Company registration number 06675051 (England and Wales)
THE CLACTON PIER COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE CLACTON PIER COMPANY LIMITED
COMPANY INFORMATION
Directors
E Ball
W A Ball
Secretary
W A Ball
Company number
06675051
Registered office
Clacton Pier
1 North Sea
Clacton on Sea
Essex
CO15 1QX
Auditor
Sears Morgan Accountancy Limited
Chartered Certified Accountant
Elm Park House
Elm Park Court
Pinner
Middlesex
HA5 3NN
THE CLACTON PIER COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
THE CLACTON PIER COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The Directors present the strategic report for The Clacton Pier Company (the "Company") for the year ended 31 March 2023.

Principal activities

The principal activity of the Company is to develop, own and operate a leisure pier with multiple attractions and entertainment offerings.

Review of the business

During the year ended 31 March 2023, the Company saw a further improvement in trading activities when set against the prior year. This was in part due to the ‘legacy’ that followed the Covid 'bounce-back' reported previously. In the period immediately following the height of the pandemic the British public sought respite from the social withdrawal and consequently most UK attractions saw increased footfall.

The Pier was a benefactor of this pent-up demand, visitors were made up of not only returning customers, but also new customers who needed to consider UK towns and attractions for a short break as travel restrictions abroad remained in place. In the case of Clacton Pier there had been recent multi-million-pound investment in various improvements and new attractions, the Covid ‘bounce back’ provided an opportunity to showcase a vibrant and regenerated pier and this was exceptionally well received. Thus, creating a ‘lasting legacy’ consisting of returning customers who had benefitted from an experience that exceeded their expectations.

The Looping Star roller coaster opened on the pier towards the end of the 2021 season, and so it was effectively the major new attraction at the pier for the 2022 summer season. The interest that this new attraction created helped sustain footfall and improve dwell time.

The Company was able to focus attention on creating future growth and efficiencies within the business during the year. Investment was made in creating new workshop and maintenance facilities, the provision of these improved facilities has helped reduce downtime of equipment and create operational efficiencies, while lowering the need to outsource certain works.

The year also saw the closure of the Seaquarium attraction. The energy crisis was a significant factor in the decision, in a department that had been subject to substantial increases in both overheads and regulation. Work to remove the attraction took place within the year with all livestock being rehomed successfully. In the final quarter of the year work began to create Jurassic Pier, the new dinosaur walkthrough and 4D encounter which opened in the summer of 2024.

Principal risks and uncertainties

The Directors are familiar with the inherent risks associated with the industry and the operation of a leisure pier. Principle areas of risk, including risks associated with the use of financial instruments, are:

Liquidity risk: the Company regularly monitors cash, including forecast cash flows, to ensure sufficient cash is available to meet the liquidity needs of the business.

Credit risk: the Company banks with a reputable high street bank to reduce credit risk. Regular reviews of key suppliers are also undertaken to minimise supply chain risks.

Competitive risk: the Company proactively assesses the potential impact of Competitors investing in new facilities. The Company continues to evolve and improve the offering to maintain market position and growth of customer visits and retained earnings.

 

Other economic risk: the Company actively invests in energy-efficient technologies and practices to mitigate future increases to energy prices as a result of the 2022/23 energy crisis.

 

These uncertainties are carefully considered in the Company's planning and decision making and the Directors remain confident that the Company will continue to adapt and deliver continued growth and investment, both in the immediate and longer term.

THE CLACTON PIER COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Key performance indicators

The Company monitors its financial performance through the use of financial markers such as turnover, gross profit and net profit before tax through preparation of quarterly management accounts and reports. The Directors also review performance by analysing visitor numbers and dwell time throughout the year.

On behalf of the board

W A Ball
Director
31 October 2024
THE CLACTON PIER COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The Directors annual report and audited financial statements for the year ended 31 March 2023.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

Directors

The Directors who held office during the year and up to the date of signature of the financial statements were as follows:

E Ball
W A Ball
Qualifying third party indemnity provisions

The Company maintains appropriate third-party indemnity provisions and insurance cover in respect of legal actions against the Directors as well as against material loss or claims against the Company. The adequacy of cover is reviewed regularly.

Post reporting date events

On 29 November 2023, the Company entered into a new loan agreement with its principal bankers NatWest. This loan consolidated the existing NatWest Loan and two other loans with fixed charges over two specific pier ride assets. The consolidation reduced the overall interest costs to the Company and the total facility amount was £6.87m with an interest rate charge of 1.85% over bank base rate. The loan agreement contains financial covenants tests that are measured and reported to the lender in accordance with the terms of the loan agreement. The bank continue to hold security in the form of registered charges and a debenture over the fixed and floating property of the Company.

Going concern

During the year ended 31 March 2023, the Company has made a profit after tax of £1,074,459 (2022: 946,758), and is in a net asset position of £4,294,046 (2022: £3,174,587) however, the Company is in a net current liability position of £5,498,606 (2022: £1,347,222). Given the net current liabilities position, the Directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of signing these accounts which show that the business is expected to continue to generate profit and be able to pay its liabilities as they fall due. As such, the Directors have a reasonable expectation that the Company has adequate resources to pay its liabilities as they fall due for a period of 12 months from the signing of these financial statements, and the Directors have adopted the going concern basis of accounting in the preparation of these financial statements.

Future developments

The Company continues to invest in new attractions, the pier structure, facilities, and amusement machines. The latest attraction under construction at year end was Jurassic Pier, a dinosaur walkthrough and 4D encounter which opened in the summer of 2024. The Company will continue to develop and refine the new workshop facilities and numerous other smaller enhancements throughout the site.

Disclosure of information relating to the strategic report

Disclosures relating to the future developments of the Company and its principal risks and uncertainties have been

included in the Strategic report.

Auditor

Sears Morgan Accountancy Limited were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

THE CLACTON PIER COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

On behalf of the board
W A Ball
Director
31 October 2024
THE CLACTON PIER COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The Directors are responsible for preparing the annual report 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

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 of the profit or loss of the Company for that period.

 

In preparing these financial statements, the Directors are required to:

 

 

The Directors' are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE CLACTON PIER COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CLACTON PIER COMPANY LIMITED
- 6 -
Opinion

We have audited the financial statements of The Clacton Pier Company Limited (the 'company') for the year ended 31 March 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

THE CLACTON PIER COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CLACTON PIER COMPANY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 lo which our procedures are capable or 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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

THE CLACTON PIER COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CLACTON PIER COMPANY LIMITED (CONTINUED)
- 8 -

In response to the risk of irregularities, including fraud, and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, omissions

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

N. Kerr FCCA
Elm Park House
Senior Statutory Auditor
Elm Park Court
For and on behalf of Sears Morgan Accountancy Limited
Pinner
Chartered Certified Accountants
Middlesex
Statutory Auditor
HA5 3NN
31 October 2024
THE CLACTON PIER COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
8,150,828
7,605,809
Cost of sales
(2,381,421)
(2,330,809)
Gross profit
5,769,407
5,275,000
Administrative expenses
(4,380,996)
(3,834,355)
Other operating income
75,256
218,441
Operating profit
4
1,463,667
1,659,086
Interest payable and similar expenses
7
(433,489)
(253,011)
Profit before taxation
1,030,178
1,406,075
Tax on profit
8
44,281
(459,317)
Profit for the financial year
1,074,459
946,758

The profit and loss account has been prepared on the basis that all operations are continuing operations.

THE CLACTON PIER COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
-
2,300
Tangible assets
10
13,066,158
11,971,562
13,066,158
11,973,862
Current assets
Stocks
11
317,061
288,421
Debtors
12
1,048,288
890,092
Cash at bank and in hand
419,634
761,507
1,784,983
1,940,020
Creditors: amounts falling due within one year
13
(7,283,589)
(3,287,242)
Net current liabilities
(5,498,606)
(1,347,222)
Total assets less current liabilities
7,567,552
10,626,640
Creditors: amounts falling due after more than one year
14
(2,247,141)
(6,381,407)
Provisions for liabilities
Deferred tax liability
17
1,026,365
1,070,646
(1,026,365)
(1,070,646)
Net assets
4,294,046
3,174,587
Capital and reserves
Called up share capital
19
100,000
100,000
Capital contribution reserve
20
45,000
-
0
Profit and loss reserves
4,149,046
3,074,587
Total equity
4,294,046
3,174,587
The financial statements were approved by the board of Directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
W A Ball
Director
Company registration number 06675051 (England and Wales)
THE CLACTON PIER COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
100,000
-
0
2,127,829
2,227,829
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
946,758
946,758
Balance at 31 March 2022
100,000
-
0
3,074,587
3,174,587
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
1,074,459
1,074,459
Capital contribution made in the year
20
-
0
45,000
-
0
45,000
Balance at 31 March 2023
100,000
45,000
4,149,046
4,294,046
THE CLACTON PIER COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,611,651
3,567,634
Investing activities
Purchase of tangible fixed assets
(2,021,132)
(3,029,908)
Proceeds from disposal of tangible fixed assets
83,845
29,900
Net cash used in investing activities
(1,937,287)
(3,000,008)
Financing activities
Proceeds from borrowings
-
0
910,000
Repayment of borrowings
(319,085)
(207,876)
Repayment of bank loans
(504,683)
(458,346)
Payment of finance leases obligations
(57,724)
30,988
Interest paid
(433,489)
(253,011)
Net cash (used in)/generated from financing activities
(1,314,981)
21,755
Net (decrease)/increase in cash and cash equivalents
(640,617)
589,381
Cash and cash equivalents at beginning of year
656,500
67,119
Cash and cash equivalents at end of year
15,883
656,500
Relating to:
Cash at bank and in hand
419,634
761,507
Bank overdrafts included in creditors payable within one year
(403,751)
(105,007)
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

The Clacton Pier Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clacton Pier, 1 North Sea, Clacton on Sea, CO15 1QX.

 

The principal activity of the Company is that of a pier operator.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year ended 31 March 2023, the Company has made a profit after tax of true£1,074,459 (2022: 946,758), and is in a net asset position of £4,294,046 (2022: £3,174,587) however, the Company is in a net current liability position of £5,498,606 (2022: £1,347,222). Given the net current liabilities position, the Directors have prepared detailed cash flow forecasts covering a period of at least 12 months from the date of signing these accounts which show that the business is expected to continue to generate profit and be able to pay its liabilities as they fall due. As such, the Directors have a reasonable expectation that the Company has adequate resources to pay its liabilities as they fall due for a period of 12 months from the signing of these financial statements, and the Directors have adopted the going concern basis of accounting in the preparation of these financial statements.

1.3
Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover from operational sales is recognised at the point of sale as this is the point where the significant benefits and risks of ownership are transferred. Revenue arising from the sale of 'credits' on the Company's Fun Card system is deferred and recognised only when they are redeemed for goods and services.

 

Turnover on Machine Game Duty classified machines is recognised gross with a corresponding Machine Game Duty liability recognised as a cost.

 

Income from rentals is recognised over the term of the rental agreement.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
10 years
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% reducing balance basis
Fixtures, fittings and equipment
10% reducing balance basis
Pier Rides
10% reducing balance basis
Amusement machines
10% reducing balance basis
Props
10% reducing balance basis
Motor vehicles
25% reducing balance basis

Freehold land and buildings values are assessed annually and may vary depending on a number of factors. Value assessments consider issues such as the remaining life of the asset and projected disposal values. Subsequently, no depreciation is provided on freehold land and buildings as in the opinion of the Directors the value of the freehold land and buildings has not materially decreased.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Assets held under finance leases are depreciated over the term of the lease.

1.6
Impairment of fixed assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks

Bar and consumable stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Swag stock is computed on a weighted average value, for swag stock held in machines at the year end an estimation technique is used in determining the quantity held in the machines.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments (continued)
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Taxation (continued)
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The Company has not made any critical estimates in applying the entity's accounting policies.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capitalisation of wages

The Company performs various construction projects on and under the pier and from time to time utilises its own labour force. The Directors make a judgement of the amount of time specific employees spend on these projects and charges their employment costs to the asset under construction. In the year under review employment costs totaling £619,245 (2022: £nil) were capitalised.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Leisure pier operations
8,150,828
7,605,809
2023
2022
£
£
Other revenue
Grants received
-
117,289
Rent receivable
75,256
79,916
Sundry income
-
21,236
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(117,289)
Fees payable to the Company's auditor for the audit of the Company's financial statements
4,000
4,000
Depreciation of owned tangible fixed assets
817,235
565,143
Depreciation of tangible fixed assets held under finance leases
82,433
57,581
Loss on disposal of tangible fixed assets
25,456
50,950
Amortisation of intangible assets
2,300
-
Operating lease charges
242,530
135,413
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
5
Employees

The average monthly number of persons (including Directors) employed by the Company during the year was:

2023
2022
Number
Number
130
111

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,754,221
1,619,112
Social security costs
123,947
96,297
Pension costs
31,173
19,776
1,909,341
1,735,185

In addition to the above stated remuneration charged to the profit and loss, wages and salaries of £350,936 (2022: £nil) and social security costs of £28,089 (2022: £nil) were capitalised during the year.

6
Directors' remuneration

No remuneration was paid to the Directors in the current or previous year.

7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
200,233
147,583
Other interest on financial liabilities
167,784
81,361
368,017
228,944
Other finance costs:
Interest on finance leases and hire purchase contracts
65,472
24,067
433,489
253,011
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(44,281)
459,317

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,030,178
1,406,075
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
195,734
267,154
Tax effect of expenses that are not deductible in determining taxable profit
27,428
125,265
Unutilised tax losses carried forward
-
0
436,337
Adjustments in respect of prior years
(107,262)
-
0
Accelerated capital allowances
-
0
(828,756)
Deferred tax increase
-
0
459,317
Super deduction
(45,586)
-
0
Remeasurements of deferred tax upon change in tax rate to 25%
(94,223)
-
0
Other timing differences
(20,372)
-
0
Taxation (credit)/charge for the year
(44,281)
459,317

Factors that may affect future tax charges/credits:

The rate of UK Corporation tax increased from 19% to 25% on 6 April 2023. Deferred tax assets and liabilities have been calculated at the rate at which the relevant balances are expected to be recovered or settled (25%).

 

There are no other future factors at the reporting date that are expected to impact the Company's future tax charge.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
9
Intangible fixed assets
Patents & licences
£
Cost
At 1 April 2022 and 31 March 2023
2,300
Amortisation and impairment
At 1 April 2022
-
0
Amortisation charged for the year
2,300
At 31 March 2023
2,300
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
2,300
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings and equipment
Pier Rides
Amusement machines
Props
Motor vehicles
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 April 2022
4,287,713
-
0
4,956,418
555,273
3,836,534
2,742,631
125,373
14,689
16,518,631
Additions
305,042
1,337,271
83,961
7,465
81,018
184,635
21,740
-
0
2,021,132
Disposals
-
0
-
0
-
0
-
0
(50,000)
(92,429)
-
0
-
0
(142,429)
Transfers
326,673
(688,470)
127,648
2,531
162,018
69,600
-
0
-
0
-
0
At 31 March 2023
4,919,428
648,801
5,168,027
565,269
4,029,570
2,904,437
147,113
14,689
18,397,334
Depreciation and impairment
At 1 April 2022
-
0
-
0
2,235,873
327,125
929,887
1,028,332
21,119
4,733
4,547,069
Depreciation charged in the year
-
0
-
0
283,002
36,682
299,445
184,346
11,257
2,503
817,235
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(5,375)
(27,753)
-
0
-
0
(33,128)
At 31 March 2023
-
0
-
0
2,518,875
363,807
1,223,957
1,184,925
32,376
7,236
5,331,176
Carrying amount
At 31 March 2023
4,919,428
648,801
2,649,152
201,462
2,805,613
1,719,512
114,737
7,453
13,066,158
At 31 March 2022
4,287,713
-
0
2,720,545
228,148
2,906,647
1,714,299
104,254
9,956
11,971,562
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
271,433
305,019
Amusement machines
447,509
401,778
Motor vehicles
7,509
10,013
726,451
716,810
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
317,061
288,421
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
979,258
609,857
Other debtors
-
0
180,838
Prepayments and accrued income
69,030
99,397
1,048,288
890,092

In the prior year, assets under construction totaling £141,298 were included within other debtors. In the current year, assets under construction are presented within tangible fixed assets and the opening balance from the prior year has been included within additions (see note 11). No prior year restatement has been made in relation to assets under construction since the Directors deem this to be immaterial.

 

Related party debtors are outlined in note 23 to the financial statements.

13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
4,471,818
965,257
Obligations under finance leases
16
154,160
168,806
Other borrowings
15
356,107
296,504
Trade creditors
1,365,445
1,360,875
Taxation and social security
395,974
93,859
Other creditors
183,978
60,987
Accruals and deferred income
356,107
340,954
7,283,589
3,287,242
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
563,334
4,275,834
Obligations under finance leases
16
428,320
471,398
Other borrowings
15
1,255,487
1,634,175
2,247,141
6,381,407
15
Loans and overdrafts
2023
2022
£
£
Bank loans
4,631,401
5,136,084
Bank overdrafts
403,751
105,007
Other loans
1,611,594
1,930,679
6,646,746
7,171,770
Payable within one year
4,827,925
1,261,761
Payable after one year
1,818,821
5,910,009

Bank borrowings are secured by fixed and floating charges over property of the Company. Interest on bank loans is charged at 2.20% (2022: 2.20%) per annum over base rate.

 

Also included within other loans are amounts totalling £551,803 (2022: 862,203) with fixed and floating charges over two specific pier ride assets, with a net book value of £1,087,689 (2022: £1,169,061). Interest is fixed on these loans at effective rates of 7.65% and 7.77% (2022: 7.65% and 7.77% respectively).

Related party other loan creditors are outlined in note 24 to the financial statements.

16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
196,846
216,410
In two to five years
474,169
536,986
671,015
753,396
Less: future finance charges
(88,535)
(113,192)
582,480
640,204

Finance lease payments represent rentals payable by the Company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the assets. The average lease term is 3 and 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
1,418,960
1,496,951
-
-
Tax losses
-
-
(392,595)
(426,305)
1,418,960
1,496,951
(392,595)
(426,305)
2023
Movements in the year:
£
Net liability at 1 April 2022
1,070,646
Credit to profit or loss
(44,281)
Net liability at 31 March 2023
1,026,365
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,173
19,776

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £5,780 (2022: £4,548) were payable to the funds at the year end and are included in taxation and other social security.

THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
60,000
60,000
60,000
60,000
Ordinary B shares of £1 each
40,000
40,000
40,000
40,000
100,000
100,000
100,000
100,000

'A' and 'B' shares carry one vote each and rank parri passu.

20
Capital contribution reserve

Capital contribution reserve relates to the introduction of tangible fixed assets of £45,000 (2022: £nil) into the business by the shareholders.

21
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,074,459
946,758
Adjustments for:
Taxation (credited)/charged
(44,281)
459,317
Finance costs
433,489
253,011
Loss on disposal of tangible fixed assets
25,456
50,950
Amortisation and impairment of intangible assets
2,300
-
0
Depreciation and impairment of tangible fixed assets
817,235
622,724
Movements in working capital:
(Increase)/decrease in stocks
(28,640)
40,222
(Increase)/decrease in debtors
(113,196)
786,702
Increase in creditors
444,829
407,950
Cash generated from operations
2,611,651
3,567,634
22
Analysis of changes in net debt
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
761,507
(341,873)
419,634
Bank overdrafts
(105,007)
(298,744)
(403,751)
656,500
(640,617)
15,883
Borrowings excluding overdrafts
(7,066,763)
823,768
(6,242,995)
Obligations under finance leases
(640,204)
57,724
(582,480)
(7,050,467)
240,875
(6,809,592)
THE CLACTON PIER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
23
Related party transactions
Remuneration of key management personnel

The Directors do not consider there to be any key management personnel apart from the Directors who do not receive any remuneration from the Company. In the prior year, remuneration of £124,468 was disclosed as part of key management personnel. However, after review, the Directors do not consider these employees to fall within the definition of key management personnel.

Transactions with related parties

During the year the Company entered into the following transactions with related parties:

During the year, turnover and recharged costs of £18,919 (2022: £9,107), fixed asset sales of £114,000 (2022: £nil), cost of sales of £396,274 (2022 restated: £482,000), fixed asset purchases of £140,250 (2022: £334,696), administrative expenses of £27,906 (2022 restated: £41,302) and loan interest £28,552 (2022: £36,410), was transacted with Ball Brothers Limited, a company with common Directors.

 

At the balance sheet date, trade debtors included £848,539 (2022: £458,113) and other loan creditors £613,212 (2022: £700,660) in relation to Ball Brothers Limited, a company with common Directors. Interest is charged at a variable rate on the other loan creditor, and this equated to an effective rate of 6.97% (2022: 6.62%) in the year under review.

 

During the year, turnover of £nil (2022: £7,944), fixed asset sales of £6,858 (2022: £nil), cost of sales of £53,136 (2022: £22,496), fixed asset purchases of £nil (2022: £5,456) and administrative expenses of £44,432 (2022: £7,081) was transacted with W Ball & Sons Amusements, an unincorporated partnership with common Directors.

 

At the balance sheet date trade debtors included £80,410 (2022: £44,303), trade creditors £12,137 (2022: £8,299) and other loan creditors £53,785 (2022: £53,785) in relation to W Ball & Sons Amusements, an unincorporated partnership with common Directors.

 

Transactions with Directors

 

During the year the Company paid costs of the Directors totaling £1,330 (2022: £133,216) and were also advanced monies by the Company totaling £10,000 (2022: £910,000). They repaid £134,321 (2022: £729,737).

 

At the balance sheet date the total amounts owed to the Directors by the Company was £183,978 (2022: £60,987) and is included within other creditors: amounts due within one year.

 

The Directors have also given a personal guarantee jointly and severally for a total amount of £57,632 (2022: £76,030) in relation to a loan obtained by the Company in the year which is included within other loans.

24
Ultimate controlling party

The Company has no ultimate controlling party.

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