Company registration number 01837026 (England and Wales)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
A J Thompson
N W R Thompson
F C Gilje
Company number
01837026
Registered office
Pleasure Beach
Ocean Boulevard
Promenade
Blackpool
FY4 1EZ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 46
BLACKPOOL PLEASURE BEACH (HOLDINGS) 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 is to act as a holding company. The activities of all of the trading subsidiaries are set out below.

Business model
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 2 -

Structure (continued)

The Pleasure Beach and Hotel operate in a highly competitive tourism and leisure market with the key focus points being the summer period and school holidays. The park is aimed at a wide ranging audience from small children through to adults whilst the hotel has both a family friendly feel as well as appealing to the corporate business market.

Principal activities for these companies are the sale of admission tickets, ride wristbands, hotel bedrooms and conference space with secondary spends coming from catering, retail, car parking, shows and amusement concessions.

 

The park has a long and distinguished history and offers a high quality visitor experience at an attractive and affordable price point.

Business Review

The group reports a loss before taxation for the year ending 24 March 2024 of £1.7M (2023: £0.3M profit). Turnover for the group is £37.3M (2022: £37.2M).

On park attendances rose slightly by 2% but overall remain depressed against pre pandemic levels. The continuing cost of living crisis has made customers hesitant. Poor weather during key trading periods also acted as a contributor restricting visits to the park and the hotel.

High inflation, high interest rates and significant increases in the minimum wage puts additional stress on our cost lines making profit harder to achieve.

Blackpool Pleasure Beach Limited

The financial year ending 24 March 2024 sees the continuation of the challenges felt in the previous year with the continuing cost of living crisis putting a squeeze on the disposable income of our customers. As a result our attendances have remained relatively flat whilst increasing cost pressures as a result of high inflation and most notably the increase in national minimum wage makes trading again very challenging.

 

Turnover for the year is £32.1m compared with prior year £31.8m and is reflective of the 2% growth in attendances versus prior year.

 

Cost of sales sees an 11% increase due primarily to the aforementioned increases in minimum wage but also inflationary increases impacting.

 

The company has benefited from the government retail, hospitality and leisure business rate scheme and this forms part of the administrative 5% saving versus prior year.

 

Weather as always remains a significant factor in terms of our overall attendance and 2023 saw fine weather during the off peak periods switching to extremely wet weather for our key summer trading period, weekends in particular were the worst hit in July and August resulting in a negative impact on our attendances.

 

The net result is an operating loss for the year of £1.1m. This is compounded by higher interest rates pushing up our borrowing costs from £1.1M to £1.5m. The company posts a loss before tax of £2.7m (2023: £521k loss).

Hotel

The cost of living crisis still continues to impact the hotel and is reflected in the occupancy numbers which fall against last year and are still below pre pandemic levels. Our customers are being more cautious in order to protect their disposable income.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 3 -

Turnover for the year is £4.3M down on prior year’s £4.6M

 

Cost of sales have remained similar with prior year at 59% of turnover vs 2023: 58% this is despite high inflation including the 10% increase on minimum wage.

 

Administration costs are at 29% of turnover (2023: 26%). The increase is primarily due to an increase in allocation of group overhead charges.

 

Profitability for the year before tax excluding exceptional adjustments is £527k (2023: £673k). An intercompany bad debt provision was posted during the year which resulted in a loss before tax for the year of £3m.

 

Rooms sold decreased by 4% to 31,981 for the year resulting in an overall occupancy of 56%. Total yield per room increased by 3% to £135.

South Shore Mutual Insurance Company

South Shore Mutual Insurance Company reports a pre-tax profit of £0.4M for the year (2023: £0.4M). The company received total investment income of £0.1M (2023: £0.5M) from its portfolio of listed investments and investment properties.

Principal risks and uncertainties

The hospitality and leisure market remains highly competitive and is still recovering from the effects of the pandemic. This has been compounded by the current cost of living crisis where we have seen high interest rates, high inflation and low demand.

 

This current economic climate means that there is a lot of uncertainty in the market, we have recently started to see inflation fall and as a result a reduction in interest rates.

 

The group 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 prices have increased dramatically 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 group has loan facilities with one governmental body of £1.8m (2023: one: £2.1m). The group 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.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 4 -
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. 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 group’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.

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

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

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

A J Thompson
Director
21 March 2025
BLACKPOOL PLEASURE BEACH (HOLDINGS) 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.

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 further 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
N W R Thompson
F C Gilje
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period.

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.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 7 -
Energy and carbon report
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 8 -
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 9 -
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 auditor of the company 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 auditor of the company is aware of that information.

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
A J Thompson
Director
21 March 2025
BLACKPOOL PLEASURE BEACH (HOLDINGS) 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

We have audited the financial statements of Blackpool Pleasure Beach (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 24 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The 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 (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
- 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 group and parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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 (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
- 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 (HOLDINGS) LIMITED
GROUP 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
37,254,725
37,211,204
Cost of sales
(26,033,895)
(23,424,850)
Gross profit
11,220,830
13,786,354
Administrative expenses
(12,745,151)
(12,856,627)
Other operating income
702,339
173,035
Operating (loss)/profit
4
(821,982)
1,102,762
Interest receivable and similar income
8
136,653
(22,067)
Interest payable and similar expenses
9
(980,292)
(814,910)
Amounts written off investments
10
(9,561)
21,127
(Loss)/profit before taxation
(1,675,182)
286,912
Tax on (loss)/profit
11
(48,369)
(319,000)
Loss for the financial period
27
(1,723,551)
(32,088)
Loss for the financial period is attributable to:
- Owners of the parent company
(576,233)
(236,088)
- Non-controlling interests
(1,147,318)
204,000
(1,723,551)
(32,088)
Total comprehensive income for the period is attributable to:
- Owners of the parent company
(576,233)
(236,088)
- Non-controlling interests
(1,147,318)
204,000
(1,723,551)
(32,088)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 15 -
24 March 2024
26 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
12
18,533
8,766
Tangible assets
13
26,733,491
25,701,874
Investment property
14
1,549,000
1,549,000
Investments
15
1,466,000
1,466,000
29,767,024
28,725,640
Current assets
Stocks
17
4,033,380
4,067,848
Debtors
18
7,032,287
5,732,442
Cash at bank and in hand
1,047,928
2,056,057
12,113,595
11,856,347
Creditors: amounts falling due within one year
19
(22,955,430)
(18,849,982)
Net current liabilities
(10,841,835)
(6,993,635)
Total assets less current liabilities
18,925,189
21,732,005
Creditors: amounts falling due after more than one year
20
(4,648,193)
(5,370,000)
Provisions for liabilities
Provisions
22
150,000
559,782
Deferred tax liability
23
2,068,308
2,019,984
(2,218,308)
(2,579,766)
Net assets
12,058,688
13,782,239
Capital and reserves
Called up share capital
26
700,000
700,000
Share premium account
27
500,000
500,000
Capital redemption reserve
27
848,000
848,000
Other reserves
27
1,337,000
1,337,000
Profit and loss reserves
27
5,645,006
6,221,239
Equity attributable to owners of the parent company
9,030,006
9,606,239
Non-controlling interests
3,028,682
4,176,000
12,058,688
13,782,239
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
24 MARCH 2024
24 March 2024
- 16 -
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:
21 March 2025
A J Thompson
Director
Company registration number 01837026 (England and Wales)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 24 MARCH 2024
24 March 2024
- 17 -
24 March 2024
26 March 2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
15
778,850
778,850
Current assets
Debtors
18
923,336
923,336
Net current assets
923,336
923,336
Net assets
1,702,186
1,702,186
Capital and reserves
Called up share capital
26
700,000
700,000
Share premium account
27
500,000
500,000
Profit and loss reserves
27
502,186
502,186
Total equity
1,702,186
1,702,186

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

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:
21 March 2025
A J Thompson
Director
Company registration number 01837026 (England and Wales)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 MARCH 2024
- 18 -
Share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
£
As restated for the period ended 26 March 2023:
Balance at 21 March 2022
700,000
500,000
848,000
1,337,000
4,965,000
8,350,000
3,972,000
12,322,000
Effect of prior period adjustment
-
-
-
-
1,972,327
1,972,327
-
1,972,327
As restated
700,000
500,000
848,000
1,337,000
6,937,327
10,322,327
3,972,000
14,294,327
Period ended 26 March 2023:
Loss and total comprehensive income
-
-
-
-
(236,088)
(236,088)
204,000
(32,088)
Transfer from investment property
-
-
-
-
(480,000)
(480,000)
-
(480,000)
Balance at 26 March 2023
700,000
500,000
848,000
1,337,000
6,221,239
9,606,239
4,176,000
13,782,239
Period ended 24 March 2024:
Loss and total comprehensive income
-
-
-
-
(576,233)
(576,233)
(1,147,318)
(1,723,551)
Balance at 24 March 2024
700,000
500,000
848,000
1,337,000
5,645,006
9,030,006
3,028,682
12,058,688
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 MARCH 2024
- 19 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 26 March 2023:
Balance at 21 March 2022
700,000
500,000
502,186
1,702,186
Period ended 26 March 2023:
Profit and total comprehensive income for the period
-
-
-
-
0
Balance at 26 March 2023
700,000
500,000
502,186
1,702,186
Period ended 24 March 2024:
Profit and total comprehensive income
-
-
-
-
0
Balance at 24 March 2024
700,000
500,000
502,186
1,702,186
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 24 MARCH 2024
- 20 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
33
(106,527)
1,894,783
Income taxes paid
(50,267)
(1,252,453)
Net cash (outflow)/inflow from operating activities
(156,794)
642,330
Investing activities
Purchase of intangible assets
(11,534)
(10,466)
Purchase of tangible fixed assets
(3,365,975)
(3,496,712)
Proceeds from disposal of tangible fixed assets
102,957
-
Proceeds from disposal of investments
(9,561)
97,882
Repayment of loans
106,811
-
Interest received
131
17,060
Other income received from investments
136,522
(39,127)
Net cash used in investing activities
(3,040,649)
(3,431,363)
Financing activities
Proceeds from revolving credit facility
-
7,000,000
Repayment of revolving credit facility
(350,000)
-
Repayment of borrowings
(300,621)
(2,124,048)
Proceeds from new bank loans
4,000,000
-
Repayment of bank loans
(468,242)
(6,073,549)
Interest paid
(980,292)
(814,910)
Net cash generated from/(used in) financing activities
1,900,845
(2,012,507)
Net decrease in cash and cash equivalents
(1,296,598)
(4,801,540)
Cash and cash equivalents at beginning of period
(1,426,540)
3,375,000
Cash and cash equivalents at end of period
(2,723,138)
(1,426,540)
Relating to:
Cash at bank and in hand
1,047,928
2,056,057
Bank overdrafts included in creditors payable within one year
(3,771,066)
(3,482,597)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2024
- 21 -
1
Accounting policies
Company information

Blackpool Pleasure Beach (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

 

The group consists of Blackpool Pleasure Beach (Holdings) Limited and all of its subsidiaries.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Blackpool Pleasure Beach (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 24 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.5
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.

 

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.

1.6
Turnover

Turnover 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, are 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.

 

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

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
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.

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

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

Web design
20% straight line
Patents & licences
20% straight line
Licence fees
20% straight line
1.9
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 land and buildings
2% - 10% straight line
Plant and equipment
5% - 25% straight line
Motor vehicles
20% straight line
Amusement devices
2% - 50% 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 recognised in the profit and loss account.

1.10
Investment property

Certain properties owned by a subsidiary undertaking, South Shore Mutual Insurance company Limited, are included in note 17. These properties are included at open market valuation and no depreciation is provided. The group policy is to conduct professional valuations every 5 years with the directors reviewing the market values in the intervening years. The aggregate surplus or deficit arising on the revaluation is shown in the Statement of Comprehensive Income and transferred to the other reserve accounts.

1.11
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 or .

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

1.12
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
1.13
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.

1.14
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.

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 group 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.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
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 group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
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 group’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 if, and only if, there is 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.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 27 -
1.18
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.

1.19
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.

1.20
Retirement benefits

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

1.21
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.

1.22
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 (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 28 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Insurance risk

Insurance contracts are those contracts that transfer significant insurance risk. The group considers that all the contracts it underwrites carry insurance, rather than financial risk. The insurance risk relates to both the uncertainty of an insured event occurring for any of the insurance contracts issued by the company and the uncertainty of the amount of the resulting claim. By the very nature of an insurance contract this risk is random and therefore unpredictable.

Financial risk

The group carries only its investment properties and other financial investments at fair value. All financial investments are held at quoted prices in an active market. All investment properties are fair valued in accordance with professional valuations carried out every 5 years with the directors reviewing the market values in intervening years.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
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.

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.

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
£
£
Turnover analysed by class of business
Amusement park
32,966,053
32,645,723
Hotel
4,288,672
4,565,481
37,254,725
37,211,204
2024
2023
£
£
Other revenue
Interest income
9,692
(72,106)
Grants received
500,000
-
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 30 -
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
2,231,609
2,026,454
Profit on disposal of tangible fixed assets
(208)
(542)
Amortisation of intangible assets
1,767
8,399
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 group and company
8,000
4,000
Audit of the financial statements of the company's subsidiaries
79,500
88,000
87,500
92,000
For other services
All other non-audit services
30,800
27,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Permanent staff
260
242
-
-
Seasonal staff
517
453
-
-
Total
777
695
-
0
-
0
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
6
Employees
(Continued)
- 31 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,813,652
13,238,092
-
0
-
0
Social security costs
1,095,682
1,026,312
-
-
Pension costs
705,803
222,171
-
0
-
0
16,615,137
14,486,575
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
698,475
687,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 0).

Remuneration disclosed above includes 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.

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 32 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
17,060
Other interest income
131
-
Total interest revenue
131
17,060
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
9,561
(89,166)
9,692
(72,106)
Income from fixed asset investments
Income from other fixed asset investments
126,961
50,039
Total income
136,653
(22,067)
2024
2023
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
9,561
(89,166)
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
140,958
535,000
Other interest on financial liabilities
839,334
279,910
Total finance costs
980,292
814,910
10
Amounts written off investments
2024
2023
£
£
(Loss)/gain on disposal of fixed asset investments
(9,561)
21,127
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
97,000
Adjustments in respect of prior periods
-
0
(150,000)
Total current tax
-
0
(53,000)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
11
Taxation
2024
2023
£
£
(Continued)
- 33 -
Deferred tax
Origination and reversal of timing differences
48,369
389,000
Adjustment in respect of prior periods
-
0
(17,000)
Total deferred tax
48,369
372,000
Total tax charge
48,369
319,000

The actual 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
(1,675,182)
286,912
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 24.92% (2023: 19.00%)
(417,455)
54,513
Tax effect of expenses that are not deductible in determining taxable profit
6,566
25,487
Unutilised tax losses carried forward
-
0
162,000
Adjustments in respect of prior years
-
0
(169,000)
Effect of change in corporation tax rate
-
94,000
Other non-reversing timing differences
10
-
0
Other permanent differences
417
-
0
Deferred tax adjustments in respect of prior years
(32,405)
-
0
Fixed asset differences
491,236
87,000
Other differences
-
0
65,000
Taxation charge
48,369
319,000
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 34 -
12
Intangible fixed assets
Group
Web design
Patents & licences
Licence fees
Total
£
£
£
£
Cost
At 27 March 2023
7,200
66,466
1,907,000
1,980,666
Additions
-
0
11,534
-
0
11,534
At 24 March 2024
7,200
78,000
1,907,000
1,992,200
Amortisation and impairment
At 27 March 2023
7,200
57,700
1,907,000
1,971,900
Amortisation charged for the period
-
0
1,767
-
0
1,767
At 24 March 2024
7,200
59,467
1,907,000
1,973,667
Carrying amount
At 24 March 2024
-
0
18,533
-
0
18,533
At 26 March 2023
-
0
8,766
-
0
8,766
The company had no intangible fixed assets at 24 March 2024 or 26 March 2023.
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 35 -
13
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Motor vehicles
Amusement devices
Total
£
£
£
£
£
£
Cost
At 27 March 2023
10,710,074
2,373,155
30,745,767
401,634
77,869,633
122,100,263
Additions
832,554
266,093
931,012
12,001
1,324,315
3,365,975
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
11,397,987
306,592
31,675,279
385,038
81,526,604
125,291,500
Depreciation and impairment
At 27 March 2023
6,185,857
-
0
30,141,458
330,521
59,740,553
96,398,389
Depreciation charged in the period
232,499
-
0
313,187
27,119
1,658,804
2,231,609
Eliminated in respect of disposals
(43,392)
-
0
-
0
(28,597)
-
0
(71,989)
At 24 March 2024
6,374,964
-
0
30,454,645
329,043
61,399,357
98,558,009
Carrying amount
At 24 March 2024
5,023,023
306,592
1,220,634
55,995
20,127,247
26,733,491
At 26 March 2023
4,524,217
2,373,155
604,309
71,113
18,129,080
25,701,874
The company had no tangible fixed assets at 24 March 2024 or 26 March 2023.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 27 March 2023 and 24 March 2024
1,549,000
-

 

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
778,850
778,850
Listed investments
1,466,000
1,466,000
-
0
-
0
1,466,000
1,466,000
778,850
778,850
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
15
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 27 March 2023 and 24 March 2024
1,466,000
Carrying amount
At 24 March 2024
1,466,000
At 26 March 2023
1,466,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 27 March 2023 and 24 March 2024
778,850
Carrying amount
At 24 March 2024
778,850
At 26 March 2023
778,850
16
Subsidiaries

Details of the company's subsidiaries at 24 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Blackpool Pleasure Beach Limited
1
Operation of amusement devices
Ordinary
100.00
-
Blackpool Leisure and Amusement Consultancy Limited *
1
Consultancy and entertainment
Ordinary
100.00
-
Milleride Limited
1
Dormant
Ordinary
100.00
-
Velvet Coaster
1
Dormant
Ordinary
100.00
-
Ocean Boulevard II Limited
1
Hotel
Ordinary
-
75.00
South Shore Mutual Insurance Company Limited
1
Insurance services
Founder member deposits
-
87.70
Cable Chutes (Blackpool) Limited
1
Dormant
Ordinary
-
100.00
Morecambe Pleasure Park Holdings Company
1
Dormant
Non-voting
-
78.00
Frontierland Limited
1
Dormant
Ordinary
-
100.00
Park Inventions and Devices Manufacturing Company
1
Dormant
Ordinary
-
100.00
Hotchkiss Patents and Investments Limited
1
Dormant
Ordinary
-
95.00

Registered office addresses (all UK unless otherwise indicated):

1
Ocean Boulevard, Promenade, Blackpool, FY4 1EZ
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
16
Subsidiaries
(Continued)
- 37 -

* Blackpool Leisure and Amusement Consultancy Limited has taken the exemption in Section 479A of the Companies Act 2006 ("the Act") from the requirements in the Act for the their individual accounts to be audited for the period ended 24 March 2024. The guarantee given by the company under Section 479A of the Act is disclosed in Note 26.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,330,680
2,081,356
-
-
Finished goods and goods for resale
1,702,700
1,986,492
-
0
-
0
4,033,380
4,067,848
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
436,068
536,358
-
0
-
0
Corporation tax recoverable
218,922
75,000
-
0
-
0
Amounts owed by group undertakings
-
-
923,336
923,336
Other debtors
5,982,610
4,959,592
-
0
-
0
Prepayments and accrued income
394,687
161,492
-
0
-
0
7,032,287
5,732,442
923,336
923,336
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Revolving credit facility
21
6,650,000
7,000,000
-
0
-
0
Bank loans and overdrafts
21
8,634,413
4,081,000
-
0
-
0
Other borrowings
21
-
0
312,000
-
0
-
0
Trade creditors
5,368,540
3,883,669
-
0
-
0
Corporation tax payable
93,700
-
0
-
0
-
0
Other taxation and social security
265,873
278,396
-
-
Government grants
24
-
0
500,000
-
0
-
0
Other creditors
524,404
533,899
-
0
-
0
Accruals and deferred income
1,418,500
2,261,018
-
0
-
0
22,955,430
18,849,982
-
0
-
0
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 38 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
4,435,862
5,169,048
-
0
-
0
Other borrowings
21
212,331
200,952
-
0
-
0
4,648,193
5,370,000
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Revolving credit facility
6,650,000
7,000,000
-
0
-
0
Bank loans
9,299,209
5,767,451
-
0
-
0
Bank overdrafts
3,771,066
3,482,597
-
0
-
0
Other loans
212,331
512,952
-
0
-
0
19,932,606
16,763,000
-
-
Payable within one year
15,284,413
11,393,000
-
0
-
0
Payable after one year
4,648,193
5,370,000
-
0
-
0
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
21
Loans and overdrafts
(Continued)
- 39 -

Loans and overdrafts includes the following facilities:

 

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 40 -
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Public liability claims
150,000
559,782
-
-
Movements on provisions:
Public liability claims
Group
£
At 27 March 2023
559,782
Reversal of provision
(409,782)
At 24 March 2024
150,000

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.

23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
3,268,885
2,117,629
Tax losses
(1,120,186)
(19,000)
Revaluations
(80,391)
(212,645)
Gains on revaluation of listed investments
-
134,000
2,068,308
2,019,984
The company has no deferred tax assets or liabilities.
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
23
Deferred taxation
(Continued)
- 41 -
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 27 March 2023
2,019,984
-
Charge to profit or loss
48,324
-
Liability at 24 March 2024
2,068,308
-
24
Government grants
Group
Company
2024
2023
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.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
705,803
222,171

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400,000
400,000
400,000
400,000
A Ordinary shares of £1 each
300,000
300,000
300,000
300,000
700,000
700,000
700,000
700,000
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
26
Share capital
(Continued)
- 42 -

The A Ordinary share rank pari passu for the purpose of participation in profits and assets with the remainder of the share capital. However, the holders of A Ordinary shares shall not be entitled to receive notices of such meetings or to be present or to vote at General Meetings. The directors may at any time with the consent of the holders of the share capital affected convert any of the A Ordinary shares into Ordinary shares. In the event of a winding up, the Liquidator may decide how to divide the assets between the different classes of members.

27
Reserves
Other reserve

The other reserve represents the net surpluses arising on the revaluation of listed investments and investment properties in South Shore Mutual Insurance Company Limited, a subsidiary undertaking.

28
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 were party to the cross guarantee:

 

The following related undertakings was party to the cross guarantee:

 

Subsidiary audit exemption

In order for the subsidiary, Blackpool Leisure and Amusement Consultancy Limited, noted within Note 14 to take the audit exemption in Section 479A of the Companies Act 2006, the company has guaranteed all outstanding liabilities of the subsidiary at 24 March 2024 until those liabilities are satisfied in full.

29
Operating lease commitments
Lessee

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

Group
Company
2024
2023
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
-
-
-
2,620,118
2,203,000
-
-
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 43 -
30
Related party transactions
Transactions with related parties

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

 

31
Directors' transactions

 

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

BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 44 -
32
Controlling party

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

33
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the period after tax
(1,723,551)
(32,088)
Adjustments for:
Taxation charged
48,369
319,000
Finance costs
980,292
814,910
Investment income
(136,653)
22,067
Gain on disposal of tangible fixed assets
(208)
-
Amortisation and impairment of intangible assets
1,767
8,399
Depreciation and impairment of tangible fixed assets
2,231,609
2,026,454
Loss/(gain) on sale of investments
9,561
(21,127)
(Decrease)/increase in provisions
(409,782)
127,782
Movements in working capital:
Decrease/(increase) in stocks
34,468
(1,185,848)
Increase in debtors
(1,262,734)
(406,766)
Increase in creditors
620,335
222,000
Decrease in deferred income
(500,000)
-
Cash (absorbed by)/generated from operations
(106,527)
1,894,783
34
Analysis of changes in net debt - group
27 March 2023
Cash flows
24 March 2024
£
£
£
Cash at bank and in hand
2,056,057
(1,008,129)
1,047,928
Bank overdrafts
(3,482,597)
(288,469)
(3,771,066)
(1,426,540)
(1,296,598)
(2,723,138)
Borrowings excluding overdrafts
(13,280,403)
(2,881,137)
(16,161,540)
(14,706,943)
(4,177,735)
(18,884,678)
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
- 45 -
35
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment at 27 Mar 2023
Adjustment at 26 Mar 2023
As restated at 26 Mar 2023
£
£
£
£
Fixed assets
Tangible assets
23,729,547
1,972,327
-
25,701,874
Investments
2,486,000
(1,020,000)
-
1,466,000
Creditors due within one year
Other creditors
(7,698,586)
1,020,000
-
(6,678,586)
Net assets
11,809,912
1,972,327
-
13,782,239
Capital and reserves
Profit and loss reserves
4,452,912
1,972,327
-
6,425,239
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 26 March 2023
£
£
£
Loss after taxation
(32,088)
-
(32,088)

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.

Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
BLACKPOOL PLEASURE BEACH (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2024
35
Prior period adjustment
(Continued)
- 46 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior period
Total adjustments
-
Profit as previously reported
-
Profit as adjusted
-
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