Company registration number 04461997 (England and Wales)
OCEAN BOULEVARD II LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
OCEAN BOULEVARD II LIMITED
COMPANY INFORMATION
Directors
A J Thompson
M Brown
J Gray
M Holden
(Appointed 4 February 2025)
Company number
04461997
Registered office
Pleasure Beach
Ocean Boulevard
Promenade
Blackpool
FY4 1EZ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
OCEAN BOULEVARD II LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 24
OCEAN BOULEVARD II LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 24 MARCH 2024
- 1 -

The directors present the strategic report for the period ended 24 March 2024.

Principal activities

The principal activity of the company continued to be that of the operation of a hotel.

Business model
OCEAN BOULEVARD II LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 2 -
Principal risks and uncertainties

The hospitality and leisure market remains highly competitive and is still recovering from the effects of the pandemic. The continuing cost of living crisis is depressing non-essential spend for a significant proportion of our core customer base.

 

The Country has recently seen a national election bring in a new government. Inflation is being brought under control and interest rates have started to fall. We have also seen a calming of utility prices.

 

The company continues to maintain the fabric of the hotel with its programme of maintenance and repairs so that the hotel achieves the high standards expected by both the public and corporate market whilst also remaining competitive. The company seeks to improve its visitors experience by investment, refurbishments and other customer focused improvements.

 

The board considers projections on a regular basis to ensure that appropriate facilities are available as required. The current and budgeted levels of operational profit indicate that the company will continue to be able to operate in the future.

 

Key performance indicators

The directors monitor performance through the production of a detailed budget and by comparing actual results against this and the previous year’s performance.

 

Additionally, the directors monitor key performance indicators to ensure that they are within acceptable parameters. These key indicators include:

 

Employees

The directors recognise that the health, safety and welfare of all employees is of critical importance to the success of the business. The company operates a number of key policies within the business including equality and diversity, health screening, pastoral care and an extensive training and development programme. Meetings take place to inform and advise employees of the development of the business. The company also operates a number of employee reward schemes.

Safety

Safety remains of the very highest priority, and all employees are aware of the company’s safety policy. The company has achieved accreditation in BSI 9001 and 18001 which recognises the rigorous safety systems in place. The Company ensures that employees receive the necessary training to enable them to perform their duties in a safe and competent manner.

Section 172 statement

In their discussions and decision-making during the year ended 24 March 2024, the directors of Ocean Boulevard II Limited have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole, and in doing so have regard (amongst other matters) to

  1. the likely consequences of any decision in the long term,

  2. the interests of the company's employees,

  3. the need to foster the company's business relationships with all stakeholders

  4. the impact of the company's operations on the community and the environment,

  5. the desirability of the company maintaining a reputation for high standards of business conduct, and

  6. the need to act fairly as between members of the company.

OCEAN BOULEVARD II LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 3 -

Engagement with all our stakeholders is an important aspect of our business, and we provide examples of our efforts in this regard below:

Customers

The company’s long term success has been built on delivering an exceptional customer experience within quality surroundings.

Employees

The directors consider their employees to be the key resource of the business and are aware that the future success and growth of the business will be down to having a workforce which can deliver the experience our customers have come to expect from the company. We ensure all staff training requirements are met and support a culture which encourages the staff to engage with management on all aspects of their employment.

Suppliers and environment

We are expected to act as a responsible company and employer and to minimise the impact we have on the community and the environment. Consequently, the company maintains the rides to meet high safety standards which allow the company to meet the highest legislative requirements and minimise the impact on the environment. The directors understand how an effective relationship with suppliers and finance providers supports the cash-flow of the company and this is important to continuing the high quality service customer’s demand from the business.    

Shareholders

Our commitment is to protect and manage our shareholder’s investments in a responsible and sustainable way. The content of the Strategic Report demonstrates how we are achieving this.

Outlook

We have what is now a tried and tested operating model which seeks to ensure guest and employee safety whilst maintaining high levels of guest satisfaction. The reduction in the rate of inflation and reduced interest rates will hopefully build consumer confidence as we move to what are more normal improved trading levels.

On behalf of the board

J Gray
Director
21 March 2025
OCEAN BOULEVARD II LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 24 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the period ended 24 March 2024.

Results and dividends

The results for the period are set out on page 10.

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

Directors

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

A J Thompson
M Brown
J Gray
N P Kilagallon
(Resigned 28 March 2024)
S P Hodkinson
(Appointed 2 April 2024 and resigned 22 January 2025)
M Holden
(Appointed 4 February 2025)

No director had any beneficial interest in the share capital of the company. The directors’ interests in the share capital of Blackpool Pleasure Beach (Holdings) Limited, the company’s ultimate parent company, are disclosed in that company’s financial statements.

Qualifying third party indemnity provisions

The company has arranged qualifying third party indemnity for all its directors.

Fixed assets

The movements in fixed assets during the year are set out in note 11.

 

In the opinion of the directors the market value of land and buildings exceeds the carrying value in the financial statements but they are unable to quantify the excess in the absence of a formal valuation.

 

Employees

The directors recognise that the health, safety and welfare of all employees is of critical importance to the success of the business. The company operates a number of key Policies within the business including equality and diversity, health screening, pastoral care and an extensive training and development programme. Meetings take place to inform and advise employees of the development of the business. The Company also operates a number of employee reward schemes.

 

Supplier payment policy

The company’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, ensure that suppliers are made aware of the terms of payment and abide by the terms of payment.

Auditor

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

Statement of disclosure to auditor

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

OCEAN BOULEVARD II LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 5 -
Going concern

The directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not reflect any adjustments as a result of the increase in economic uncertainty. Further details regarding the adoption of the going concern basis can be found in the accounting policies notes within the financial statements.

On behalf of the board
J Gray
Director
21 March 2025
OCEAN BOULEVARD II LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 24 MARCH 2024
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OCEAN BOULEVARD II LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN BOULEVARD II LIMITED
- 7 -
Opinion

We have audited the financial statements of Ocean Boulevard II Limited (the 'company') for the period ended 24 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

OCEAN BOULEVARD II LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN BOULEVARD II LIMITED (CONTINUED)
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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.

Matters on which we are required to report by exception

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

OCEAN BOULEVARD II LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OCEAN BOULEVARD II LIMITED (CONTINUED)
- 9 -

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

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 an auditor's 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.

Russell Cooper BSc ACA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
21 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
OCEAN BOULEVARD II LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 24 MARCH 2024
- 10 -
Period
Period
ended
ended
24 March
26 March
2024
2023
Notes
£
£
£
£
Turnover
3
4,288,672
4,565,481
Cost of sales
(2,539,791)
(2,668,101)
Gross profit
1,748,881
1,897,380
Administrative expenses
Other administrative expenses
(1,271,119)
(1,191,068)
Exceptional item - intercompany provision
4
(3,486,668)
-
0
(4,757,787)
(1,191,068)
Operating (loss)/profit
5
(3,008,906)
706,312
Interest payable and similar expenses
8
-
(33,307)
(Loss)/profit before taxation
(3,008,906)
673,005
Tax on (loss)/profit
9
24,891
(1,001)
(Loss)/profit for the financial period
(2,984,015)
672,004

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

OCEAN BOULEVARD II LIMITED
BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 11 -
24 March 2024
26 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,615,629
2,737,627
Investments
12
59,833
59,833
2,675,462
2,797,460
Current assets
Stocks
13
15,699
29,868
Debtors
14
5,372,333
8,154,549
Cash at bank and in hand
1,324
1,302
5,389,356
8,185,719
Creditors: amounts falling due within one year
15
(504,933)
(414,388)
Net current assets
4,884,423
7,771,331
Total assets less current liabilities
7,559,885
10,568,791
Provisions for liabilities
Deferred tax liability
17
63,496
88,387
(63,496)
(88,387)
Net assets
7,496,389
10,480,404
Capital and reserves
Called up share capital
19
800,000
800,000
Profit and loss reserves
6,696,389
9,680,404
Total equity
7,496,389
10,480,404

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
J Gray
Director
Company registration number 04461997 (England and Wales)
OCEAN BOULEVARD II LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 21 March 2022
800,000
9,008,400
9,808,400
Period ended 26 March 2023:
Profit and total comprehensive income
-
672,004
672,004
Balance at 26 March 2023
800,000
9,680,404
10,480,404
Period ended 24 March 2024:
Loss and total comprehensive income
-
(2,984,015)
(2,984,015)
Balance at 24 March 2024
800,000
6,696,389
7,496,389
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
- 13 -
1
Accounting policies
Company information

Ocean Boulevard II Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

1.1
Reporting period

The current reporting period relates to the 52 week period ending 24 March 2024. The comparative reporting period relates to the 53 week period ending 26 March 2023.

1.2
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Blackpool Pleasure Beach (Holdings) Limited. These consolidated financial statements are available from its registered office, Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

The company is party to cross guarantees securing all bank and local government debts of the group to which the company belongs, as disclosed in note 23 to the financial statements. The group meets its day to day working capital requirements through a short term loan and an overdraft. In addition the group is funded through longer term bank and local government loans. true

 

The directors have prepared detailed forecasts including cash flow projections which indicate that the group and the company will have sufficient funds to meet its liabilities as they fall due for the foreseeable future. In preparing their forecasts the directors have had to make key assumptions and there are therefore uncertainties. The key assumptions include visitor numbers for 2025/26 increasing by 2% over 2024/25 numbers, bank and loan facilities remaining in place and the cost saving plan approved by the directors being successfully implemented. The directors are confident that the assumptions made are modest and achievable.

 

Based on the forecasts, the directors expect that the company and group will meet its obligations in respect of loan repayments and interest payments but certain financial covenants attached to the revolving credit facility will not be met. Notwithstanding this, the company and group’s most recent forecasts present a more favourable position than was presented to the bank during the most recent refinancing in December 2024.

 

The directors are in regular communication with the bank and expect that the revolving credit facility will remain in place for the foreseeable future and the short term facilities will be renewed as required during the latter part of 2025.

 

If trading were to fall short of the forecasts to the extent that a shortfall in funding would result, then the directors believe asset realisations or additional cost savings are achievable that would enable the group and the company to continue to operate.

 

After making enquiries and considering the uncertainties described above the directors confidently expect the group will have adequate resources to continue trading for the foreseeable future. It is therefore appropriate to prepare the financial statements of the company on a going concern basis.

1.4
Turnover

Turnover represents the amount derived from the provision of hotel operations which fall within the company's ordinary activities, stated net of value added tax. Turnover is recognised on the date of customer occupancy. Pre-booked revenue is deferred at the year end.

1.5
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Web design
5 years
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Tangible fixed assets

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

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

Leasehold land and buildings
0.8% straight line (land) & 2% straight line (buildings)
Plant and equipment
7% - 25% straight line

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

1.7
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Impairment of fixed assets

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

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on a first in, first out basis. Net realisable value is based on estimated selling prices.

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

 

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

 

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

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

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

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Impairment of fixed assets

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technologies innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as market conditions, The remaining life of the asset and projected disposal values.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of amounts owed by group undertakings

Amounts owed by group undertakings are assessed for recoverability at each reporting date. These balances rank after other secured creditors for group undertakings. The directors base their assessment on the financial position and expected financial performance of the group undertakings.

 

At the period end, the amounts owed by group undertakings of £5,273,168 (2023: £8,009,621) included in debtors are disclosed net of a provision of £3,486,668 (2023: £nil). During the period, there is a charge recognised within administrative expenses of £3,486,668 (2023: £nil) relating to this provision.

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 19 -
3
Turnover

Turnover is wholly attributable to the principal activity of the company. All of the turnover arises within the United Kingdom.

 

4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - intercompany provision
3,486,668
-

The exceptional item relates to a provision for intercompany debtor made during the period. See note 2 for further details.

5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
4,000
Depreciation of owned tangible fixed assets
219,236
220,000
Amortisation of intangible assets
-
1,800
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Permanent staff
47
40
Seasonal staff
46
51
Total
93
91

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,610,776
1,579,256
Social security costs
115,686
123,000
Pension costs
24,751
24,000
1,751,213
1,726,256
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
62,009
62,009

There are no key management personnel other than the directors of the company.

8
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
-
0
33,307
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
4,596
Deferred tax
Origination and reversal of timing differences
(24,891)
2,405
Adjustment in respect of prior periods
-
0
(6,000)
Total deferred tax
(24,891)
(3,595)
Total tax (credit)/charge
(24,891)
1,001

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

2024
2023
£
£
(Loss)/profit before taxation
(3,008,906)
673,005
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 24.92% (2023: 19.00%)
(749,819)
127,871
Tax effect of expenses that are not deductible in determining taxable profit
868,780
-
0
Adjustments in respect of prior years
-
0
(1,000)
Group relief
(143,852)
(160,000)
Adjustments in respect of financial assets
-
0
34,130
Taxation (credit)/charge for the period
(24,891)
1,001
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 21 -
10
Intangible fixed assets
Web design
£
Cost
At 27 March 2023 and 24 March 2024
7,200
Amortisation and impairment
At 27 March 2023 and 24 March 2024
7,200
Carrying amount
At 24 March 2024
-
0
At 26 March 2023
-
0
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 27 March 2023
4,957,619
4,722,066
9,679,685
Additions
-
0
97,238
97,238
At 24 March 2024
4,957,619
4,819,304
9,776,923
Depreciation and impairment
At 27 March 2023
2,366,912
4,575,146
6,942,058
Depreciation charged in the period
127,177
92,059
219,236
At 24 March 2024
2,494,089
4,667,205
7,161,294
Carrying amount
At 24 March 2024
2,463,530
152,099
2,615,629
At 26 March 2023
2,590,707
146,920
2,737,627
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
59,833
59,833

The investment relates to 0.6% of the founder member deposits of South Shore Mutual Insurance Company Limited, a provider of insurance services to the group.

OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 22 -
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
15,699
29,868
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,760
116,747
Corporation tax recoverable
3,987
-
0
Amounts owed by group undertakings
5,273,168
8,009,621
Other debtors
34,185
19,855
Prepayments and accrued income
43,233
8,326
5,372,333
8,154,549

All amounts shown under debtors due for payment within one year are interest free.

 

Amounts owed by group undertakings are interest free and repayable on demand.

15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
88,438
18,156
Amounts owed to group undertakings
130,093
110,991
Corporation tax
-
0
4,596
Other creditors
266,855
249,458
Accruals and deferred income
19,547
31,187
504,933
414,388

Amounts owed to group undertakings are interest free and repayable on demand.

16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
88,438
18,156
Payable within one year
88,438
18,156
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 23 -
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
63,911
88,387
Short term timing differences
(415)
-
63,496
88,387
2024
Movements in the period:
£
Liability at 27 March 2023
88,387
Credit to profit or loss
(24,891)
Liability at 24 March 2024
63,496
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,751
24,000

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
800,000
800,000
800,000
800,000
OCEAN BOULEVARD II LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 24 -
20
Financial commitments, guarantees and contingent liabilities

The company is party to a composite cross company guarantee in favour of the group's facility providers. The total bank and governmental body borrowings outstanding at the year end, under group guarantees were £19.6m (2023: £16.5m).

 

The following fellow subsidiary undertakings and parent company were party to the cross guarantee:

 

 

The following related undertakings was party to the cross guarantee:

 

21
Related party transactions

The net payments for the services made to Blackpool Pleasure Beach Limited amounted to £-298,811 (2023: £440,000). The current account balance at the year end was £8,759,836 (2023: £8,009,621) owed to the company and is included in amounts owed by group undertakings. At the period end a provision of £3,486,668 (2023: £nil) was recognised against this balance.

 

As at 22 March 2024 the amounts owed to group undertakings included in creditors was £130,093 (2023: £110,991). This represents a payment to Blackpool Leisure and Amusement Consultancy Limited for group relief.


As at 22 March 2024 the amounts owed to related parties included in creditors was £30,000 (2023: £30,000). This represents a payment to Ocean Boulevard III Limited, a company under common control.

22
Ultimate controlling party

The company's immediate parent company is Blackpool Pleasure Beach Limited, registered in England and Wales with registered office at Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

 

The company's ultimate parent company is Blackpool Pleasure Beach (Holdings) Limited, a company registered in England and Wales with registered office at Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

 

The smallest and largest group in which the results of the company are consolidated is that headed by Blackpool Pleasure Beach (Holdings) Limited. Copies of the consolidated financial statements of Blackpool Pleasure Beach (Holdings) Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

The ultimate controlling parties are members of the Thompson family acting in concert.

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