Company registration number 01541147 (England and Wales)
FAMILY AMUSEMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FAMILY AMUSEMENTS LIMITED
COMPANY INFORMATION
Directors
Mr J S G Threadwell
Ms S Threadwell
Mr D J Threadwell
Secretary
Ms D J Woodmansee
Company number
01541147
Registered office
Regal House
Manwick Road
Felixstowe
IP11 2DQ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
FAMILY AMUSEMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 34
FAMILY AMUSEMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The directors are pleased to report another good year of results. The business was able to trade within the year without encumbrance.

 

The outlook is good with the first quarterly trading results of 24/25 showing a small increase in turnover. 

 

Challenges still remain though through recruitment, rising energy costs and cost of living impacting on people’s disposable income. 

 

Currently the directors have no future development plans in mind, other than to consolidate and improve existing operations.

Principal risks and uncertainties

The directors assess the principal risks and uncertainties to be as follows:

 

 

 

 

 

Key performance indicators

The directors continue to monitor the key performance indicators for the business which include:

 

 

 

On behalf of the board

Mr J S G Threadwell
Director
25 July 2024
FAMILY AMUSEMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of family entertainment and an amusements operator. This includes a number of licenced bars and catering outlets.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £148,542. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J S G Threadwell
Ms S Threadwell
Mr D J Threadwell
Financial instruments

The group does not actively use financial instruments as part of its financial risk management.

 

The group's policy is to finance working capital through retained earnings, bank overdrafts and loans, and where required, to fund the purchase of fixed assets through the utilisation of hire purchase or finance lease arrangements.

 

The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of the group's financial position or profit.

Auditor

Ensos were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr J S G Threadwell
Director
25 July 2024
FAMILY AMUSEMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FAMILY AMUSEMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FAMILY AMUSEMENTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Family Amusements Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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.

Emphasis of matter - property valuations

We draw your attention to the revaluation of property, plant and equipment, in the comparative period, in the Statement of Comprehensive Income which is in regards to the revaluation of the freehold. The directors have advised that less certainty, and a higher degree of caution, should be attached to the fact that this uplift is all included in the year ended 31 March 2023 and should not have been spread over previous periods.

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

FAMILY AMUSEMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FAMILY AMUSEMENTS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including directors' own processes for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.

We also obtained an understanding of the applicable laws and regulations to which the company must adhere, through discussions with the directors, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the company.

FAMILY AMUSEMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FAMILY AMUSEMENTS LIMITED
- 6 -

After assessing the risk of fraud, we performed audit procedures to gain assurance regarding fraud and management override as follows:

 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the rationale behind significant transactions outside the normal course of business.

 

- Assessment of key accounting estimates within the financial statements in order to assess their reasonableness to determine whether there is any bias in the estimates.

 

- Enquiring of directors as to whether they are aware of any alleged, suspected or actual fraud during the year

We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including:

 

- Enquiry of directors and the entity’s solicitors around actual and potential litigation and claims

 

- Reviewing legal expense accounts for any indicators of litigations

 

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.

 

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the the law in itself is far removed from any financial transactions.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
29 July 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
FAMILY AMUSEMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
10,829,760
11,488,812
Cost of sales
(3,051,155)
(3,290,684)
Gross profit
7,778,605
8,198,128
Administrative expenses
(5,789,460)
(5,864,006)
Other operating (expenses)/income
(74)
362,910
Loss on disposal of Britannia pier
4
-
0
(759,031)
Operating profit
5
1,989,071
1,938,001
Investment income
9
15,928
-
0
Finance costs
10
(92,703)
(225,655)
Other gains and losses
11
(59,851)
412,627
Profit before taxation
1,852,445
2,124,973
Tax on profit
12
(498,863)
(202,088)
Profit for the financial year
1,353,582
1,922,885
Other comprehensive income
Revaluation of property, plant and equipment
-
0
5,713,156
Tax relating to other comprehensive income
-
0
(918,408)
Total comprehensive income for the year
1,353,582
6,717,633
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
FAMILY AMUSEMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
15
23,066,989
22,592,368
Investments
16
127,917
103,878
23,194,906
22,696,246
Current assets
Inventories
18
234,295
219,845
Trade and other receivables
19
157,861
124,435
Cash and cash equivalents
1,505,883
1,355,012
1,898,039
1,699,292
Current liabilities
20
(2,131,503)
(2,354,361)
Net current liabilities
(233,464)
(655,069)
Total assets less current liabilities
22,961,442
22,041,177
Non-current liabilities
21
(647,085)
(1,028,606)
Provisions for liabilities
Deferred tax liability
24
2,029,687
1,932,941
(2,029,687)
(1,932,941)
Net assets
20,284,670
19,079,630
Equity
Called up share capital
26
13,464
13,464
Revaluation reserve
7,314,690
7,314,690
Capital redemption reserve
5
5
Retained earnings
12,956,511
11,751,471
Total equity
20,284,670
19,079,630
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
25 July 2024
Mr J S G Threadwell
Director
Company registration number 01541147 (England and Wales)
FAMILY AMUSEMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
15
13,920,631
13,478,449
Investments
16
128,935
104,896
14,049,566
13,583,345
Current assets
Inventories
18
138,558
138,957
Trade and other receivables
19
1,949,510
2,085,308
Cash and cash equivalents
1,201,963
1,066,944
3,290,031
3,291,209
Current liabilities
20
(1,269,945)
(1,285,953)
Net current assets
2,020,086
2,005,256
Total assets less current liabilities
16,069,652
15,588,601
Non-current liabilities
21
(7,085)
(28,602)
Provisions for liabilities
Deferred tax liability
24
1,562,976
1,512,755
(1,562,976)
(1,512,755)
Net assets
14,499,591
14,047,244
Equity
Called up share capital
26
13,464
13,464
Revaluation reserve
5,202,080
5,202,080
Capital redemption reserve
5
5
Retained earnings
9,284,042
8,831,695
Total equity
14,499,591
14,047,244

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £600,889 (2023 - £1,126,978 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
25 July 2024
Mr J S G Threadwell
Director
Company registration number 01541147 (England and Wales)
FAMILY AMUSEMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
13,464
4,075,321
5
8,425,038
12,513,828
Year ended 31 March 2023:
Profit for the year
-
-
-
1,922,885
1,922,885
Other comprehensive income:
Revaluation of property, plant and equipment
-
5,713,156
-
-
5,713,156
Tax relating to other comprehensive income
-
(918,408)
-
-
0
(918,408)
Total comprehensive income
-
4,794,748
-
1,922,885
6,717,633
Dividends
13
-
-
-
(151,831)
(151,831)
Transfers
-
-
-
1,555,379
1,555,379
Other movements
-
(1,555,379)
-
-
(1,555,379)
Balance at 31 March 2023
13,464
7,314,690
5
11,751,471
19,079,630
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,353,582
1,353,582
Dividends
13
-
-
-
(148,542)
(148,542)
Balance at 31 March 2024
13,464
7,314,690
5
12,956,511
20,284,670
FAMILY AMUSEMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
13,464
3,798,981
5
6,301,170
10,113,620
Year ended 31 March 2023:
Profit for the year
-
-
-
1,126,977
1,126,977
Other comprehensive income:
Revaluation of property, plant and equipment
-
3,876,886
-
-
3,876,886
Tax relating to other comprehensive income
-
(918,408)
-
-
0
(918,408)
Total comprehensive income
-
2,958,478
-
1,126,977
4,085,455
Dividends
13
-
-
-
(151,831)
(151,831)
Transfers
-
-
-
1,555,379
1,555,379
Other movements
-
(1,555,379)
-
-
(1,555,379)
Balance at 31 March 2023
13,464
5,202,080
5
8,831,695
14,047,244
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
600,889
600,889
Dividends
13
-
-
-
(148,542)
(148,542)
Balance at 31 March 2024
13,464
5,202,080
5
9,284,042
14,499,591
FAMILY AMUSEMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,547,209
2,686,402
Income taxes paid
(547,217)
(267,063)
Net cash inflow from operating activities
1,999,992
2,419,339
Investing activities
Purchase of property, plant and equipment
(1,145,828)
(857,511)
Proceeds on disposal of property, plant and equipment
187,429
2,881,226
Proceeds on disposal of investments
(83,890)
373,314
Interest received
15,928
-
0
Net cash (used in)/generated from investing activities
(1,026,361)
2,397,029
Financing activities
Repayment of borrowings
-
(150,532)
Repayment of bank loans
(700,003)
(4,576,666)
Payment of finance leases obligations
(21,517)
(122,219)
Dividends paid to equity shareholders
(148,542)
(151,831)
Interest paid
(92,703)
(225,655)
Net cash used in financing activities
(962,765)
(5,226,903)
Net increase/(decrease) in cash and cash equivalents
10,866
(410,535)
Cash and cash equivalents at beginning of year
1,352,770
1,763,305
Cash and cash equivalents at end of year
1,363,636
1,352,770
Relating to:
Cash at bank and in hand
1,505,883
1,355,012
Bank overdrafts included in creditors payable within one year
(142,247)
(2,242)
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information

Family Amusements Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Regal House, Manwick Road, Felixstowe, IP11 2DQ.

 

The group consists of Family Amusements Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Family Amusements Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. Turnover on machines on which MGD (Machine Gaming Duty) tax is payable is recognised gross with a corresponding cost recognised in relation to the MGD tax payable. Income from card transactions and cash is recognised on the day of the transaction.

 

Rental income is recognised on an accruals basis in the period to which it relates.

 

Income received in respect of theatre performances is recognised on the performance date, being the date it becomes non-refundable.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised on all tangible assets other than freehold property, as the directors believe that as the freehold properties are maintained to an exceptional standard, any impairment is immaterial and therefore no depreciation is charged. Depreciation rates are calculated to write off the cost, less any estimated residual value, over the assets' useful economic lives, as follows:

Amusement machines
15% reducing balance
Rides, furniture, fittings and equipment
10% - 30% reducing balance
Motor vehicles
25% reducing balance

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

 

Freehold buildings are held at fair value, as determined by the directors. The fair value is calculated using the stabilised earnings (profits) valuation methodology. Any changes in fair value are recognised as other comprehensive income.

1.8
Non-current investments

Investments in subsidiaries and bloodstock are measured at cost less any accumulated impairment losses as reliable measures of fair value are not available.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of non-current assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Treatment of Leases

Determine whether leases entered into by the company either as a lessor or lessee are operating of finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment of Assets

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible Fixed Assets

Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Valuations

The valuation of freehold buildings is determined by directors annually. Directors base their valuation on their knowledge of the business and the geographical areas they operate in and the fair value is calculated using the stabilised earnings (profits) valuation methodology. External valuations are obtained with sufficient regularity to ensure that the carrying value does not differ materially from that which would be determined using fair value.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Leisure and catering
10,701,014
11,254,080
Rental income
128,746
234,732
10,829,760
11,488,812
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Revenue
(Continued)
- 21 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
10,829,760
11,488,812
2024
2023
£
£
Other revenue
Interest income
15,928
-
4
Exceptional item
2024
2023
£
£
Expenditure
Loss on disposal of Britannia Pier
-
759,031
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned property, plant and equipment
418,532
383,565
Depreciation of property, plant and equipment held under finance leases
14,649
59,493
Loss on disposal of property, plant and equipment
50,597
54,063
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,400
9,776
Audit of the financial statements of the company's subsidiaries
7,320
6,850
17,720
16,626
For other services
Taxation compliance services
4,000
3,720
All other non-audit services
2,500
2,300
6,500
6,020
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and other
131
159
69
91

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,277,581
3,314,396
2,046,479
2,149,409
Social security costs
294,038
298,260
209,009
210,644
Pension costs
183,772
139,110
165,043
121,848
3,755,391
3,751,766
2,420,531
2,481,901
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
903,983
783,193
Company pension contributions to defined contribution schemes
94,951
90,227
998,934
873,420

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
664,646
517,308
Company pension contributions to defined contribution schemes
9,321
9,220
9
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
15,928
-
0
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Investment income
(Continued)
- 23 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,928
-
10
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
92,703
215,305
Other interest on financial liabilities
-
(3)
92,703
215,302
Other finance costs:
Interest on finance leases and hire purchase contracts
-
10,353
Total finance costs
92,703
225,655
11
Other gains and losses
2024
2023
£
£
(Loss)/gain on disposal of fixed asset investments
(59,851)
412,627
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
402,117
347,194
Deferred tax
Origination and reversal of timing differences
96,746
(145,106)
Total tax charge
498,863
202,088
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,852,445
2,124,973
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
463,112
403,745
Tax effect of expenses that are not deductible in determining taxable profit
35,796
22,978
Tax effect of income not taxable in determining taxable profit
-
0
(78,399)
Gains not taxable
-
0
522,775
Change in unrecognised deferred tax assets
943
Adjustments in respect of prior years
3,692
(351)
Effect of change in corporation tax rate
-
26,046
Deferred tax adjustments in respect of prior years
(3,737)
-
0
Fixed asset timing differences
-
0
63,378
Remeasurement of deferred tax rate changes
-
0
159,381
Effect of revaluation of property, plant and equipment
-
0
(918,408)
Taxation charge
498,863
202,088

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
918,408
13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
148,542
151,831
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
366,377
Amortisation and impairment
At 1 April 2023 and 31 March 2024
366,377
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
Company
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
175,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
175,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
15
Property, plant and equipment
Group
Freehold land and buildings
Amusement machines
Rides, furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
19,898,500
4,191,531
227,325
222,729
24,540,085
Additions
384,707
752,968
8,153
-
0
1,145,828
Disposals
-
0
(416,971)
-
0
-
0
(416,971)
At 31 March 2024
20,283,207
4,527,528
235,478
222,729
25,268,942
Depreciation and impairment
At 1 April 2023
-
0
1,755,251
119,494
72,972
1,947,717
Depreciation charged in the year
-
0
395,971
17,202
20,008
433,181
Eliminated in respect of disposals
-
0
(178,945)
-
0
-
0
(178,945)
At 31 March 2024
-
0
1,972,277
136,696
92,980
2,201,953
Carrying amount
At 31 March 2024
20,283,207
2,555,251
98,782
129,749
23,066,989
At 31 March 2023
19,898,500
2,436,280
107,831
149,757
22,592,368
Company
Freehold land and buildings
Amusement machines
Rides, furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
11,698,500
3,166,990
244,494
194,343
15,304,327
Additions
384,707
456,985
5,205
-
0
846,897
Disposals
-
0
(249,165)
-
0
-
0
(249,165)
At 31 March 2024
12,083,207
3,374,810
249,699
194,343
15,902,059
Depreciation and impairment
At 1 April 2023
-
0
1,588,822
188,342
48,714
1,825,878
Depreciation charged in the year
-
0
248,195
9,229
18,973
276,397
Eliminated in respect of disposals
-
0
(120,847)
-
0
-
0
(120,847)
At 31 March 2024
-
0
1,716,170
197,571
67,687
1,981,428
Carrying amount
At 31 March 2024
12,083,207
1,658,640
52,128
126,656
13,920,631
At 31 March 2023
11,698,500
1,578,168
56,152
145,629
13,478,449
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Property, plant and equipment
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
43,948
58,597
43,948
58,597

The freehold land and buildings comprise the following:

 

(a) Freehold land and buildings in a subsidiary revalued in March 2023 by the directors to open market value. In performing this valuation the directors consulted with an external valuer on the assumptions on which to base their valuation.

 

No acquisition costs or expected selling costs have been included in the revalued amounts. The value was assessed at £8,200,000, including plant, machinery, fixtures, fittings and equipment.

 

(b) Freehold land and buildings revalued in March 2023 in full by an external valuer, Richard N Baldwin MRICS and Andrew Moore MRICS on behalf of Avison Young Ltd on an open market basis. No acquisition costs or expected selling costs have been included in the revalued amounts. Avison Young Ltd are specialist chartered surveyors. The value was assessed at £11,698,500, including plant, machinery, fixtures, fittings and equipment.

 

The directors have reviewed these valuations and consider them to accurately reflect the open market value at the year end.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2024
2023
£
£
Group
Cost
11,957,611
11,572,904
Accumulated depreciation
(612,770)
(562,770)
Carrying value
11,344,841
11,010,134
Company
Cost
5,916,850
5,532,143
Accumulated depreciation
(440,815)
(415,815)
Carrying value
5,476,035
5,116,328
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
1,018
1,018
Bloodstock
127,917
103,878
127,917
103,878
127,917
103,878
128,935
104,896
Movements in non-current investments
Group
Bloodstock
£
Cost or valuation
At 1 April 2023
103,878
Additions
85,018
Disposals
(60,979)
At 31 March 2024
127,917
Carrying amount
At 31 March 2024
127,917
At 31 March 2023
103,878
Movements in non-current investments
Company
Shares in subsidiaries
Bloodstock
Total
£
£
£
Cost or valuation
At 1 April 2023
1,018
103,878
104,896
Additions
-
85,018
85,018
Disposals
-
(60,979)
(60,979)
At 31 March 2024
1,018
127,917
128,935
Carrying amount
At 31 March 2024
1,018
127,917
128,935
At 31 March 2023
1,018
103,878
104,896
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
17
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
S.M.T. Amusements Limited
Dormant
Ordinary
100%
Pier Amusements Felixstowe Limited
Operators of amusements
Ordinary
100%
The registered office of all the subsidiaries is Regal House, Manwick Road, Felixstowe, Suffolk, IP11 2DQ.
The reporting date of S.M.T. Amusements Limited is 31st October.
All the subsidiaries have been included in the consolidated financial statements. The dormant companies have taken exemption in section 479A of the Companies Act from the requirement in the Act for their individual accounts to be audited.
18
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
234,295
219,845
138,558
138,957
19
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
72,912
76,983
23,877
38,872
Amounts owed by group undertakings
-
-
1,840,684
1,998,984
Other receivables
84,949
47,452
84,949
47,452
157,861
124,435
1,949,510
2,085,308
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
20
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
302,247
502,241
142,247
2,242
Obligations under finance leases
23
21,517
21,517
21,517
21,517
Other borrowings
22
1,038
1,038
1,038
1,038
Trade payables
976,287
893,767
626,121
614,891
Corporation tax payable
202,380
347,480
(2,256)
197,166
Other taxation and social security
407,673
389,204
340,218
316,507
Other payables
26,759
26,289
26,759
26,289
Accruals and deferred income
193,602
172,825
114,301
106,303
2,131,503
2,354,361
1,269,945
1,285,953
21
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
640,000
1,000,004
-
0
-
0
Obligations under finance leases
23
7,085
28,602
7,085
28,602
647,085
1,028,606
7,085
28,602
22
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
800,000
1,500,003
-
0
-
0
Bank overdrafts
142,247
2,242
142,247
2,242
Other loans
1,038
1,038
1,038
1,038
943,285
1,503,283
143,285
3,280
Payable within one year
303,285
503,279
143,285
3,280
Payable after one year
640,000
1,000,004
-
0
-
0

Bank loans and overdrafts comprise the following:

 

Parent Company

 

Bank loans have been paid off in the year ended 31 March 2023.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Borrowings
(Continued)
- 31 -

Group

 

The total bank loan and overdraft of £800,000 (2023: £1,500,003) are secured on the assets of Pier Amusements Felixstowe Ltd as follows:

 

A first legal charge over the entity's property and its associated assets, a debenture by the entity, and by an unlimited cross guarantee by Pier Amusements Felixstowe Ltd and Family Amusements Ltd. The cross guarantee is supported by a debenture by Family Amusements Ltd and a first legal charge over properties owned by Family Amusements Ltd.

 

Repayments of £160,000 annually with the final repayment due in June 2028. Additional repayments are made at the discretion of the company. Interest is charged at 2.3% per annum over the bank's base rate as published from time to time.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
21,517
21,517
21,517
21,517
In two to five years
7,085
28,602
7,085
28,602
28,602
50,119
28,602
50,119

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,097,873
968,663
Revaluations
931,814
964,278
2,029,687
1,932,941
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
24
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
631,162
548,477
Revaluations
931,814
964,278
1,562,976
1,512,755
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
1,932,941
1,512,755
Charge to profit or loss
96,746
50,221
Liability at 31 March 2024
2,029,687
1,562,976

The deferred tax liability set out above relates to accelerated capital allowances and revaluations of freehold and long leasehold land and buildings.

 

No significant reversal of the deferred tax liabilities are expected in the next reporting period.

 

 

 

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
183,772
139,110

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
13,464,210
13,464,210
13,464
13,464
FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
27
Financial commitments, guarantees and contingent liabilities

An unlimited cross guarantee has been given to the Group's bankers by Family Amusements Limited and Pier Amusements Limited, to secure the bank borrowings of each entity.

This includes:

a) A first legal charge over the group properties and their associated assets

b) A debenture by the companies

c) An unlimited cross guarantee by the group supported by:

A debenture by Family Amusements Limited & Pier Amusements Felixstowe Limited.

First legal charges over the properties held by the grup, and their respective associated assets.

28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,377,877
1,156,589

During the year, dividends of £148,542 (2023: £151,831) were paid to key management personnel of the group.

 

At the year end, there was a total of £nil (2023: £nil) due to the group and company from key management personnel. The group and company owed a total of £13,274 (2023: £23,624) to a close family member of key management personnel, included within other creditors.

 

The key management personnel of the company have guarantees with the company's lender to secure all liabilities of the company to £250,000.

Other information

At the year end, there were amounts outstanding of £1,038 (2023: £1,038) owed to a pension scheme of which 3 directors are beneficiaries. Interest of £nil (2023: £3.44) has been charged on the loan.

FAMILY AMUSEMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,353,582
1,922,885
Adjustments for:
Taxation charged
498,863
202,088
Finance costs
92,703
225,655
Investment income
(15,928)
-
0
Loss on disposal of property, plant and equipment
50,597
54,063
Depreciation and impairment of property, plant and equipment
433,181
443,058
Loss/(gain) on sale of investments
59,851
(412,627)
Movements in working capital:
(Increase)/decrease in inventories
(14,450)
1,473
Increase in trade and other receivables
(33,426)
(53,710)
Increase in trade and other payables
122,236
314,400
Decrease in deferred income
-
(10,883)
Cash generated from operations
2,547,209
2,686,402
30
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,355,012
150,871
1,505,883
Bank overdrafts
(2,242)
(140,005)
(142,247)
1,352,770
10,866
1,363,636
Borrowings excluding overdrafts
(1,501,041)
700,003
(801,038)
Obligations under finance leases
(50,119)
21,517
(28,602)
(198,390)
732,386
533,996
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