Company registration number 01876267 (England and Wales)
BLACKPOOL PLEASURE BEACH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
BLACKPOOL PLEASURE BEACH LIMITED
COMPANY INFORMATION
Directors
A J Thompson
A C Hygate
(Appointed 1 June 2023)
N W R Thompson
F C Gilje
M Brown
J Gray
C J Hemmings
J R Cox
(Appointed 1 September 2023)
K M Murphy
(Appointed 1 June 2023)
M Holden
(Appointed 4 February 2025)
Company number
01876267
Registered office
Pleasure Beach
Ocean Boulevard
Promenade
Blackpool
FY4 1EZ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BLACKPOOL PLEASURE BEACH LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 36
BLACKPOOL PLEASURE BEACH 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 amusement devices. The principal activities of the company’s principal subsidiary undertakings are set out in note 13 to the accounts.

Buisness model
BLACKPOOL PLEASURE BEACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 2 -
BLACKPOOL PLEASURE BEACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 3 -
Principal risks and uncertainties

The hospitality and leisure market remains highly competitive and is still recovering from the effects of the pandemic. Post pandemic attendance levels have not recovered to those seen pre pandemic. The continuing cost of living crisis is depressing non-essential spend for a significant proportion of our core customer base and adds an additional layer of uncertainty regarding spending habits and patterns.

 

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 park with its programme of maintenance and repairs so that the park achieves the high standards expected by the public and remains competitive. The company seeks to improve its visitors experience by investing in new attractions and other customer focused improvements.

 

Utility whilst easing are still way above previous levels and the company is committed to finding ways to reduce our energy usage. The company utilises an external company to assist with this together with consideration of greener energy sources.

 

Weather remains a key factor in terms of overall attendance and turnover. The company has previously used insurance instruments to help mitigate the potential impact of weather. Following review of weather impact on attendance and pricing strategy the decision was made not to use such instruments this year. The Company will continue to consider their use going forward.

 

The company has loan facilities with one governmental body of £1.8m (2023: one: £2.1m). The Company also has use of a £6.7M (2023: £7M) revolver facility, this allows us greater flexibility with regards to pay back and drawdown of facilities, a term loan with Lombard North Central Plc. of £3.5m (2023: £4.0m) to which interest is applied at normal commercial rates. The directors believe that associated interest costs can be met for any reasonable foreseeable increase in base rates within the next year. There was also a £4m (2023: £3m) short term facility available to the company with Natwest plc.

 

The directors review the possibility of utilising financial instruments to reduce the risk of future rises in the cost of interest but believe that these have been too expensive for the level of risk sheltered.

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:

 

 

 

 

 

 

 

 

BLACKPOOL PLEASURE BEACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 4 -
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. During the year the company commenced construction of a new staff facility incorporating a canteen, changing and locker rooms, showers and training rooms as part of our investment in our staff.

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 period ended 24 March 2024, the directors of Blackpool Pleasure Beach 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.

 

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, whilst maintaining the highest standards of health and safety, to provide them with memories to last a lifetime. We pride ourselves on making the customers experience different each time they visit by reinventing the park with new rides and different experiences.

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.

BLACKPOOL PLEASURE BEACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 5 -

Outlook

Trading in the current year has been extremely difficult due to many external factors beyond our control. The cost of living crisis is ongoing. We do not foresee any short term change. We continue to review our operation with a view to making the business more efficient and sustainable.

 

The company has instigated a head count review and a review of the assets on park, as a result a number of rides will be closed for the forthcoming season, we are also looking at how we profile the opening and closing times of both individual rides and the park itself with a view to maximising efficiency (and therefore cost) whilst balancing it with achieving great customer satisfaction.

 

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 company continues to ensure that all our guests receive a quality experience and value for money. This is monitored through a comprehensive programme of guest research and satisfaction surveys. The company continues to invest in its infrastructure to ensure that the business is well promoted through marketing and improved control systems to ensure we are able to maximise our returns and reduce our exposure to potential loss.

 

The Company continues to monitor and adapt and develop its strategic plan for the short to long term.

On behalf of the board

J Gray
Director
21 March 2025
BLACKPOOL PLEASURE BEACH LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 24 MARCH 2024
- 6 -

The directors present their annual report and financial statements for the period ended 24 March 2024. The comparative information was for the period ended 26 March 2023.

Results and dividends

The results for the period are set out on page 14.

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
A C Hygate
(Appointed 1 June 2023)
N W R Thompson
F C Gilje
M Brown
J Gray
Mr J P C Collins
(Resigned 2 September 2024)
C J Hemmings
N P Kilagallon
(Resigned 28 March 2024)
J R Cox
(Appointed 1 September 2023)
K M Murphy
(Appointed 1 June 2023)
S P Hodkinson
(Appointed 2 April 2024 and resigned 22 January 2025)
M Holden
(Appointed 4 February 2025)

No director has any beneficial interest in the share capital of the company. The directors' interests in the share capital of Blackpool Pleasure Beach (Holdings) Limited, the ultimate parent undertaking, 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 tangible fixed assets during the year are set out in note 12 to the financial statements.

 

Based on formal valuations carried out in December 2018, the market value of land and buildings exceeds the carrying value in the financial statements.

Post reporting date events

Post year end the company agreed an additional working capital facility with the bank, which is currently being utilised.

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.

BLACKPOOL PLEASURE BEACH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 7 -
Energy and carbon report
BLACKPOOL PLEASURE BEACH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 8 -
BLACKPOOL PLEASURE BEACH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 9 -
Energy efficiency actions

In the period covered by the report, Blackpool Pleasure Beach has continued their rollout of LED across the site, which reduces the energy used on site. There has been a new staff canteen built equipped with a ground source heat pump. This innovative system harnesses renewable geothermal energy further contributing to the organisation’s environmental stewardship.

 

Significant energy improvements have been seen at the Valhalla site. The Valhalla site has reopened after removing the Snow Scene Cauldrons, resulting in reduced energy consumption. Additionally, a modulating boiler has been installed to further enhance energy efficiency by adjusting power output based on real-time heating demands. Further, all Valhalla lighting changed to LED in the reporting period. These measures demonstrate a commitment to sustainability and efficiency.

 

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.

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 note within the financial statements.

On behalf of the board
J Gray
Director
21 March 2025
BLACKPOOL PLEASURE BEACH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 24 MARCH 2024
- 10 -

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.

BLACKPOOL PLEASURE BEACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLACKPOOL PLEASURE BEACH LIMITED
- 11 -
Opinion

We have audited the financial statements of Blackpool Pleasure Beach 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.

BLACKPOOL PLEASURE BEACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLACKPOOL PLEASURE BEACH LIMITED (CONTINUED)
- 12 -

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:

BLACKPOOL PLEASURE BEACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLACKPOOL PLEASURE BEACH LIMITED (CONTINUED)
- 13 -

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)
BLACKPOOL PLEASURE BEACH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 24 MARCH 2024
- 14 -
Period
Period
ended
ended
24 March
26 March
2024
2023
Notes
£
£
Turnover
3
32,054,999
31,794,861
Cost of sales
(22,794,467)
(20,153,798)
Gross profit
9,260,532
11,641,063
Administrative expenses
(11,134,565)
(11,202,799)
Other operating income
681,226
173,285
Operating (loss)/profit
4
(1,192,807)
611,549
Interest receivable and similar income
8
131
7,060
Interest payable and similar expenses
9
(1,508,812)
(1,140,603)
Loss before taxation
(2,701,488)
(521,994)
Tax on loss
10
(64,918)
(267,720)
Loss for the financial period
(2,766,406)
(789,714)

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

BLACKPOOL PLEASURE BEACH LIMITED
BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 15 -
24 March 2024
26 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
25,405,782
24,276,197
Investments
13
8,258,340
8,258,340
33,664,122
32,534,537
Current assets
Stocks
14
3,859,727
3,918,933
Debtors
15
8,001,871
6,242,941
Cash at bank and in hand
1,005,518
1,002,755
12,867,116
11,164,629
Creditors: amounts falling due within one year
16
(35,709,975)
(30,295,006)
Net current liabilities
(22,842,859)
(19,130,377)
Total assets less current liabilities
10,821,263
13,404,160
Creditors: amounts falling due after more than one year
17
(11,901,179)
(11,372,806)
Provisions for liabilities
Provisions
19
150,000
559,782
Deferred tax liability
20
1,855,273
1,790,355
(2,005,273)
(2,350,137)
Net liabilities
(3,085,189)
(318,783)
Capital and reserves
Called up share capital
23
120,000
120,000
Profit and loss reserves
(3,205,189)
(438,783)
Total equity
(3,085,189)
(318,783)
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 01876267 (England and Wales)
BLACKPOOL PLEASURE BEACH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 MARCH 2024
- 16 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 26 March 2023:
Balance at 21 March 2022
120,000
(1,621,396)
(1,501,396)
Effect of prior period adjustment
-
1,972,327
1,972,327
As restated
120,000
350,931
470,931
Period ended 26 March 2023:
Loss and total comprehensive income
-
(789,714)
(789,714)
Balance at 26 March 2023
120,000
(438,783)
(318,783)
Period ended 24 March 2024:
Loss and total comprehensive income
-
(2,766,406)
(2,766,406)
Balance at 24 March 2024
120,000
(3,205,189)
(3,085,189)
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
- 17 -
1
Accounting policies
Company information

Blackpool Pleasure Beach 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. .

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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 amusement park operations including ticket, retail, concession, car parking and food and beverage sales, which fall within the company's ordinary activities, stated net of value added tax. Turnover is recognised on the date of the provision to customers of goods and services or deferred to the balance sheet for future dates.

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:

Licence fees
20% straight line
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
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:

Freehold property
2% - 10% straight line
Plant and equipment
5% - 25% straight line
Motor vehicles
20% straight line
Amusement devices
2% - 50% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

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

Interests in subsidiaries 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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. Stocks include engineering, retail and food and beverage costs.

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.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
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.

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.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
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.

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.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.15
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.

1.16
Retirement benefits

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

 

 

 

 

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 23 -
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 asset investments

The Company's investments in subsidiaries are reviewed to determine whether there are indicators of impairment that may affect their value. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the subsidiaries.

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 related parties

Amounts owed by group undertakings and other related parties are assessed for recoverability at each reporting date. The directors base their assessment on the financial position and expected financial performance of the related parties.

 

At the period end, the directors consider the amounts owed by related parties included in debtors totalling £5,617,794 (2023: £4,301,909) to be recoverable and no provisions have been made against these debts.

3
Turnover and other revenue

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

2024
2023
£
£
Other revenue
Interest income
131
7,060
Grants received
500,000
-
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 24 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses
9,362
38,262
Research and development costs
41,779
29,688
Government grants
(500,000)
-
Depreciation of owned tangible fixed assets
1,984,814
1,789,000
Profit on disposal of tangible fixed assets
(208)
(542)
Operating lease charges
723,561
763,946
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
57,500
70,000

The company has taken advantage of the exemption note to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

6
Employees

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

2024
2023
Number
Number
Permanent staff
204
195
Seasonal staff
462
395
Total
666
590

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
12,855,768
11,338,449
Social security costs
951,200
876,312
Pension costs
675,188
192,171
14,482,156
12,406,932
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 25 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,154,454
1,093,873
Company pension contributions to defined contribution schemes
64,440
52,266
1,218,894
1,146,139

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
355,248
350,000

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

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
131
7,060
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
159,305
280,480
Interest payable to group undertakings
510,173
357,860
Other interest on financial liabilities
839,334
502,263
1,508,812
1,140,603
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(155,280)
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
10
Taxation
2024
2023
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
64,918
435,000
Adjustment in respect of prior periods
-
0
(12,000)
Total deferred tax
64,918
423,000
Total tax charge
64,918
267,720

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

2024
2023
£
£
Loss before taxation
(2,701,488)
(521,994)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.92% (2023: 19.00%)
(673,211)
(99,179)
Tax effect of expenses that are not deductible in determining taxable profit
27,955
-
0
Unutilised tax losses carried forward
-
0
161,000
Adjustments in respect of prior years
-
0
(167,000)
Effect of change in corporation tax rate
-
0
104,000
Group relief
252,404
215,000
Adjustments in respect of financial assets
-
0
53,899
Other non-reversing timing differences
10
-
0
Other permanent differences
417
-
0
Deferred tax adjustments in respect of prior years
(33,893)
-
0
Fixed asset differences
491,236
-
0
Taxation charge for the period
64,918
267,720
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 27 -
11
Intangible fixed assets
Licence fees
£
Cost
At 27 March 2023 and 24 March 2024
1,907,000
Amortisation and impairment
At 27 March 2023 and 24 March 2024
1,907,000
Carrying amount
At 24 March 2024
-
0
At 26 March 2023
-
0
12
Tangible fixed assets
Freehold property
Assets under construction
Plant and equipment
Motor vehicles
Amusement devices
Total
£
£
£
£
£
£
Cost
At 27 March 2023
7,131,455
2,373,155
25,260,027
401,634
77,863,633
113,029,904
Additions
832,554
266,093
782,185
12,001
1,324,315
3,217,148
Disposals
(144,641)
-
0
(1,500)
(28,597)
-
0
(174,738)
Transfers
-
0
(2,332,656)
-
0
-
0
2,332,656
-
0
At 24 March 2024
7,819,368
306,592
26,040,712
385,038
81,520,604
116,072,314
Depreciation and impairment
At 27 March 2023
3,814,945
-
0
24,864,688
330,521
59,743,553
88,753,707
Depreciation charged in the period
105,322
-
0
196,569
27,119
1,655,804
1,984,814
Eliminated in respect of disposals
(43,392)
-
0
-
0
(28,597)
-
0
(71,989)
At 24 March 2024
3,876,875
-
0
25,061,257
329,043
61,399,357
90,666,532
Carrying amount
At 24 March 2024
3,942,493
306,592
979,455
55,995
20,121,247
25,405,782
At 26 March 2023
3,316,510
2,373,155
395,339
71,113
18,120,080
24,276,197
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
8,258,340
8,258,340
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost
At 27 March 2023 & 24 March 2024
9,278,340
7,500,000
16,778,340
Impairment
At 27 March 2023 & 24 March 2024
1,020,000
7,500,000
8,520,000
Carrying amount
At 24 March 2024
8,258,340
-
8,258,340
At 26 March 2023
8,258,340
-
8,258,340

Investment in subsidiaries

 

a) The company holds 86.6% of the founder member deposits of South Shore Mutual Insurance

Company Limited, a provider of insurance services to the group.

 

b) The company owns 100% of the ordinary share capital of Park Inventions and Devices Manufacturing

Company. These companies are dormant.

 

c) The company owns 100% of the non-voting shares of Frontierland Limited. This company is dormant.

 

d) The company owns 75% of the ordinary shares of Ocean Boulevard II Limited. The principal activity

of this company is the operation of a hotel.

 

e) The company owns 100% of the ordinary shares of Cable Chutes (Blackpool) Limited. This company

is dormant. A full impairment of £1,020,000 is recognised against this investment.

 

Loans to subsidiaries

 

f) The company owns 100% of the non-voting ordinary shares of Hotchkiss Patents & Investments

Limited (formerly Pleasureland Limited). £7,500,000 (2023 - £7,500,000) has been advanced to that

company and is included as a fixed asset investment. In prior years the loan has been entirely written

off. This company is dormant.

 

The above mentioned companies are registered in England and Wales, whose registered office is Ocean

Boulevard, Promenade, Blackpool, FY4 1EZ.

14
Stocks
2024
2023
£
£
Raw materials and consumables
2,172,726
1,962,309
Finished goods and goods for resale
1,687,001
1,956,624
3,859,727
3,918,933
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 29 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
418,308
419,611
Corporation tax recoverable
214,935
188,806
Amounts owed by group undertakings
1,068,749
859,621
Other debtors
5,948,425
4,621,737
Prepayments and accrued income
351,454
153,166
8,001,871
6,242,941
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Revolving credit facility
18
6,650,000
7,000,000
Bank loans and overdrafts
18
8,545,975
4,418,955
Trade creditors
5,368,540
3,883,669
Amounts owed to group undertakings
13,036,625
11,813,558
Taxation and social security
265,873
278,396
Government grants
21
-
0
500,000
Other creditors
257,549
211,441
Accruals and deferred income
1,585,413
2,188,987
35,709,975
30,295,006
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
4,435,862
5,169,048
Other borrowings
18
7,465,317
6,203,758
11,901,179
11,372,806
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 30 -
18
Loans and overdrafts
2024
2023
£
£
Revolving credit facility
6,650,000
7,000,000
Bank loans
9,299,209
6,123,562
Bank overdrafts
3,682,628
3,464,441
Loans from group undertakings
7,252,986
6,002,986
Other loans
212,331
200,772
27,097,154
22,791,761
Payable within one year
15,195,975
11,418,955
Payable after one year
11,901,179
11,372,806

Loans and overdrafts includes the following facilities:

 

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
18
Loans and overdrafts
(Continued)
- 31 -

 

19
Provisions for liabilities
2024
2023
£
£
Public liability claims
150,000
559,782
Movements on provisions:
Public liability claims
£
At 27 March 2023
559,782
Reversal of provision
(409,782)
At 24 March 2024
150,000
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
19
Provisions for liabilities
(Continued)
- 32 -

Other provisions relate to the directors' assessment of the likely costs to settle public liability claims where the incident occurred prior to the period end.

 

Having regard to the reported incidents and public liability claims received by the Group, and the Limitation Act 1980 (which governs the time within which claims can be brought), the directors consider the provision carried forward to be reasonable and proportionate.

20
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 dfferences
3,053,435
2,020,000
Tax losses
(1,117,771)
(17,000)
Short term timing differences
(80,391)
(212,645)
1,855,273
1,790,355
2024
Movements in the period:
£
Liability at 27 March 2023
1,790,355
Charge to profit or loss
64,918
Liability at 24 March 2024
1,855,273
21
Government grants
2024
2023
£
£
Arising from government grants
-
500,000

During the period. government grants of £500,000 (2023: £nil) were released from creditors to the profit and loss accounts as other operating income following the conditions of the grants being met.

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 33 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
675,188
192,171

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.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120,000
120,000
120,000
120,000
24
Financial commitments, guarantees and contingent liabilities

The total bank and governmental body borrowings outstanding at the year end, under group guarantees were £19,587,197 (2023: £16,542,863).

 

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

 

The following related undertakings was party to the cross guarantee:

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
590,951
731,000
Between two and five years
1,504,167
1,472,000
In over five years
525,000
-
0
2,620,118
2,203,000
26
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
26
Related party transactions
(Continued)
- 34 -
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 35 -
27
Directors' transactions

 

Directors loan accounts incur interest at 4% per annum over base rate and are repayable after all group bank loans are repaid.

28
Ultimate controlling party

The company's immediate and ultimate parent company is Blackpool Pleasure Beach (Holdings) Limited, a company registered in England and Wales with registered office 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.

29
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 21 Mar 2022
Adjustment at 26 Mar 2023
As restated at 26 Mar 2023
£
£
£
£
Fixed assets
Tangible assets
22,303,870
1,972,327
-
24,276,197
Investments
9,278,340
(1,020,000)
-
8,258,340
Creditors due within one year
Other creditors
(19,117,655)
1,020,000
-
(18,097,655)
Net assets
(2,291,110)
1,972,327
-
(318,783)
BLACKPOOL PLEASURE BEACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
29
Prior period adjustment
As previously reported
Adjustment at 21 Mar 2022
Adjustment at 26 Mar 2023
As restated at 26 Mar 2023
£
£
£
£
(Continued)
- 36 -
Capital and reserves
Profit and loss reserves
(2,411,110)
1,972,327
-
(438,783)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 26 March 2023
£
£
£
Loss for the financial period
(789,714)
-
(789,714)

The following prior period adjustments have been made:

 

 

The directors identified an error on the fixed asset register whereby certain assets had been depreciated in excess of the cost of the asset. The directors have corrected the error of £1,972,327 by adjusting the depreciation brought forward at 21 March 2022.

 

 

The company holds an investment of £1,020,000 in subsidiary Cable Chutes (Blackpool) Ltd. This subsidiary has been dormant since 2012. The investment of £1,020,000 is matched by a balance owing to Cable Chutes (Blackpool) Ltd of £1,117,383. As the subsidiary is dormant, the directors have concluded that the investment value should have been impaired to £nil and the creditor reduced by the impairment amount of £1,020,000. The error was corrected in the brought forward balance sheet at 21 March 2022 with no effect on the profit and loss reserves.

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