ACCOUNTS - Final Accounts

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 10179022

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

COMPANY INFORMATION

Directors	J P R Cuadra (resigned 29 May 2024)
	J T Reilly
	B Loxley (appointed 29 May 2024)


Company secretary	B Loxley


Registered number	10179022


Registered office	Oceanarium
	Pier Approach
	Bournemouth
	BH2 5AA


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 11


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED REGISTERED NUMBER:10179022

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		6,994,553		7,757,076
			6,994,553		7,757,076
Current assets
Stocks		31,740		61,747
Debtors: amounts falling due within one year	6	817,605		169,295
Cash at bank and in hand		280		905
		849,625		231,947
Creditors: amounts falling due within one year	7	(12,345,705)		(10,409,264)
Net current liabilities			(11,496,080)		(10,177,317)
Total assets less current liabilities			(4,501,527)		(2,420,241)
Creditors: amounts falling due after more than one year	8		(2,321,187)		(3,097,583)
Provisions for liabilities
Provisions	9	(3,888,558)		(200,000)
			(3,888,558)		(200,000)
Net liabilities			(10,711,272)		(5,717,824)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(10,711,372)	(5,717,924)
	(10,711,272)	(5,717,824)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B Loxley

Director

Page 1


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED REGISTERED NUMBER:10179022

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

Date: 25 September 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Lakeside Mall Entertainment Centre Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page. The principal place of business is Lakeside Shopping Centre, W Thurrock Way, West Thurrock, Grays, RM20 2ZP.

2.Accounting policies

2.1

Going concern

Due to the initial investment to get the park ready for trading and in year recognition of an onerous lease provision, the balance sheet shows net liabilities of £10,711,272 at the year end (2023 - £5,717,825). The company is therefore reliant on the support of it's parent company. Parques Reunidos Servicios Centrales S.A. have pledged to support the business as required.
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.

2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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:

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange

Page 3


LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation (continued)

gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

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:

Long-term leasehold property	-	Over 23 years
Plant and machinery	-	20% straight line
Displays	-	10% straight line
Office equipment	-	25% straight line
Computer equipment	-	25% straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
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.
Dilapidation provision
The dilapidations provision is calculated using the directors' estimate for decommission costs and transport to storage facilities in Europe. This is based on the directors' knowledge and experience with other parks within the global group.
Onerous lease provision
The onerous lease provision is calculated using the directors' best estimate of the costs of meeting lease obligations up to the end of the lease, discounted at the appropriate weighted average cost of capital as determined by the ultimate parent company. The provision is remeasured each year where there is an indication of changes in underlying inputs.
Revenue recognition - deferred income
Revenue from the sale of annual passes is deferred and recognised over the period that the pass is valid, exceptwhen purchased in advance of this season to which it relates and within 5 months preceding the commencement ofthe season. In which case, revenue is deferred on the date of purchase and recognised from the commencement ofthe season, despite the pass being valid from the date of the purchase.

Employees

The average monthly number of employees, including directors, during the year was 44 (2023 - 45).

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Displays	Office and computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	6,992,472	1,506,074	2,614,918	289,705	11,403,169
Additions	-	13,544	75,289	3,960	92,793
At 31 December 2024	6,992,472	1,519,618	2,690,207	293,665	11,495,962
Depreciation
At 1 January 2024	1,181,723	1,188,079	987,119	289,172	3,646,093
Charge for the year on owned assets	295,473	299,956	258,841	1,046	855,316
At 31 December 2024	1,477,196	1,488,035	1,245,960	290,218	4,501,409
Net book value
At 31 December 2024	5,515,276	31,583	1,444,247	3,447	6,994,553
At 31 December 2023	5,810,749	317,995	1,627,799	533	7,757,076

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	63,161	73,092
Other debtors	66,245	1,254
Prepayments and accrued income	107,743	83,124
Deferred taxation	580,456	11,825
	817,605	169,295

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	3,746,389	3,938,994
Trade creditors	367,029	100,858
Amounts owed to group undertakings	7,028,076	5,778,412
Other creditors	-	6,724
Accruals and deferred income	1,204,211	584,276
	12,345,705	10,409,264

The following liabilities were secured:
	2024	2023
	£	£


Bank overdrafts	3,746,389	3,938,994
	3,746,389	3,938,994

Details of security provided:

The company has provided guarantees in favour of Barclays Bank PLC to secure all the present and future indebtedness and liabilities howsoever arising of the company and the other group companies, Real Live Leisure Limited and Grant Leisure Group Limited. The company has provided fixed and floating charges over its fixed and current assets as security for all borrowings with Barclays Bank PLC.

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Accruals and deferred income	2,321,187	3,097,583
	2,321,187	3,097,583

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
	2024	2023
	£	£

	Repayable by instalments	-	2,433,583
		-	2,433,583

The amount due over 5 years relates to a capital contribution which is released monthly to offset the rental expense within the income statement. The release per month is £14,000.

9.	Provisions

	Dilapidation	Onerous lease provision	Total
	£	£	£

At 1 January 2024	200,000	-	200,000
Charged to profit or loss	-	3,688,558	3,688,558
At 31 December 2024	200,000	3,688,558	3,888,558

At the year end the directors have prepared forecasts to the end of the existing lease period and determined that an onerous lease provision is required. The provision has been measured as the present value of anticipated cash outflows up to the break date of the lease.

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LAKESIDE MALL ENTERTAINMENT CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Not later than 1 year	475,000	475,000
Later than 1 year and not later than 5 years	1,248,194	1,721,875
	1,723,194	2,196,875

The above relates to the rent commitment at Lakeside Mall. In addition to this, there are other commitments based on percentages of turnover.
Lease payments under operating lease agreements recognised within the year were £475,000 (2023 - £475,000).

11.	Controlling party

The ultimate controlling party as at the period end was Piolin II, S.a.r.l., a company registered in Luxembourg.
The smallest and largest group in which the results of the Company are consolidated is that headed by Piolin Bidco
S.A.U., c/Federico Mompou, 5, 28050, Madrid, Spain. The consolidated financial statements of these groups are
available to the public and may be obtained from Piolin Bidco S.A.U. at their address above.

12.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 September 2025 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

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