Company registration number 02029374 (England and Wales)
PAULTONS PARK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
PAULTONS PARK LIMITED
COMPANY INFORMATION
Directors
Mr R W Mancey
Mrs S J Mancey
Mr S J Lorton
Mr J W Mancey
Mr L J Mancey
(Appointed 1 January 2024)
Secretary
Mrs S J Mancey
Company number
02029374
Registered office
Paultons Park
Ower
Romsey
Hampshire
United Kingdom
SO51 6AL
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
PAULTONS PARK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
PAULTONS PARK LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the period ended 30 November 2024.
Review of the business
The 2023/24 season commenced with the Park opening for its “Celebration of Christmas” event as planned on Saturday 2nd December 2023 running to the same format as prior years.
In line with the Park’s strategy to continually invest in its attractions and infrastructure two new attractions opened to guests during the 2023/24 season, namely a new Ring-Tailed Lemurs exhibit and a new Junior Log Flume, Splash Lagoon, both of which were very well received by guests. In addition, the Park opened a new, heavily re-furbished restaurant named Grande Central which has enabled us to serve an ever-expanding selection of quality food options. These complemented the opening of a new 3-storey office block in 2023 and a Junior Roller Coaster, Farmyard Flyer, in 2022.
The Park was again proud of the accreditations it received during the year. This ranged from its best ever score of 97% in the VisitEngland Visitor Attraction Quality Assurance Scheme (VAQAS) during the annual audit that took place in July 2024. In addition the Park received four Gold Awards in the UK Theme Park Awards for Large Attractions, namely Best Theme Park for Toddlers, Best Customer Service, Best Theme Park for Families and Best New Food Outlet for the opening of Grande Central. These continue to complement the continuing industry leading ratings the Park receives from guests on platforms such as TripAdvisor, Google Reviews and Trustpilot.
As in prior years the 2023/24 season had its challenges which range from extended periods of wet and/or windy weather at key trading periods, certainly in the earlier part of the season which is frustrating as this is the variable that no business has control over. Continuing pressures on domestic disposable income, increased opportunity for families to holiday abroad along with increasing cost pressures putting trading margins under threat, were recurring themes throughout the year. However, despite this, visitor numbers increased slightly over the prior year, which had a positive impact on turnover.
The reduction and procurement of energy remained a key focus during 2023/24. Supply agreements and usage are under continual scrutiny and the Park is actively moving ahead with its project to significantly increase the amount of self-generated electricity for its own consumption. A project has commenced that will see this increasing from circa. 7% of the Park’s total usage to approximately 35%. The new Solar installations will come on-line in February/March 2025.
The Park has continued to maintain its focus on constantly monitoring and managing its input costs for all the main product areas which will continue as cost pressures become ever more acute.
Despite the continuing issues and challenges the business had to deal with during the 2023/24 season the company remains in a strong financial position with closing assets reported as £15,736,424.
The Park will continue its strategy to continually invest in new attractions. This will see the opening of Ghostly Manor in May 2025, an immersive Dark Ride adventure and the first of its kind in the UK, which continues to add to the depth and breadth of attractions that the Park is able to offer its guests. As part of this project Show Street is being completely reimagined as are the surrounding areas to complement the new attraction.
From an infrastructural perspective there is continued investment in the IT network and software to digitise as many processes as possible to drive efficiencies. The Park’s staff room facilities are also being significantly extended and upgraded to allow for a dedicated area to be available serving fresh hot and cold food throughout the day.
Despite the challenges the Park continued to take the experiences of the previous seasons and built on these to its advantage to provide what the Directors feel was a credible financial performance and which places the business in a strong position to move forward into the forthcoming year with confidence.
PAULTONS PARK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
Description of Principal Risks and Uncertainties
The Directors are continually reviewing and identifying key business risks and uncertainties and have processes in place to ensure these risks are managed appropriately. The key risks are identified as follows:
Weather:
As was the case last season, the weather, as with any predominantly outdoor attraction, remains the variable that can have the greatest impact on the performance of the business which the Park has no control over.
General Economic Climate:
This still provides the area of greatest uncertainty and risk to the performance of the business. Continuing pressures on the “cost of living” having a negative effect on household budgets and the money that may be allocated to family days out. Inflation rising at a faster rate than wage increases will likely further exaggerate this situation. The abiding hope is that a day out with the family in a high-quality environment will not be affected to the same degree, but this will be dependent on a myriad of economic variables.
Pressures on margins and overall profitability will come from the continued increases in the costs of employing staff which is only going to be exaggerated with the Government announcements of the +1.2% increase in the Employer National Insurance rate plus the reduction in the secondary Class 1 threshold from £9,100 per year to £5,000 per year. The increases in the National Minimum Wage, especially for the younger age groups, which will be effective from April 2025, is also a concern. Only so much of this can be absorbed or covered by increased operational efficiencies.
Global unrest in Eastern Europe, the Middle East and potentially other areas aligned with changes in governments in America and other European territories only adds to the uncertainty that can have a detrimental effect on the global economy, supply chains and crucially, confidence.
These remain complex issues which the Directors are constantly monitoring, reviewing and taking whatever action is deemed necessary to offset the effect of these variables, the majority of which are outside the direct control of the business. Through these actions the objective is to reduce any negative financial impact on the business as much as is possible.
Competition:
The directors recognise the Park continues to operate in a very competitive market with many attractions, whether they are operating on a national or local level, all competing for guests. We will continue with our mission to provide guests with a unique and value for money family experience, in a safe and quality environment. In addition, we will continually look to find and implement unique differentiators to “widen the gap” between Paultons and other attractions in the eyes of our guests.
Health and Safety:
The safety of both our guests and staff remains at the forefront of the daily operation of the Park. We continue to ensure that all staff are fully trained in all aspects of their work and carry out regular management audits. We have rigorous safety systems in place for all rides and attractions with an ongoing cycle of ride maintenance and checks on a daily/weekly/monthly and annual basis. The Park’s Health and Safety Management systems are continually monitored and reviewed internally and by independent external support.
Key performance indicators
Given the straightforward nature and structure of the business, the directors are of the opinion that analysis using KPI’s is not necessary for an understanding of the development, performance or position of the business.
PAULTONS PARK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -
Section 172(1) statement
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
- the likely consequences of any decisions in the long term;
- the interests of the company's employees;
- the need to foster the company's business relationship with suppliers, customers, and the environment;
- the impact of the company's operations on the community and the environment;
- the desirability of the company maintain reputation for high standards of business conduct; and
- the need to act fairly as between members of the company .
The directors of the company have sought to balance the needs of its members with the s.172 matters throughout the year, for example in the policies and practices which run through the company, ensuring that the company's reputation for high standards of conduct are maintained and in our engagement with our employees.
Employee Involvement:
We recognise that our team’s commitment and the continual investment in the development of their skills is paramount to our ongoing success. The business therefore continually invests in both training and development to ensure the teams are able to gain continual improvement and keep ahead of trends and best practice in the many diverse areas the Park operates in. As the business continues to update its equipment and procedures it is critical that all staff receive the pre-requisite training to ensure these are operated correctly to gain maximum advantage both to the efficiency of the business but for the benefit of the individual employee.
The business runs a Staff Forum which is chaired by the Head of Human Resources and each department is represented at the meeting. Due to the structure of the business, it is straightforward for the Directors and Senior Management teams to communicate with all members of staff to keep them updated on any particular matter and various online communication methods are in use within the Company to disseminate information quickly and effectively.
Sustainability:
This is becoming ever more important and the Park is actively working on and developing its “Paultons Promise” which covers the Environment we work and live in, our Local Community and the Wellbeing of both our guests and staff.
Engagement with Suppliers:
Paultons Park is proud of its supply base which is now extensive and supplies a wide variety of goods and services to the business. The business recognises the importance of a reactive and flexible supply base and as such has some very long-standing relationships with a large number of suppliers. A large proportion of the specialist supply base that supports the Park’s infrastructure and supplies fresh produce to the Food and Beverage Department is local to the Park.
The business prides itself on these relationships and recognises the importance of providing prompt settlement and being straightforward to deal with.
PAULTONS PARK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 4 -
Mrs S J Mancey
Director
25 March 2025
PAULTONS PARK LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 5 -
The directors present their annual report and financial statements for the period ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of operating a Family Theme Park.
Results and dividends
The results for the period are set out on page 11.
Ordinary dividends were paid to the group company, Heronswood Holdings Limited, amounting to £6,000,000. 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:
Mr R W Mancey
Mrs S J Mancey
Mr S J Lorton
Mr J W Mancey
Mr L J Mancey
(Appointed 1 January 2024)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.
Financial risk management objectives and policies
The company finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes, through external borrowings. The management's objectives are to maximise returns on surplus funds, minimise the company's exposure to fluctuating interest rates when seeking new borrowings and match the repayment schedule of any external borrowings or overdrafts with the expected cash flows from the company's trading activities.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
During the period, the policy of providing employees with information about the company has continued through regular meetings and consultation held between management and employees. This facilitates a free flow of information and ideas on matters of concern to the employees and allows the views and concerns of the employees to be taken into account when decisions are being made which are likely to affect their interests. Additionally, this encourages the involvement of employees in the company's performance and achieves a common awareness on the part of all employees of the financial and economic factors affecting the performance of the company.
PAULTONS PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 6 -
Key relationships
The business recognises the importance of key relationships it has with its wide and varied customer and supply base. It is important that our guests feel secure and safe with any visit to the Park. The supply base is also of critical importance to the success of the business and the directors recognise the need for mutual support.
Outside the supply of goods and materials, the Park works with a large number of ancillary companies who support a wide range of the Park's activities which are again critical to the success and resilience of the Park's infrastructure. These range from specialists in IT, engineering, website design, refrigeration, kitchen equipment, CCTV, grounds works etc. many of whom have worked with the Park for a considerable period of time and very much complement the Park's own staff.
The directors are very aware of the above and that the ability to provide first class, safe, and value for money visits for guests and maintain a flexible, reactive and reliable supply base is critical to the long term sustained success of the business.
Auditor
Fiander Tovell Limited 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 directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of a review of the business and future developments.
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.
PAULTONS PARK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 7 -
On behalf of the board
Mrs S J Mancey
Director
25 March 2025
PAULTONS PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAULTONS PARK LIMITED
- 8 -
Opinion
We have audited the financial statements of Paultons Park Limited (the 'company') for the period ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PAULTONS PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAULTONS PARK LIMITED (CONTINUED)
- 9 -
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
PAULTONS PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAULTONS PARK LIMITED (CONTINUED)
- 10 -
Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions.
assessed whether judgements and assumptions made in determining the accounting estimates.
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
Andrew Jay FCA FCCA
Senior Statutory Auditor
For and on behalf of Fiander Tovell Limited
25 March 2025
Chartered Accountants
Statutory Auditor
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
PAULTONS PARK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 11 -
Period
Period
ended
ended
30 November
3 December
2024
2023
Notes
£
£
Turnover
3
36,916,884
34,748,888
Cost of sales
(15,452,790)
(14,658,531)
Gross profit
21,464,094
20,090,357
Administrative expenses
(16,378,342)
(15,021,845)
Other operating income
1,318,738
1,239,013
Operating profit
4
6,404,490
6,307,525
Interest receivable and similar income
8
79,880
27,748
Interest payable and similar expenses
9
(5,129)
Profit before taxation
6,484,370
6,330,144
Tax on profit
10
(1,621,758)
(1,464,174)
Profit for the financial period
4,862,612
4,865,970
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PAULTONS PARK LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 12 -
30 November 2024
3 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
22,102,288
19,071,955
Current assets
Stocks
14
566,886
612,434
Debtors
15
1,608,844
3,087,015
Cash at bank and in hand
1,170,733
1,060,098
3,346,463
4,759,547
Creditors: amounts falling due within one year
16
(6,351,979)
(4,693,535)
Net current (liabilities)/assets
(3,005,516)
66,012
Total assets less current liabilities
19,096,772
19,137,967
Provisions for liabilities
Deferred tax liability
17
3,360,348
2,264,155
(3,360,348)
(2,264,155)
Net assets
15,736,424
16,873,812
Capital and reserves
Called up share capital
20
225,000
225,000
Profit and loss reserves
15,511,424
16,648,812
Total equity
15,736,424
16,873,812
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr R W Mancey
Director
Company registration number 02029374 (England and Wales)
PAULTONS PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 November 2022
225,000
18,282,842
18,507,842
Period ended 3 December 2023:
Profit and total comprehensive income
-
4,865,970
4,865,970
Dividends
11
-
(6,500,000)
(6,500,000)
Balance at 3 December 2023
225,000
16,648,812
16,873,812
Period ended 30 November 2024:
Profit and total comprehensive income
-
4,862,612
4,862,612
Dividends
11
-
(6,000,000)
(6,000,000)
Balance at 30 November 2024
225,000
15,511,424
15,736,424
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information
Paultons Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Paultons Park, Ower, Romsey, Hampshire, United Kingdom, SO51 6AL.
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. 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Heronswood Holdings Limited. These consolidated financial statements of Heronswood Holdings Limited are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The company previously operated and reported on a 52 or 53 week financial year ending on the closest Sunday to 30 November. In the current year the directors made the decision that the current and subsequent reporting periods will end on 30 November. Accordingly the current information represents the period from 4 December 2023 to 30 November 2024. The comparative information represents the period from 28 November 2022 to 3 December 2023.
1.4
Turnover
The turnover shown in the statement of comprehensive income represents amounts receivable from admissions, retail, and catering sales during the period, excluding Value Added Tax. Revenue from sales of annual season tickets is deferred and recognised over the period that the tickets relate to, in proportion to the number of days the Park is open during the year. Revenue for admissions is recognised at date of entry, any admission tickets brought in advance are deferred into the period to which they relate. Retail and catering revenue is recognised when the goods or services are supplied.
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Assets under construction
Assets under the course of construction are recognised at cost, being purchase price. No depreciation is charged on assets under the course of construction.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant, fixtures, fittings, tools and equipment
10% straight line and 33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are valued at the lower of cost, being purchase price, and net realisable value, after making allowance for obsolete and slow moving items.
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.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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 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.
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
Intercompany lease agreement
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee or to the lessee where the company is the lessor. Management have had to make judgements with regard to the level of rent to charge on the intercompany lease. They have sought advice from a local commercial property consultant to arrive at the market rate.
Useful lives for fixed assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The directors have reviewed the assets and have concluded that asset lives and residual values are appropriate.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Operation as a theme park
36,916,884
34,748,888
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other significant revenue
Other operating income
1,318,738
1,239,013
1,318,738
1,239,013
All income is derived from UK operations.
Other operating income relates mainly to commission received and other miscellaneous revenue streams.
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
28,059
(1,531)
Depreciation of owned tangible fixed assets
3,509,459
3,533,265
(Profit)/loss on disposal of tangible fixed assets
(26,971)
317,498
Operating lease charges
2,160,000
2,151,667
Exchange differences recognised in profit or loss during the period, except for those arising on financial instruments measured at fair value through profit or loss, amounted to a loss of £28,059 (2023 - a gain of £1,531).
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,500
23,650
For other services
Audit-related assurance services
1,950
6,275
Taxation compliance services
7,400
5,540
9,350
11,815
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Park staff
707
649
Administrative staff
24
24
Directors
5
4
Total
736
677
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
10,949,430
10,119,936
Social security costs
828,612
754,095
Pension costs
383,011
360,567
12,161,053
11,234,598
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
442,078
348,992
Company pension contributions to defined contribution schemes
37,931
54,402
480,009
403,394
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
257,257
232,386
Company pension contributions to defined contribution schemes
30,329
49,992
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 21 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
60,387
27,748
Other interest income
19,493
Total income
79,880
27,748
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
5,129
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
525,565
1,393,524
Adjustments in respect of prior periods
93
Total current tax
525,565
1,393,617
Deferred tax
Origination and reversal of timing differences
1,095,857
63,066
Adjustment in respect of prior periods
336
7,491
Total deferred tax
1,096,193
70,557
Total tax charge
1,621,758
1,464,174
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
10
Taxation
(Continued)
- 22 -
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
6,484,370
6,330,144
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
1,621,093
1,456,627
Tax effect of expenses that are not deductible in determining taxable profit
329
326
Adjustments in respect of prior years
93
Other permanent differences
5,018
Deferred tax adjustments in respect of prior years
336
7,491
Capital allowance - super deduction
(5,381)
Taxation charge for the period
1,621,758
1,464,174
As of 1 April 2023, the corporation tax rate increased from 19% to 25%. The effective corporation tax rate for the period was 25% (2023: 23.01%).
The deferred tax has been assessed at 25% (2023: 25%) as of the reporting date.
11
Dividends
2024
2023
£
£
Final paid
6,000,000
6,500,000
12
Intangible fixed assets
Goodwill
£
Cost
At 4 December 2023 and 30 November 2024
50,000
Amortisation and impairment
At 4 December 2023 and 30 November 2024
50,000
Carrying amount
At 30 November 2024
At 3 December 2023
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 23 -
13
Tangible fixed assets
Assets under construction
Plant, fixtures, fittings, tools and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 4 December 2023
2,102,977
48,149,096
829,675
51,081,748
Additions
6,323,191
96,535
140,146
6,559,872
Disposals
(2,593)
(349,535)
(89,220)
(441,348)
Transfers
(2,438,084)
2,438,084
At 30 November 2024
5,985,491
50,334,180
880,601
57,200,272
Depreciation and impairment
At 4 December 2023
31,260,948
748,845
32,009,793
Depreciation charged in the period
3,451,431
58,028
3,509,459
Eliminated in respect of disposals
(332,048)
(89,220)
(421,268)
At 30 November 2024
34,380,331
717,653
35,097,984
Carrying amount
At 30 November 2024
5,985,491
15,953,849
162,948
22,102,288
At 3 December 2023
2,102,977
16,888,148
80,830
19,071,955
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
566,886
612,434
During the year an impairment gain on finished goods of £14,025 (2023: £5,460) was recognised within cost of sales. No earlier stock write downs have been reversed during the current period.
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,080
38,225
Corporation tax recoverable
140,214
Amounts owed by group undertakings
2,000,000
Other debtors
5,929
7,310
Prepayments and accrued income
1,433,621
1,041,480
1,608,844
3,087,015
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 24 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,170,688
680,878
Amounts owed to group undertakings
2,229,113
Corporation tax
346,395
Other taxation and social security
814,130
1,479,199
Deferred income
18
1,356,315
1,191,148
Other creditors
1,134
1,342
Accruals
780,599
994,573
6,351,979
4,693,535
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
3,360,348
2,264,155
2024
Movements in the period:
£
Liability at 4 December 2023
2,264,155
Charge to profit or loss
1,096,193
Liability at 30 November 2024
3,360,348
The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.
18
Deferred income
2024
2023
£
£
Other deferred income
1,356,315
1,191,148
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 25 -
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
383,011
360,567
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.
At the period end no amounts were outstanding (2023: £nil).
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
225,000
225,000
225,000
225,000
All shares have attached to them full voting rights.
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
8,656,699
2,245,775
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
2,164,692
2,165,832
Between two and five years
8,119,167
8,282,263
In over five years
3,666,667
5,666,667
13,950,526
16,114,762
PAULTONS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 26 -
23
Related party transactions
During the period rent and buildings insurance amounting to £35,686 (2023: £35,373) was paid to Paultons Properties Limited. During the period Paultons Park Limited made sales to Paultons Properties Limited of £6,274 (2023: £8,356) in relation to maintenance works. Paultons Properties Limited is a limited company in which Mr R W Mancey, Mrs S J Mancey, Mr J W Mancey and Mr L J Mancey, are also directors of the company.
During the period expenses totalling £2,560 (2023: £13,093) were paid to Go New Forest CIC. Go New Forest CIC is a not-for-profit Community Interest Company of which Mr S J Lorton, a director of the company, is a director.
During the period Paultons Park Limited paid for survey services totalling £27,464 (2023: £8,749), to Encompass Surveys Limited. This is a company which J W Mancey and S J Lorton are directors of and Heronswood Holdings Limited is a 33.3% shareholder.
There were no amounts outstanding at the period end for any of the transactions above.
All transactions were carried out in the ordinary course of business.
24
Ultimate controlling party
The ultimate controlling party is Heronswood Holdings Limited. Heronswood Holdings Limited is the smallest and largest group to prepare consolidated financial statements that include Paultons Park Limited. Copies of the group consolidated financial statements are available from Companies House.
Heronswood Holdings Limited was owned 40% by Mr R W Mancey, 40% by Mrs S J Mancey and 20% by Mr J W Mancey.
From the 7th August 2024 shares were transferred to Mr J W Mancey and Mr L J Mancey, from Mr R W Mancey and Mrs S J Mancey.
Heronswood Holdings Limited is now owned 25% by Mr R W Mancey, 25% by Mrs S J Mancey, 25% by Mr J W Mancey and 25% by Mr L J Mancey. There is no one single identifiable controlling party.
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