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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
17-19 Park Street |
Lytham |
Lancashire |
FY8 5LU |
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 | ( | ) |
(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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Revaluations |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: North Pier, Queens Promenade, Blackpool, Lancashire, FY1 1NE |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: Empress Buildings, 97 Church Street, Blackpool, England, FY1 1HU |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Empress Buildings, 97 Church Street, Blackpool, England, FY1 1HU |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( | ) |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 149,850 | 199,781 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 95,794 | 271,133 |
Amounts owed by group undertakings | - | - |
Other debtors | 412,292 | 332,036 |
Directors' loan accounts | 1,351,010 | 758,081 | 1,351,010 | 758,081 |
Tax | 434,316 | 298,108 |
Prepayments | 872,388 | 733,843 |
3,165,800 | 2,393,201 |
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 |
Other loans (see note 16) | 180,000 | 180,000 |
Hire purchase contracts (see note 17) | 669,014 | 180,822 |
Trade creditors | 385,349 | 217,644 |
Amounts owed to group undertakings | - | - |
Tax | 185,000 | - |
Social security and other taxes | 106,293 | 123,001 |
VAT | 337,648 | 364,348 | 108,427 | 133,355 |
Other creditors | 643,462 | 525,266 |
Directors' loan accounts | 119,089 | 17,129 | 119,089 | 17,129 |
Accrued expenses | 175,572 | 363,550 |
3,325,358 | 2,495,691 |
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 |
Other loans (see note 16) | 262,623 | 439,672 |
Hire purchase contracts (see note 17) | 199,520 | 534,855 |
3,911,350 | 4,767,591 |
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 |
Other loans | 180,000 | 180,000 |
703,931 | 703,931 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 523,931 | 523,931 |
Other loans - 1-2 years | 180,000 | 180,000 | 180,000 |
703,931 | 703,931 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,571,791 | 1,571,791 |
Other loans - 2-5 years | 82,623 | 259,672 |
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 |
Between one and five years |
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 |
Hire purchase contracts | 868,534 | 715,677 | 837,744 | 544,400 |
4,841,672 | 5,032,672 |
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 |
Accelerated capital allowances | (7,920 | ) |
Property revaluation | 1,067,415 |
Balance at 31 December 2023 |
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. |