Company Registration No. 06765451 (England and Wales)
STOCKVALE INVESTMENTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STOCKVALE INVESTMENTS LTD
COMPANY INFORMATION
Directors
P A Miller MBE
M J Miller
Company number
06765451
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 INVESTMENTS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 39
STOCKVALE INVESTMENTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The directors are satisfied with the performance of the group as shown in these financial statements. There was a 7.9% increase in profit before tax over the previous year as the group continues to drive efficiencies across its cost base, with gross profit being maintained at a comfortable 50% (2022 - 52%).

 

 

The Directors are confident profitability will be maintained into the future and with increased investment returns are expected to increase. At the end of the year the net assets of the group totalled £22,484,312 (2022 - £21,417,744).

 

The group's key financial and other performance indicators during the year were as follows:

 

Turnover:         £16,812,475    (2022 - £18,469,967)

Gross profit margin:     50%         (2022 - 52%)

Profit before tax:        £2,231,176    (2022 - £2,068,492)

 

The group 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 group.

Principal risks and uncertainties

The principal risk to the business is in respect of health and safety of visitors to the attractions. This is managed by and mitigated through both internal training and regular external inspection visits. The main uncertainty to the groups trading activities is adverse weather conditions affecting the opening hours of the amusement park and the number of visitors. The directors consider that the other areas of operation do not give rise to any significant risks or uncertainties.

 

 

STOCKVALE INVESTMENTS LTD
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 group must act in the way he or she considers, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

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 group 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:

On behalf of the board

M J Miller
Director
30 July 2024
STOCKVALE INVESTMENTS LTD
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.

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.

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
Financial instruments

The group is exposed to various risks in relation to financial instruments. The main types of risks are liquidity risk and credit risk.

 

The group's risk management is coordinated by the Directors, and focuses on actively securing the group'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 group might be unable to meet its obligations as they fall due. The group 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 group. The group 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 group's maximum exposure to credit risk.

 

The group 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 group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

STOCKVALE INVESTMENTS LTD
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.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in 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.
Energy and carbon report

 

 

 

 

2023

2022

UK energy use (KWh)

 

 

3,289,194

2,823,573

Associated Greenhouse gas emissions Tonnes Co2e

681.03

546.02

Intensity ratio emissions per £m

 

32.70

29.51

 

 

 

 

UK Energy use covers activties within Essex relating to Stockvale Limited, Stockvale Catering Limited, Miller Leisure Limited and Radio Essex Limited
Associated Greenhouse gases have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard
As the parent company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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
M J Miller
Director
30 July 2024
STOCKVALE INVESTMENTS LTD
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 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.

STOCKVALE INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STOCKVALE INVESTMENTS LTD
- 6 -
Opinion

We have audited the financial statements of Stockvale Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

STOCKVALE INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE INVESTMENTS LTD
- 7 -
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.

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 groups’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 parent company and the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the parent company and the group are 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 INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE INVESTMENTS LTD
- 8 -

Secondly the parent company and the group 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; the regulatory requirements of the Food Standards Agency; the regulatory requirements of the animal welfare regulations and the BALAI directive; legislation relevant to the commercial property rental environment; the regulatory requirements of OFCOM and broadcasting regulations; UK data protection legislation; 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:

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 INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOCKVALE INVESTMENTS LTD
- 9 -

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.

Terri Smith
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
30 July 2024
Chartered Accountants
1st Floor
Statutory Auditor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
SS1 1AB
STOCKVALE INVESTMENTS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
16,812,475
18,469,967
Cost of sales
(8,355,450)
(8,890,290)
Gross profit
8,457,025
9,579,677
Distribution costs
(33,721)
(30,512)
Administrative expenses
(7,617,896)
(7,746,175)
Other operating income
435,144
419,813
Operating profit
4
1,240,552
2,222,803
Interest receivable and similar income
8
76,550
73,159
Interest payable and similar expenses
9
(14,737)
-
0
Profit/(loss) on investments
10
928,811
(227,470)
Profit before taxation
2,231,176
2,068,492
Tax on profit
13
(1,077,108)
(712,451)
Profit for the financial year
1,154,068
1,356,041
Profit for the financial year is attributable to:
- Owners of the parent company
1,224,269
1,363,644
- Non-controlling interests
(70,201)
(7,603)
1,154,068
1,356,041
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,224,269
1,363,644
- Non-controlling interests
(70,201)
(7,603)
1,154,068
1,356,041

The profit and loss account has been prepared on the basis that all operations are continuing operations.

STOCKVALE INVESTMENTS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
14
5,769
8,915
Tangible assets
15
5,904,728
5,581,295
Investment properties
16
9,752,001
8,041,210
Investments
17
3,710,183
3,193,555
19,372,681
16,824,975
Current assets
Stocks
19
284,858
351,347
Debtors
21
7,822,981
6,670,462
Cash at bank and in hand
1,386,869
4,789,925
9,494,708
11,811,734
Creditors: amounts falling due within one year
22
(3,607,286)
(4,397,702)
Net current assets
5,887,422
7,414,032
Total assets less current liabilities
25,260,103
24,239,007
Creditors: amounts falling due after more than one year
23
(1,861,471)
(2,038,614)
Provisions for liabilities
Deferred tax liability
24
914,320
782,649
(914,320)
(782,649)
Net assets
22,484,312
21,417,744
Capital and reserves
Called up share capital
26
10,000
10,000
Merger reserve
12,921,487
12,921,487
Non-distributable profits reserve
1,723,814
1,445,159
Distributable profit and loss reserves
8,465,016
7,606,902
Equity attributable to owners of the parent company
23,120,317
21,983,548
Non-controlling interests
(636,005)
(565,804)
22,484,312
21,417,744
STOCKVALE INVESTMENTS LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
P A Miller MBE
Director
STOCKVALE INVESTMENTS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
16
10,223,687
8,512,897
Investments
17
11,690
11,690
10,235,377
8,524,587
Current assets
Debtors
21
1,015,708
376,106
Cash at bank and in hand
-
0
5,193
1,015,708
381,299
Creditors: amounts falling due within one year
22
(8,261,238)
(6,963,821)
Net current liabilities
(7,245,530)
(6,582,522)
Total assets less current liabilities
2,989,847
1,942,065
Provisions for liabilities
Deferred tax liability
24
549,021
455,649
(549,021)
(455,649)
Net assets
2,440,826
1,486,416
Capital and reserves
Called up share capital
26
10,000
10,000
Non-distributable profits reserve
1,723,675
1,445,020
Distributable profit and loss reserves
707,151
31,396
Total equity
2,440,826
1,486,416

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,041,910 (2022 - £323,049 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 30 July 2024 and are signed on its behalf by:
30 July 2024
P A Miller MBE
Director
Company registration number 06765451 (England and Wales)
STOCKVALE INVESTMENTS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Hedging reserve
Non-distri-butable profits
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
10,000
12,921,487
1,152,655
6,535,762
20,619,904
(558,201)
20,061,703
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
292,504
1,071,140
1,363,644
(7,603)
1,356,041
Balance at 31 December 2022
10,000
12,921,487
1,445,159
7,606,902
21,983,548
(565,804)
21,417,744
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
278,655
945,614
1,224,269
(70,201)
1,154,068
Dividends
12
-
-
-
(87,500)
(87,500)
-
(87,500)
Balance at 31 December 2023
10,000
12,921,487
1,723,814
8,465,016
23,120,317
(636,005)
22,484,312
STOCKVALE INVESTMENTS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
10,000
1,153,000
367
1,163,367
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
292,020
31,029
323,049
Balance at 31 December 2022
10,000
1,445,020
31,396
1,486,416
Year ended 31 December 2023:
Profit and total comprehensive income
-
278,655
763,255
1,041,910
Dividends
12
-
-
(87,500)
(87,500)
Balance at 31 December 2023
10,000
1,723,675
707,151
2,440,826
STOCKVALE INVESTMENTS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,371,591
622,918
Interest paid
(14,737)
-
0
Income taxes paid
(1,486,653)
(84,118)
Net cash (outflow)/inflow from operating activities
(129,799)
538,800
Investing activities
Purchase of intangible assets
-
(1,500)
Purchase of tangible fixed assets
(1,844,624)
(1,520,209)
Proceeds on disposal of tangible fixed assets
6,566
139,377
Purchase of investment property
(1,146,098)
(1,195,150)
Purchase of investments
(1,185,653)
(420,624)
Proceeds on disposal of investments
1,042,300
95,165
Interest received
21,696
28,897
Dividends received
38,986
33,392
Other income received from investments
10,775
10,870
Net cash used in investing activities
(3,056,052)
(2,829,782)
Financing activities
Repayment of bank loans
(177,143)
(175,672)
Dividends paid to equity shareholders
(87,500)
-
Net cash used in financing activities
(264,643)
(175,672)
Net decrease in cash and cash equivalents
(3,450,494)
(2,466,654)
Cash and cash equivalents at beginning of year
4,789,437
7,256,091
Cash and cash equivalents at end of year
1,338,943
4,789,437
Relating to:
Cash at bank and in hand
1,386,869
4,789,925
Bank overdrafts included in creditors payable within one year
(47,926)
(488)
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Stockvale Investments Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is . The company's principal place of business is Adventure Island, Sunken Gardens West, Eastern Esplanade, Southend-on-Sea, Essex, SS1 1EE.

 

The group consists of Stockvale Investments Ltd 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 and to include investment properties and certain financial instruments 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 this company 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:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Stockvale Investments 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 December 2023. 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for at least 12 months from the date of signing the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

Revenue from the provision of services is recognised as the service is provided.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
5 years straight line basis
Patents and licenses
Straight line over the license period
Trade marks
5 years straight line basis
1.7
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 INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

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:

Freehold property
50 year straight line basis
Leasehold land and buildings
Straight line over the length of the lease
Leasehold improvements
Straight line over the length of the lease
Plant and machinery
3-10 year straight line basis
Fixtures and fittings
5 year straight line basis
Computer equipment
5-10 year straight line basis
Motor vehicles
3 year straight line basis

Assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

1.8
Investment properties

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.

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

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.

1.10
Impairment of fixed 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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

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.

1.11
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.

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.

1.12
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.

1.13
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 balance sheet 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 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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.

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 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.

 

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

 

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.

Derecognition of financial liabilities

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

1.14
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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.15
Taxation

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

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 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 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 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.

1.16
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.

 

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.

1.17
Retirement benefits

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

1.18
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 leased 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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
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.

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.

Valuation of Investment Properties

Investment properties have been valued based on local property market trends and current rental yield.

Unlisted investments

The carrying values of unlisted investments are ascertained by having regard to their expected future income yield.

Depreciation

Depreciation has been calculated based on an estimate of the assets useful economic life.

Deferred income

Estimates for deferred income are based on the 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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Amusement park and leisure activities
10,771,443
11,725,824
Catering activities
5,212,524
5,703,759
Radio broadcasting activities
828,508
1,040,384
16,812,475
18,469,967
2023
2022
£
£
Other opertaing income
Interest income
26,789
28,897
Dividends received
38,986
33,392
Grants received
-
27,950
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(27,950)
Depreciation of owned tangible fixed assets
1,521,191
1,396,846
Profit on disposal of tangible fixed assets
(6,566)
(98,780)
Amortisation of intangible assets
3,146
3,146
Operating lease charges
689,640
768,466

The amortisation of intangible assets is included within administration expenses.

5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,550
12,550
Audit of the financial statements of the company's subsidiaries
88,950
79,255
101,500
91,805
For other services
All other non-audit services
25,430
18,885
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
2
2
2
2
Security
18
18
-
-
Administration and managers
37
54
1
1
Engineers
49
44
-
-
Ride operators
232
238
-
-
Sales, marketing and distribution
236
215
-
-
Total
574
571
3
3

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,034,677
7,265,908
597,091
591,145
Social security costs
410,813
421,177
78,217
82,854
Pension costs
137,671
120,189
53,846
18,342
7,583,161
7,807,274
729,154
692,341
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
468,306
463,529
Company pension contributions to defined contribution schemes
43,846
18,342
512,152
481,871

The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 2 (2022 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
325,131
307,162
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
21,696
27,838
Other interest income
5,093
1,059
Total interest revenue
26,789
28,897
Other income from investments
Dividends received
38,986
33,392
65,775
62,289
Income from fixed asset investments
Income from other fixed asset investments
10,775
10,870
Total income
76,550
73,159
9
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
14,737
-
10
Gains/(losses) on investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
384,041
(411,432)
Other gains/(losses)
Loss on disposal of fixed asset investments
(9,148)
(1,714)
Changes in the fair value of investment properties
564,693
196,546
Other gains and losses
(10,775)
(10,870)
928,811
(227,470)
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
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
17
10,775
10,870
Stocks
19
841
-
Recognised in:
Cost of sales
841
-
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.

12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
87,500
-
13
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
248,186
264,484
Adjustments in respect of prior periods
-
0
1,012
Other taxes - APN debtor write off
629,085
-
0
Total current tax
877,271
265,496
Deferred tax
Origination and reversal of timing differences
199,837
446,955
Total tax charge
1,077,108
712,451
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Taxation
(Continued)
- 28 -

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
2,231,176
2,068,492
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
524,773
393,013
Tax effect of expenses that are not deductible in determining taxable profit
(182,174)
(102,695)
Tax effect of income not taxable in determining taxable profit
(116,709)
(16,054)
Tax effect of utilisation of tax losses
13,445
(44,366)
Permanent capital allowances in excess of depreciation
(115,294)
(178,716)
Other reversing timing differences
199,837
447,967
Consolidating P&L adjustments
124,146
213,302
Advance tax payment
629,084
-
Taxation charge
1,077,108
712,451

The rate of corporation tax changed from 19% to 25% on 1 April 2023 and has resulted in an increase in the liability to corporation tax from this period.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
14
Intangible fixed assets
Group
Software
Patents and licenses
Trademarks
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
10,728
5,000
1,500
17,228
Amortisation and impairment
At 1 January 2023
5,813
2,000
500
8,313
Amortisation charged for the year
2,146
500
500
3,146
At 31 December 2023
7,959
2,500
1,000
11,459
Carrying amount
At 31 December 2023
2,769
2,500
500
5,769
At 31 December 2022
4,915
3,000
1,000
8,915
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
15
Tangible fixed assets
Group
Freehold property
Leasehold land and buildings
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
5,130,982
5,405,092
3,714,694
-
0
10,186,092
3,584,531
319,300
125,410
28,466,101
Additions
-
0
151,713
515,552
214,339
813,040
136,623
13,357
-
0
1,844,624
Disposals
-
0
-
0
(6,935)
-
0
(8,000)
(24,370)
-
0
-
0
(39,305)
At 31 December 2023
5,130,982
5,556,805
4,223,311
214,339
10,991,132
3,696,784
332,657
125,410
30,271,420
Depreciation and impairment
At 1 January 2023
2,941,996
5,311,013
3,026,771
-
0
8,081,846
3,156,874
240,896
125,410
22,884,806
Depreciation charged in the year
66,764
20,678
296,572
-
0
937,857
174,075
25,245
-
0
1,521,191
Eliminated in respect of disposals
-
0
-
0
(6,935)
-
0
(8,000)
(24,370)
-
0
-
0
(39,305)
At 31 December 2023
3,008,760
5,331,691
3,316,408
-
0
9,011,703
3,306,579
266,141
125,410
24,366,692
Carrying amount
At 31 December 2023
2,122,222
225,114
906,903
214,339
1,979,429
390,205
66,516
-
0
5,904,728
At 31 December 2022
2,188,986
94,079
687,923
-
2,104,246
427,657
78,404
-
5,581,295
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Tangible fixed assets
(Continued)
- 31 -
Company
Motor vehicles
£
Cost
At 1 January 2023 and 31 December 2023
38,570
Depreciation and impairment
At 1 January 2023 and 31 December 2023
38,570
Carrying amount
At 31 December 2023
-
0
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
16
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
8,041,210
8,512,896
Improvements to investment properties
1,146,098
1,146,098
Net gains or losses through fair value adjustments
564,693
564,693
At 31 December 2023
9,752,001
10,223,687

Investment property comprises both commercial and residential leasehold and freehold properties. The fair value of the investment property has been arrived at by the directors using market evidence of transaction prices for similar properties and historic valuations performed by a number of third party chartered surveyors.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
17
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
18
-
0
-
0
11,690
11,690
Listed investments
3,587,025
3,059,622
-
0
-
0
Unlisted investments
123,158
133,933
-
0
-
0
3,710,183
3,193,555
11,690
11,690
Movements in fixed asset investments
Group
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
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
11,690
Carrying amount
At 31 December 2023
11,690
At 31 December 2022
11,690
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
18
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Adventure Radio Limited
1
Holding company
Ordinary
75.00
-
Chelmsford Radio Limited
1
Dormant
Ordinary
-
75.00
Miller Leisure Limited
1
Aquarium operator
Ordinary
100.00
-
Miller Restaurants Limited
1
Dormant
Ordinary
100.00
-
Pavilion Kiosks Limited
1
Dormant
Ordinary
100.00
-
Radio Essex Limited
1
Radio broadcasting
Ordinary
-
75.00
Southend & Chelmsford Radio Limited
1
Dormant
Ordinary
-
75.00
Stockvale Catering Limited
1
Catering services
Ordinary
100.00
-
Stockvale Limited
1
Amusement park operator
Ordinary
100.00
-
Stockvale Properties Limited
1
Property construction
Ordinary
100.00
-
Stockvale Restaurants Limited
1
Dormant
Ordinary
100.00
-
The Three Shells Limited
1
Dormant
Ordinary
100.00
-
Stockvale Foods Limited
1
Food distributor
Ordinary
51.00
-

Registered office addresses (all UK unless otherwise indicated):

1
19 Clifftown Road, Southend-on-Sea, Essex SS1 1AB

The investments in subsidiaries are all stated at cost.

19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
216,532
229,521
-
-
Finished goods and goods for resale
68,326
121,826
-
0
-
0
284,858
351,347
-
-
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
20
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,547,543
3,027,864
-
-
21
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
240,527
253,556
150,071
178,735
Unpaid share capital
490
490
-
0
-
0
Corporation tax recoverable
207,241
45,142
20,171
-
0
Amounts owed by group undertakings
-
-
74,990
64,562
Other debtors
6,755,494
5,999,275
759,161
129,032
Prepayments and accrued income
619,229
303,833
11,315
3,777
7,822,981
6,602,296
1,015,708
376,106
Deferred tax asset
-
0
68,166
-
0
-
0
7,822,981
6,670,462
1,015,708
376,106
22
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
225,069
177,631
172
-
0
Trade creditors
384,259
212,529
23,194
4,780
Amounts owed to group undertakings
-
0
-
0
8,166,644
6,744,980
Corporation tax payable
-
0
448,303
-
0
50,736
Other taxation and social security
170,778
283,995
28,899
26,566
Deferred income
914,886
913,560
-
0
-
0
Other creditors
1,022,699
1,067,737
40,379
136,759
Accruals
889,595
1,293,947
1,950
-
0
3,607,286
4,397,702
8,261,238
6,963,821
23
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
1,861,471
2,038,614
-
0
-
0
STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Creditors: amounts falling due after more than one year
(Continued)
- 36 -

The bank loan is secured by fixed and floating charges over the company's property and assets. The loan has a floating interest rate based on the Bank of England bank rate and is repayable over 5 years.

 

Unlimited guarantees have also been provided by two group subsidiaries in relation to the borrowings of the group. As at 31 December 2023 group borrowings totalled £2,038,614 (£2,215,756).

24
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
395,481
356,694
-
68,166
Unrealised gains on investment property
518,839
425,955
-
-
914,320
782,649
-
68,166
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
30,182
29,695
-
-
Unrealised gains on investment property
518,839
425,954
-
-
549,021
455,649
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
714,483
455,649
Charge to profit or loss
199,837
93,372
Liability at 31 December 2023
914,320
549,021
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,671
120,189

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.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
26
Share capital
Group and company
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

Each Ordinary £1 share holds equal voting rights and equal rights to dividends.

27
Financial commitments, guarantees and contingent liabilities

A group 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.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
364,703
323,417
-
-
Between two and five years
1,378,243
1,283,667
-
-
In over five years
24,712,087
25,033,003
-
-
26,455,033
26,640,087
-
-
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Park attractions
380,781
-
-
-
30
Controlling party

The company is controlled by P A Miller MBE, for this and the preceding year, who owns 80% of the issued share capital.

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
31
Directors' transactions

In the previous year, the company made an interest free loan to a Director totalling £1,697,055. At the year end, the full amount was outstanding and is included within other debtors.

32
Related party transactions

The following amounts were outstanding at the reporting end date:

Group

 

As at 31 December 2023 amounts owed from companies under common control totalled £4,207,979 (2022: £2,975,702).

 

Key management personnel include the Directors and senior management team. Total key management personnel compensation was £609,199 (2022: £617,578).

 

Company

 

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 £nil (2022: £11,000). Amounts due to wholly owned group companies at the year end totalled £7,032,195 (2022: £5,611,228).

 

As at 31 December 2023 amounts owed from non wholly owned group companies totalled £74,990 (2022: £81,702), sales to non wholly owned group companies totalled £900 (2022: £45,000). Amounts due to non wholly owned group companies totalled £1,134,449 (2022: £1,133,749).

 

As at 31 December 2023 amounts owed from companies under common control totalled £755,715 (2022: £108,320).

STOCKVALE INVESTMENTS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,154,068
1,356,041
Adjustments for:
Taxation charged
1,077,108
712,451
Finance costs
14,737
-
0
Investment income
(76,550)
(73,159)
Gain on disposal of tangible fixed assets
(6,566)
(98,780)
Fair value gain on investment properties
(564,693)
(196,546)
Amortisation and impairment of intangible assets
3,146
3,146
Depreciation and impairment of tangible fixed assets
1,521,191
1,396,846
Loss on sale of investments
9,157
1,723
Other gains and losses
(378,358)
422,293
Movements in working capital:
Decrease/(increase) in stocks
66,489
(70,817)
Increase in debtors
(1,058,586)
(1,853,300)
Decrease in creditors
(389,552)
(976,980)
Cash generated from operations
1,371,591
622,918
34
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,789,925
(3,403,056)
1,386,869
Bank overdrafts
(488)
(47,438)
(47,926)
4,789,437
(3,450,494)
1,338,943
Borrowings excluding overdrafts
(2,215,757)
177,143
(2,038,614)
2,573,680
(3,273,351)
(699,671)
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