REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
Robocoaster Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
Robocoaster Limited |
Robocoaster Limited (Registered number: 04122797) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Robocoaster 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 |
Robocoaster Limited (Registered number: 04122797) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Robocoaster Limited (Registered number: 04122797) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Robocoaster Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have prepared cash flow forecasts up to December 2025, which indicate that the company will have sufficient liquidity to meet it's 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 of other group companies and the promising signs for 2024 and beyond The key assumptions in the forecast are in respect of the stability of income and the continued financial support of the other group companies. The company has received confirmation from these group companies regarding their intentions to not recall the amounts owing to it as well as to provide additional funding to the company in the event that such funding is required. |
The ability to honour this support depends on the financial position of Simworx Limited, a fellow group company. 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 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 confirmation of support received together with the forecasts prepared, 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 represents licence fees receivable for the right to use the company's products, excluding value added tax. Turnover is recognised when a stage, as specified in the contract, has been completed. |
Robocoaster Limited (Registered number: 04122797) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
3. | ACCOUNTING POLICIES - continued |
Development costs |
Expenditure incurred on new products and improvements to the company's products is capitalised in the balance sheet as development costs and amortised over its estimated useful life. Amortisation will commence with the commercial introduction of the new product or incorporation of the improvement into the product. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
Robocoaster Limited (Registered number: 04122797) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
5. | INTANGIBLE FIXED ASSETS |
Development |
costs | Patents | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 |
AMORTISATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Robocoaster Limited (Registered number: 04122797) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The company has provided guarantees over creditors of Media Based Attractions Limited, the company's parent undertaking, amounting to £2,666,000 (2022 - £1,666,000) and creditors of Simworx Limited, a fellow subsidiary undertaking of Media Based Attractions Limited, amounting to £297,140 (2022 - £794,814). |
11. | PARENT AND ULTIMATE PARENT COMPANY |
The company's parent and ultimate parent undertaking is Media Based Attractions Limited, a company registered in England and Wales. Consolidated financial statements are prepared for the group controlled by Media Based Attractions Limited and that company's registered office is 37 Second Avenue, The Pensnett Estate, Kingswinford, West Midlands DY6 7UL. |