REGISTERED NUMBER: 09606235 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

The Blackpool Pier Company Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Mr P J Sedgwick

Mrs S Sedgwick

Miss R S Sedgwick

Mr P J Sedgwick

REGISTERED OFFICE:

No 21

The Robinson

150-158 Church Street

Blackpool

Lancashire

FY1 3PS

REGISTERED NUMBER:

09606235 (England and Wales)

AUDITORS:

Ashworth Treasure Limited

Statutory Auditors

17-19 Park Street

Lytham

Lancashire

FY8 5LU

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

As at 31st December 2025, the group own South, Central and North piers on the Blackpool Promenade, incorporating various income streams for the business such as bars, amusement arcades, theatre and funfair rides as well as a rental income from the concession holders. The group consists of a parent company and three subsidiaries over which the income types and locations are split.

The results for the year show a pre-tax loss of £260,783 (2024: £701,445) and turnover of £13,576,183 (2024: £13,890,582). The directors have been paid £200,000 dividends in the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks to the business are considered to be economic and environmental conditions, together with continued compliance with current rules and regulations. With current economic conditions and the difficulties the hospitality sector are experiencing, the business has struggled to balance providing our customers with a memorable visitor experience at our attractions at an affordable price whilst still being able to ensure its increasing operating costs can be met.

The group's business is of a seasonal nature with peak trading levels around the school and bank holidays with the season normally ending at the end of October. Footfall within the resort is heavily dependant on favourable weather conditions around the holidays and key events such as the Airshow and Fireworks. Whilst Blackpool stakeholders are proactively looking at bringing new initiatives to the town to attract additional visitors, these events are being hosted by operators from outside of the resort providing additional competition rather than any benefit to existing businesses within the town.

Climate change is becoming a significant risk to the resort and the group's attractions, not only for the negative effect on the visitor numbers but the rising sea levels and the increasing number of extreme storms along the coast pose additional threats to the buildings and structures along the length of Blackpool's promenade.

The group is financed by a mixture of short and long term debt. This comprises of a bank loan, other loans and asset refinancing.

DEVELOPMENT AND PERFORMANCE

The group continues to invest heavily in fixed assets in respect of the pier structures especially in light of the environmental challenges being faced and ensuring that the attractions on offer remain at a high standard across the group. The directors are conscious of the historic importance of the piers to the town and as such ensure that there are ongoing improvement and maintenance plans in place to preserve them for future generations to enjoy. Planning permission was sought to site additional rides at South pier during the trading season and this has been taken to the Planning Inspectorate for consideration following Blackpool Council's refusal.

The overhead cost increases alongside continued increases in NMW and business rates has put additional pressures on the profitability of the business, but the directors are confident that the measures implemented to offset the increases in costs and consolidate the group will allow the business to return to a profitable position.

KEY PERFORMANCE INDICATORS

KPI's include sales, margins, underlying profitability, as a whole and per each department and pier, and cash flow which are monitored by senior management. Cash management is regularly reviewed and monitored in order to forecast availability out of season.

2025

2024

£

£

Turnover

13,576,183

13,890,582

Gross profit

11,037,562

11,112,621

Gross margin

81.3%

80.1%

Operating profit/(loss)

154,205

(207,760

)

Cash at bank

649,936

589,175

Senior management also monitor performance by reference to certain non-financial KPI's, including visitor satisfaction, social media presence, efficiency of maintenance programs.

ON BEHALF OF THE BOARD:

Miss R S Sedgwick - Director

17 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

Dividends declared in the year are shown in note 9.

FUTURE DEVELOPMENTS

The Directors continue to embrace new opportunities, invest in improving methodologies for maintenance programmes and consider new market trends to continuously improve the attractions on offer to continue to be an integral part of Blackpool's attractions, drawing significant footfall, within the resort. A planning application was submitted to introduce additional rides on a seasonal basis to South Pier in 2025 to boost resources for structural maintenance works, which the Directors have taken to the Planning Inspectorate for consideration on Blackpool Councils refusal. Following a successful marketing campaign, North Pier was sold in June 2026.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in note 25 to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr P J Sedgwick

Mrs S Sedgwick

Miss R S Sedgwick

Mr P J Sedgwick

DISCLOSURE IN THE STRATEGIC REPORT

The directors have provided a summary of the key developments and risks of the group within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Ashworth Treasure Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss R S Sedgwick - Director

17 September 2026

Opinion

We have audited the financial statements of The Blackpool Pier Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the Group through discussions with directors and other management and from our commercial knowledge and experience of the business sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including legislation such as Companies Act, taxation legislation, environmental and health and safety legislation etc.

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team maintained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journals to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC etc

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Victoria Reynolds (Senior Statutory Auditor)

for and on behalf of Ashworth Treasure Limited

Statutory Auditors

17-19 Park Street

Lytham

Lancashire

FY8 5LU

17 September 2026

TURNOVER

13,576,183

13,890,582

Cost of sales

2,538,621

2,777,961

GROSS PROFIT

11,037,562

11,112,621

Administrative expenses

10,883,357

11,320,381

OPERATING PROFIT/(LOSS)

5

154,205

(207,760

)

Interest receivable and similar income

54,324

51,788

208,529

(155,972

)

Interest payable and similar expenses

6

469,311

545,473

LOSS BEFORE TAXATION

(260,782

)

(701,445

)

Tax on loss

7

2,967

(142,538

)

LOSS FOR THE FINANCIAL YEAR

(263,749

)

(558,907

)

Loss attributable to:

Owners of the parent

(263,749

)

(558,907

)

LOSS FOR THE YEAR

(263,749

)

(558,907

)

OTHER COMPREHENSIVE INCOME

Property valuation impairment

(575,382

)

(1,750,000

)

Property revaluation

675,000

-

Income tax relating to components of other comprehensive income

(24,904

)

437,500

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

74,714

(1,312,500

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(189,035

)

(1,871,407

)

Total comprehensive income attributable to:

Owners of the parent

(189,035

)

(1,871,407

)

FIXED ASSETS

Tangible assets

10

13,380,416

14,323,330

Investments

11

-

-

13,380,416

14,323,330

CURRENT ASSETS

Stocks

12

75,696

121,094

Debtors

13

3,649,179

3,545,892

Cash at bank and in hand

649,936

589,175

4,374,811

4,256,161

CREDITORS

Amounts falling due within one year

14

2,978,463

3,006,001

NET CURRENT ASSETS

1,396,348

1,250,160

TOTAL ASSETS LESS CURRENT LIABILITIES

14,776,764

15,573,490

CREDITORS

Amounts falling due after more than one year

15

(3,643,155

)

(4,078,818

)

PROVISIONS FOR LIABILITIES

19

(1,538,595

)

(1,510,623

)

NET ASSETS

9,595,014

9,984,049

CAPITAL AND RESERVES

Called up share capital

20

400

400

Revaluation reserve

21

2,929,950

2,855,236

Retained earnings

21

6,664,664

7,128,413

SHAREHOLDERS' FUNDS

9,595,014

9,984,049

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2026 and were signed on its behalf by:

Miss R S Sedgwick - Director

FIXED ASSETS

Tangible assets

10

11,123,476

11,182,761

Investments

11

300

300

11,123,776

11,183,061

CURRENT ASSETS

Stocks

12

62,405

102,079

Debtors

13

2,882,844

3,357,002

Cash at bank and in hand

449,832

471,390

3,395,081

3,930,471

CREDITORS

Amounts falling due within one year

14

3,462,341

4,046,711

NET CURRENT LIABILITIES

(67,260

)

(116,240

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,056,516

11,066,821

CREDITORS

Amounts falling due after more than one year

15

(3,444,822

)

(3,844,235

)

PROVISIONS FOR LIABILITIES

19

(1,145,218

)

(947,087

)

NET ASSETS

6,466,476

6,275,499

CAPITAL AND RESERVES

Called up share capital

20

400

400

Revaluation reserve

21

2,929,950

2,423,700

Retained earnings

21

3,536,126

3,851,399

SHAREHOLDERS' FUNDS

6,466,476

6,275,499

Company's loss for the financial year

(115,273

)

(277,866

)

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2026 and were signed on its behalf by:

Miss R S Sedgwick - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

400

7,807,320

4,167,736

11,975,456

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

(558,907

)

(1,312,500

)

(1,871,407

)

Balance at 31 December 2024

400

7,128,413

2,855,236

9,984,049

Changes in equity

Dividends

-

(200,000

)

-

(200,000

)

Total comprehensive income

-

(263,749

)

74,714

(189,035

)

Balance at 31 December 2025

400

6,664,664

2,929,950

9,595,014

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

400

4,249,265

3,736,200

7,985,865

Changes in equity

Dividends

-

(120,000

)

-

(120,000

)

Total comprehensive income

-

(277,866

)

(1,312,500

)

(1,590,366

)

Balance at 31 December 2024

400

3,851,399

2,423,700

6,275,499

Changes in equity

Dividends

-

(200,000

)

-

(200,000

)

Total comprehensive income

-

(115,273

)

506,250

390,977

Balance at 31 December 2025

400

3,536,126

2,929,950

6,466,476

Cash flows from operating activities

Cash generated from operations

1

361,661

936,894

Interest paid

(281,482

)

(356,739

)

Interest element of hire purchase payments paid

(187,829

)

(188,734

)

Tax paid

(64,549

)

(10,043

)

Net cash from operating activities

(172,199

)

381,378

Cash flows from investing activities

Purchase of tangible fixed assets

(39,365

)

(567,349

)

Sale of tangible fixed assets

392,900

232,172

Interest received

54,324

51,788

Net cash from investing activities

407,859

(283,389

)

Cash flows from financing activities

New loans in year (other loans)

533,250

-

Loan repayments in year

(261,934

)

(525,138

)

New HP loans in year

400,000

658,000

Other loan repayments in year

(531,336

)

-

Capital repayments in year

(434,567

)

(324,007

)

Amount introduced by directors

560,000

447,370

Amount withdrawn by directors

(440,312

)

(1,030,022

)

Net cash from financing activities

(174,899

)

(773,797

)

Increase/(decrease) in cash and cash equivalents

60,761

(675,808

)

Cash and cash equivalents at beginning of year

2

589,175

1,264,983

Cash and cash equivalents at end of year

2

649,936

589,175

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(260,782

)

(701,445

)

Depreciation charges

855,442

989,078

Profit on disposal of fixed assets

(166,444

)

(5,168

)

Finance costs

469,311

545,473

Finance income

(54,324

)

(51,788

)

843,203

776,150

Decrease in stocks

45,398

28,756

Increase in trade and other debtors

(258,524

)

(97,644

)

(Decrease)/increase in trade and other creditors

(268,416

)

229,632

Cash generated from operations

361,661

936,894

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

649,936

589,175

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

589,175

1,264,983

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

589,175

60,761

649,936

589,175

60,761

649,936

Debt

Finance leases

(1,202,527

)

34,567

(1,167,960

)

Debts falling due within 1 year

(703,931

)

(1,369

)

(705,300

)

Debts falling due after 1 year

(3,186,666

)

261,389

(2,925,277

)

(5,093,124

)

294,587

(4,798,537

)

Total

(4,503,949

)

355,348

(4,148,601

)

1.	STATUTORY INFORMATION

The Blackpool Pier Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on the going concern basis.

The group has reported losses in the year of £263,958 (2024 - £558,907). The losses suffered arise from adverse weather conditions and footfall within the town. The directors are working to mitigate these with a number of opportunities and a focus on cost cutting such as insurance and sale of assets not generating income.

The group has loans with Barclays and assets on HP with other financiers. The main Barclays loan was renewed in August 2026.

Some of the group's loan agreements are subjected to covenant clauses, whereby the group is required to meet certain key financial ratios. One of these was breached at the balance sheet date. The bank have indicated their continued support of the business and therefore, the loans have been disclosed in the financial statements as non-current.

The group has prepared forecasts through to December 2027. These forecasts anticipate an improvement in profitability and cash flow, incorporating the sale of one of its subsidiaries Northern Victorian Pier Limited in June 2026.

The directors are dedicated to putting appropriate resources in place to achieve these targets. As such, the directors consider it appropriate to adopt the going concern assumption in the preparation of the financial statements.

Basis of consolidation

The group financial statements consolidate the annual financial statements of the Company and its subsidiary undertakings. Business combinations are accounted for under the merger method, all accounting policies are in line within the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured,

Revenue represents the receipts from the provision of leisure services and entertainment facilities on Blackpool's piers and includes amusement arcades, rides, food and beverage and concession stalls. Revenue is recognised at the point of receipt of cash, as this coincides with the transfer of the significant risks and benefits of ownership.