation of freehold property


The group has opted to account for its freehold property at fair value which was determined by independent qualified valuers. Emphasis was placed on evidenced comparable properties, the experts experience and market sentiment, reflecting key factors such as location and competition and the quality of facility.



Overdrawn directors loan account


They is a key judgement concerning the recoverability of the overdrawn directors loan account.


4.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

5,929,496


4,877,360




Social security costs

505,041


449,233




Other pension costs

78,792


68,162



6,513,329


5,394,755




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


4.

EMPLOYEES AND DIRECTORS - continued



The average number of employees during the year was as follows:


2023


2022



Employees

213


195




Directors

4


4



217


199





2023


2022

£   

£   



Directors' remuneration

1,038,593


667,986




Directors' pension contributions to money purchase schemes  

2,642


2,642





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

347,060


247,342




Pension contributions to money purchase schemes

1,321


1,321




5.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



2023


2022

£   

£   



Hire of plant and machinery

71,476


59,208




Depreciation - owned assets

915,285


738,677




Loss/(profit) on disposal of fixed assets

798


(42,317

)



Auditors' remuneration

11,000


11,000




Auditors' remuneration for non audit work

11,400


15,782




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Bank interest

-


206




Bank loan interest

380,807


240,520




Hire purchase interest

138,485


145,758



519,292


386,484




7.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the year was as follows:


2023


2022

£   

£   



Deferred tax

(32,823

)

232,687




Tax on (loss)/profit

(32,823

)

232,687




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


7.

TAXATION - continued



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



(Loss)/profit before tax

(335,652

)

354,231




(Loss)/profit multiplied by the standard rate of corporation tax in the UK of

25 % (2022 - 19 %)  

(83,913

)

67,304





Effects of:


Expenses not deductible for tax purposes

23,612


5,413




Depreciation on non qualifying assets for capital allowances  

32,898


21,294




Allowable depreciation  

-


(7,600

)



allowances



Additional capital allowances  

(4,688

)

(29,791

)



Tax rate change for deferred tax  

(732

)

176,067




Total tax (credit)/charge

(32,823

)

232,687





Tax effects relating to effects of other comprehensive income




2023



Gross


Tax


Net


£   

£   

£   



Deferred tax on revaluation rate change


Property revaluation

3,988,381


(997,095

)

2,991,286



3,988,381


(997,095

)

2,991,286





2022



Gross


Tax


Net


£   

£   

£   



Deferred tax on revaluation rate change

(94,127

)

-


(94,127

)



8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS




Year Ended



Period Ended




31.12.23



  31.12.22




Ordinary A Shares



15,000



2,000



Ordinary B Shares



15,000



2,000



Ordinary C Shares



15,000



2,000



Ordinary D Shares



15,000



2,000




60,000



8,000



The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


10.

TANGIBLE FIXED ASSETS



Group


Fixtures


Freehold


Plant and


and


property


machinery


fittings

£   

£   

£   



COST OR VALUATION


At 1 January 2023

9,232,821


6,256,980


556,608




Additions

-


1,348,457


88,200




Disposals

-


-


-




Revaluations

3,988,380


-


-




At 31 December 2023

13,221,201


7,605,437


644,808




DEPRECIATION


At 1 January 2023

831,772


3,067,269


207,025




Charge for year

112,070


645,447


100,078




Eliminated on disposal

-


-


-




At 31 December 2023

943,842


3,712,716


307,103




NET BOOK VALUE


At 31 December 2023

12,277,359


3,892,721


337,705




At 31 December 2022

8,401,049


3,189,711


349,583





Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST OR VALUATION


At 1 January 2023

204,900


174,847


16,426,156




Additions

37,995


56,213


1,530,865




Disposals

(28,530

)

-


(28,530

)



Revaluations

-


-


3,988,380




At 31 December 2023

214,365


231,060


21,916,871




DEPRECIATION


At 1 January 2023

95,379


105,781


4,307,226




Charge for year

14,660


43,030


915,285




Eliminated on disposal

(27,732

)

-


(27,732

)



At 31 December 2023

82,307


148,811


5,194,779




NET BOOK VALUE


At 31 December 2023

132,058


82,249


16,722,092




At 31 December 2022

109,521


69,066


12,118,930





Cost or valuation at 31 December 2023 is represented by:



Fixtures


Freehold


Plant and


and


property


machinery


fittings

£   

£   

£   



Valuation in 2015

1,056,664


-


-




Valuation in 2017

511,949


-


-




Valuation in 2023

3,988,380


-


-




Cost

7,664,208


7,605,437


644,808



13,221,201


7,605,437


644,808




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


10.

TANGIBLE FIXED ASSETS - continued



Group



Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



Valuation in 2015

-


-


1,056,664




Valuation in 2017

-


-


511,949




Valuation in 2023

-


-


3,988,380




Cost

214,365


231,060


16,359,878



214,365


231,060


21,916,871





If the freehold property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

7,664,208


7,664,208




Aggregate depreciation

271,424


271,424





Value of land in freehold land and buildings

7,392,784


7,392,784





Freehold property was valued on an open market basis on 9 February 2023 by CBRE Limited .



Company


Freehold


Plant and


Computer



property


machinery


equipment


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1 January 2023

8,232,821


2,240,560


155,350


10,628,731




Additions

-


1,158,967


56,213


1,215,180




Revaluations

4,269,663


-


-


4,269,663




At 31 December 2023

12,502,484


3,399,527


211,563


16,113,574




DEPRECIATION


At 1 January 2023

831,772


1,221,259


97,050


2,150,081




Charge for year

112,070


375,433


37,867


525,370




At 31 December 2023

943,842


1,596,692


134,917


2,675,451




NET BOOK VALUE


At 31 December 2023

11,558,642


1,802,835


76,646


13,438,123




At 31 December 2022

7,401,049


1,019,301


58,300


8,478,650





Cost or valuation at 31 December 2023 is represented by:



Freehold


Plant and


Computer



property


machinery


equipment


Totals

£   

£   

£   

£   



Valuation in 2017

711,949


-


-


711,949




Valuation in 2023

4,269,663


-


-


4,269,663




Cost

7,520,872


3,399,527


211,563


11,131,962



12,502,484


3,399,527


211,563


16,113,574




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


10.

TANGIBLE FIXED ASSETS - continued



Company



If the freehold property had not been revalued it would have been included at the following historical cost:


2023

2022


£   

£   



Cost

7,520,872


7,520,872





The freehold property was valued on an open market basis on 9 February 2023 by CBRE Limited .


11.

FIXED ASSET INVESTMENTS



Group


Shares in


group


undertakings

£   



COST


At 1 January 2023


and 31 December 2023

99




NET BOOK VALUE


At 31 December 2023

99




At 31 December 2022

99




Company


Shares in


group


undertakings

£   



COST


At 1 January 2023


and 31 December 2023

300




NET BOOK VALUE


At 31 December 2023

300




At 31 December 2022

300





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Northern Victorian Pier Limited


Registered office: North Pier, Queens Promenade, Blackpool, Lancashire, FY1 1NE


Nature of business: Operating licences on North Pier, Blackpool.


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

1,439,882


1,604,504




Profit for the year

46,340


85,751




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


11.

FIXED ASSET INVESTMENTS - continued



R S Leisure Blackpool Limited


Registered office: Empress Buildings, 97 Church Street, Blackpool, England, FY1 1HU


Nature of business: Operating fairground amusement rides.


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

1,306,564


1,215,004




Profit for the year

91,560


28,918





Euro Attractions Limited


Registered office: Empress Buildings, 97 Church Street, Blackpool, England, FY1 1HU


Nature of business: Operating fairground amusement rides.


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

1,243,344


1,323,291




(Loss)/profit for the year

(79,947

)

273,215





12.

STOCKS



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Stocks

149,850


199,781


103,832


153,235




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Trade debtors

95,794


271,133


81,061


196,323




Amounts owed by group undertakings

-


-


526,049


355,280




Other debtors

412,292


332,036


-


-




Directors' loan accounts

1,351,010


758,081


1,351,010


758,081




Tax

434,316


298,108


324,515


219,919




Prepayments

872,388


733,843


813,835


705,725



3,165,800


2,393,201


3,096,470


2,235,328




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

523,931


523,931


523,931


523,931




Other loans (see note 16)

180,000


180,000


180,000


180,000




Hire purchase contracts  (see note 17)

669,014


180,822


638,224


36,000




Trade creditors

385,349


217,644


337,079


275,150




Amounts owed to group undertakings

-


-


1,406,776


819,369




Tax

185,000


-


185,000


-




Social security and other taxes

106,293


123,001


64,579


48,726




VAT

337,648


364,348


108,427


133,355




Other creditors

643,462


525,266


619,834


507,717




Directors' loan accounts

119,089


17,129


119,089


17,129




Accrued expenses

175,572


363,550


113,454


184,721



3,325,358


2,495,691


4,296,393


2,726,098




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans (see note 16)

3,449,207


3,793,064


3,449,207


3,793,064




Other loans (see note 16)

262,623


439,672


262,623


439,672




Hire purchase contracts  (see note 17)

199,520


534,855


199,520


508,400



3,911,350


4,767,591


3,911,350


4,741,136




16.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Amounts falling due within one year or on

demand:



Bank loans

523,931


523,931


523,931


523,931




Other loans

180,000


180,000


180,000


180,000



703,931


703,931


703,931


703,931




Amounts falling due between one and two

years:



Bank loans - 1-2 years

523,931


523,931


523,931


523,931




Other loans - 1-2 years

180,000


180,000


180,000


180,000



703,931


703,931


703,931


703,931




Amounts falling due between two and five

years:



Bank loans - 2-5 years

1,571,791


1,571,791


1,571,791


1,571,791




Other loans - 2-5 years

82,623


259,672


82,623


259,672



1,654,414


1,831,463


1,654,414


1,831,463




Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

1,353,485


1,697,342


1,353,485


1,697,342




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

669,014


180,822




Between one and five years

199,520


534,855



868,534


715,677





Company


Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

638,224


36,000




Between one and five years

199,520


508,400



837,744


544,400




18.

SECURED DEBTS



The following secured debts are included within creditors:



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Bank loans

3,973,138


4,316,995


3,973,138


4,316,995




Hire purchase contracts

868,534


715,677


837,744


544,400



4,841,672


5,032,672


4,810,882


4,861,395





Bank loans are secured by legal charges over the property and assets of the group, together with debentures over all assets and a cross guarantee within all group companies.  Hire purchase loans are secured against the assets to which they relate.


19.

PROVISIONS FOR LIABILITIES



Group


Company


2023

2022

2023

2022


£   

£   

£   

£   



Deferred tax

2,090,663


1,126,392


1,434,382


374,887





Group


Deferred



tax


£   



Balance at 1 January 2023

1,126,392




Accelerated capital allowances

(103,144

)



Property revaluation

1,067,415




Balance at 31 December 2023

2,090,663




The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


19.

PROVISIONS FOR LIABILITIES - continued



Company


Deferred



tax


£   



Balance at 1 January 2023

374,887




Accelerated capital allowances

(7,920

)



Property revaluation

1,067,415




Balance at 31 December 2023

1,434,382




20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid




Number


Class


Nominal Value



   £





102



Ordinary A


£1



102




102



Ordinary B


£1



102




98



Ordinary C


£1



98




98



Ordinary D


£1



98




400



400





All classes of shares of the company rank in all respects pari passu other than dividend rights that will attach to each particular class of share.


21.

RESERVES



Group


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

8,170,146


1,176,450


9,346,596




Deficit for the year

(302,829

)

(302,829

)



Dividends

(60,000

)

(60,000

)



Property revaluation reserve

-


2,991,286


2,991,286




At 31 December 2023

7,807,317


4,167,736


11,975,053





Company


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

4,670,046


533,952


5,203,998




Deficit for the year

(360,781

)

(360,781

)



Dividends

(60,000

)

(60,000

)



Property revaluation reserve

-


3,202,248


3,202,248




At 31 December 2023

4,249,265


3,736,200


7,985,465





The Blackpool Pier Company Limited (Registered number: 09606235)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2023


22.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:


2023

2022


£   

£   



Mrs S Sedgwick


Balance outstanding at start of year

2,420


-




Amounts advanced

255,859


17,448




Amounts repaid

(187,350

)

(15,028

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

70,929


2,420





Mr P J Sedgwick


Balance outstanding at start of year

9,214


-




Amounts advanced

53,069


129,024




Amounts repaid

(145,250

)

(119,810

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(82,967

)

9,214





Miss R S Sedgwick


Balance outstanding at start of year

746,447


165,115




Amounts advanced

930,553


603,421




Amounts repaid

(396,918

)

(22,089

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

1,280,082


746,447





Mr P J Sedgwick


Balance outstanding at start of year

(17,129

)

113,182




Amounts advanced

159,756


-




Amounts repaid

(178,750

)

(130,311

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(36,123

)

(17,129

)




Interest is charged on overdrawn balances at the applicable rate.  Amounts are repayable on demand.


23.

RELATED PARTY DISCLOSURES



The following balances are included in debtors and relate to amounts loaned to other entities under common control of one of the directors.



2023


2022




£   


£   




Happy Haddock Ltd


-


94,261




North West Adrenaline Zone Ltd


186,853


110,659




Crane Hall Fishery


216,512


122,212





Amounts written off related party debtors totalled £94,261 (2022: £Nil).



During the year, a total of key management personnel compensation of £ 1,179,377 (2022 - £ 795,341 ) was paid.


24.

ULTIMATE CONTROLLING PARTY



The directors are the ultimate controlling party.