REGISTERED NUMBER: 02287227 (England and Wales) |
Tir Prince Raceway Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: 02287227 (England and Wales) |
Tir Prince Raceway Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Contents of the Consolidated Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
Tir Prince Raceway Limited |
Company Information |
for the year ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Irish Square |
Upper Denbigh Road |
St Asaph |
Denbighshire |
LL17 0RN |
Tir Prince Raceway Limited (Registered number: 02287227) |
Group Strategic Report |
for the year ended 29 February 2024 |
The directors present their strategic report of the company and the group for the year ended 29 February 2024. |
The Group consists of several leisure and tourism offerings across the North Wales Coast, to include a pleasure Pier, a racetrack, a fair ground, a market and family entertainment centres. The offerings are split between being directly operated and sub -let to third parties whereby the income is derived from rent. The offering is a mixture of indoor and outdoor family entertainment. |
REVIEW OF BUSINESS |
Group turnover increased to over £8.7 Million for the period,. The result is a gross profit of £7,062,041 an increase from £6,885,030. |
The Group has continued to invest in fixed assets through the year, with the most notable addition being the carousel which was sent to London’s Winter Wonderland. As well as this, the company continues to invest in upgraded equipment in the family entertainment centres. |
The business has traded very well and taken full advantage of the staycation boom caused by the reopening of the United Kingdom and restrictions on travel out of the UK. |
Sending our Ferris Wheel and Carousel to major cities like Sheffield and London showcases the group’s ability to make a travelling revenue round the UK in addition to revenue at our fixed sites. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As is the nature of the industry, there is always an inherent risk. However the group aims to minimise its exposure by a diversification of activity and a spread amongst customers |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group uses various financial instruments including loans, cash and various items, such as trade creditors that arise directly from its 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 group's financial instruments are liquidity risk, interest rate risk & cash flow. The directors review and agree policies for managing each of these risks and they are summarised below. |
Liquidity risk |
The group 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 companies within the group 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 for the year has increased to £7,062,041 (2023: £6,885,031) an increase of £177,010 from 2023. |
Gross profit margin for the year is at 81% (2023: 81%) |
Profit after tax for the year was £363,794 (2023: £754,934) a decrease of £391,140 from 2023 |
ENVIRONMENTAL IMPACT |
The group is making continued efforts to reduce it's carbon footprint and is dedicated to recycling all recyclable materials. |
Tir Prince Raceway Limited (Registered number: 02287227) |
Group Strategic Report |
for the year ended 29 February 2024 |
FUTURE PLANS |
The group are looking to develop the land at the former Llandudno Pier Pavilion which is adjacent to Llandudno Pier. The group is also looking towards 2027 as a big year for Llandudno Pier, which will be celebrating its 150th anniversary as well as other important anniversaries in the local town, all of which should contribute towards an increase in activity, and hopefully, in trade. The group are also looking forward to future opportunities that will arise from the purchase of the Tir Prince site. The group look forward to sending attractions round the country again in the coming year. |
ON BEHALF OF THE BOARD: |
Tir Prince Raceway Limited (Registered number: 02287227) |
Report of the Directors |
for the year ended 29 February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of the operation of amusement parks, arcades, sports facilities and other amusement and recreation activities. |
DIVIDENDS |
An interim dividend of £40,000 per share was paid on the B Ordinary £1 shares on 31 March 2023. No dividend were paid on the Ordinary £1 shares. |
The total distribution of dividend for the year ended 29 February 2024 will be £80,000. |
DIRECTORS |
The directors shown below have 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 DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Tir Prince Raceway Limited (Registered number: 02287227) |
Report of the Directors |
for the year ended 29 February 2024 |
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: |
Report of the Independent Auditors to the Members of |
Tir Prince Raceway Limited |
Opinion |
We have audited the financial statements of Tir Prince Raceway Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Report of the Independent Auditors to the Members of |
Tir Prince Raceway Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have 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 |
Tir Prince Raceway 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Irish Square |
Upper Denbigh Road |
St Asaph |
Denbighshire |
LL17 0RN |
Tir Prince Raceway Limited (Registered number: 02287227) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 8,761,820 | 8,510,965 |
Cost of sales | (1,699,779 | ) | (1,625,934 | ) |
GROSS PROFIT | 7,062,041 | 6,885,031 |
Administrative expenses | (6,164,268 | ) | (5,854,780 | ) |
897,773 | 1,030,251 |
Other operating income | 195,064 | 254,081 |
OPERATING PROFIT | 4 | 1,092,837 | 1,284,332 |
Interest receivable and similar income | 108 | - |
1,092,945 | 1,284,332 |
Interest payable and similar expenses | 5 | (406,085 | ) | (365,424 | ) |
PROFIT BEFORE TAXATION | 686,860 | 918,908 |
Tax on profit | 6 | (323,066 | ) | (163,973 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
363,794 |
754,935 |
Profit attributable to: |
Owners of the parent | 363,794 | 754,935 |
Total comprehensive income attributable to: |
Owners of the parent | 363,794 | 754,935 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Consolidated Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 168,683 | 180,108 |
Tangible assets | 10 | 16,225,020 | 15,988,257 |
Investments | 11 | - | - |
Investment property | 12 | 725,000 | 725,000 |
17,118,703 | 16,893,365 |
CURRENT ASSETS |
Stocks | 13 | 117,792 | 86,022 |
Debtors | 14 | 363,773 | 279,344 |
Cash at bank and in hand | 376,690 | 1,145,082 |
858,255 | 1,510,448 |
CREDITORS |
Amounts falling due within one year | 15 | 3,438,641 | 3,431,721 |
NET CURRENT LIABILITIES | (2,580,386 | ) | (1,921,273 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,538,317 |
14,972,092 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(4,478,141 |
) |
(5,365,702 |
) |
PROVISIONS FOR LIABILITIES | 20 | (745,012 | ) | (575,020 | ) |
NET ASSETS | 9,315,164 | 9,031,370 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 102 | 102 |
Revaluation reserve | 22 | 4,152,756 | 4,017,025 |
Retained earnings | 22 | 5,162,306 | 5,014,243 |
SHAREHOLDERS' FUNDS | 9,315,164 | 9,031,370 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by: |
Mr A J Williams - Director |
Tir Prince Raceway Limited (Registered number: 02287227) |
Company Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve | 22 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (238,216 | ) | (216,380 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tir Prince Raceway Limited (Registered number: 02287227) |
Consolidated Statement of Changes in Equity |
for the year ended 29 February 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | (98 | ) | 4,355,308 | 4,017,025 | 8,372,235 |
Changes in equity |
Issue of share capital | 200 | - | - | 200 |
Dividends | - | (96,000 | ) | - | (96,000 | ) |
Total comprehensive income | - | 754,935 | - | 754,935 |
Balance at 28 February 2023 | 102 | 5,014,243 | 4,017,025 | 9,031,370 |
Changes in equity |
Dividends | - | (80,000 | ) | - | (80,000 | ) |
Total comprehensive income | - | 228,063 | 135,731 | 363,794 |
Balance at 29 February 2024 | 102 | 5,162,306 | 4,152,756 | 9,315,164 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Company Statement of Changes in Equity |
for the year ended 29 February 2024 |
Called up |
share | Retained | Revaluation | Revaluation | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 29 February 2024 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Consolidated Cash Flow Statement |
for the year ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,852,809 | 1,981,172 |
Interest paid | (383,349 | ) | (356,868 | ) |
Interest element of hire purchase payments paid |
(22,736 |
) |
(8,556 |
) |
Tax paid | (297,681 | ) | (96,408 | ) |
Net cash from operating activities | 1,149,043 | 1,519,340 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,070,918 | ) | (2,027,162 | ) |
Sale of tangible fixed assets | 12,995 | 32,001 |
Sale of investment property | - | 197,000 |
Interest received | 108 | - |
Net cash from investing activities | (1,057,815 | ) | (1,798,161 | ) |
Cash flows from financing activities |
New loans in year | - | 1,179,331 |
Loan repayments in year | (564,123 | ) | - |
Capital repayments in year | (49,184 | ) | 291,652 |
Amount introduced by directors | 40,000 | 142,740 |
Amount withdrawn by directors | (206,313 | ) | (500,000 | ) |
Share issue | - | 200 |
Equity dividends paid | (80,000 | ) | (96,000 | ) |
Net cash from financing activities | (859,620 | ) | 1,017,923 |
(Decrease)/increase in cash at bank | (768,392 | ) | 739,102 |
Cash at bank at beginning of year | 2 | 1,145,082 | 405,980 |
Cash at bank at end of year | 2 | 376,690 | 1,145,082 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated 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 | 686,860 | 918,908 |
Depreciation charges | 832,488 | 758,366 |
Loss/(profit) on disposal of fixed assets | 98 | (17,323 | ) |
Loss on revaluation of fixed assets | - | 15,000 |
Government grants | (1 | ) | - |
Finance costs | 406,085 | 365,424 |
Finance income | (108 | ) | - |
1,925,422 | 2,040,375 |
(Increase)/decrease in stocks | (31,770 | ) | 19,812 |
Increase in trade and other debtors | (84,429 | ) | (199,395 | ) |
Increase in trade and other creditors | 43,586 | 120,380 |
Cash generated from operations | 1,852,809 | 1,981,172 |
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 | 376,690 | 1,145,082 |
Year ended 28 February 2023 |
28/2/23 | 1/3/22 |
£ | £ |
Cash at bank | 1,145,082 | 405,980 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/3/23 | Cash flow | At 29/2/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,145,082 | (768,392 | ) | 376,690 |
1,145,082 | (768,392 | ) | 376,690 |
Debt |
Finance leases | (296,069 | ) | 49,184 | (246,885 | ) |
Debts falling due within 1 year | (813,585 | ) | (125,271 | ) | (938,856 | ) |
Debts falling due after 1 year | (4,834,135 | ) | 689,394 | (4,144,741 | ) |
(5,943,789 | ) | 613,307 | (5,330,482 | ) |
Total | (4,798,707 | ) | (155,085 | ) | (4,953,792 | ) |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Tir Prince Raceway Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £. |
Basis of preparing the company individual financial statements |
The individual company financial statements have been prepared under Section 1A for small companies and 409 of the Companies Regime. |
Basis of consolidation |
The financial statements consolidate the accounts of Tir Prince Raceway Limited and all of its subsidiary undertakings. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Fairground income, market income and bar income is recognised in the period to which the income relates. Car park, arcade and other income is recognised on a daily basis when the income is received. |
Funland and arcade income is recognised instantly when the income is received. |
Goodwill |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Goodwill | 5 to 10 years straight line |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold property is held at cost and reviewed annually for impairment. Land in relation to freehold property is held at cost and not depreciated. |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is measured at fair value and is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 Consolidated Statement of Comprehensive Income, 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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Investments are included at cost less any provision for impairment. |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities. |
Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. The carrying amount of the liability is increased by the finance cost and reduced by payments made in respect of that liability. Finance costs are calculated so as to produce a constant rate of charge on the outstanding liability. |
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Dividends and distributions relating to equity instruments are debited directly to reserves. |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and re subsequently measured at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,635,395 | 2,516,651 |
Social security costs | 159,900 | 178,097 |
Other pension costs | 38,541 | 88,041 |
2,833,836 | 2,782,789 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Staff members |
2024 | 2023 |
£ | £ |
Directors' remuneration | 49,200 | 49,200 |
2024 | 2023 |
Directors' pension contributions | 48,000 | 48,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 219,041 | 223,598 |
Other operating leases | 30,000 | - |
Depreciation - owned assets | 795,669 | 734,413 |
Depreciation - assets on hire purchase contracts | 25,393 | 12,530 |
Loss/(profit) on disposal of fixed assets | 98 | (17,323 | ) |
Goodwill amortisation | 11,425 | 11,425 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 360,792 | 242,903 |
Fines & penalties | 4,643 | 34,993 |
Other interest | 17,914 | 78,972 |
Hire purchase | 22,736 | 8,556 |
406,085 | 365,424 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated 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 | 153,074 | 110,900 |
Deferred tax | 169,992 | 53,073 |
Tax on profit | 323,066 | 163,973 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 686,860 | 918,908 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.490 % (2023 - 19 %) |
168,212 |
174,593 |
Effects of: |
Expenses not deductible for tax purposes | 3,720 | 4,750 |
Income not taxable for tax purposes | - | (3,291 | ) |
Capital allowances in excess of depreciation | (18,858 | ) | (65,150 | ) |
Provision for deferred tax | 169,992 | 53,071 |
Total tax charge | 323,066 | 163,973 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
B Ordinary shares of £1 each |
Interim | 80,000 | 96,000 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 530,740 |
AMORTISATION |
At 1 March 2023 | 350,632 |
Amortisation for year | 11,425 |
At 29 February 2024 | 362,057 |
NET BOOK VALUE |
At 29 February 2024 | 168,683 |
At 28 February 2023 | 180,108 |
Company |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 | 15,724,605 | 3,187,415 | 3,573,568 | 204,476 | 22,690,064 |
Additions | 98,620 | 632,852 | 259,130 | 80,316 | 1,070,918 |
Disposals | - | - | (13,245 | ) | - | (13,245 | ) |
At 29 February 2024 | 15,823,225 | 3,820,267 | 3,819,453 | 284,792 | 23,747,737 |
DEPRECIATION |
At 1 March 2023 | 2,565,702 | 1,607,244 | 2,354,953 | 173,908 | 6,701,807 |
Charge for year | 297,419 | 257,968 | 243,693 | 21,982 | 821,062 |
Eliminated on disposal | - | - | (152 | ) | - | (152 | ) |
At 29 February 2024 | 2,863,121 | 1,865,212 | 2,598,494 | 195,890 | 7,522,717 |
NET BOOK VALUE |
At 29 February 2024 | 12,960,104 | 1,955,055 | 1,220,959 | 88,902 | 16,225,020 |
At 28 February 2023 | 13,158,903 | 1,580,171 | 1,218,615 | 30,568 | 15,988,257 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
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 | 69,855 | 210,665 |
Additions | - | 80,316 | 80,316 |
At 29 February 2024 | 140,810 | 150,171 | 290,981 |
DEPRECIATION |
At 1 March 2023 | 86,160 | 48,546 | 134,706 |
Charge for year | 8,197 | 17,196 | 25,393 |
At 29 February 2024 | 94,357 | 65,742 | 160,099 |
NET BOOK VALUE |
At 29 February 2024 | 46,453 | 84,429 | 130,882 |
At 28 February 2023 | 54,650 | 21,309 | 75,959 |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
SUBSIDIARIES |
Llandudno Pier Limited (09509212) |
Class of Shares Held: 100% Ordinary |
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN |
Llandudno Pier Trading Limited (09526601) |
Class of Shares Held: 100% Ordinary |
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN |
Tir Prince Properties Limited (10458481) |
Class of Shares Held: 100% Ordinary |
Registered office: Irish Square, Upper Denbigh Road, St Asaph, Denbighshire, United Kingdom, LL17 0RN |
Kinmel Arms Ltd (11711959) |
Class of Shares Held: 100% Ordinary |
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW |
Rhos Point Ltd (12819689) |
Class of Shares Held: 100% Ordinary |
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW |
Rhos Point Trading Ltd (12819665) |
Class of Shares Held: 100% Ordinary |
Registered office:Towyn Road, Towyn, Abergele, United Kingdom, LL22 9NW |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 | 725,000 |
NET BOOK VALUE |
At 29 February 2024 | 725,000 |
At 28 February 2023 | 725,000 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2022 | 187,100 |
Valuation in 2023 | (212,000 | ) |
Cost | 749,900 |
725,000 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
12. | INVESTMENT PROPERTY - continued |
Group |
If Investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 749,900 | 749,900 |
Investment property was valued on an open market basis on 28 November 2023 by the directors . |
Company |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2022 | 88,742 |
Cost | 476,258 |
565,000 |
If Investment Properties had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 476,258 | 476,258 |
Investment property was valued on an open market basis on 28 October 2022 by the directors . |
13. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 117,792 | 86,022 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 13,008 | - |
Amounts owed by group undertakings | - | - |
Other debtors | 63,463 | 162,141 |
VAT | 38,317 | - |
Prepayments and accrued income | 248,641 | 117,203 |
Prepayments | 344 | - |
363,773 | 279,344 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 938,856 | 813,585 |
Hire purchase contracts (see note 18) | 76,383 | 77,271 |
Trade creditors | 531,281 | 307,764 |
Amounts owed to group undertakings | - | - |
Tax | 199,925 | 344,532 |
Social security and other taxes | 50,960 | 53,527 |
VAT | - | 35,187 | - | - |
Other creditors | 213,035 | 224,272 |
Company credit card | 799 | 10,151 | - | - |
Directors' current accounts | 1,168,839 | 1,335,152 | 1,058,495 | 926,733 |
Deferred income | - | 337 |
Accrued expenses | 258,563 | 229,943 |
3,438,641 | 3,431,721 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 4,144,741 | 4,834,135 |
Hire purchase contracts (see note 18) | 170,502 | 218,798 |
Deferred government grants | 162,898 | 312,769 |
4,478,141 | 5,365,702 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | - |
Bank loans | 938,856 | 813,585 |
938,856 | 813,585 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 195,192 | 181,654 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 3,943,014 | 4,617,991 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 6,535 | 34,490 | 6,535 | 34,490 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 76,383 | 77,271 |
Between one and five years | 170,502 | 218,798 |
246,885 | 296,069 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 5,083,597 | 5,647,720 |
Hire purchase contracts | 246,885 | 296,069 |
5,330,482 | 5,943,789 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 745,012 | 575,020 | 299,353 | 261,818 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 575,020 |
Provided during year | 169,992 |
Balance at 29 February 2024 | 745,012 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
Tir Prince Raceway Limited (Registered number: 02287227) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 29 February 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
B Ordinary | £1 | 2 | 2 |
102 | 102 |
22. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 5,014,243 | 4,017,025 | 9,031,268 |
Profit for the year | 363,794 | 363,794 |
Dividends | (80,000 | ) | (80,000 | ) |
Revaluation | (135,731 | ) | 135,731 | - |
At 29 February 2024 | 5,162,306 | 4,152,756 | 9,315,062 |
Company |
Retained | Revaluation | Revaluation |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 March 2023 | 4,862,105 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Revaluation | (88,742 | ) | 88,742 | - | - |
At 29 February 2024 | 4,543,889 |
The retained value reserve includes any fair value adjustments recognised for current and prior years, which are unavailable for distribution. |
23. | RELATED PARTY DISCLOSURES |
During the year directors received total remuneration totalling £97,200 (2023: £97,200). See note 3 for more details. |
During the year expenses totalling £4,868 (2023: £8,595) were paid on behalf of the directors. |
During the year repayments totalling £300,000 (2023: £500,000) were repaid to directors. |
During the year capital totalling £NIL (2023: £109,784) was introduced into the group on behalf of the directors. |
During the year interest of £56,630 (2023: £41,671) was credited to the directors loan account. |
During the year dividends totalling £80,000 (2023: £96,000) were paid to the directors. |
At the year end directors loan accounts were in credit of £1,168,839 (2023: £1,335,152). |
During the year rent of £3,167 was received from an employee of Tir Prince Raceway Ltd and £10,000 of rent was received by a close family member. |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr A J Williams. |