IRIS Accounts Production v24.3.0.553 SC653954 Board of Directors 1.2.23 31.1.24 31.1.24 29.10.24 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6539542023-01-31SC6539542024-01-31SC6539542023-02-012024-01-31SC6539542022-01-31SC6539542022-02-012023-01-31SC6539542023-01-31SC653954ns15:Scotland2023-02-012024-01-31SC653954ns14:PoundSterling2023-02-012024-01-31SC653954ns10:Director12023-02-012024-01-31SC653954ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31SC653954ns10:SmallEntities2023-02-012024-01-31SC653954ns10:Audited2023-02-012024-01-31SC653954ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-31SC653954ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC653954ns10:FullAccounts2023-02-012024-01-31SC65395412023-02-012024-01-31SC653954ns10:Director22023-02-012024-01-31SC653954ns10:Director32023-02-012024-01-31SC653954ns10:RegisteredOffice2023-02-012024-01-31SC653954ns5:CurrentFinancialInstruments2024-01-31SC653954ns5:CurrentFinancialInstruments2023-01-31SC653954ns5:Non-currentFinancialInstruments2024-01-31SC653954ns5:Non-currentFinancialInstruments2023-01-31SC653954ns5:ShareCapital2024-01-31SC653954ns5:ShareCapital2023-01-31SC653954ns5:RetainedEarningsAccumulatedLosses2024-01-31SC653954ns5:RetainedEarningsAccumulatedLosses2023-01-31SC653954ns5:NetGoodwill2023-02-012024-01-31SC653954ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31SC653954ns5:LandBuildings2023-02-012024-01-31SC653954ns5:PlantMachinery2023-02-012024-01-31SC653954ns5:NetGoodwill2023-01-31SC653954ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC653954ns5:NetGoodwill2024-01-31SC653954ns5:IntangibleAssetsOtherThanGoodwill2024-01-31SC653954ns5:NetGoodwill2023-01-31SC653954ns5:IntangibleAssetsOtherThanGoodwill2023-01-31SC653954ns5:LandBuildings2023-01-31SC653954ns5:PlantMachinery2023-01-31SC653954ns5:LandBuildings2024-01-31SC653954ns5:PlantMachinery2024-01-31SC653954ns5:LandBuildings2023-01-31SC653954ns5:PlantMachinery2023-01-31SC653954ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31SC653954ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31
REGISTERED NUMBER: SC653954 (Scotland)
















Audited Financial Statements

for the Year Ended 31 January 2024

for

Lochview Theme Park (Scotland) Ltd

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lochview Theme Park (Scotland) Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mrs L J Connelly
Mr M T Taylor
Mr M R Taylor





REGISTERED OFFICE: c/o Gillespie & Anderson CA
147 Bath Street
Glasgow
G2 4SN





REGISTERED NUMBER: SC653954 (Scotland)





AUDITORS: Gillespie & Anderson
Statutory Auditors
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,502 29,002
Tangible assets 5 3,324,050 3,315,831
3,349,552 3,344,833

CURRENT ASSETS
Stocks 156,545 162,859
Debtors 6 1,040,533 1,015,931
Cash at bank and in hand 148,030 93,488
1,345,108 1,272,278
CREDITORS
Amounts falling due within one year 7 2,157,763 1,950,135
NET CURRENT LIABILITIES (812,655 ) (677,857 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,536,897

2,666,976

CREDITORS
Amounts falling due after more than one
year

8

(363,137

)

(382,131

)

PROVISIONS FOR LIABILITIES (462,275 ) (459,455 )
NET ASSETS 1,711,485 1,825,390

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,711,385 1,825,290
1,711,485 1,825,390

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





Mr M R Taylor - Director


Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Lochview Theme Park (Scotland) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which is dependent on the ongoing support of the company's creditors and the continuing availability of short-term finance to assist with the company's cash flow obligations.

Should this support be withdrawn, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to reduce the value of assets o their recoverable amount and to provide for any further liabilities which may arise.

Significant judgements and estimates
The directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Turnover
Turnover represents net sales of goods and services, excluding value added tax, and recognised when the company becomes entitled to the income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
The company recognises intangible assets when it is probable that the expected future economic benefits that are attributable to the asset will flow to the company, and when the cost (or value) of the asset can be measured reliably.

Such assets are measured initially at cost, with subsequent measurements being based on that cost, as adjusted by periodic amortisation and any impairment losses.The directors consider the assets acquired to have an estimated useful life of ten years, and the intangible assets are therefore amortised evenly over that period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 1% on cost
Plant and machinery etc - 20% on cost, 15% on cost, 10% on cost, 10% on reducing balance and 6.67% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of: cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits
The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate.

Provision for liabilities
A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised.

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 221 (2023 - 191 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 15,000 20,002 35,002
AMORTISATION
At 1 February 2023 - 6,000 6,000
Charge for year 1,500 2,000 3,500
At 31 January 2024 1,500 8,000 9,500
NET BOOK VALUE
At 31 January 2024 13,500 12,002 25,502
At 31 January 2023 15,000 14,002 29,002

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 1,466,564 2,337,878 3,804,442
Additions 10,446 451,358 461,804
Disposals - (150,706 ) (150,706 )
At 31 January 2024 1,477,010 2,638,530 4,115,540
DEPRECIATION
At 1 February 2023 41,122 447,489 488,611
Charge for year 14,770 319,149 333,919
Eliminated on disposal - (31,040 ) (31,040 )
At 31 January 2024 55,892 735,598 791,490
NET BOOK VALUE
At 31 January 2024 1,421,118 1,902,932 3,324,050
At 31 January 2023 1,425,442 1,890,389 3,315,831

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,684 64,242
Amounts owed by group undertakings 668,008 669,714
Other debtors 361,841 281,975
1,040,533 1,015,931

Lochview Theme Park (Scotland) Ltd (Registered number: SC653954)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 93,578
Trade creditors 315,386 359,822
Amounts owed to group undertakings 700,551 383,071
Taxation and social security 236,478 154,679
Other creditors 895,348 958,985
2,157,763 1,950,135

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,823 31,667
Other creditors 342,314 350,464
363,137 382,131

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alun Johnstone B.Acc CA (Senior Statutory Auditor)
for and on behalf of Gillespie & Anderson

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between the company, its parent company and its fellow subsidiaries within the group, all of which are wholly owned.

Included within other creditors at the financial year is an amount of £342,314 (2023 - £350,464) reflecting loans advanced to the company by the shareholders of the parent company (three of whom are the directors of Lochview Theme Park (Scotland) Ltd). The loan includes interest levied totalling £9,208 (2023 - £8,809) for the year, and the balance owed by the company is considered repayable after giving 12 months notice.

Other creditors also include an amount of £498,551 (2023 £561,139) owed to Continental Marketplace Ltd which is considered a related party by virtue of the control exerted over both entities by the same individuals.The loan is interest free and repayable on demand, with movements in the year relating to income received less expenses incurred by the company on behalf of Continental Marketplace Ltd

In additions, other creditors includes a loan advanced of £120,000 to the company by David Taylor (a family member of the directors) for financial support. The loan is interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be the parent company, Leisure Management (Scotland) Ltd, (a company registered in Scotland) by virtue of its controlling shareholding of 100% in the company. Leisure Management (Scotland) Ltd's registered office and principal place of business are identical to that of the company.

Control over the parent company is divided equally between the three directors of that company (who are also directors of this company) and Matthew W Taylor, all of whom own 25% of the parent company.