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REGISTERED NUMBER: 05346727 (England and Wales)















ATTRACTION WORLD LIMITED

Unaudited Financial Statements for the Year Ended 31 October 2023






ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


ATTRACTION WORLD LIMITED

Company Information
for the year ended 31 October 2023







Directors: J D Mahoney
O E Nicholls





Registered office: First Floor New Oxford House
Waterloo Street
Birmingham
West Midlands
B2 5UG





Registered number: 05346727 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Balance Sheet
31 October 2023

2023 2022
as restated
Notes £ £ £ £
Fixed assets
Intangible assets 4 132,700 119,335
Tangible assets 5 92,791 98,834
225,491 218,169

Current assets
Debtors 6 7,965,306 14,121,014
Cash at bank 1,277,104 741,587
9,242,410 14,862,601
Creditors
Amounts falling due within one year 7 8,124,116 10,084,382
Net current assets 1,118,294 4,778,219
Total assets less current liabilities 1,343,785 4,996,388

Provisions for liabilities 10 - 47,592
Net assets 1,343,785 4,948,796

Capital and reserves
Called up share capital 11 311 311
Retained earnings 12 1,343,474 4,948,485
Shareholders' funds 1,343,785 4,948,796

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 30 October 2024 and were signed on its behalf by:




O E Nicholls - Director


ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements
for the year ended 31 October 2023

1. Statutory information

Attraction World Limited is a private company, incorporated and domiciled in the United Kingdom. The address of its registered office is First Floor New Oxford House, Waterloo Street, Birmingham, B2 5UG.

The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 31 October 2023 (2022: year ended 31 October 2022).

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Going concern
At the time of signing the accounts, the forecasts indicate that the company will continue to trade for a period of at least 12 months and that the company will be able to operate within the banking facilities available to it. On this basis, the directors have prepared these financial statements on a going concern basis.

The directors consider that it is appropriate for the financial statements to be prepared on a going concern basis due to their confidence that they will be able to access funding to meet their working capital requirements for a period of at least 12 months from the date of signing these accounts.

Total transaction value
Total transaction value (TTV) is the total gross sales amounts receivable in respect of tourist attraction ticket sales and travel sales for the year. TTV does not represent statutory turnover.

Trade debtors still represent gross amounts receivable and trade creditors still represent gross amounts payable, in respect of attraction tickets.

In order to provide the users of the financial statements with a measure of the gross value of the business the total value of all sales transactions is shown as a memorandum item at the top of the .
profit and loss account.

Total transaction value represents the price at which products or services are sold, net of any value added taxes and discounts.

Turnover - commission and margin
Turnover represents the net commission earned from services provided falling within the company’s activities after value added tax and other sales taxes.

Operating leases: the company as a lessee
Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic life of 4 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. Accounting policies - continued

Interest income
Interest income is recognised in the profit and loss account using the effective interest method.

Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Foreign currency translation
Functional and presentation currency
The company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the except profit and loss account that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. Accounting policies - continued

Intangible assets
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life.

Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years. Amortisation is provided on the following bases:

Development expenditure - 25 % straight line

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Repairs and maintenance are charged to the profit and loss account during the period in which they are incurred. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided at the following basis:

Plant and machinery - 25% straight line
Fixtures and fittings - 10% straight line
Computer equipment - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. Accounting policies - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit and loss account in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

4. Intangible fixed assets
Development
Goodwill costs Totals
£ £ £
Cost
At 1 November 2022 344,137 102,494 446,631
Additions - 67,095 67,095
At 31 October 2023 344,137 169,589 513,726
Amortisation
At 1 November 2022 297,558 29,738 327,296
Amortisation for year 17,207 36,523 53,730
At 31 October 2023 314,765 66,261 381,026
Net book value
At 31 October 2023 29,372 103,328 132,700
At 31 October 2022 46,579 72,756 119,335

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 November 2022 99,783 160,496 83,737 344,016
Additions - 15,440 12,540 27,980
At 31 October 2023 99,783 175,936 96,277 371,996
Depreciation
At 1 November 2022 99,683 82,824 62,675 245,182
Charge for year 100 15,399 18,524 34,023
At 31 October 2023 99,783 98,223 81,199 279,205
Net book value
At 31 October 2023 - 77,713 15,078 92,791
At 31 October 2022 100 77,672 21,062 98,834

6. Debtors: amounts falling due within one year
2023 2022
as restated
£ £
Trade debtors 206,305 2,255,207
Amounts owed by group undertakings 1,645,413 4,482,225
Other debtors 1,733,694 932,653
Corporation tax 141,185 -
Deferred tax asset 1,119,794 -
Financial instruments 274,508 370,583
Prepayments and accrued income 2,844,407 6,080,346
7,965,306 14,121,014

All amounts fall due for payment within one year. Amounts owed by group undertakings are free from interest, unsecured, and repayable on demand.

7. Creditors: amounts falling due within one year
2023 2022
as restated
£ £
Payments received on account 4,978,297 7,212,135
Trade creditors 2,734,218 2,318,142
Corporation tax - 144,547
Other creditors 72,934 12,230
Accruals and deferred income 338,667 397,328
8,124,116 10,084,382

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£ £
Within one year 112,772 50,306
Between one and five years 225,070 251,529
337,842 301,835

9. Exceptional costs

During the year, Attraction World Limited incurred exceptional costs of £4,315,977, (2022: £Nil) charged to the Profit and Loss account. These costs relate to the removal of old balances that were no longer recoverable or relevant to the business.

Following a financial review, these balances were written off to present a clearer and more accurate financial position. The adjustments are one-off in nature, classified as exceptional due to their significant impact on the year's results. It is important to note that these costs do not reflect the underlying profitability of the company.

10. Provisions for liabilities
2023 2022
as restated
£ £
Deferred tax - 27,592
Dilapidation provision - 20,000
- 47,592

Deferred tax
£
Balance at 1 November 2022 27,592
Credit to Profit and Loss Account during year (1,147,386 )
Balance at 31 October 2023 (1,119,794 )

The deferred taxation balance is made up as follows:

20232022
£   £   
Fixed asset timing differences33,60628,260
Short-term timing differences(483)(668)
Losses and other deductions(1,152,917)-
(1,119,794)27,592

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£ £
3,112 Ordinary £0.10 311 311

The profits of the company are available for distribution in respect of each accounting period. In the event of winding-up the company, surplus assets and retained profits of the company after payment of its liabilities are available for distribution among the members. All shares carry voting rights of one vote per share.

ATTRACTION WORLD LIMITED (REGISTERED NUMBER: 05346727)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

12. Reserves

Share capital
Called up share capital represents the nominal value of the shares issued.

Profit and loss account
This reserve represents cumulative profits or losses net of dividends paid and other adjustments.

13. Pension commitments

The company operates a defined benefit contribution scheme for its employees. The assets of the scheme are administered in a fund independent from those of the company. The total contributions paid in the year amounted to £64,728 (2022: £58,664).

14. Contingent liabilities

On 18 August 2007, the company registered a charge over current assets and obligations, in favour of Barclays Bank PLC.. This charge was satisfied during the year on 3 October 2023.

On 4 March 2011, the company registered a fixed charge over current assets and obligations, in favour of Barclays Bank PLC.. This charge was satisfied during the year on 3 October 2023.

On 29 March 2016, the company registered a fixed and floating charge over all current and future assets and obligations, in favour of Barclays Bank PLC.

During the year ended 31 October 2020, the parent company obtained a Coronavirus Business Interruption Loan. The loan is secured through a cross guarantee and asset debenture between Attraction World Holdings Limited and Attraction World Limited. The outstanding balance of this loan as at the 31 October 2023 was £1,107,693 (2022: £1,200,000).

On 16 October 2023, a fixed and floating charge over all current and future assets of the company and the group was registered by Highmore Financing CO XII, LP, in respect of group debentures.

15. Related party disclosures

The company has taken advantage of the exemption conferred by FRS 102 section 33 'Related Party Disclosures' not to disclose transactions with companies within the group which it is a member, where these transactions occur between entities which are 100% owned members of that group.

16. Ultimate parent undertaking and controlling party

The immediate parent company is Attraction World Holdings Limited. Attraction World Holdings Limited is incorporated and domiciled in the United Kingdom, and shares the same registered office at First Floor New Oxford House, Waterloo Street, Birmingham, B2 5UG.

At the balance sheet date, the ultimate parent undertaking of the group is Jipovo B.V. Jipovo B.V. was incorporated and domiciled in Amsterdam and has a registered address of Leeuwarderweg 20, 1025RW Amsterdam. The ultimate controlling party is Gert-Jan Ruiter by virtue of his shareholdings.

The company, and the group it headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and are therefore considered eligible for the exemption to prepare consolidated accounts.