Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01false255falseNo description of principal activity333falsefalse 07135679 2023-03-01 2024-02-29 07135679 2024-02-29 07135679 2022-03-01 2023-02-28 07135679 2023-02-28 07135679 2022-03-01 07135679 2 2023-03-01 2024-02-29 07135679 2 2022-03-01 2023-02-28 07135679 5 2023-03-01 2024-02-29 07135679 5 2022-03-01 2023-02-28 07135679 6 2023-03-01 2024-02-29 07135679 6 2022-03-01 2023-02-28 07135679 d:Director1 2023-03-01 2024-02-29 07135679 d:Director2 2023-03-01 2024-02-29 07135679 d:RegisteredOffice 2023-03-01 2024-02-29 07135679 e:PlantMachinery 2023-03-01 2024-02-29 07135679 e:PlantMachinery 2024-02-29 07135679 e:PlantMachinery 2023-02-28 07135679 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07135679 e:FurnitureFittings 2023-03-01 2024-02-29 07135679 e:FurnitureFittings 2024-02-29 07135679 e:FurnitureFittings 2023-02-28 07135679 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07135679 e:ComputerEquipment 2023-03-01 2024-02-29 07135679 e:ComputerEquipment 2024-02-29 07135679 e:ComputerEquipment 2023-02-28 07135679 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07135679 e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 07135679 e:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 07135679 e:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 07135679 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 07135679 e:ComputerSoftware 2024-02-29 07135679 e:ComputerSoftware 2023-02-28 07135679 e:CurrentFinancialInstruments 2024-02-29 07135679 e:CurrentFinancialInstruments 2023-02-28 07135679 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 07135679 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 07135679 e:ReportableOperatingSegment1 2023-03-01 2024-02-29 07135679 e:ReportableOperatingSegment1 2022-03-01 2023-02-28 07135679 e:ReportableOperatingSegment2 2023-03-01 2024-02-29 07135679 e:ReportableOperatingSegment2 2022-03-01 2023-02-28 07135679 e:ReportableOperatingSegment3 2023-03-01 2024-02-29 07135679 e:ReportableOperatingSegment3 2022-03-01 2023-02-28 07135679 e:UKTax 2023-03-01 2024-02-29 07135679 e:UKTax 2022-03-01 2023-02-28 07135679 e:ShareCapital 2024-02-29 07135679 e:ShareCapital 2023-02-28 07135679 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 07135679 e:RetainedEarningsAccumulatedLosses 2024-02-29 07135679 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 07135679 e:RetainedEarningsAccumulatedLosses 2023-02-28 07135679 e:RetainedEarningsAccumulatedLosses 2022-03-01 07135679 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 07135679 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07135679 e:TaxLossesCarry-forwardsDeferredTax 2024-02-29 07135679 e:TaxLossesCarry-forwardsDeferredTax 2023-02-28 07135679 e:OtherDeferredTax 2024-02-29 07135679 e:OtherDeferredTax 2023-02-28 07135679 d:OrdinaryShareClass1 2023-03-01 2024-02-29 07135679 d:OrdinaryShareClass1 2024-02-29 07135679 d:OrdinaryShareClass1 2023-02-28 07135679 d:FRS102 2023-03-01 2024-02-29 07135679 d:Audited 2023-03-01 2024-02-29 07135679 d:FullAccounts 2023-03-01 2024-02-29 07135679 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07135679 e:WithinOneYear 2024-02-29 07135679 e:WithinOneYear 2023-02-28 07135679 e:BetweenOneFiveYears 2024-02-29 07135679 e:BetweenOneFiveYears 2023-02-28 07135679 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 07135679 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 07135679 2 2023-03-01 2024-02-29 07135679 e:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 07135679 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-03-01 2024-02-29 07135679 e:ComputerSoftware e:OwnedIntangibleAssets 2023-03-01 2024-02-29 07135679 f:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 07135679







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)






































img4572.png                        

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
COMPANY INFORMATION


Directors
A Battle 
M Battle 




Registered number
07135679



Registered office
15 Bedford St

London

WC2E 9HE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Statement of Cash Flows
11 - 12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 25


 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The Directors present their strategic report and the financial statements for Lapland London Limited (the “Company”) for the year ended 29 February 2024.

Business review
 
The principal activity of the Company was that of an immersive theatrical experience, the “live event”.
During the year the Company saw an increase in turnover of £1.4m (6.3%) to £24.2m, each revenue stream had performed strongly with ticket sales increasing by 2.4% and on-site sales increasing by 12.3%, but the online sales had shown the most significant growth having increased by £530k (639%). Due to the Company being in growth phase, a considerable investment was made into research and development costs, staffing for head office and staffing during the live event resulting in an overall decrease in EBITDA by £238k (6.1%), despite increase in revenues. Overall, the Company saw a decrease in profit before tax of £14.7k (0.4%) 
At the year end, Lapland London Limited had a strong balance sheet position, including a cash balance of £2.7m (2023: £4.7m) and net assets of £8.4m (2023: £7.1m). 
Lapland London Limited are currently exploring options for expansion both in the UK and internationally. 

Principal risks and uncertainties
 
The management of the business and the nature of the Company’s strategy are subject to a number of risks. The Directors have set out below the principal risks facing the business:

Availability of a temporary workforce
Given that the live performance only takes place for six weeks in the year there is a significant reliance on temporary performers and workers to build, run and support the operation. 
The adoption of a smart recruitment process early in the year ensures we can secure the talent needed to deliver on the promises made to our guests. 
In addition, ongoing reviews of the buildings, technology and equipment used in the build ensures we are not excessively reliant on the expertise of a temporary workforce.

Environmental risks
The Directors recognise that the nature and scale of an outdoor live event in winter has an impact on the environment. The impact of these activities may lead to negative environmental incidents, causing damage to our reputation, potential loss of income and profit and possible prosecution.
Focus is on the reduction of hazards, prevention of injury (particularly on-site), ill health, protection of the environment, including prevention of pollution, sustainable resource use, climate change mitigation and adaptation, and the protection of biodiversity and ecosystems.

Page 1

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Financial key performance indicators
 
The following financial and non-financial KPIs are used to assess performance:


 Year ended 28 February 2024
Year ended 28 February 2023
Movement
Movement %


Number of guests

174,539

165,222

9,317
 
6%
 
Sales

£24,153,843

£22,730,403

1,423,440
 
6%
 
EBITDA %

15.2%

17.2%

 
-2.0%
 


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



................................................
M Battle
Director
Date: 11 December 2024

Page 2

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors

The directors who served during the year were:

A Battle 
M Battle 

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

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.

Results and dividends

The profit for the year, after taxation, amounted to £6,018,913 (2023 - £2,792,011).

Engagement with employees

Lapland London Limited engages with its employees on a regular basis and in a number of ways to suit their different working patterns and this includes:

Regular line-manager meetings;
Townhall “state of the Company” presentations;
An online learning platform;
Regular email distributions; and
Annual and quarterly employee reviews to ensure that any reasonable adjustments can be made.

Page 3

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disabled employees

The Company employed an average of 333 people in FY 2024 (FY 2023: 255). The Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities.

Our policies and procedures fully support disabled employees. We take active measures to do so via:

a reasonable and considered application policy;
online resources; and
processes to ensure employees are fully supported.

The Company is responsive to the needs of its employees. As such, should any employee of the Company become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, in order to keep the employee with the Company. It is the policy of the Company that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Matters covered in the Strategic Report

The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainies.

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

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
M Battle
Director
Date: 11 December 2024

Page 4

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)

Opinion


We have audited the financial statements of Lapland London Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows 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 29 February 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 on the financial
statements.


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 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.


Page 5

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED) (CONTINUED)

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 6

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)


img7138.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation; and
General Data Protection Regulations.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount
Timing of revenue recognition.

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 7

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)


img75b4.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS 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.





Miriam Hanley ACA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
1st Floor
Midas House
62 Goldsworth Road
Woking
Surrey
GU21 6LQ

12 December 2024
Page 8

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,153,843
22,730,403

Cost of sales
  
(15,681,514)
(15,436,108)

Gross profit
  
8,472,329
7,294,295

Administrative expenses
  
(5,535,667)
(4,040,057)

Operating profit
 5 
2,936,662
3,254,238

Interest receivable and similar income
 8 
400,793
78,995

Interest payable and similar expenses
 9 
(7,915)
(3,913)

Profit before tax
  
3,329,540
3,329,320

Tax on profit
 10 
2,689,373
(537,309)

Profit after tax
  
6,018,913
2,792,011

  

  

Retained earnings at the beginning of the year
  
7,089,630
5,817,123

  
7,089,630
5,817,123

Profit for the year
  
6,018,913
2,792,011

Dividends declared and paid
  
(4,654,285)
(1,519,504)

Retained earnings at the end of the year
  
8,454,258
7,089,630
The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
REGISTERED NUMBER:07135679



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
549,374
356,649

Tangible assets
 13 
1,995,888
1,346,993

  
2,545,262
1,703,642

Current assets
  

Stocks
 14 
1,192,933
1,057,152

Debtors
 15 
3,483,093
362,531

Cash at bank and in hand
  
2,718,922
4,709,064

  
7,394,948
6,128,747

Creditors: amounts falling due within one year
 16 
(1,051,569)
(396,195)

Net current assets
  
 
 
6,343,379
 
 
5,732,552

Total assets less current liabilities
  
8,888,641
7,436,194

Provisions for liabilities
  

Deferred tax
 17 
(434,283)
(346,464)

  
 
 
(434,283)
 
 
(346,464)

Net assets
  
8,454,358
7,089,730


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
8,454,258
7,089,630

  
8,454,358
7,089,730


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




................................................
M Battle
Director

Date: 11 December 2024

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
6,018,913
2,792,011

Adjustments for:

Amortisation of intangible assets
87,512
65,387

Depreciation of tangible assets
651,749
595,057

Loss on disposal of tangible assets
-
32,730

Interest paid
7,915
(3,913)

Interest received
(400,793)
-

Taxation charge
(2,777,192)
425,539

(Increase) in stocks
(135,781)
(436,887)

(Increase)/decrease in debtors
(417,371)
408,628

Increase/(decrease) in creditors
213,374
(250,496)

Increase in provisions
87,819
111,769

Corporation tax received
516,001
751,278

Net cash generated from operating activities

3,852,146
4,491,103


Cash flows from investing activities

Purchase of intangible fixed assets
(280,237)
(353,933)

Sale of intangible assets
-
5,743

Purchase of tangible fixed assets
(1,300,644)
(611,244)

Sale of tangible fixed assets
-
997,807

Interest received
400,793
-

Net cash from investing activities

(1,180,088)
38,373
Page 11

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February

2024
2023

£
£



Cash flows from financing activities

Repayment of loans
-
(996,087)

Dividends paid
(4,654,285)
(1,519,504)

Interest paid
(7,915)
-

Net cash used in financing activities
(4,662,200)
(2,515,591)

Net (decrease)/increase in cash and cash equivalents
(1,990,142)
2,013,885

Cash and cash equivalents at beginning of year
4,709,064
2,695,179

Cash and cash equivalents at the end of year
2,718,922
4,709,064


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,718,922
4,709,064

2,718,922
4,709,064


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 29 FEBRUARY 2024




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

4,709,064

(1,990,142)

2,718,922


4,709,064
(1,990,142)
2,718,922

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company  is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is disclosed on the company information page. 
Post year end, the Company changed it's name from LUK Events Limited to Lapland London Limited.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 revenue from the sale of food and beverages is recognised at the point of sale. Revenue from the sale of products is either recognised when dispatched if purchased from the website, or recognised at the point of  sale if purchased while at the event. The revenue from ticket sales is recognised on the date that the   individual attends the event. Revenue generated from the sale of Jingles (fictional currency) are recognised in full during the year of the event they are bought for. 

 
2.3

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.

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

 
2.4

Interest income

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

 
2.5

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.

Page 14

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.8

Intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
5
years

Page 15

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

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.

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.

The estimated useful lives range as follows:

Plant and machinery
-
4
years
Fixtures and fittings
-
4
years
Computer equipment
-
4
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.

 
2.10

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 weighted average basis.

At each reporting 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.

 
2.11

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.

 
2.12

Financial instruments

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

 
2.13

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 16

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amount reported. These estimates and judgements are continually reviewed and are based on
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The directors do not consider there to be any judgments or estimation uncertainty which materially impact these financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

On-site sales
4,049,895
3,605,307

Ticket sales
19,490,677
19,042,120

Online sales
613,271
82,976

24,153,843
22,730,403


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation and amortisation
739,261
660,444

Auditor's renumeration
28,280
24,100

Exchange differences
224
22,045

Other operating lease rentals
599,358
420,389

Stock provision recognised
83,522
83,522


Page 17

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,880,735
4,298,200

Social security costs
445,583
378,638

Cost of defined contribution scheme
44,814
28,855

5,371,132
4,705,693


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
333
255


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
360,000
345,000

Company contributions to defined contribution pension schemes
3,522
7,044

363,522
352,044


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £180,000 (2023 - £180,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,761 (2023 - £1,761).


8.


Interest receivable

2024
2023
£
£


Interest on tax charge
14,927
-

Bank interest receivable
385,866
78,995

400,793
78,995

Page 18

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,915
3,913

7,915
3,913


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(1,549,994)
-

Adjustments in respect of previous periods
(1,227,198)
425,540


(2,777,192)
425,540


Total current tax
(2,777,192)
425,540

Deferred tax


Origination and reversal of timing differences
87,819
111,769

Total deferred tax
87,819
111,769


Taxation on (loss)/profit on ordinary activities
(2,689,373)
537,309
Page 19

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 24.49 % (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
3,329,540
3,329,320


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
815,464
632,571

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,292
4,984

Adjustments to tax charge in respect of prior periods
(1,227,198)
-

Remeasurement of deferred tax for
changes in tax rates
3,074
26,650

Fixed asset timing differences
(55,142)
11,246

Other differences
-
31,763

Theatrical production tax credit
(1,549,994)
-

Prior year theatre tax credit write off
-
425,539

Theatrical production tax profit adjustment
(693,869)
(595,444)

Total tax charge for the year
(2,689,373)
537,309


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid
4,654,285
1,519,504

4,654,285
1,519,504

The dividends figure for the prior year includes a dividend in specie. The value of the dividend in specie is £950,000 which is equivalent to the fair market value of the asset that was transferred to the directors.

Page 20

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Intangible assets






Patents
Computer software
Total

£
£
£



Cost


At 1 March 2023
9,711
419,437
429,148


Additions
3,654
276,583
280,237



At 29 February 2024

13,365
696,020
709,385



Amortisation


At 1 March 2023
650
71,849
72,499


Charge for the year on owned assets
2,221
85,291
87,512



At 29 February 2024

2,871
157,140
160,011



Net book value



At 29 February 2024
10,494
538,880
549,374



At 28 February 2023
9,061
347,588
356,649



Page 21

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
3,012,018
1,517
64,106
3,077,641


Additions
1,245,722
4,979
49,943
1,300,644



At 29 February 2024

4,257,740
6,496
114,049
4,378,285



Depreciation


At 1 March 2023
1,696,551
285
33,812
1,730,648


Charge for the year on owned assets
634,010
1,347
16,392
651,749



At 29 February 2024

2,330,561
1,632
50,204
2,382,397



Net book value



At 29 February 2024
1,927,179
4,864
63,845
1,995,888



At 28 February 2023
1,315,467
1,232
30,294
1,346,993


14.


Stocks

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
1,192,933
1,057,152

1,192,933
1,057,152


Page 22

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

15.


Debtors


29 February
28 February
2024
2023
£
£



Trade debtors
52,566
-

Other debtors
632,629
329,540

Prepayments and accrued income
94,707
32,991

Tax recoverable
2,703,191
-

3,483,093
362,531



16.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
456,888
156,949

Corporation tax
442,000
-

Other taxation and social security
65,744
-

Other creditors
53,130
46,749

Accruals and deferred income
33,807
192,497

1,051,569
396,195


Page 23

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Deferred taxation






2024
2023


£

£






At beginning of year
(346,464)
(234,695)


Charged to profit or loss
(87,819)
(111,769)



At end of year
(434,283)
(346,464)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(438,091)
(346,964)

Losses and other deductions
2,444
-

Other
1,364
500

(434,283)
(346,464)


18.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

Each ordinary share carries voting rights and there are no restrictions on distributions of dividends.



19.


Reserves

Profit and loss account

This reserve records the accumulated profit and loss.

Page 24

 


LAPLAND LONDON LIMITED (FORMERLY KNOWN AS LUK EVENTS LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

20.


Pension commitments

The Company operates a defined contribution plan scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions by the Company to the fund and amounted to £31,583 (2023: £28,855).
 


21.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
163,792
203,779

Later than 1 year and not later than 5 years
70,850
240,300

234,642
444,079


22.


Transactions with Director

During the year the following transactions with a director took place:


Brought forward
Advance/ Credit
Repaid
Carried Forward
£
£
£
£

Directors Loan
-
4,654,285
(4,654,285)
-
-
4,654,285
(4,654,285)
-

There is no interest charged on this loan.


23.


Controlling party

The Company is jointly controlled by M. Battle and A. Battle. 

 
Page 25