REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Lochview Theme Park (Scotland) Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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Should this support be withdrawn, the company may be unable to realise its assets and discharge its liabilities in the normal course of business, whilst adjustments would have to be made to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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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. | 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. |