Company registration number: 01679912
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their annual report and the audited financial statements for the period ended 31st December 2024.
The principal business activity of Grant Leisure Group Limited in this period continued to be the operation of Blackpool Zoo.
The key performance indicators of the business are considered to be:
The key performance indicators of the business are considered to be:
Blackpool Zoo visitors decreased -1% vs. 2023. This was due to unsettled weather in June, August and September which is part of the main season when most of the opportunity exists for the year of trading, causing a decrease in visitors in that period and therefore the year overall.
Per capita spend (revenue divided by visitor numbers) increased +4% vs. 2023 due to the following factors:
• Ticket prices increased in March and dynamic pricing became the norm.
• Catering increased menu prices significantly due to high food inflation.
• Others increased due to an increase in hospital car park rental income and a grant from the local government for a changing places installation.
Income therefore increased vs. 23 despite the small visitor loss.
Cost of Sales percentage decreased vs 23 by to 11.3% recovering after the very high inflation in food costs that settled down later in the year and were passed through as higher selling prices without affecting sales volume.
Operating expenses increased +7% vs. 2023 due to:
• Increase in personnel of 2.5% due to increases in minimum and living wage in April 2024 although the effect was partially offset by the difficulty in recruiting vacant positions in the animal department.
• Increase in repairs due to increasing contractor costs and repairs to fence lines after storm damage.
• Large increase in water unit costs
• Large increase in electricity and gas unit costs.
Increase in business rates due to lower discount relief
• +10% increase in animal feed due to high food inflation is first half of the year
Per capita spend (revenue divided by visitor numbers) increased +4% vs. 2023 due to the following factors:
• Ticket prices increased in March and dynamic pricing became the norm.
• Catering increased menu prices significantly due to high food inflation.
• Others increased due to an increase in hospital car park rental income and a grant from the local government for a changing places installation.
Income therefore increased vs. 23 despite the small visitor loss.
Cost of Sales percentage decreased vs 23 by to 11.3% recovering after the very high inflation in food costs that settled down later in the year and were passed through as higher selling prices without affecting sales volume.
Operating expenses increased +7% vs. 2023 due to:
• Increase in personnel of 2.5% due to increases in minimum and living wage in April 2024 although the effect was partially offset by the difficulty in recruiting vacant positions in the animal department.
• Increase in repairs due to increasing contractor costs and repairs to fence lines after storm damage.
• Large increase in water unit costs
• Large increase in electricity and gas unit costs.
Increase in business rates due to lower discount relief
• +10% increase in animal feed due to high food inflation is first half of the year
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The total result for 2024 was down on 2023 with operating profit down by -4%. This was mostly due to inflation and market pressures increasing operating costs and the inclement weather in the summer months decreasing visitor levels. However the operating costs increase incorporates a significant increase in depreciation and HQ expenses, without which EBITDA shows an increase of +5.8% vs. 23 due to increase in income.
Since the period reported in these statements ended, 2025 as at the end of August YTD visitors are +8% vs. 24 equivalent period. This is due to most months being above PY thanks to dry and sunny weather notably in April, May and August.
Per cap is slightly below PY as higher visitors in key periods causes overcrowding on peak days in catering and retail. But due to the visitor increase income is currently +7% YTD vs. the same period in 24 and with the main season now coming to end it is likely 25 income will finish up on 2024.
Operating costs have increased in 24 by +1.5% vs. 23 YTD, a smaller increase than prior years. The greatest increase has been seen in personnel where the large increase in minimum and living wage and the large increase in employers’ national insurance thanks to the changes implemented by the government in April has pushed up the cost of staff significantly. We have so far experienced decreases in gas and animal feed (both of which rose significantly in 23) keeping the overall increase to a relatively low amount.
EBITDA is up +14% vs. 24 YTD due to the increase in visitors and relatively small increase in OPEX so far.
2025 biggest challenge has been the rise in personnel cost but the weather has been kind to us at key periods and so we should achieve EBITDA growth vs.24 by the time the financial year concludes.
Since the period reported in these statements ended, 2025 as at the end of August YTD visitors are +8% vs. 24 equivalent period. This is due to most months being above PY thanks to dry and sunny weather notably in April, May and August.
Per cap is slightly below PY as higher visitors in key periods causes overcrowding on peak days in catering and retail. But due to the visitor increase income is currently +7% YTD vs. the same period in 24 and with the main season now coming to end it is likely 25 income will finish up on 2024.
Operating costs have increased in 24 by +1.5% vs. 23 YTD, a smaller increase than prior years. The greatest increase has been seen in personnel where the large increase in minimum and living wage and the large increase in employers’ national insurance thanks to the changes implemented by the government in April has pushed up the cost of staff significantly. We have so far experienced decreases in gas and animal feed (both of which rose significantly in 23) keeping the overall increase to a relatively low amount.
EBITDA is up +14% vs. 24 YTD due to the increase in visitors and relatively small increase in OPEX so far.
2025 biggest challenge has been the rise in personnel cost but the weather has been kind to us at key periods and so we should achieve EBITDA growth vs.24 by the time the financial year concludes.
We have just broke ground on an extended external area for our giraffes which will give them more space and extended viewing opportunities for our visitors with a larger walkway. Due to open Easter 26.
The company's activities expose it to a number of financial risks including credit risk and liquidity risk. The company is also exposed to the financial risks of changes in foreign currency exchange rates. The company does not have any derivative financial instruments as at 31st December 2024 (Dec 2023 - none).
Credit risk:
The company’s principal financial assets are cash, trade and other receivables. The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Credit risk:
The company’s principal financial assets are cash, trade and other receivables. The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Page 2
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Liquidity risk:
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses overdraft facilities with banks. The bank overdraft has been used by its sister company that Grant Leisure is in a CAS agreement with. However currently only the gross overdraft CAS agreement exists and the net overdraft limit has been removed as the net bank balance of the company is positive.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses overdraft facilities with banks. The bank overdraft has been used by its sister company that Grant Leisure is in a CAS agreement with. However currently only the gross overdraft CAS agreement exists and the net overdraft limit has been removed as the net bank balance of the company is positive.
This report was approved by the board and signed on its behalf.
Page 3
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £2,109,062 (2023 - £1,707,221).
The directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023 - £nil).
The directors who served during the year were:
The company does not hold any complex financial instruments that are material for the assessment of the financial
statements.
statements.
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the company’s Strategic Report the Company’s Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
There have been no significant events affecting the Company since the year end.
Page 4
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 5
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' 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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
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 to 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.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANT LEISURE GROUP LIMITED
We have audited the financial statements of Grant Leisure Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANT LEISURE GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year 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.
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.
Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANT LEISURE GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. The industry specific laws and regulations which would be deemed to have a significant impact on the financial statements are the compliance with the Zoo Licencing Act and food safety standards. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates; and
- Identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions.
- Misappropriation of funds through fraudulent purchase ledger and payroll activity.
- Manipulation of amounts subject to significant judgment or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 9
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRANT LEISURE GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
Page 10
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 11
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
Page 12
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Grant Leisure Group Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Piolin Bidco S.A.U as at 31 December 2024 and these financial statements may be obtained from Piolin Bidco S.A.U. C/Federico Mompou 5, Parque Empresarial Las Tablas, Edificio 1, 3th Floor, 28050 Madrid, Spain .
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
Page 13
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company has given an unlimited guarantee in respect of the overdraft of subsidiary undertakings within the Group's banking offset agreement (as detailed in note 19).
The Directors continually review government announcements and guidelines, along with the current management accounts to assess the company's ability to continue as a going concern. Finances remain strong and the company has the support of it's parent company.
Having taken this into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
The Directors continually review government announcements and guidelines, along with the current management accounts to assess the company's ability to continue as a going concern. Finances remain strong and the company has the support of it's parent company.
Having taken this into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
The company does not include any value or costs of animals in the accounts because animals are transferred between zoos under the breeding programmes in place. The company does incur transportation costs and these are included in the profit and loss account on the date the costs are incurred.
Functional and presentation currency
Transactions and balances
The costs of short term employee benefits are recognised as a liability and expense.
Page 14
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Page 15
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company has fulfilled criteria relating to the extension of the existing lease and so depreciates all leasehold improvements at the below rate regardless of acquisition date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are recorded at cost and are not depreciated until they are brought into use.
Stocks are stated at the lower of cost, being purchase price after making adjustments for obsolete and slow moving items and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Revenue recognition - deferred income
Revenue from the sale of annual passes is deferred and recognised over the period that the pass is valid, except when purchased in advance of this season to which it relates and within 5 months preceding the commencement of the season. In which case, revenue is deferred on the date of purchase and recognised from the commencement of the season, despite the pass being valid from the date of the purchase.
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
Page 20