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Company registration number: 07135679
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 28 FEBRUARY 2025
| LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED)
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
COMPANY INFORMATION
Directors | A Battle
| M Battle
Registered number | 07135679
Registered office | 15 Bedford Street
| London
| WC2E 9HE
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 2nd Floor
| Midas House
| 62 Goldsworth Road
| Woking
| Surrey
| GU21 6LQ
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 - 23
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025
Introduction
The Directors present their strategic report and the financial statements for Lapland Live Limited (the “Company”) for the year ended 28 February 2025.
Business review
The principal activity of the Company was that of an immersive theatrical experience, the “live event”. Turnover increased by £3.9m (16%) to £28.1m (2024: £24.2m), reflecting strong growth across all revenue streams. Ticket sales rose by 12% to £21.9m, on-site sales by 17% to £4.7m, and online sales more than doubled, increasing by £0.9m (140%) to £1.5m. Gross profit for the year was £8.0m (2024: £8.0m), with a gross margin of 28.4% (2024: 33.1%). Operating profit decreased to £1m (3.5% margin) compared with £2.9m (12.2% margin) in 2024. The Company invested significantly during the year to support long-term growth. This included strengthening the head office team, establishing a new production function to design and procure sets for future years, and making early investments ahead of launching a second site in Manchester in Christmas 2025. These investments resulted in EBITDA decreasing by £1.5m (42%) to £2.1m (2024: £3.6m), despite the strong revenue growth. At the year end, the Company maintained a robust balance sheet with net assets of £11.1m (2024: £8.4m) and cash reserves of £2.0m (2024: £2.7m). Following the year end, the Company successfully launched ticket sales for its second site in Manchester, which were well received and demonstrate strong market demand. This expansion represents a key milestone in establishing Lapland Live as a national entertainment brand.
Principal risks and uncertainties
The management of the business and the nature of the Company’s strategy expose it to a number of risks. The Directors have identified the following as the principal risks facing the business: Availability of a temporary workforce The live event is concentrated into a six-week period each year, requiring a significant reliance on temporary performers and workers to build, operate, and support the event. Early recruitment campaigns, combined with careful planning and investment in training, help secure the talent needed. Investment in infrastructure and technology reduces excessive reliance on temporary expertise. Environmental risks Operating an outdoor live event during winter carries environmental risks, including weather-related disruption and sustainability considerations. The Company focuses on reducing hazards, preventing injury, minimising environmental impact, and embedding sustainable practices across operations. For 2025, the Company is trialling its first indoor model at the Manchester site, which may reduce future environmental exposure. Page 1
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Financial key performance indicators
The following financial and non-financial KPIs are used by the Directors to measure performance:
| Year ended 28 February 2025 | Year ended 28 February 2024 | Movement | Movement %
Number of guests | 192,124 | 174,509 | 17,615 | 10.1%
Sales | £28.1m | £24.2m | £3.9m | 16.4%
Gross margin % | 28.4% | 33.1% | (4.7pp) |
EBITDA | £2.1m | £3.6m | (1.5m) |
EBITDA margin % | 7.6% | 15.3% | (7.7pp) |
Operating profit % | 3.7% | 12.2% | (8.5pp) |
This report was approved by the board and signed on its behalf.
................................................ M Battle Director
Date: 31 October 2025
Page 2
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025 The directors present their report and the financial statements for the year ended 28 February 2025.
Directors
The directors who served during the year were:
A Battle
M Battle
Directors' responsibilities statement
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 the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙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.
Results and dividends
The profit for the year, after taxation, amounted to £4,923,566 (2024 - £6,018,913).
Engagement with employees
Lapland Live Limited engages with its employees on a regular basis and in a number of ways to suit their different working patterns and this includes: ∙Regular line-manager meetings; ∙Townhall "state of the Company" presentations; ∙An online learning platform; ∙Regular email distributions; and ∙Annual and quarterly employee reviews to ensure that any reasonable adjustments can be made.
Disabled employees
The Company employed an average of 336 people in FY 2025 (FY 2024: 333). The Company seeks to ensure that every employee, without exception, is treated equally and fairly and that all employees are aware of their responsibilities. Page 3
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025
Matters covered in the Strategic Report
The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainies.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
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.
................................................ M Battle Director
Date: 31 October 2025
Page 4
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED)
Opinion
We have audited the financial statements of Lapland Live Limited (the 'Company') for the year ended 28 February 2025, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 28 February 2025 and of its profit for the year 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.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 on the financial statements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 5
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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.
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 set out on page 3, 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. Page 6
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The 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. We determined that the following laws and regulations were most significant including: ∙The Companies Act 2006; ∙Financial Reporting Standard 102; ∙UK employment legislation; ∙UK health and safety legislation; and ∙General Data Protection Regulations. We understood how the Company are complying with those legal and regulatory frameworks by making inquiries to management and 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 recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company's 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 or fraud and identified the greatest potential for fraud in the following areas: ∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount ∙Timing of revenue recognition. 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 7
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Miriam Hanley ACA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 2nd Floor Midas House 62 Goldsworth Road Woking Surrey GU21 6LQ 7 November 2025 Page 8
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 28 FEBRUARY 2025
| 2025 | (Restated) 2024
Note | £ | £
Turnover | 4 | 28,104,701 | 24,153,843
Cost of sales |  | (20,132,936) | (16,144,399)
Gross profit |  | 7,971,765 | 8,009,444
Administrative expenses |  | (6,977,372) | (5,072,782)
Operating profit | 5 | 994,393 | 2,936,662
Interest receivable and similar income | 8 | 580,668 | 400,793
Interest payable and similar expenses | 9 | (5,447) | (7,915)
Profit before tax |  | 1,569,614 | 3,329,540
Tax on profit | 10 | 3,353,952 | 2,689,373
Profit after tax |  | 4,923,566 | 6,018,913
Retained earnings at the beginning of the year |  | 8,454,258 | 7,089,630
|  | 8,454,258 | 7,089,630
Profit for the year |  | 4,923,566 | 6,018,913
Dividends declared and paid |  | (2,267,131) | (4,654,285)
Retained earnings at the end of the year |  | 11,110,693 | 8,454,258
The notes on pages 11 to 23 form part of these financial statements.
Page 9
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) REGISTERED NUMBER:07135679 |  |
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 449,055 |  | 549,374
Tangible assets | 14 |  | 3,743,410 |  | 1,995,888
|  |  | 4,192,465 |  | 2,545,262
Current assets |  |  |  |  |
Stocks | 15 | 1,167,779 |  | 1,192,933 |
Debtors | 16 | 6,545,861 |  | 3,483,093 |
Cash at bank and in hand |  | 1,959,360 |  | 2,718,922 |
|  | 9,673,000 |  | 7,394,948 |
Creditors: amounts falling due within one year | 17 | (1,897,359) |  | (1,051,569) |
Net current assets |  |  | 7,775,641 |  | 6,343,379
Total assets less current liabilities |  |  | 11,968,106 |  | 8,888,641
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (857,313) |  | (434,283) |
|  |  | (857,313) |  | (434,283)
Net assets |  |  | 11,110,793 |  | 8,454,358
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 100 |  | 100
Profit and loss account | 20 |  | 11,110,693 |  | 8,454,258
|  |  | 11,110,793 |  | 8,454,358
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ M Battle
Director
Date: 31 October 2025
The notes on pages 11 to 23 form part of these financial statements. Page 10
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
The Company is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is disclosed on the company information page. Post year end, the Company changed it's name from Lapland London Limited to Lapland Live Limited. 2.Accounting policies
| 2.1 | 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 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 judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
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 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Lapland World Limited as at 28 February 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
| 2.3 | 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 revenue from the sale of food and beverages is recognised at the point of sale. Revenue from the sale of products is either recognised when dispatched if purchased from the website, or recognised at the point of sale if purchased while at the event. The revenue from ticket sales is recognised on the date that the individual attends the event. Revenue generated from the sale of Jingles (fictional currency) are recognised in full during the year of the event they are bought for.
| 2.4 | 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. Page 11
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 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. Page 12
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website | - |  | 5 years
| 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. 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. The estimated useful lives range as follows:
|  |  |  | Plant and machinery | - |  | 4 - 8 years
|  |  |  | Fixtures and fittings | - |  | 4 years
|  |  |  | Computer equipment | - |  | 4 years
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 weighted average 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 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. Page 13
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments 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 amount 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. The directors do not consider there to be any judgments or estimation uncertainty which materially impact these financial statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| On-site sales | 4,728,261 | 4,049,895
| Ticket sales | 21,905,687 | 19,490,677
| Online sales | 1,470,753 | 613,271
|  | 28,104,701 | 24,153,843
| All turnover arose within the United Kingdom.
Page 14
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation and amortisation | 1,160,312 | 739,261
| Auditor's renumeration | 30,900 | 28,280
| Exchange differences | (1,770) | 224
| Other operating lease rentals | 400,454 | 599,358
| Stock provision recognised | 33,191 | 83,522
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,032,334 | 4,880,735
| Social security costs | 514,795 | 445,583
| Cost of defined contribution scheme | 50,981 | 44,814
|  | 6,598,110 | 5,371,132
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 336 | 333
Page 15
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 360,000 | 360,000
| Company contributions to defined contribution pension schemes | 3,522 | 3,522
|  | 363,522 | 363,522
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £180,000 (2024 - £180,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,761 (2024 - £1,761).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest on tax charge | - | 14,927
| Bank interest receivable | 580,668 | 385,866
|  | 580,668 | 400,793
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 7,915
| Other interest payable | 5,447 | -
|  | 5,447 | 7,915
Page 16
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (3,948,173) | (1,549,994)
| Adjustments in respect of previous periods | 171,191 | (1,227,198)
|  | (3,776,982) | (2,777,192)
| Total current tax | (3,776,982) | (2,777,192)
| Deferred tax |  |
| Origination and reversal of timing differences | 423,030 | 87,819
| Total deferred tax | 423,030 | 87,819
| Tax on profit | (3,353,952) | (2,689,373)
Page 17
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.49%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,569,614 | 3,329,540
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.49%) | 392,404 | 815,464
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 53,053 | 18,292
| Other permanent differences | 551,593 | -
| Other tax adjustments, reliefs and transfers | 1,658,816 | -
| Adjustments to tax charge in respect of prior periods | 171,191 | (1,227,198)
| Remeasurement of deferred tax for changes in tax rates | - | 3,074
| Fixed asset timing differences | 6,900 | (55,142)
| Adjustment to tax charge in respect of previous periods - deferred tax | 830 | -
| Theatrical production tax credit | (3,978,736) | (1,549,994)
| Theatrical production tax adjustment | (2,209,964) | (693,869)
| Marginal relief | (39) | -
| Total tax charge for the year | (3,353,952) | (2,689,373)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 2,267,131 | 4,654,285
|  | 2,267,131 | 4,654,285
Page 18
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. | Prior year adjustment
The comparatives as at 29 February 2024 have been restated to reclassify expenses of £462,885 from administrative costs to cost of sales as the directors have identified that these costs are directly attributable to the live event, therefore the reclassification gives a more true and fair view. The adjustment has not had any effect on the retained earnings as at 1 March 2024.
13. | Intangible assets
|  | Patents | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 March 2024 | 13,365 | 696,020 | 709,385
| Additions | 4,872 | 54,610 | 59,482
| Disposals | - | (65,255) | (65,255)
| At 28 February 2025 | 18,237 | 685,375 | 703,612
| Amortisation |  |  |
| At 1 March 2024 | 2,871 | 157,140 | 160,011
| Charge for the year on owned assets | 3,061 | 156,740 | 159,801
| On disposals | - | (65,255) | (65,255)
| At 28 February 2025 | 5,932 | 248,625 | 254,557
| Net book value |  |  |
| At 28 February 2025 | 12,305 | 436,750 | 449,055
| At 29 February 2024 | 10,494 | 538,880 | 549,374
Page 19
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
14. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 March 2024 | 4,257,740 | 6,496 | 114,049 | 4,378,285
| Additions | 2,492,001 | 190,704 | 65,328 | 2,748,033
| Disposals | (1,976,292) | (3,972) | (62,923) | (2,043,187)
| At 28 February 2025 | 4,773,449 | 193,228 | 116,454 | 5,083,131
| Depreciation |  |  |  |
| At 1 March 2024 | 2,330,561 | 1,632 | 50,204 | 2,382,397
| Charge for the year on owned assets | 957,494 | 10,496 | 32,521 | 1,000,511
| Disposals | (1,976,292) | (3,972) | (62,923) | (2,043,187)
| At 28 February 2025 | 1,311,763 | 8,156 | 19,802 | 1,339,721
| Net book value |  |  |  |
| At 28 February 2025 | 3,461,686 | 185,072 | 96,652 | 3,743,410
| At 29 February 2024 | 1,927,179 | 4,864 | 63,845 | 1,995,888
15. | Stocks
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,167,779 | 1,192,933
|  | 1,167,779 | 1,192,933
Page 20
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
16. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,562 | 52,566
| Other debtors | 1,106,559 | 632,629
| Prepayments and accrued income | 551,764 | 94,707
| Tax recoverable | 4,884,976 | 2,703,191
|  | 6,545,861 | 3,483,093
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,076,331 | 456,888
| Corporation tax | - | 442,000
| Other taxation and social security | 96,374 | 65,744
| Other creditors | 55,671 | 53,130
| Accruals and deferred income | 668,983 | 33,807
|  | 1,897,359 | 1,051,569
Page 21
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
18. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (434,283) | (346,464)
| Charged to profit or loss | (423,030) | (87,819)
| At end of year | (857,313) | (434,283)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (859,771) | (438,091)
| Losses and other deductions | 1,614 | 2,444
| Pension surplus | 844 | 1,364
|  | (857,313) | (434,283)
19. | Share capital
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
| Each ordinary share carries voting rights and there are no restrictions on distributions of dividends.
20. | Reserves
Profit and loss account This reserve records the accumulated profit and loss.
21. | Pension commitments
The Company operates a defined contribution plan scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions by the Company to the fund and amounted to £36,946 (2024: £31,583). Page 22
LAPLAND LIVE LIMITED (FORMERLY KNOWN AS LAPLAND LONDON LIMITED) |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
22. | Commitments under operating leases
| At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 656,420 | 163,792
| Later than 1 year and not later than 5 years | 2,509,327 | 70,850
| Later than 5 years | 1,674,028 | -
|  | 4,839,775 | 234,642
23. | Related party transactions
| During the year, the Company transferred stock with a net book value of £91,632 (2024: £NIL) to Lapland Foundation, a related charity, the charity is under common control by virtue of the same ultimate shareholders.
24. | Transactions with Director
| During the year the following transactions with a director took place:
|  | Brought forward | Advance/ Credit | Repaid | Carried Forward
|  | £ | £ | £ | £
| Directors Loan | - | 2,256,281 | (2,256,281) | -
|  | - | 2,256,281 | (2,256,281) | -
| There is no interest charged on this loan.
25. | Controlling party
Lapland Live Limited's immediate and ultimate parent company is Lapland World Limited. The parent company of the largest and smallest group in which the Company's results are consolidated is Lapland World Limited. The consolidated accounts are available from Companies House. The ultimate controlling party is M Battle and A Battle who own the entire issued share capital of Lapland World Limited.
Page 23