Company Registration No. 01253715 (England and Wales)
STOCKVALE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STOCKVALE LIMITED
COMPANY INFORMATION
Directors
P A Miller MBE
M J Miller
J Miller
Secretary
M J Miller
Company number
01253715
Registered office
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
STOCKVALE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
STOCKVALE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The company has had a tougher year with its leisure offering and as such has experienced a 7% decrease in turnover over the previous year with gross profit being maintained at a comfortable 62% (2022 - 59%). The company continues to maintain a healthy net asset position with enough liquidity to ensure the company is able to meet all cashflow obligations.
The company continues to roll out its successful annual pass project and this year has undertaken a review into park opening times which has resulted in increased resource efficiency and in an increase in margins. The company has been able to invest profits into infrastructure to attract more custom to the park as the UK public continue to flock to seaside towns during months of good weather.
The Directors are confident turnover will continue to be high throughout the next 12 months. At the end of the year the net assets of the business totalled £18,592,428 (2022 - £18,073,241).
Principal risks and uncertainties
The principal risk of the business is in respect of concerns for health and safety of visitors to the attractions. This is managed and mitigated through training and external inspection visits.
Key performance indicators
The company's key financial performance indicators during the year were as follows:
2023 2022
Turnover £8,930,228 £9,611,822
Turnover growth/(fall) (7.1%) 11.7%
Gross profit margin 62.1% 59.4%
Profit / (loss) before tax £1,492,751 £1,188,040
The company uses a number of non-financial key performance indicators to measure performance including health & safety and environmental metrics to measure safe working of our employees. Other indicators include the monitoring of stock levels and working capital within the company.
STOCKVALE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
S172 statement
Under Section 172(1) of the Companies Act 2006, a director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
the likely consequence of any decision in the long-term
the interests of the company’s employees
the need to foster the company’s business relationships with suppliers, customers and others
the impact of the company’s operations on the community and the environment
the desirability of the company maintaining a reputation for high standards of business conduct
The following disclosure describes how the Directors have had regard to the matters set out in Section 172(1)(a) to (f) and forms the Directors’ statement under section 414CZA of The Companies Act 2006.
The Directors consider, both individually and collectively, that we have acted in the way we consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in section 172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2023. We set out below how we have considered these matters in our decision making:
The Long term – the Directors are always mindful of the long-term and the consequence of any decision on this time frame. Any surplus funds are reinvested into the company to ensure the customer experience is innovative and appealing, whilst ensuring the company brand is refreshed.
Employees – We engage with our workforce to ensure that we are fostering an environment that they are happy to work in and that best supports their well-being.
Business Relationships – The Directors are committed to fostering the company’s business relationships. The company is a customer facing and customer focussed organisation, seeking to deliver an excellent experience to everyone we serve.
High standards of business conduct – Responsibility for setting the values and standards of the company sits with the Directors and the Directors expect high standards of business conduct.
Community and Environment – We are mindful of the communities in which our customers live, as well as external factors and events that can impact these communities. Considering such events and other challenges within our communities informs in which direction we can provide support and incentives within the community.
Shareholders – The Directors are of the view that any action that better serves the company will better serve the Shareholders, improved performance providing more value for the company shareholders.
M J Miller
Director
26 July 2024
STOCKVALE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is amusement park operators.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P A Miller MBE
M J Miller
J Miller
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £87,500. The directors do not recommend payment of a further dividend.
Financial instruments
The company is exposed to various risks in relation to financial instruments. The main types of risks are liquidity risk and credit risk.
The company's risk management is coordinated by the Directors, and focuses on actively securing the company's short to medium-term cash flows by minimising the exposure to bad debts and ensuring availability of further funding.
Liquidity risk
Liquidity risk is that the company might be unable to meet its obligations as they fall due. The company manages its liquidity needs by monitoring forecast cash inflows and outflows due in day-to-day business for it's liabilities falling due.
Credit risk
Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers etc. The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.
The company has no significant concentrations of credit risk and has policies in place to ensure that sales of services are made to customers with an appropriate credit history.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
STOCKVALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Customers and Suppliers
As stated in the S172 statement the Directors are committed to fostering the company’s business relationships. Continuous innovation allows the company to address the requirements of both suppliers and customers with focus on providing the right solution for all parties.
Auditor
The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 company’s auditor 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 company’s auditor is aware of that information.
Energy and carbon reporting
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Associated Greenhouse gas emissions Tonnes Co2e | | |
Intensity ratio emissions per £m | | | |
| | | |
UK Energy use covers amusement park activities within Essex relating to Stockvale Limited.
Associated Greenhouse gases have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard.
On behalf of the board
M J Miller
Director
26 July 2024
STOCKVALE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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 company and of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STOCKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STOCKVALE LIMITED
- 6 -
Opinion
We have audited the financial statements of Stockvale Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit 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.
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 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.
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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
STOCKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 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.
Capability of the audit in detecting irregularity, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management, and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
STOCKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE LIMITED
- 8 -
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation including ride health and safety certification; legislation relevant to the commercial property rental environment; GDPR; anti-bribery and anti-corruption legislation.
International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular: depreciation of tangible fixed assets, deferred taxation, valuations of investment properties, accruals and deferred income;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
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.
STOCKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE LIMITED
- 9 -
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.
Terri Smith
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
26 July 2024
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
STOCKVALE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
8,930,228
9,611,822
Cost of sales
(3,387,188)
(3,903,504)
Gross profit
5,543,040
5,708,318
Distribution costs
(33,721)
(30,512)
Administrative expenses
(4,853,361)
(4,914,923)
Other operating income
412,191
16,717
Operating profit
4
1,068,149
779,600
Interest receivable and similar income
6
73,879
72,456
Interest payable and similar expenses
7
(13,395)
Gains on investments
8
364,118
335,984
Profit before taxation
1,492,751
1,188,040
Tax on profit
9
(886,064)
(464,012)
Profit for the financial year
606,687
724,028
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STOCKVALE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,159,362
2,110,744
Investment property
13
2,574,100
2,574,100
Investments
14
3,710,183
3,193,555
8,443,645
7,878,399
Current assets
Stocks
16
156,633
161,648
Debtors
17
16,775,949
14,363,382
Cash at bank and in hand
346,884
2,308,414
17,279,466
16,833,444
Creditors: amounts falling due within one year
18
(4,738,346)
(4,078,617)
Net current assets
12,541,120
12,754,827
Total assets less current liabilities
20,984,765
20,633,226
Creditors: amounts falling due after more than one year
19
(1,861,471)
(2,038,614)
Provisions for liabilities
Deferred tax liability
21
530,866
521,371
(530,866)
(521,371)
Net assets
18,592,428
18,073,241
Capital and reserves
Called up share capital
23
10,000
10,000
Non-distributable profits reserve
907,041
907,041
Distributable profit and loss reserves
17,675,387
17,156,200
Total equity
18,592,428
18,073,241
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 26 July 2024 and are signed on its behalf by:
P A Miller MBE
M J Miller
Director
Director
Company registration number 01253715 (England and Wales)
STOCKVALE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
10,000
338,140
17,001,073
17,349,213
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
568,901
155,127
724,028
Balance at 31 December 2022
10,000
907,041
17,156,200
18,073,241
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
606,687
606,687
Dividends
10
-
-
(87,500)
(87,500)
Balance at 31 December 2023
10,000
907,041
17,675,387
18,592,428
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Stockvale Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 19 Clifftown Road, Southend-On-Sea, Essex, SS1 1AB.
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 and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Stockvale Investments Limited. These consolidated financial statements are publically available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover 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 and other sales related taxes.
Revenue from daily tickets is recognised on purchase of the ticket as this is when the risks of ownership have passed to the buyer. Revenue from annual passes that entitle the customer to continued visits over a period of time is deferred and recognised over the period that the pass is valid. Retail revenue and similar commercial offerings are recognised at the point of sale.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
Straight line over 10 years
Plant and machinery
Straight line over 5 years
Fixtures, fittings & equipment
Straight line over 5 years & straight line over 10 years
Computer equipment
Straight line over 5 years
Motor vehicles
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.8
Stocks
Stocks 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 stocks to their present location and condition.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 debtors 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.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
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.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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 company 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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 company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company 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 company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 profit and loss account, 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 when the company has 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
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.
Valuation of Investment Property
Investment property has been valued based on local property market trends and current rental yield.
Depreciation
Depreciation has been calculated based on an estimate of the assets useful economic life.
Accruals and deferred income
Estimates for accruals and deferred income are based on the current expected costs and income known to relate to the period in question.
Deferred taxation
Deferred tax is based on the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Ride admission and associated income
8,930,228
9,611,822
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
33,000
37,384
Fees payable to the company's auditor for all other non-audit services
18,885
69,970
Depreciation of owned tangible fixed assets
898,448
761,252
Profit on disposal of tangible fixed assets
-
(87,443)
Operating lease charges
452,589
492,000
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Security
18
18
Administration and managers
31
33
Engineers
49
44
Ride operators
240
238
Total
338
333
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,541,254
3,778,130
Social security costs
217,922
206,894
Pension costs
50,490
65,174
3,809,666
4,050,198
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
21,696
27,838
Other interest income
2,422
356
Total interest revenue
24,118
28,194
Other income from investments
Dividends received
38,986
33,392
63,104
61,586
Income from fixed asset investments
Income from other fixed asset investments
10,775
10,870
Total income
73,879
72,456
7
Interest payable and similar expenses
2023
2022
£
£
Other interest
13,395
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
8
Gains on investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
384,050
(411,423)
Other gains/(losses)
Loss on disposal of fixed asset investments
(9,157)
(1,723)
Changes in the fair value of investment properties
-
760,000
Other gains and losses
(10,775)
(10,870)
364,118
335,984
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
247,484
Other taxes - APN debtor write off
629,085
Total current tax
876,569
Deferred tax
Origination and reversal of timing differences
9,495
464,012
Total tax charge
886,064
464,012
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 21 -
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:
2023
2022
£
£
Profit before taxation
1,492,751
1,188,040
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
351,095
225,728
Tax effect of expenses that are not deductible in determining taxable profit
9,445
6,397
Tax effect of income not taxable in determining taxable profit
(9,853)
(22,959)
Gains not taxable
(90,330)
(60,839)
Permanent capital allowances in excess of depreciation
(11,918)
(170,502)
Tax losses in year
(955)
(5,064)
Losses relieved across group
27,239
Accelerated capital allowances
9,496
272,913
Deferred tax on investment properties
191,099
Adavance payment notice write back
629,084
Taxation charge for the year
886,064
464,012
10
Dividends
2023
2022
£
£
Final paid
87,500
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Fixed asset investments
14
10,775
10,870
Recognised in:
Amounts written off investments
10,775
10,870
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
9,004,878
14,291,721
1,687,687
128,521
103,692
25,216,499
Additions
149,153
673,251
124,662
947,066
At 31 December 2023
9,154,031
14,964,972
1,812,349
128,521
103,692
26,163,565
Depreciation and impairment
At 1 January 2023
8,974,273
12,548,312
1,418,714
60,764
103,692
23,105,755
Depreciation charged in the year
18,646
764,682
96,264
18,856
898,448
At 31 December 2023
8,992,919
13,312,994
1,514,978
79,620
103,692
24,004,203
Carrying amount
At 31 December 2023
161,112
1,651,978
297,371
48,901
2,159,362
At 31 December 2022
30,605
1,743,409
268,973
67,757
2,110,744
13
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,574,100
Investment property comprises a sub-leasehold interest in a commercial property and a freehold interest in a residential property. The fair value of the commercial property has been arrived at on the basis of a valuation carried out within the last 12 months by a firm of chartered surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The residential property was purchased in the prior year at market value, the directors consider the market value at the date of purchase to be the market value as at 31st December 2023 by reference to similar properties on the market at this date.
14
Fixed asset investments
2023
2022
£
£
Listed investments
3,587,025
3,059,622
Unlisted investments
123,158
133,933
3,710,183
3,193,555
Fixed asset investments not carried at market value
Unlisted investments totalling £123,158 (2022 - £133,933) represent interests in various limited liability partnerships and are carried at their historic cost less accumulated provisions for impairment.
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
3,824,469
Additions
814,633
Valuation changes
384,050
Forex movements
371,020
Disposals
(1,042,300)
At 31 December 2023
4,351,872
Impairment
At 1 January 2023
630,914
Impairment losses
10,775
At 31 December 2023
641,689
Carrying amount
At 31 December 2023
3,710,183
At 31 December 2022
3,193,555
15
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
3,587,025
3,059,622
16
Stocks
2023
2022
£
£
Raw materials and consumables
102,424
99,875
Finished goods and goods for resale
54,209
61,773
156,633
161,648
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
177
3,048
Corporation tax recoverable
8,674
Amounts owed by group undertakings
10,345,346
8,357,115
Other debtors
5,989,707
5,869,784
Prepayments and accrued income
432,045
133,435
16,775,949
14,363,382
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
224,819
177,143
Trade creditors
245,871
126,128
Amounts owed to group undertakings
2,365,399
1,291,504
Corporation tax
361,918
Other taxation and social security
30,724
94,106
Deferred income
914,886
913,560
Other creditors
634,055
574,085
Accruals
322,592
540,173
4,738,346
4,078,617
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
1,861,471
2,038,614
20
Loans and overdrafts
2023
2022
£
£
Bank loans
2,038,614
2,215,757
Bank overdrafts
47,676
2,086,290
2,215,757
Payable within one year
224,819
177,143
Payable after one year
1,861,471
2,038,614
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Loans and overdrafts
(Continued)
- 25 -
The bank loan is secured by fixed and floating charges over the company's property and assets, and an unlimited guarantee from Stockvale Investments Ltd, the company's parent. The loan has a floating interest rate based on the Bank of England bank rate and is repayable over a period of 5 years commencing 02/06/2020.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Advanced Capital Allowances
336,495
326,999
Revaluations
194,371
194,372
530,866
521,371
2023
Movements in the year:
£
Liability at 1 January 2023
521,371
Charge to profit or loss
9,495
Liability at 31 December 2023
530,866
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,490
65,174
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Financial commitments, guarantees and contingent liabilities
The company has historically invested in film partnership schemes. In 2016 an advanced payment notice was received from HMRC which was subsequently paid. However there is still potential for additional interest to be raised on the advance payment, this interest is unquantifiable and therefore no provision has been included in the financial statements.
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
257,096
257,096
Between two and five years
1,028,382
1,028,382
In over five years
19,603,540
19,860,635
20,889,018
21,146,113
26
Ultimate controlling party
The ultimate controlling party is P A Miller MBE for this and the preceding year by virtue of his shareholding in the parent company.
The parent company of Stockvale Limited is Stockvale Investments Limited and its registered office is 1st Floor, 19 Clifftown Road, Southend-On-Sea, Essex, United Kingdom, SS1 1AB
The company's results are included in the consolidated accounts of Stockvale Investments Limited which is both the largest and smallest group into which the entity is consolidated. The consolidated accounts of Stockvale Investments Limited are publically available from the Companies House, Crown Way, Cardiff CF14 3UZ.
27
Related party transactions
Transactions with related parties
During the year the company incurred costs on behalf of non-wholly owned Group companies totalling £154,956 (2022 - £22,963) and recharges of £55,020 (2022 - £Nil).
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Non wholly owned group companies
3,325,630
3,110,308
STOCKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 27 -
Other information
In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.
As at 31 December 2023 amounts owed from wholly owned group companies totalled £7,019,716 (2022: £5,246,805). Amounts due to wholly owned group companies at the year end totalled £2,365,399 (2022: £1,291,504).
As at 31 December 2023 amounts owed from companies under common control totalled £3,452,264 (2022: £2,867,610). During the year the company incurred costs on behalf of companies under common control totalling £2,774 (2022: £Nil)
28
Directors' transactions
During the prior year, the company made an interest free loan to a Director totalling £1,697,055. At 31 December 2023, the carried forward amount is £1,697,055 and is included within other debtors.
29
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
New attraction
380,781
-
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