REGISTERED NUMBER: 09526725 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
for |
Media Based Attractions Limited |
REGISTERED NUMBER: 09526725 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
for |
Media Based Attractions Limited |
Media Based Attractions Limited (Registered number: 09526725) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Statement of Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Media Based Attractions Limited |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
14a Market Place |
Uttoxeter |
Staffordshire |
ST14 8HP |
Media Based Attractions Limited (Registered number: 09526725) |
Group Strategic Report |
for the Year Ended 31st December 2023 |
The directors present their strategic report of the company and the group for the year ended 31st December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group is the design, manufacture and installation of media-based attractions for theme parks, museums and visitors attractions worldwide. The group has a product portfolio of thirteen media-based attractions, with a diverse range of experiences, prices and passenger capacities to ensure a wide market reach. |
REVIEW OF BUSINESS |
The Theme Park and Visitor Attractions industry saw strong attendances and secondary spend throughout 2022 increasing confidence that capital investment into new projects would begin in 2023. The strong pipeline continued to build in H1 2023 with £4m converting to orders from new clients in this period. |
With Theme Parks fully operational over the busy summer season, new attraction decisions are generally made in the latter part of the year. Order intake of £10m was converted from the pipeline in H2 with the first orders for the two new ride concepts, Pegasus Flying Theatre and AGV, being received in the year. The directors were pleased that a proportion of the order intake came from the US which is seen as a key market for business growth. |
The strong order book and pipeline has been the trigger to increase capacity and capability within the team in sales, project management and operations. As the new projects progress through the design phase capacity will be added to build an in-house assembly team which will bring greater control over the timing and quality of project delivery. |
The directors are satisfied with the group's performance following the challenges of the pandemic and the impact of the Ukraine crisis. It is believed that the continued investment in the team, specifically in business development and operations are key to continued growth and the positive future of the group. |
The group recognises its responsibility for and has taken action to reduce the impact of business activities on the environment. The use of carbon-neutral energy providers and fully recycled waste management underpin business operations. Installation of EV chargers and LED lighting aim to reduce fossil fuel use and encourage the workforce to follow the environmental initiative; 20% of employee vehicles are now EVs. In addition, the use of recycled materials in our products is growing, specifically for the seats in the flying theatres and 4D cinema products. |
Review of 2023 Results: |
Turnover for the financial year increased by 156% to £7,773k (from £3,041k in 2022). |
Staff costs have decreased by 3.7% to £1,648k vs 2022. As a percentage of Turnover, staff costs have decreased to 21% (from 56% in 2022) due to the increase in turnover. |
Cashflows from operating activities are showing an inflow of £1,331k (2022: £485k outflow) in the current year with the cash at bank at the balance sheet date being £1,595k (2022: £136k). Net debt reduced from £2,902k to £1701k. |
EBITDA was a profit of £471k (2022: £1,878k loss) which was in line with budget. Loss before Taxation £600k - was in line with budget expectations - compared to a loss of £2,796k for 2022. |
Media Based Attractions Limited (Registered number: 09526725) |
Group Strategic Report |
for the Year Ended 31st December 2023 |
KEY PERFORMANCE INDICATORS |
The board of directors recognise Key Performance Indicators as an integral part of monitoring the progress of the business, and are identified in the Annual Budget with appropriate targets set. It is the responsibility of the management team to regularly monitor and review these figures and report the results and any corrective actions to the board. |
The key performance indicators used to monitor the financial performance of the group include EBITDA as a % of sales which closed the year on a 6.1% profit, increasing from a 62.8% loss in the previous year. |
As a project-based business the monitoring of the performance of the projects from a commercial, financial, and technical perspective is critical. The profitability of each individual project and the comparison to the expected profitability at the time of contract is closely monitored through a series of project reviews with corrective actions being put in place if required. Project debts are also monitored at these meetings. |
RESEARCH AND DEVELOPMENT ACTIVITIES |
Enhancements to existing rides within the portfolio, along with new product development is part of the ongoing investment by the group into research and development activities. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Market Competitiveness |
Operating in a competitive market segment, it is important that the portfolio of rides remains market leading. New product development and existing product enhancement is a core activity of the group with significant resources devoted to it. |
Establishing a proactive sales team to ensure that the group is well placed to secure orders in a truly worldwide market is also key. The group has significantly enhanced its sales network by adding a Business Development Director for the EMEA region to focus on the increasing number of opportunities, with a similar role being added for the US in 2024. |
Product Build Quality and Customer Satisfaction |
The group focuses on ensuring that its production and safety standards remain of the highest quality which ensures timely delivery of attractions to its customers. Close management of the supply chain along with a multi-sourcing policy ensures the supply of quality components and subassemblies. An in-house quality process together with the involvement of 3rd party safety and quality inspection bodies, such as TUV, further mitigates this risk. |
Ensuring that the ride sold to the customer meets their specific requirements is a key focus in pre-contract negotiations and is re-addressed at regular customer meetings throughout the project.. |
Health and Safety |
Health and Safety is a key focus from board level down with the aim of achieving best practice not merely legal compliance. Specialist 3rd parties are used to support where required. The aim is a safe and healthy workplace for employees and visitors. Risk assessments and workplace training is undertaken in all areas of the business. |
Cyber |
There are clearly external potential threats to critical business systems. Controls over the systems exist with firewalls and virus protection software kept up to date. An In-house IT specialist as well as 3rd party expertise are utilised to support these activities. |
Media Based Attractions Limited (Registered number: 09526725) |
Group Strategic Report |
for the Year Ended 31st December 2023 |
Other Risks |
Other external risks include global, political and economic conditions, foreign exchange, interest rates, credit risk and business continuity. The group seeks to mitigate exposure to all forms of risk, where practicable, and to transfer risk to insurers, where cost effective. |
FINANCIAL INSTRUMENTS |
The directors are constantly reviewing the objectives of the business operations to identify areas where it can reduce financial risk without hindrance to the business. |
Credit |
To counteract the risk of bad debts the business has increased the use of credit checking facilities to assess the risk of contracting with each customer. Letters of Credit are also used for significant milestone payments where this can be negotiated with the customer. |
Liquidity |
The business has a strong relationship with its providers of Finance. This was evidenced by their support in establishing a cash cover facility for the issuing of Advance Payment Guarantees. Throughout the year the company maintained a positive cash balance. |
Hedging Forecast Transactions |
Currently the Group's turnover is denominated in Sterling. Infrequently contracts are awarded in Euros and to a lesser extent US Dollars. These are only partially matched by purchases in these currencies. A significant weakening of the US Dollar or Euro against Sterling could have an impact upon the business's performance. If a contract is awarded in non-Sterling currency forward contracts will be put in place to mitigate this risk. |
Cash flow |
12-week Cash flow forecasts are prepared weekly. A 12-month Cash Forecast is prepared each month to identify any funding requirements the business may have with a degree of contingency for unforeseen events or potential changes to the assumptions of the forecasts, primarily on the timing of project receipts. |
FUTURE DEVELOPMENTS |
As stated earlier, enhancements to existing rides within the portfolio, along with new product development is part of the ongoing investment by the group into research and development activities. |
The group will continue to expand its global sales representation as appropriate. |
ON BEHALF OF THE BOARD: |
Media Based Attractions Limited (Registered number: 09526725) |
Report of the Directors |
for the Year Ended 31st December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
Information regarding financial instruments and future developments is contained within the strategic report included in these financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Media Based Attractions Limited (Registered number: 09526725) |
Report of the Directors |
for the Year Ended 31st December 2023 |
AUDITORS |
The auditors, Rice & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Media Based Attractions Limited |
Opinion |
We have audited the financial statements of Media Based Attractions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Media Based Attractions Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Media Based Attractions Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
We obtain and update our understanding of the group and entity, their activities, control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the group and entity are complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the group and entity that were contrary to applicable laws and regulations, including fraud. |
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we performed procedures which included: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud. |
- | Reviewing minutes of meetings of those charged with governance. |
- | Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection. |
- | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- | Performing audit work over the risk of management bias and override of controls including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for indicators of potential bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with laws and regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may include collusion, forgery, intentional omissions, misrepresentations, or override of the internal control. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Media Based Attractions Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
14a Market Place |
Uttoxeter |
Staffordshire |
ST14 8HP |
Media Based Attractions Limited (Registered number: 09526725) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 7,773,754 | 3,040,927 |
Cost of sales | 5,291,365 | 2,735,859 |
GROSS PROFIT | 2,482,389 | 305,068 |
Administrative expenses | 2,638,300 | 2,872,118 |
(155,911 | ) | (2,567,050 | ) |
Other operating income/expenses | 5 | 43,000 | 51,768 |
OPERATING LOSS | 7 | (112,911 | ) | (2,515,282 | ) |
Interest receivable and similar income | 5,383 | - |
(107,528 | ) | (2,515,282 | ) |
Interest payable and similar expenses | 8 | 493,356 | 281,044 |
LOSS BEFORE TAXATION | (600,884 | ) | (2,796,326 | ) |
Tax on loss | 9 | (161,273 | ) | - |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(439,611 |
) |
(2,796,326 |
) |
Loss attributable to: |
Owners of the parent | (439,611 | ) | (2,796,326 | ) |
Total comprehensive income attributable to: |
Owners of the parent | (439,611 | ) | (2,796,326 | ) |
Media Based Attractions Limited (Registered number: 09526725) |
Consolidated Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 2,672,014 | 3,082,930 |
Tangible assets | 12 | 43,133 | 51,348 |
Investments | 13 | 33,000 | 33,000 |
2,748,147 | 3,167,278 |
CURRENT ASSETS |
Stocks | 14 | 323,231 | 1,023,231 |
Debtors | 15 | 2,749,311 | 992,524 |
Cash at bank | 1,595,240 | 136,431 |
4,667,782 | 2,152,186 |
CREDITORS |
Amounts falling due within one year | 16 | 5,022,551 | 3,002,801 |
NET CURRENT LIABILITIES | (354,769 | ) | (850,615 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,393,378 |
2,316,663 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,755,167 |
) |
(2,211,158 |
) |
PROVISIONS FOR LIABILITIES | 21 | (52,317 | ) | (80,000 | ) |
NET (LIABILITIES)/ASSETS | (414,106 | ) | 25,505 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 103,186 | 103,186 |
Share premium | 23 | 7,741,712 | 7,741,712 |
Retained earnings | 23 | (8,259,004 | ) | (7,819,393 | ) |
SHAREHOLDERS' FUNDS | (414,106 | ) | 25,505 |
The financial statements were approved by the Board of Directors and authorised for issue on 6th August 2024 and were signed on its behalf by: |
B P Daniels - Director |
Media Based Attractions Limited (Registered number: 09526725) |
Company Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Retained earnings | 23 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (552,429 | ) | (203,285 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Media Based Attractions Limited (Registered number: 09526725) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31st December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 | 103,186 | (5,023,067 | ) | 7,741,712 | 2,821,831 |
Changes in equity |
Total comprehensive income | - | (2,796,326 | ) | - | (2,796,326 | ) |
Balance at 31st December 2022 | 103,186 | (7,819,393 | ) | 7,741,712 | 25,505 |
Changes in equity |
Total comprehensive income | - | (439,611 | ) | - | (439,611 | ) |
Balance at 31st December 2023 | 103,186 | (8,259,004 | ) | 7,741,712 | (414,106 | ) |
Media Based Attractions Limited (Registered number: 09526725) |
Company Statement of Changes in Equity |
for the Year Ended 31st December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2023 | ( |
) |
Media Based Attractions Limited (Registered number: 09526725) |
Consolidated Cash Flow Statement |
for the Year Ended 31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,387,368 | (270,647 | ) |
Interest paid | (15,545 | ) | (232,254 | ) |
Interest element of hire purchase payments paid |
(832 |
) |
(875 |
) |
Loan costs paid | (40,000 | ) | - |
Taxation refund | - | 19,089 |
Net cash from operating activities | 1,330,991 | (484,687 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (154,671 | ) | (37,328 | ) |
Purchase of tangible fixed assets | (10,305 | ) | - |
Interest received | 5,383 | - |
Net cash from investing activities | (159,593 | ) | (37,328 | ) |
Cash flows from financing activities |
New loans in year | 1,000,000 | - |
Loan repayments in year | (705,728 | ) | (146,534 | ) |
Hire purchase repayments | (6,861 | ) | (21,178 | ) |
Net cash from financing activities | 287,411 | (167,712 | ) |
Increase/(decrease) in cash and cash equivalents | 1,458,809 | (689,727 | ) |
Cash and cash equivalents at beginning of year |
2 |
136,431 |
826,158 |
Cash and cash equivalents at end of year |
2 |
1,595,240 |
136,431 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31st December 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | (600,884 | ) | (2,796,326 | ) |
Depreciation charges | 584,105 | 637,330 |
Decrease in provisions for liabilities | (27,683 | ) | 80,000 |
Finance costs | 493,356 | 281,044 |
Finance income | (5,383 | ) | - |
443,511 | (1,797,952 | ) |
Decrease in stocks | 700,000 | 1,027,269 |
(Increase)/decrease in trade and other debtors | (1,595,514 | ) | 284,089 |
Increase in trade and other creditors | 1,839,371 | 215,947 |
Cash generated from operations | 1,387,368 | (270,647 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,595,240 | 136,431 |
Year ended 31st December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 136,431 | 826,158 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31st December 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 136,431 | 1,458,809 | 1,595,240 |
136,431 | 1,458,809 | 1,595,240 |
Debt |
Finance leases | (47,286 | ) | 6,861 | (40,425 | ) |
Debts falling due within 1 year | (820,787 | ) | 286,731 | (534,056 | ) |
Debts falling due after 1 year | (2,170,733 | ) | (551,001 | ) | (2,721,734 | ) |
(3,038,806 | ) | (257,409 | ) | (3,296,215 | ) |
Total | (2,902,375 | ) | 1,201,400 | (1,700,975 | ) |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Media Based Attractions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
These consolidated financial statements incorporate the financial statements of the company's subsidiary undertakings Simworx Limited, Simworx Ventures Limited and Robocoaster Limited. All companies are incorporated in England and Wales. |
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets, liabilities, income and expenses. |
The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities. Actual results may differ from these estimates. The judgements, estimates and assumptions are: |
Tangible assets |
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values where appropriate. The actual lives of these assets are assessed annually and may vary depending on a number of factors. In assessing asset lives, factors such as life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. |
Trade debtors |
At each reporting date, trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount is reduced to its recoverable amount. The impairment loss is recognised immediately in the statement of comprehensive income. |
Project accounting |
Project revenue and costs are recognised in the statement of comprehensive income by reference to the stage of completion of the project. At each reporting date, total project costs are projected to allow the correct proportion of profit to be recognised. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
The return to 'normality' within the theme park Industry following the pandemic and economic impact of the Ukraine crisis 2020-2022 has continued into 2024 with investment into new attractions at pre-pandemic levels. |
2024 began with a strong order book from secured sales of its major products including Flying Theatre, AGV Dark Ride, Metro of Time, and Immersive Tunnel to a number of overseas clients. The order book has been further bolstered with new contracts from new and existing overseas customers. There is confidence in the pipeline of opportunities with a number of prospects at the contract stage. |
The directors have prepared cash flow forecasts up to December 2025 which indicate that the group and company will have sufficient liquidity to meet its working capital requirements for a period of at least 12 months from the date of signing these financial statements. These forecasts have been prepared to reflect the current order book and the promising signs for 2024 and beyond. The key assumptions in the forecasts relate to the timing of contractual cashflows which are made in line with the experience of the business. |
The directors of the company have reviewed the overall position and outlook in respect of these matters and are of the opinion that on the basis of the forecasts prepared and actions taken they are satisfied that the going concern basis is appropriate. |
These financial statements do not include adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the company not continue as a going concern. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Simworx Limited |
Turnover in respect of long-term contracts is recognised when a set stage, as specified in the contract for sale, has been completed. |
All other turnover is recognised either when goods have been delivered to customers or services completed, such that risks and rewards of ownership have passed to them. |
Simworx Ventures Limited |
Turnover represents income from operation of entertainment attractions. Turnover is recognised when a customer uses an attraction. |
Robocoaster Limited |
Turnover represents licence fees receivable for the right to use the company's products. Turnover is recognised when a stage, as specified in the contract, has been completed. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Project contracts |
Project revenue and costs are recognised in the statement of comprehensive income by reference to the stage of completion of the project, to the extent that the project outcome can be estimated reliably. The stage of completion is measured by reference to set stages, as specified in the contract. An expected loss on a project is recognised immediately in the statement of comprehensive income. |
Amounts recoverable on contracts are included in debtors and represent revenue recognised in excess of amounts invoiced. Amounts invoiced in excess of revenue recognised and costs recognised in excess of expenses incurred are included in creditors due within one year. |
Goodwill |
Goodwill arising on consolidation is capitalised and amortised over its useful life of ten years. |
Ride films |
Expenditure incurred on developing new ride films is capitalised in the balance sheet and amortised over its estimated useful life of five years. Amortisation is reported in the statement of comprehensive income under administrative expenses. |
Development costs |
Expenditure incurred on new products and improvements to products is capitalised in the balance sheet as development costs and amortised over its estimated useful life of two to five years. Amortisation commences with the commercial introduction of the new product or incorporation of the improvement into the product and is reported in the statement of comprehensive income under administrative expenses. |
Tangible fixed assets |
Entertainment equipment | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Tangible fixed assets are capitalised at historical cost and net book values are reviewed annually to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of comprehensive income. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Fixed asset investments in unlisted shares are initially recognised at cost with any impairment losses being reported in the statement of comprehensive income under administrative expenses. |
Derivative financial instruments are recognised at fair value with any gains or losses being reported in the statement of comprehensive income under other operating income/expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives and those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight |
line basis over the period of the lease. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- | from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows; and |
- | from disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7. |
4. | TURNOVER |
The turnover and loss before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 917,900 | 614,412 |
Europe | 2,765,066 | 275,509 |
North America | 2,896,876 | 2,264 |
Rest of the World | 1,193,912 | 2,148,742 |
7,773,754 | 3,040,927 |
Turnover includes project contract revenue recognised during the financial year of £7,134,874 (2022 - £2,370,216). |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
5. | OTHER OPERATING INCOME/EXPENSES |
2023 | 2022 |
£ | £ |
Rents received | 47,910 | 51,640 |
Sundry income | 714 | - |
Government grants | 9,000 | - |
Foreign exchange gains/losses | (14,624 | ) | 128 |
43,000 | 51,768 |
6. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,287,706 | 1,405,495 |
Social security costs | 142,511 | 173,676 |
Other pension costs | 217,452 | 131,970 |
1,647,669 | 1,711,141 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 4 | 4 |
Direct | 13 | 11 |
Sales and administration | 9 | 11 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 249,105 | 253,526 |
Directors' pension contributions to money purchase schemes | 143,252 | 66,121 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 103,273 | 105,726 |
Pension contributions to money purchase schemes | 71,297 | 27,014 |
During the year ended 31st December 2023 a total of key management personnel compensation of £388,436 (2022 - £319,647) was paid. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
7. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 1,404 | 34,394 |
Depreciation - assets on hire purchase contracts | 17,116 | 17,116 |
Goodwill amortisation | 552,000 | 552,000 |
Ride films amortisation | 1,200 | 19,200 |
Development costs amortisation | 12,387 | 14,618 |
Auditors' remuneration | 22,300 | 21,600 |
Auditors' remuneration for non audit work | 17,420 | 16,620 |
Foreign exchange differences | 14,624 | (128 | ) |
Operating lease payments | 192,377 | 136,842 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan interest | 468,101 | 254,440 |
Other interest payable | 14,423 | 25,729 |
Amortisation of loan costs | 10,000 | - |
Hire purchase interest | 832 | 875 |
493,356 | 281,044 |
9. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
Research and development relief | (161,273 | ) | - |
Tax on loss | (161,273 | ) | - |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
9. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | (600,884 | ) | (2,796,326 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
(114,168 |
) |
(531,302 |
) |
Effects of: |
Expenses not deductible for tax purposes | 4,067 | 4,927 |
Capital allowances in excess of depreciation | (2,517 | ) | (8,174 | ) |
Utilisation of tax losses | (113,334 | ) | - |
Losses carried forward | 104,914 | 429,669 |
Other timing differences | 16,158 | - |
Research and development tax relief | (161,273 | ) | - |
Amortisation of goodwill on consolidation | 104,880 | 104,880 |
Total tax credit | (161,273 | ) | - |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Ride | Development |
Goodwill | films | costs | Patents | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2023 | 5,598,588 | 545,470 | 2,168,895 | 227,331 | 8,540,284 |
Additions | - | - | 154,671 | - | 154,671 |
At 31st December 2023 | 5,598,588 | 545,470 | 2,323,566 | 227,331 | 8,694,955 |
AMORTISATION |
At 1st January 2023 | 4,270,779 | 543,270 | 415,974 | 227,331 | 5,457,354 |
Amortisation for year | 552,000 | 1,200 | 12,387 | - | 565,587 |
At 31st December 2023 | 4,822,779 | 544,470 | 428,361 | 227,331 | 6,022,941 |
NET BOOK VALUE |
At 31st December 2023 | 775,809 | 1,000 | 1,895,205 | - | 2,672,014 |
At 31st December 2022 | 1,327,809 | 2,200 | 1,752,921 | - | 3,082,930 |
Additions to development costs are internally generated. |
Development costs include five improvements in entertainment attraction technology with net book values at 31st December 2023 of £1,350,737 (2022 - £1,350,737), £292,484 (2022 - £292,484), £112,336 (2022 - £10,927) £89,255 (2022 - £89,255) and £40,180 (2022 - £nil). Amortisation commences when the improvements are incorporated into the commercial production of the group's products. |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Entertainment | Plant and | and |
equipment | machinery | fittings |
£ | £ | £ |
COST |
At 1st January 2023 | 293,000 | 580,884 | 149,028 |
Additions | - | - | - |
At 31st December 2023 | 293,000 | 580,884 | 149,028 |
DEPRECIATION |
At 1st January 2023 | 293,000 | 580,884 | 149,028 |
Charge for year | - | - | - |
At 31st December 2023 | 293,000 | 580,884 | 149,028 |
NET BOOK VALUE |
At 31st December 2023 | - | - | - |
At 31st December 2022 | - | - | - |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 | 68,464 | 182,592 | 1,273,968 |
Additions | - | 10,305 | 10,305 |
At 31st December 2023 | 68,464 | 192,897 | 1,284,273 |
DEPRECIATION |
At 1st January 2023 | 17,116 | 182,592 | 1,222,620 |
Charge for year | 17,116 | 1,404 | 18,520 |
At 31st December 2023 | 34,232 | 183,996 | 1,241,140 |
NET BOOK VALUE |
At 31st December 2023 | 34,232 | 8,901 | 43,133 |
At 31st December 2022 | 51,348 | - | 51,348 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 | 68,464 |
DEPRECIATION |
At 1st January 2023 | 17,116 |
Charge for year | 17,116 |
At 31st December 2023 | 34,232 |
NET BOOK VALUE |
At 31st December 2023 | 34,232 |
At 31st December 2022 | 51,348 |
13. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 | 33,000 |
NET BOOK VALUE |
At 31st December 2023 | 33,000 |
At 31st December 2022 | 33,000 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Subsidiary undertakings |
The company owns 100% of the share capital of the following companies (whose registered office is the same as the company) which are all incorporated in England and Wales: |
Simworx Limited |
Simworx Ventures Limited |
Robocoaster Limited |
All of these companies are included in the consolidated financial statements. |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Finished goods | 323,231 | 1,023,231 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,446,343 | 825,792 |
Amounts owed by group undertakings | - | - |
Other debtors | 161,273 | - |
VAT | 16,412 | - |
Prepayments | 125,283 | 166,732 |
2,749,311 | 992,524 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
All amounts shown under debtors fall due for payment within one year. |
Impairments of debtors recognised in the income statement during the financial year amounted to £nil (2022 - £218,349). |
Provisions for bad and doubtful debts at 31st December 2023 amounted to £nil (2022 - £218,349). |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Loans (see note 18) | 534,056 | 820,787 |
Hire purchase contracts (see note 19) | 6,992 | 6,861 |
Project accruals and deferred income | 2,932,482 | 511,505 |
Trade creditors | 231,163 | 699,317 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 364,588 | 575,178 |
VAT | - | 784 | - | - |
Accrued expenses | 953,270 | 388,369 |
5,022,551 | 3,002,801 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Loans (see note 18) | 2,721,734 | 2,170,733 |
Hire purchase contracts (see note 19) | 33,433 | 40,425 |
2,755,167 | 2,211,158 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Loans | 534,056 | 820,787 |
Amounts falling due between one and | two years: |
Loans | 2,721,734 | 415,248 | 2,680,067 |
Amounts falling due between two and | five years: |
Loans | - | 1,755,485 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 7,693 | 7,693 |
Between one and five years | 33,537 | 41,230 |
41,230 | 48,923 |
Finance charges repayable: |
Within one year | 701 | 832 |
Between one and five years | 104 | 805 |
805 | 1,637 |
Net obligations repayable: |
Within one year | 6,992 | 6,861 |
Between one and five years | 33,433 | 40,425 |
40,425 | 47,286 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 219,028 | 135,848 |
Between one and five years | 765,600 | 8,067 |
984,628 | 143,915 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts | 40,425 | 47,286 | - | - |
Loans | 3,191,885 | 2,837,842 | 2,666,000 | 1,666,000 |
3,232,310 | 2,885,128 |
Hire purchase contracts are secured by a charge over the assets to which they relate. |
Company loans are secured by a charge over all assets and a guarantee provided by the other group companies. |
Group loans are secured as follows: |
£2,933,062 by a charge over all assets and a guarantee provided by the other group companies. |
£102,573 by a charge over the assets of Simworx Limited and a guarantee provided by the company. |
£156,250 by a charge over the assets of Simworx Limited. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Other provisions | 52,317 | 80,000 |
Aggregate amounts | 52,317 | 80,000 |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Other |
provisions |
£ |
Balance at 1st January 2023 | 80,000 |
Credit to Statement of Comprehensive Income during year | (27,683 | ) |
Balance at 31st December 2023 | 52,317 |
Other provisions relate to an estimate of the cost of warranties provided to customers over the group's projects. Claims are usually settled within three years. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | 1p | 3,397 | 3,397 |
Deferred | 1p | 90,964 | 90,964 |
882,495 | B Ordinary | 1p | 8,824 | 8,824 |
4,959 | E Ordinary | 0.000 | 1p | 1 | 1 |
103,186 | 103,186 |
A Ordinary shares have rights to income, return on capital, further allotment of shares immediately prior to a listing, voting, enhanced voting and re-designation. |
Deferred shares have rights to return on capital. |
B Ordinary shares have rights to income, return on capital, further allotment of shares immediately prior to a listing, voting and re-designation. |
E Ordinary shares have rights to income, return on capital and further allotment of shares. |
23. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2023 | (7,819,393 | ) | 7,741,712 | (77,681 | ) |
Deficit for the year | (439,611 | ) | (439,611 | ) |
At 31st December 2023 | (8,259,004 | ) | 7,741,712 | (517,292 | ) |
Media Based Attractions Limited (Registered number: 09526725) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st December 2023 |
23. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2023 | ( |
) | 2,411,137 |
Deficit for the year | ( |
) | ( |
) |
At 31st December 2023 | ( |
) | 1,858,708 |
Retained earnings consists of all current and prior period retained profits and losses. |
Share premium represents amounts paid for the company's share capital in excess of the nominal value of the corresponding shares. |