Company registration number 00901003 (England and Wales)
PIER AMUSEMENTS FELIXSTOWE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PIER AMUSEMENTS FELIXSTOWE LIMITED
COMPANY INFORMATION
Directors
Mr J S G Threadwell
Mr D J Threadwell
Ms G L Threadwell
Secretary
Ms D J Woodmansee
Company number
00901003
Registered office
Regal House
Manwick Road
Felixstowe
IP11 2DQ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Business address
Regal House
Manwick Road
Felixstowe
IP11 2DQ
PIER AMUSEMENTS FELIXSTOWE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
PIER AMUSEMENTS FELIXSTOWE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their report together with the audited financial statements for the year ended 31 March 2025.

Fair review of the business and future developments

The directors are pleased to report another good year of results for year ended 31 March 2025, with turnover increasing to £4.5 million (2024: £4.4 million; 2023: £4.2 million).

 

The outlook for the year ahead is encouraging, with positive trading results reported for the first quarter of 2025/26.

 

Currently the directors have no future development plans in mind, other than to consolidate and improve existing operations.

Principal risks and uncertainties

The directors assess the principal risks and uncertainties to be as follows:

 

 

 

 

 

Key performance indicators

The directors continue to monitor the key performance indicators for the business which include:

 

 

 

On behalf of the board
Mr J S G Threadwell
Director
4 July 2025
PIER AMUSEMENTS FELIXSTOWE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of operators of amusements, alongside a licensed bar and restaurant.

Results and dividends

The results for the year are set out on page 7.

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

Directors

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

Mr J S G Threadwell
Mr D J Threadwell
Ms G L Threadwell
Auditor

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

Statement of disclosure to auditor

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

On behalf of the board
Mr J S G Threadwell
Director
4 July 2025
PIER AMUSEMENTS FELIXSTOWE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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.

PIER AMUSEMENTS FELIXSTOWE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIER AMUSEMENTS FELIXSTOWE LIMITED
- 4 -
Opinion

We have audited the financial statements of Pier Amusements Felixstowe Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Opinions on other matters prescribed by the Companies Act 2006

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

PIER AMUSEMENTS FELIXSTOWE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIER AMUSEMENTS FELIXSTOWE LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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's 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.

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

In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including directors' own processes for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.

We also obtained an understanding of the applicable laws and regulations to which the company must adhere, through discussions with the directors, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the company.

After assessing the risk of fraud, we performed audit procedures to gain assurance regarding fraud and management override as follows:

 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the rationale behind significant transactions outside the normal course of business

 

- Assessment of key accounting estimates within the financial statements in order to assess their reasonableness to determine whether there is any bias in the estimates

 

- Enquiring of directors as to whether they are aware of any alleged, suspected or actual fraud during the year.

PIER AMUSEMENTS FELIXSTOWE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PIER AMUSEMENTS FELIXSTOWE LIMITED (CONTINUED)
- 6 -

We also performed procedures to satisfy ourselves regarding compliance with applicable laws and regulations, including:

 

- Enquiry of directors and the entity’s solicitors around actual and potential litigation and claims

 

- Reviewing legal expense accounts for any indicators of litigations.

 

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.

 

There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the the law in itself is far removed from any financial transactions.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
7 July 2025
PIER AMUSEMENTS FELIXSTOWE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Revenue
3
4,535,138
4,430,404
Cost of sales
(1,355,231)
(1,383,264)
Gross profit
3,179,907
3,047,140
Administrative expenses
(2,140,441)
(2,001,005)
Other operating income
24,000
24,000
Operating profit
4
1,063,466
1,070,135
Finance costs
7
(55,320)
(66,544)
Profit before taxation
1,008,146
1,003,591
Tax on profit
8
(251,841)
(250,898)
Profit for the financial year
756,305
752,693

The income statement has been prepared on the basis that all operations are continuing operations.

PIER AMUSEMENTS FELIXSTOWE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
9,135,761
9,146,359
Current assets
Inventories
10
69,336
95,737
Trade and other receivables
11
37,143
49,035
Cash and cash equivalents
291,340
303,920
397,819
448,692
Current liabilities
12
(2,006,862)
(2,702,234)
Net current liabilities
(1,609,043)
(2,253,542)
Total assets less current liabilities
7,526,718
6,892,817
Non-current liabilities
13
(480,000)
(640,000)
Provisions for liabilities
Deferred tax liability
15
504,307
466,711
(504,307)
(466,711)
Net assets
6,542,411
5,786,106
Equity
Called up share capital
17
1,000
1,000
Revaluation reserve
2,112,610
2,112,610
Retained earnings
4,428,801
3,672,496
Total equity
6,542,411
5,786,106

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

The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
Mr J S G Threadwell
Director
Company registration number 00901003 (England and Wales)
PIER AMUSEMENTS FELIXSTOWE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 April 2023
1,000
2,112,610
2,919,803
5,033,413
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
752,693
752,693
Balance at 31 March 2024
1,000
2,112,610
3,672,496
5,786,106
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
756,305
756,305
Balance at 31 March 2025
1,000
2,112,610
4,428,801
6,542,411
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

Pier Amusements Felixstowe Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regal House, Manwick Road, Felixstowe, IP11 2DQ.

1.1
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 at fair value. 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 Family Amusements Limited. These consolidated financial statements are available from its registered office, Regal House, Manwick Road, Felixstowe, Suffolk, IP11 2DQ.

1.2
Going concern

The company’s business activities together with the factors likely to affect its future development, performance and position are set out in the strategic report, together with details of the principal risks and uncertainties.true

 

In the current period, the Company has made a significant profit.

 

The Directors consider that they have sufficient control over costs to ensure that adequate savings can be made to meet all financial liabilities, and trade within their cash and borrowing limits. In addition to this, the Directors consider that should the Company or wider Group be in a position whereby it breaches it’s covenants, or require additional funding from the bank, that the bank would be supportive through offering a covenant waiver, and/or providing additional funding.

 

Therefore, at the time of approving the financial statements, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. As a result, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. Turnover on machines on which MGD (Machine Gaming Duty) tax is payable is recognised gross with a corresponding cost recognised in relation to the MGD tax payable. Income from card transactions and cash is recognised on the day of the transaction.

 

Rental income is recognised on an accruals basis in the period to which it relates.

1.4
Property, plant and equipment

Tangible fixed assets are stated at cost or valuation less depreciation.

Depreciation is recognised on all tangible assets other than freehold property, as the directors believe that as the freehold properties are maintained to an exceptional standard, any impairment is immaterial and therefore no depreciation is charged. Depreciation rates are calculated to write off the cost, less any estimated residual value, over the assets' useful economic lives, as follows:

Amusement machines
15% reducing balance
Rides, furniture, fittings and equipment
10% - 15% reducing balance
Motor vehicles
25% reducing balance

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.

 

Freehold buildings are held at fair value. The fair value is calculated using the stabilised earnings (profits) valuation methodology. Any changes in fair value are recognised as other comprehensive income.

 

The crown rights to the land the pier is situated on are granted in perpetuity, and therefore not depreciated.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 statement of financial position 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 trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

 

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

PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.9
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.

1.10
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 income statement 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 income statement, 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.

1.11
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 non-current 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.

1.12
Retirement benefits

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

PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
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.

Treatment of Leases

Determine whether leases entered into by the company either as a lessor or lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment of assets

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

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.

Tangible Fixed Assets

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

Valuations

The valuation of freehold buildings is determined by directors annually. Directors base their valuation on their knowledge of the business and the geographical areas they operate in and the fair value is calculated using the stabilised earnings (profits) valuation methodology. External valuations are obtained with sufficient regularity to ensure that the carrying value does not differ materially from that which would be determined using fair value.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Leisure and catering
4,535,138
4,430,404
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
3
Revenue
(Continued)
- 16 -
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
4,535,138
4,430,404
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,975
9,400
Depreciation of owned property, plant and equipment
156,818
169,658
Loss on disposal of property, plant and equipment
5,701
28,614
5
Employees

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

2025
2024
Number
Number
Administration and other
69
62

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,384,714
1,231,102
Social security costs
97,494
85,029
Pension costs
20,638
18,729
1,502,846
1,334,860
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
105,894
65,835
Company pension contributions to defined contribution schemes
606
225
106,500
66,060
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
7
Finance costs
2025
2024
£
£
Interest on bank overdrafts and loans
49,986
66,544
Other interest
5,334
-
0
55,320
66,544
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
214,508
204,373
Adjustments in respect of prior periods
(263)
-
0
Total current tax
214,245
204,373
Deferred tax
Origination and reversal of timing differences
37,596
46,525
Total tax charge
251,841
250,898

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

2025
2024
£
£
Profit before taxation
1,008,146
1,003,591
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
252,037
250,898
Tax effect of expenses that are not deductible in determining taxable profit
67
-
0
Adjustments in respect of prior years
(263)
-
0
Taxation charge for the year
251,841
250,898
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
9
Property, plant and equipment
Freehold land and buildings
Amusement machines
Rides, furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
8,200,000
1,820,104
107,151
31,032
10,158,287
Additions
-
0
197,138
5,760
-
0
202,898
Disposals
-
0
(77,644)
(2,795)
-
0
(80,439)
At 31 March 2025
8,200,000
1,939,598
110,116
31,032
10,280,746
Depreciation and impairment
At 1 April 2024
-
0
923,493
60,496
27,939
1,011,928
Depreciation charged in the year
-
0
148,741
7,301
776
156,818
Eliminated in respect of disposals
-
0
(21,902)
(1,859)
-
0
(23,761)
At 31 March 2025
-
0
1,050,332
65,938
28,715
1,144,985
Carrying amount
At 31 March 2025
8,200,000
889,266
44,178
2,317
9,135,761
At 31 March 2024
8,200,000
896,611
46,655
3,093
9,146,359

The freehold land and buildings were revalued in March 2023 by the directors to open market value. In performing the valuation the directors consulted with an external valuer on the assumptions on which to base their valuation.

 

No acquisition costs or expected selling costs have been included in the revalued amounts. The value was assessed at £8,200,000, including plant, machinery, fixtures, fittings and equipment.

 

The directors have reviewed these valuations and consider them to accurately reflect the open market value at the Year End.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2025
2024
£
£
Cost
6,040,761
6,040,761
Accumulated depreciation
(196,955)
(171,955)
Carrying value
5,843,806
5,868,806
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
10
Inventories
2025
2024
£
£
Finished goods and goods for resale
69,336
95,737
11
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
37,143
49,035
12
Current liabilities
2025
2024
Notes
£
£
Bank loans
14
160,000
160,000
Trade payables
241,887
350,166
Amounts owed to group undertakings
1,331,104
1,840,677
Corporation tax
114,553
204,636
Other taxation and social security
69,868
67,455
Accruals and deferred income
89,450
79,300
2,006,862
2,702,234
13
Non-current liabilities
2025
2024
Notes
£
£
Bank loans and overdrafts
14
480,000
640,000
14
Borrowings
2025
2024
£
£
Bank loans
640,000
800,000
Payable within one year
160,000
160,000
Payable after one year
480,000
640,000
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Borrowings
(Continued)
- 20 -

The total bank loan and overdraft of £640,000 (2024: £800,000) are secured on the assets of Pier Amusements Felixstowe Ltd as follows:

 

A first legal charge over the entity's property and its associated assets, a debenture by the entity, and by an unlimited cross guarantee by Pier Amusements Felixstowe Ltd and Family Amusements Ltd. The cross guarantee is supported by a debenture by Family Amusements Ltd and a first legal charge over properties owned by Family Amusements Ltd.

 

Repayments of £160,000 per year are payable with the final repayment due in 2029. Additional repayments are made at the discretion of the company. Interest is charged at 2.3% per annum over the bank's base rate as published from time to time.

15
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
504,307
466,711
2025
Movements in the year:
£
Liability at 1 April 2024
466,711
Charge to profit or loss
37,596
Liability at 31 March 2025
504,307

The deferred tax liability above relates to accelerated capital allowances. No significant reversal of the deferred tax liabilities are expected in the next reporting period.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,638
18,729

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.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
PIER AMUSEMENTS FELIXSTOWE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Share capital
(Continued)
- 21 -
18
Financial commitments, guarantees and contingent liabilities

An unlimited cross guarantee has been given to the Group's bankers by Family Amusements Limited and Pier Amusements Felixstowe Limited, to secure the bank borrowings of each entity.

This includes:

a) A first legal charge over the property and its associated assets

b) A debenture by the company

c) An unlimited cross guarantee by the company and Family Amusements Limited supported by:

A debenture by Family Amusements Limited

First legal charges over the properties held by Family Amusements Limited, and their respective associated assets.

19
Ultimate controlling party

The company is controlled by Family Amusements Limited, a company incorporated in the United Kingdom.

 

Family Amusements Limited is also the parent undertaking of the largest and smallest group for which consolidated accounts are prepared. Consolidated accounts are available from Companies House, Cardiff, CF14 3UZ. The registered office of Family Amusements Limited in Regal House, Manwick Road, Felixstowe, Suffolk, IP11 2DQ.

 

J S G Threadwell, director, is regarded by the directors as being the ultimate controlling party.

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