IRIS Accounts Production v24.3.0.553 09526601 director 1.3.23 29.2.24 29.2.24 Medium entities The principal activities of the company in the year under review were those of the operation of amusement parks, arcades, sports facilities and other amusement and recreation activities. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh095266012023-02-28095266012024-02-29095266012023-03-012024-02-29095266012022-02-28095266012022-03-012023-02-28095266012023-02-2809526601ns15:EnglandWales2023-03-012024-02-2909526601ns14:PoundSterling2023-03-012024-02-2909526601ns10:Director12023-03-012024-02-2909526601ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2909526601ns10:MediumEntities2023-03-012024-02-2909526601ns10:Audited2023-03-012024-02-2909526601ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2909526601ns10:Medium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2909526601ns10:FullAccounts2023-03-012024-02-2909526601ns10:OrdinaryShareClass12023-03-012024-02-2909526601ns10:RegisteredOffice2023-03-012024-02-2909526601ns5:CurrentFinancialInstruments2024-02-2909526601ns5:CurrentFinancialInstruments2023-02-2809526601ns5:Non-currentFinancialInstruments2024-02-2909526601ns5:Non-currentFinancialInstruments2023-02-2809526601ns5:ShareCapital2024-02-2909526601ns5:ShareCapital2023-02-2809526601ns5:RetainedEarningsAccumulatedLosses2024-02-2909526601ns5:RetainedEarningsAccumulatedLosses2023-02-2809526601ns5:ShareCapital2022-02-2809526601ns5:RetainedEarningsAccumulatedLosses2022-02-2809526601ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2809526601ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2909526601ns5:PlantMachinery2023-03-012024-02-2909526601ns5:FurnitureFittings2023-03-012024-02-2909526601ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-03-012024-02-2909526601ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-03-012023-02-2809526601ns5:OwnedAssets2023-03-012024-02-2909526601ns5:OwnedAssets2022-03-012023-02-2809526601ns5:LeasedAssets2023-03-012024-02-2909526601ns5:LeasedAssets2022-03-012023-02-280952660112023-03-012024-02-290952660112022-03-012023-02-2809526601ns5:PlantMachinery2023-02-2809526601ns5:FurnitureFittings2023-02-2809526601ns5:MotorVehicles2023-02-2809526601ns5:MotorVehicles2023-03-012024-02-2909526601ns5:PlantMachinery2024-02-2909526601ns5:FurnitureFittings2024-02-2909526601ns5:MotorVehicles2024-02-2909526601ns5:PlantMachinery2023-02-2809526601ns5:FurnitureFittings2023-02-2809526601ns5:MotorVehicles2023-02-2809526601ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2909526601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2909526601ns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2909526601ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2024-02-2909526601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-02-2909526601ns5:LeasedAssetsHeldAsLessee2024-02-2909526601ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:LeasedAssetsHeldAsLessee2023-02-2809526601ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2909526601ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2809526601ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-2909526601ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2809526601ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-02-2909526601ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-02-2809526601ns5:DeferredTaxation2023-02-2809526601ns5:DeferredTaxation2023-03-012024-02-2909526601ns5:DeferredTaxation2024-02-2909526601ns10:OrdinaryShareClass12024-02-2909526601ns5:RetainedEarningsAccumulatedLosses2023-02-28
REGISTERED NUMBER: 09526601 (England and Wales)










Llandudno Pier Trading Limited

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 29 February 2024






Llandudno Pier Trading Limited (Registered number: 09526601)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Llandudno Pier Trading Limited

Company Information
for the year ended 29 February 2024







DIRECTOR: Mr A J Williams





REGISTERED OFFICE: Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN





REGISTERED NUMBER: 09526601 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Llandudno Pier Trading Limited (Registered number: 09526601)

Strategic Report
for the year ended 29 February 2024

The director presents his strategic report for the year ended 29 February 2024.

The company is the trading company that operates Llandudno Pier which is the largest Victorian Pier in Wales. The Pier is made up of two family entertainment centres, a café with indoor and outdoor seating, a bar with indoor and outdoor seating, there are multiple kiosks offering food and beverage and also numerous retail kiosks that rented out to third parties. The company also has a Ferris Wheel, which from early Spring to late Autumn is operated at the Llandudno Pier site, and over the Christmas period is operated in Sheffield City Centre.

REVIEW OF BUSINESS
This was the company's second year operating the Ferris Wheel in Sheffield City Centre, with the Wheel becoming a regular attraction within the city centre. This year the company also expanded its travelling operation, with the new carousel from Italy being sent to London as part of the Winter Wonderland. The company continued to invest in plant & machinery for the family entertainment centres at the Pier.

PRINCIPAL RISKS AND UNCERTAINTIES
As is the nature of the industry, there is always an inherent risk. However the company aims to minimise its exposure by a diversification of activity and a spread amongst customers.

FUTURE PLANS
The company are looking to develop the land at the former Llandudno Pier Pavilion which is adjacent to Llandudno Pier,

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company uses various financial instruments including loans cash and various items such as trade creditors that arise directly from it's operations. The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below.

The main risks arising from the company financial instruments are liquidity risks, interest rate risk and cash flow. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest rate risk

The company finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuations is negligible given its surplus of cash.

KEY PERFORMANCE INDICATORS
The company's key performance indicators are gross profit and profit after tax. Gross profit has increased from the prior year to £4,445,679 and profit after tax is £969,074.

ENVIRONMENTAL IMPACT
The company is making continued efforts to reduce its carbon footprint and is dedicated to recycling all recyclable materials.

ON BEHALF OF THE BOARD:





Mr A J Williams - Director


9 January 2025

Llandudno Pier Trading Limited (Registered number: 09526601)

Report of the Director
for the year ended 29 February 2024

The director presents his report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTOR
Mr A J Williams held office during the whole of the period from 1 March 2023 to the date of this report.

EMPLOYEES
The company recognises the benefit of keeping employees informed of the progress of the business and of involving them in the company's performance and accordingly maintains regular communications with employees.

Disabled Employees

The company gives full consideration to applications for employment from disabled persons where requirements of the job can be adequately fulfilled by a disabled person.
Where existing employees become disabled it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions to provide training and career development and promotion wherever appropriate.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A J Williams - Director


9 January 2025

Report of the Independent Auditors to the Members of
Llandudno Pier Trading Limited

Opinion
We have audited the financial statements of Llandudno Pier Trading Limited (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Llandudno Pier Trading Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;
- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;
- Identifying and testing journal entries, in particular manual or unusual entries;
- Obtaining third party confirmations of all the companies banking arrangements;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Llandudno Pier Trading Limited


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 2006. Our 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 a Report of the Auditors 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.




Aled Roberts (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

9 January 2025

Llandudno Pier Trading Limited (Registered number: 09526601)

Income Statement
for the year ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 5,625,315 5,437,911

Cost of sales (1,179,636 ) (1,081,574 )
GROSS PROFIT 4,445,679 4,356,337

Administrative expenses (3,243,091 ) (2,924,988 )
1,202,588 1,431,349

Other operating income 42,484 87,267
OPERATING PROFIT 4 1,245,072 1,518,616


Interest payable and similar expenses 5 (24,680 ) (49,940 )
PROFIT BEFORE TAXATION 1,220,392 1,468,676

Tax on profit 6 (251,318 ) (168,106 )
PROFIT FOR THE FINANCIAL YEAR 969,074 1,300,570

Llandudno Pier Trading Limited (Registered number: 09526601)

Other Comprehensive Income
for the year ended 29 February 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 969,074 1,300,570


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

969,074

1,300,570

Llandudno Pier Trading Limited (Registered number: 09526601)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,780,113 1,250,495

CURRENT ASSETS
Stocks 8 28,261 36,160
Debtors 9 5,302,099 4,216,898
Cash at bank and in hand 412,941 1,195,640
5,743,301 5,448,698
CREDITORS
Amounts falling due within one year 10 871,680 1,010,178
NET CURRENT ASSETS 4,871,621 4,438,520
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,651,734

5,689,015

CREDITORS
Amounts falling due after more than one
year

11

(358,468

)

(498,695

)

PROVISIONS FOR LIABILITIES 15 (438,341 ) (304,469 )
NET ASSETS 5,854,925 4,885,851

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 5,854,924 4,885,850
SHAREHOLDERS' FUNDS 5,854,925 4,885,851

The financial statements were approved by the director and authorised for issue on 9 January 2025 and were signed by:





Mr A J Williams - Director


Llandudno Pier Trading Limited (Registered number: 09526601)

Statement of Changes in Equity
for the year ended 29 February 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 1 3,585,280 3,585,281

Changes in equity
Total comprehensive income - 1,300,570 1,300,570
Balance at 28 February 2023 1 4,885,850 4,885,851

Changes in equity
Total comprehensive income - 969,074 969,074
Balance at 29 February 2024 1 5,854,924 5,854,925

Llandudno Pier Trading Limited (Registered number: 09526601)

Cash Flow Statement
for the year ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 634,859 1,726,657
Interest paid (24,680 ) (49,940 )
Tax paid (191,256 ) (49,966 )
Net cash from operating activities 418,923 1,626,751

Cash flows from investing activities
Purchase of tangible fixed assets (787,869 ) (144,717 )
Sale of tangible fixed assets 12,995 32,001
Net cash from investing activities (774,874 ) (112,716 )

Cash flows from financing activities
Loan repayments in year (125,870 ) (120,766 )
Capital repayments in year (883 ) (3,534 )
Amount introduced by directors - 3,019
Amount withdrawn by directors (299,995 ) (500,000 )
Net cash from financing activities (426,748 ) (621,281 )

(Decrease)/increase in cash at bank (782,699 ) 892,754
Cash at bank at beginning of year 2 1,195,640 302,886

Cash at bank at end of year 2 412,941 1,195,640

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Cash Flow Statement
for the year ended 29 February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,220,392 1,468,676
Depreciation charges 245,160 203,057
Loss/(profit) on disposal of fixed assets 98 (17,323 )
Movement in amts owed by/to group (1,042,937 ) 122,474
Finance costs 24,680 49,940
447,393 1,826,824
Decrease in stocks 7,899 23,610
Decrease/(increase) in trade and other debtors 4,711 (165,113 )
Increase in trade and other creditors 174,856 41,336
Cash generated from operations 634,859 1,726,657

2. CASH AT BANK

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29/2/24 1/3/23
£    £   
Cash at bank 412,941 1,195,640
Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash at bank 1,195,640 302,886


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 1,195,640 (782,699 ) 412,941
1,195,640 (782,699 ) 412,941
Debt
Finance leases (883 ) 883 -
Debts falling due within 1 year (147,779 ) 1 (147,778 )
Debts falling due after 1 year (381,008 ) 125,868 (255,140 )
(529,670 ) 126,752 (402,918 )
Total 665,970 (655,947 ) 10,023

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Llandudno Pier Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The company's ultimate parent undertaking, Tir Prince Raceway Limited, includes the company in its consolidated financial statements. In these financial statements, the company is considered to be a qualifying entity (for the purpose of FRS) and has applied the exemptions available under FRS 102 in respect of the Cash Flow Statements and related notes.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,423,385 1,307,195
Social security costs 89,360 98,300
Other pension costs 17,795 47,393
1,530,540 1,452,888

The average number of employees during the year was as follows:
2024 2023

78 79

2024 2023
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 8,958 2,636
Other operating leases 270,000 240,000
Depreciation - owned assets 219,765 190,528
Depreciation - assets on hire purchase contracts 25,393 12,530
Loss/(profit) on disposal of fixed assets 98 (17,323 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 21,910 27,012
Other interest charges 2,770 22,928
24,680 49,940

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 117,446 100,456

Deferred tax 133,872 67,650
Tax on profit 251,318 168,106

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 970,191 1,297,996 42,178 2,310,365
Additions 538,404 169,149 80,316 787,869
Disposals - (13,245 ) - (13,245 )
At 29 February 2024 1,508,595 1,453,900 122,494 3,084,989
DEPRECIATION
At 1 March 2023 310,949 715,398 33,523 1,059,870
Charge for year 123,553 104,409 17,196 245,158
Eliminated on disposal - (152 ) - (152 )
At 29 February 2024 434,502 819,655 50,719 1,304,876
NET BOOK VALUE
At 29 February 2024 1,074,093 634,245 71,775 1,780,113
At 28 February 2023 659,242 582,598 8,655 1,250,495

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 140,810 42,178 182,988
Additions - 80,316 80,316
At 29 February 2024 140,810 122,494 263,304
DEPRECIATION
At 1 March 2023 86,160 33,523 119,683
Charge for year 8,197 17,196 25,393
At 29 February 2024 94,357 50,719 145,076
NET BOOK VALUE
At 29 February 2024 46,453 71,775 118,228
At 28 February 2023 54,650 8,655 63,305

8. STOCKS
2024 2023
£    £   
Stocks 28,261 36,160

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 5,045,137 4,002,201
Other debtors - 116,742
Directors' current accounts 46,976 -
Prepayments and accrued income 209,986 97,955
5,302,099 4,216,898

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 147,778 147,779
Hire purchase contracts (see note 13) - 883
Trade creditors 344,912 164,906
Tax 117,446 191,256
Social security and other taxes 30,796 35,376
VAT 2,739 49,925
Other Creditors 63,337 45,260
Credit Card 799 10,151
Directors' current accounts - 253,019
Deferred income - Benches - 337
Accrued expenses 163,873 111,286
871,680 1,010,178

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 255,140 381,008
Deferred government grants 103,328 117,687
358,468 498,695

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 147,778 147,779

Amounts falling due between two and five years:
Bank loans - 2-5 years 255,140 381,008

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 883

Llandudno Pier Trading Limited (Registered number: 09526601)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 883

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 438,341 304,469

Deferred
tax
£   
Balance at 1 March 2023 304,469
Provided during year 133,872
Balance at 29 February 2024 438,341

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

17. RESERVES
Retained
earnings
£   

At 1 March 2023 4,885,850
Profit for the year 969,074
At 29 February 2024 5,854,924

18. CONTINGENT LIABILITIES

There exists a cross guarantee and debenture between Llandudno Pier Trading Limited and Tir Prince Raceway Limited, the company's parent company, and Llandudno Pier Limited, a company under common control.

19. RELATED PARTY DISCLOSURES

During the year drawings totalling £300,000 (2023: £500,000) were paid on behalf of the directors.

During the year capital totalling £4.96 (2023: £3,019.26) was introduced into the company on behalf of the directors.

At the year end directors loan accounts were in debit of £46,976 (2023: £253,019).

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A J Williams.