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Registered number: SC022655













JOHN CODONA'S PLEASURE FAIRS LIMITED







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED 31 JANUARY 2024

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Alan J Codona 
Nancy Codona 
Andrea Codona 
Marissa A Hopkins 
Alan J Codona Jnr 
Alfred J Codona 
Jack Codona (appointed 10 August 2023)




COMPANY SECRETARY
Alan J Codona



REGISTERED NUMBER
SC022655



REGISTERED OFFICE
Amusement Park
Beach Boulevard

Aberdeen

AB24 5ED




INDEPENDENT AUDITORS
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 29


 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The directors present their report and the financial statements for the year ended 31 January 2024.

Business review
 
The directors are satisfied with the results for the year.  The profits generated in the year and in prior years will contribute to repay the loan that was drawn down during the Covid restrictions as well as finance a program of refurbishment works throughout the organisation. Having now successfully completed the refurbishment of the exterior of the complex as well as the 10 pin Bowling and Bar facility, the directors intend to continue these refurbishment works throughout the remainder of the indoor complex. 
The directors are continually looking at opportunities to grow and develop the operations of the company and will continue to seek opportunities to invest and develop the business.
Professional working practices, customer care, health and safety procedures and development of staff remain extremely important factors for the continual development of the company.

Principal risks and uncertainties
 
The management of the business and the performance of the company are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the local economic climate.
The company has considerable financial resources together with a mixture of debt finance. As a consequence, the directors believe that the company is well placed to manage its business risks successfully.
The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

KEY PERFORMANCE INDICATORS
 
In monitoring the company's financial performance the directors monitor revenue as their primary KPI and are satisfied with the revenue achieved during the year.

 

This report was approved by the board and signed on its behalf.



Alfred J Codona
Director

Date: 30 October 2024

Page 1
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £286,790 (2023 -  £1,177,311).

DIRECTORS

The directors who served during the year were:

Alan J Codona 
Nancy Codona 
Andrea Codona 
Marissa A Hopkins 
Alan J Codona Jnr 
Alfred J Codona 
Jack Codona (appointed 10 August 2023)

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsAnderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Alfred J Codona
Director

Date: 30 October 2024

Page 2
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED
 

OPINION


We have audited the financial statements of John Codona's Pleasure Fairs Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 4
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 5
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to
be:

Management override of controls to manipulate the company’s key performance indicators to meet targets
Timing and completeness of revenue recognition
Existence and valuation of stock
Management judgement applied in calculating provisions against the carrying value of stock and debtors
Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading

Our audit procedures to respond to these risks included:

Testing of journal entries and other adjustments for appropriateness
Evaluating the business rationale of significant transactions outside the normal course of business
Reviewing judgements made by management in their calculation of accounting estimates for potential management bias
Enquiries of management about litigation and claims and inspection of relevant correspondence
Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
Reviewing a sample of year end debtor balances to ensure post year end receipts support debtor recoverability
Reviewing a sample of January 2023 and February 2023 sales and purchases to ensure relevant income and costs have been recorded accurately in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

 

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN CODONA'S PLEASURE FAIRS LIMITED (CONTINUED)

USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Derek Mair (Senior statutory auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU

31 October 2024
Page 7
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 3 
7,400,356
7,701,789

Cost of sales
  
(1,028,322)
(946,540)

Gross profit
  
6,372,034
6,755,249

Administrative expenses
  
(5,975,687)
(5,294,211)

Other operating income
 4 
-
19,006

Operating profit
  
396,347
1,480,044

Income from fixed assets investments
  
5,374
1,695

Interest receivable and similar income
  
67,343
12,182

Interest payable and similar expenses
  
(57,847)
(40,623)

Profit before tax
  
411,217
1,453,298

Tax on profit
 9 
(124,427)
(275,987)

Profit for the financial year
  
286,790
1,177,311

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 15 to 29 form part of these financial statements.

Page 8
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

REGISTERED NUMBER:SC022655

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
4,454,176
3,799,969

  
4,454,176
3,799,969

Current assets
  

Stocks
 12 
81,319
142,058

Debtors: amounts falling due within one year
 13 
1,000,419
783,156

Current asset investments
 14 
24,903
19,530

Cash at bank and in hand
 15 
2,743,994
3,760,837

  
3,850,635
4,705,581

Creditors: amounts falling due within one year
 16 
(1,292,050)
(1,475,840)

Net current assets
  
 
 
2,558,585
 
 
3,229,741

Total assets less current liabilities
  
7,012,761
7,029,710

Creditors: amounts falling due after more than one year
 17 
(400,000)
(700,000)

Provisions for liabilities
  

Deferred tax
 19 
(916,828)
(770,567)

  
 
 
(916,828)
 
 
(770,567)

Net assets
  
5,695,933
5,559,143


Capital and reserves
  

Called up share capital 
 20 
4,332
4,332

Capital redemption reserve
  
1,168
1,168

Profit and loss account
  
5,690,433
5,553,643

  
5,695,933
5,559,143


Page 9
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED

REGISTERED NUMBER:SC022655

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Alfred J Codona
Director

Date: 30 October 2024

The notes on pages 15 to 29 form part of these financial statements.

Page 10
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
4,332
1,168
4,919,332
4,924,832



Profit for the year
-
-
1,177,311
1,177,311

Dividends: Equity capital
-
-
(543,000)
(543,000)



At 1 February 2023
4,332
1,168
5,553,643
5,559,143



Profit for the year
-
-
286,790
286,790

Dividends: Equity capital
-
-
(150,000)
(150,000)


At 31 January 2024
4,332
1,168
5,690,433
5,695,933


The notes on pages 15 to 29 form part of these financial statements.

Page 11
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
286,790
1,177,311

Adjustments for:

Depreciation of tangible assets
485,619
423,316

Loss on disposal of tangible assets
(6,298)
(32,658)

Interest paid
57,847
40,623

Interest received
(72,717)
(13,877)

Taxation charge
124,427
275,987

Decrease/(increase) in stocks
60,739
(34,618)

Increase in debtors
(252,262)
(210,904)

Decrease/(increase) in amounts owed by participating interests
35,000
(100,000)

Increase/(decrease) in creditors
48,124
(82,661)

Corporation tax paid
(210,080)
(200,537)

Net cash generated from operating activities

557,189
1,241,982


Cash flows from investing activities

Purchase of intangible fixed assets
-
(440,687)

Sale of intangible assets
-
50,018

Purchase of tangible fixed assets
(1,176,118)
-

Sale of tangible fixed assets
42,590
-

Interest received
67,343
12,182

Income from investments
-
1,695

Net cash from investing activities

(1,066,185)
(376,792)
Page 12
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(300,000)
(300,000)

Dividends paid
(150,000)
(543,000)

Interest paid
(57,847)
(40,623)

Net cash used in financing activities
(507,847)
(883,623)

Net (decrease) in cash and cash equivalents
(1,016,843)
(18,433)

Cash and cash equivalents at beginning of year
3,760,837
3,779,270

Cash and cash equivalents at the end of year
2,743,994
3,760,837


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,743,994
3,760,837

2,743,994
3,760,837


The notes on pages 15 to 29 form part of these financial statements.

Page 13
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

3,760,837

(1,016,843)

2,743,994

Debt due after 1 year

(700,000)

700,000

-

Debt due within 1 year

(300,000)

(400,000)

(700,000)


2,760,837
(716,843)
2,043,994

The notes on pages 15 to 29 form part of these financial statements.

Page 14
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

John Codona's Pleasure Fairs Limited is a private company limited by shares incorporated in Scotland. The registered office is Amusement Park, Beach Boulevard, Aberdeen.
The principal activity of the company is the provision of amusement and recreational activities. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2
Going Concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

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.

Page 15
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation 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 on the following basis:

L/Term Leasehold Property
-
10 - 40 years
Plant, equipment and motor vehicles
-
5 - 40 years
Office equipment
-
3 years
Coin operated machines
-
5 years

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 profit or loss.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Page 16
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.9
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 

Page 17
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.13

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Finance costs

Finance costs are charged to profit or loss 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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.16

Pensions

Defined contribution pension plan
The Company contributes to 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 Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Interest income

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

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 20
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,400,356
7,701,789

7,400,356
7,701,789



4.


Other operating income

2024
2023
£
£

Government grants receivable
-
19,006

-
19,006



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
13,000

6.


Employees

2024
2023
£
£

Wages and salaries
2,503,329
2,421,719

Social security costs
167,237
164,600

Cost of defined contribution scheme
319,020
29,079

2,989,586
2,615,398


The average monthly number of employees, including directors, during the year was 207 (2023 - 215).

Page 21
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
307,339
286,726

Company contributions to defined contribution pension schemes
287,500
-

594,839
286,726


During the year retirement benefits were accruing to 4 directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £98,455 (2023 - £95,131).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £91,667 (2023 - £NIL).


8.


Income from investments

2024
2023
£
£

Income from fixed asset investments
5,374
1,695

5,374
1,695







9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on (loss)/profits for the year
(21,834)
243,829

Adjustments in respect of previous periods
-
4,716


Total current tax
(21,834)
248,545

Deferred tax


Origination and reversal of timing differences
146,261
27,012

Prior year adjustment
-
430

Total deferred tax
146,261
27,442


Taxation on profit on ordinary activities
124,427
275,987
Page 22
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
411,217
1,453,298


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
98,815
276,127

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,930
199

Capital allowances for year in excess of depreciation
10,208
(11,968)

Utilisation of tax losses
5,780
-

Other permanent differences
1,020
-

Prior year adjustment
-
5,146

Remeasurement of deferred tax for changes in tax rates
5,674
6,483

Total tax charge for the year
124,427
275,987


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


B Ordinary shares
50,000
181,000


D Ordinary shares
50,000
181,000


E Ordinary shares
50,000
181,000

150,000
543,000

Page 23
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Tangible fixed assets





Leasehold property
Plant, equipment & motor vehicles
Assets under construction
Base stock
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
7,614,724
6,293,158
126,836
36,935
14,071,653


Additions
-
1,015,927
160,191
-
1,176,118


Disposals
-
(84,915)
-
-
(84,915)


Transfers between classes
-
126,836
(126,836)
-
-



At 31 January 2024
7,614,724
7,351,006
160,191
36,935
15,162,856



Depreciation


At 1 February 2023
5,742,021
4,529,663
-
-
10,271,684


Charge for the year on owned assets
137,230
348,389
-
-
485,619


Disposals
-
(48,623)
-
-
(48,623)



At 31 January 2024
5,879,251
4,829,429
-
-
10,708,680



Net book value



At 31 January 2024
1,735,473
2,521,577
160,191
36,935
4,454,176



At 31 January 2023
1,872,703
1,763,495
126,836
36,935
3,799,969


12.


Stocks

2024
2023
£
£

Raw materials and consumables
32,274
52,342

Finished goods and goods for resale
49,045
89,716

81,319
142,058


Page 24
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Debtors

2024
2023
£
£


Trade debtors
94,859
149,923

Amounts owed by joint ventures and associated undertakings
201,651
100,000

Other debtors
343,008
397,784

Prepayments and accrued income
360,901
135,449

1,000,419
783,156



14.


Current asset investments

2024
2023
£
£

UK Bonds
24,903
19,530

24,903
19,530


The market value of the UK Bonds at 31 January 2024 was £24,903 (2023 - £22,651).


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,743,994
3,760,837

2,743,994
3,760,837


Page 25
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
300,000
300,000

Trade creditors
380,047
348,366

Corporation tax
11,915
243,829

Other taxation and social security
251,799
230,621

Other creditors
187,160
24,938

Accruals and deferred income
161,129
328,086

1,292,050
1,475,840


Secured Loans
Bank borrowings are guaranteed by a standard security over the lease of the Amusement Park, Beach Boulevard, Aberdeen and also by a bond and a floating charge over the moveable and heritable assets of the company.
The bank loan in repayable in monthly installments commencing in May 2021.  Interest is charged on the loan at 2.75% over base rate.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
400,000
700,000

400,000
700,000


Page 26
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
300,000
300,000


300,000
300,000

Amounts falling due 1-2 years

Bank loans
300,000
300,000


300,000
300,000

Amounts falling due 2-5 years

Bank loans
100,000
400,000


100,000
400,000


Bank loans
-
-

-
-

700,000
1,000,000



19.


Deferred taxation




2024
2023


£

£






At beginning of year
770,567
743,125


Charged to profit or loss
146,261
27,442



At end of year
916,828
770,567

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
917,353
771,091

Short term timing differences
(525)
(524)

916,828
770,567

Page 27
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,301 (2023 - 1,301) A Ordinary shares of £1.00 each
1,301
1,301
866 (2023 - 866) B Ordinary shares of £1.00 each
866
866
433 (2023 - 433) C Ordinary shares of £1.00 each
433
433
866 (2023 - 866) D Ordinary shares of £1.00 each
866
866
866 (2023 - 866) E Ordinary shares of £1.00 each
866
866

4,332

4,332



21.


Capital commitments


At 31 January 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
178,851
317,908

178,851
317,908


22.


Pension commitments

The company contributes to a defined contribution group pension scheme. There are unpaid contributions outstanding at the year end, included within accruals totalling £5,160 (2023 - £5,606).


23.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
150,500
150,500

Later than 1 year and not later than 5 years
301,000
451,500

451,500
602,000

Page 28
 

 
JOHN CODONA'S PLEASURE FAIRS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

24.


Related party transactions

Control
During the year the company was controlled by the directors.
Transactions
During the year the company paid dividends to directors amounting to £150,000 (2023 - £543,000).
During the year the company has received loan repayments from a company with common directors amounting to £35,000.  The balance due to the company at the year end is £65,000 (2023 - £100,000).

During the year  the company has provided loans to the directors totalling £164,645 and received loan repayments from directors totalling £100,000. The balance due from the directors at the year end is £164,645 (2023 - £100,000). 
 


Page 29