The directors present the strategic report for the period ended 23 March 2025.

The activities of the Group are primarily the operation of the Blackpool Pleasure Beach amusement park and The Big Blue Hotel. The principal activity of the company is to act as a holding company for the Group.

The Pleasure Beach and Hotel operate in a highly competitive tourism and leisure market, with key focus points being the summer period and school holidays. The park targets a wide-ranging audience from small children through to adults, offering a high-quality visitor experience at an attractive and affordable price point. The hotel appeals to both the family-friendly and corporate business markets.

Principal activities for the Group include the sale of admission tickets, ride wristbands, hotel bedrooms, and conference space, with secondary spends coming from catering, retail, car parking, shows, and amusement concessions.

The financial period ending 23 March 2025 remained significantly challenging for the Group. Despite a softening of inflationary pressures and the commencement of falling interest rates later in the period, the continuing cost of living crisis depressed non-essential consumer spending, resulting in reduced turnover and ongoing operational difficulties across the Group. As a result of these operational difficulties, the group sought refinancing after the period end and entered into a new secured term loan facility of £16m with an alternative finance provider.

Group Performance Summary

The consolidated Group turnover for the period is approximately £35.6M (2024: £37.3M). The combination of flat attendances at the park, reduced hotel occupancy, rising people costs due to increases in the national minimum wage, and increased borrowing costs due to high interest rates compounded the difficulties.

Blackpool Pleasure Beach Limited (Park Operations)

The amusement park saw attendances remain relatively flat year-over-year.

• Turnover: Decreased by 4.4% to £30.6M (2024: £32.1M).

• Costs: Cost of sales fell by 8.5%, primarily driven by improved operational planning and efficiency measures. Administration costs saw a 0.6% increase due to rising people costs and general inflationary increases.

• Operating Loss: The period resulted in an operating loss of £1.1M (2024: £1.2M).

• Loss Before Tax: Compounded by a increase in borrowing costs (from £1.5M to £1.9M) due to high interest rates, the company posted a loss before tax of £3.0M (2024: £2.7M loss).

The Big Blue Hotel (Hotel Operations)

The financial period was challenging for the hotel, with increased operating expenses from high inflation and the rising national minimum wage being offset by reduced customer spending.

• Turnover: Decreased by 2.9% to £4.2M (2024: £4.3M).

• Occupancy: Remained relatively similar year-over-year at 55% (2024: 56%).

• Average Achieved Room Rates: Decreased to £131 (2024: £135).

• Costs: Cost of sales increased by 5.9% due to rising people costs and inflationary increases.

• Operating Profit: The period resulted in an operating profit of £241k (2024: £527k before exceptional adjustments).

Since March 2025, the group has forecast an operating profit despite facing revenue pressures from competitor discounting and per capita spend pressures. This turnaround was successfully driven by discipline overhead cost cutting, careful control of cost of sales and strong summer attendance growth, even as operations contended with statutory increases and debt servicing. These strategic efforts, alongside targeted operational adjustments, have provided a roadmap toward stabilising the Group.

The hospitality and leisure market remains highly competitive and is still recovering from the lasting effects of the pandemic. The primary risks for the Group are:

1. Economic Climate: The continuation of the cost of living crisis is anticipated to depress non-essential spending for a significant portion of the core customer base, although possibly at a decelerating pace. The Group is sensitive to changes in consumer spending habits.

2. Inflation and Costs: While the downward trend of inflation is projected to bring it further under control, high people costs from the rising national minimum wage and general inflationary increases continue to stress operating margins.

3. Weather Dependency: Weather remains a key factor in overall park attendance and turnover. The decision was maintained not to utilise external insurance instruments to mitigate this risk for the current period, following a review of impact and pricing strategy.

4. Financing and Interest Rates: The Group has commercial debt facilities, and while associated interest costs are believed to be manageable for any reasonable foreseeable increase in base rates, borrowing costs remain a significant burden, however decreasing to £1.4M at the Park level. The Group did not utilise financial instruments to hedge interest rate risk, deeming them too expensive.

The Group will maintain its commitment to preserving the fabric of both the park and the hotel through ongoing maintenance and repairs to ensure high standards are met. Strategic efforts continue to focus on improving the visitor experience through targeted investment, refurbishments, and other customer-focused initiatives.

Group Financing Facilities

The Group has loan facilities with Lombard North Central Plc. totalling £5.2M (2024: £3.5M) and use of a £6.3M (2024: £6.7M) revolver facility. There was also a £6M (2024: £4M) short-term facility available with Natwest plc. The governmental body loan facility (£1.8M in 2024) has been retired.

The directors monitor performance through a detailed budget process and by comparing actual results against prior year performance, focusing on the following key indicators:

Other KPIs monitored include: Average spend per head, Operating Profit by division, and the impact of weather conditions on attendances and average spend per head.

The health, safety, and welfare of all employees are considered of critical importance. The Group maintains several key policies, including equality and diversity, health screening, and an extensive training and development programme.

During the period, the company commenced construction of a new staff facility incorporating a canteen, changing and locker rooms, showers, and training rooms, demonstrating an ongoing investment in staff infrastructure.

Safety remains the very highest priority. The company has maintained accreditation in BSI 9001 and 18001, recognising the rigorous safety systems in place.

Section 172 Statement & Stakeholder Engagement

In their decision-making during the period, the directors have acted in good faith to promote the success of the company for the benefit of its shareholders as a whole, having regard to: the likely long-term consequences, the interests of employees, fostering stakeholder business relationships, the impact on the community and environment, maintaining high standards of business conduct, and acting fairly between members.

• Customers: Long-term success is built on delivering an exceptional customer experience and value for money, monitored through comprehensive guest research and satisfaction surveys.

• Employees: Considered the key resource, supported by training and a culture encouraging engagement with management.

• Suppliers and Environment: Maintaining effective relationships with suppliers and finance providers supports cash-flow and ensures the continuation of high-quality service. The company is committed to minimising environmental impact, including finding ways to reduce energy usage through external expertise and considering greener energy sources.

• Shareholders: Commitment is to protect and manage shareholder investments in a responsible and sustainable way.

Outlook

Trading conditions are expected to remain difficult, but the reduction in the rate of inflation and reduced interest rates will hopefully build consumer confidence, leading to a slow move towards more normal trading levels.

The Group is actively pursuing greater operational efficiency and sustainability. This includes:

• Operational Review: The company has instigated a head count review and a review of assets, resulting in a number of park rides being closed for the forthcoming season.

• Efficiency Profiling: Profiling of the opening and closing times of individual rides and the park itself is being reviewed to maximise efficiency (cost reduction) while balancing it with achieving great customer satisfaction.

• Operating Model: The tried and tested operating model focused on guest and employee safety, combined with high levels of guest satisfaction, will be maintained.

The Company continues to monitor, adapt, and develop its strategic plan for the short to long term.

On behalf of the board

The directors present their annual report and financial statements for the period ended 23 March 2025.

The results for the period are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period.

The movements in tangible fixed assets during the period are set out in note 13 to the financial statements.

Based on formal valuations carried out in March 2022, the market value of land and buildings exceeds the carrying value in the financial statements.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

In October 2026, the Group finalised a strategic refinancing, entering into a new secured term loan facility of £16m maturing 60 months after initial drawdown at an interest rate margin of 3.45% over base. The transaction enabled the settlement of the Group’s prior debt obligations, less mutually agreed settlement terms, and enhanced available working capital. The agreement contains customary financial covenants.

In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the group will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not reflect any adjustments as a result of the increase in economic uncertainty. Further details regarding the adoption of the going concern basis can be found in the accounting policies note within the financial statements.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Blackpool Pleasure Beach (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 23 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including material 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 the parent company's affairs as at 23 March 2025 and of the group's loss for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with those 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their 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 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries with management, about any known or suspected instances of non compliance with laws and regulations and fraud;

• Challenging assumptions and judgements made by management in their significant accounting estimates, including recoverability of intercompany balances;

• Reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

• Testing key revenue lines, in particular for evidence of occurrence, for evidence of management bias; and

• Obtaining third party confirmation of material bank balances.

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 statement is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2024 - £0 profit).

Blackpool Pleasure Beach (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pleasure Beach, Ocean Boulevard, Promenade, Blackpool, FY4 1EZ.

The group consists of Blackpool Pleasure Beach (Holdings) Limited and all of its subsidiaries.

The current reporting period relates to the 52 week period ending 23 March 2025. The comparative reporting period relates to the 52 week period ending 24 March 2024.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Blackpool Pleasure Beach (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 23 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Based on the results of the Directors' forecasting and sensitivity analysis, the Directors have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence for the foreseeable future. During the period and up to the date of approval of these financial statements, the Group has met its day-to-day working capital requirements through a combination of a short-term loan, overdraft and bank loan facilities.

In October 2026, the Group successfully completed a strategic refinancing project to secure long-term liquidity. The new secured term loan facility totals £16m and has been utilised to repay the previous financing facilities, less mutually agreed settlement terms, which totalled £20.3m at 23 March 2025. The Company is party to cross guarantees securing all bank debts of the Group to which the Company belongs, as disclosed in note 28 to the financial statements.

The Directors have prepared detailed cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. The forecasts indicate that the Group will have sufficient liquidity to meet its liabilities as they fall due, comply with forecast covenant requirements and meet scheduled debt servicing obligations.

The forecasts incorporate assumptions relating to trading performance, visitor numbers, operating costs, capital expenditure and financing arrangements. The Directors have also considered reasonably possible downside scenarios and sensitivities to these assumptions, together with mitigating actions that could be implemented, where necessary, to preserve liquidity and financial flexibility.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover derived from the amusement park operations including ticket, retail, concession, car parking and food and beverage sales, which fall within the company's ordinary activities, are stated net of value added tax. Turnover is recognised on the date of the provision to customers of goods and services or deferred to the balance sheet for future dates.

Turnover derived from the provision of hotel operations which fall within the company's ordinary activities, are stated net of value added tax. Turnover is recognised on the date of customer occupancy. Pre-booked revenue is deferred at the year end.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Certain properties owned by a subsidiary undertaking, South Shore Mutual Insurance company Limited, are included in note 14. These properties are included at open market valuation and no depreciation is provided. The group policy is to conduct professional valuations every 5 years with the directors reviewing the market values in the intervening years. The aggregate surplus or deficit arising on the revaluation is shown in the Statement of Comprehensive Income and transferred to the other reserve account.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks include engineering, retail and food and beverage costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

When the group acts as a lessor, all leases are classified as operating leases.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The Company's investments in subsidiaries are reviewed to determine whether there are indicators of impairment that may affect their value. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the subsidiaries.

Insurance contracts are those contracts that transfer significant insurance risk. The group considers that all the contracts it underwrites carry insurance, rather than financial risk. The insurance risk relates to both the uncertainty of an insured event occurring for any of the insurance contracts issued by the company and the uncertainty of the amount of the resulting claim. By the very nature of an insurance contract this risk is random and therefore unpredictable.

The group carries only its investment properties and other financial investments at fair value. All financial investments are held at quoted prices in an active market. All investment properties are fair valued in accordance with professional valuations carried out every 5 years with the directors reviewing the market values in intervening years.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts owed by group undertakings and other related parties are assessed for fair value and recoverability at each reporting date. The directors base their assessment on the financial position and expected financial performance of the related parties.

At the period end, the directors consider the amounts owed by related parties included in debtors totalling £4,107,037 (2024: £4,583,230) for the group and £923,336 (2024: £923,336) for the company to be recoverable and no provisions have been made against these debts.

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technologies innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as market conditions, The remaining life of the asset and projected disposal values.

Turnover is wholly attributable to the principal activity of the group. All of the turnover arises within the United Kingdom.

The average monthly number of persons (including directors) employed by the group and company during the period was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 0).

There are no key management personnel other than the directors of the company.

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

During the period, the Directors identified historical assets that have been fully depreciated in prior periods on the fixed asset register that no longer exist. Disposals of £1,203,384 have been recognised in the period in respect of these assets. An equal amount of depreciation has been eliminated for these disposals. As there is no impact on the carrying amount, the Directors do not consider the adjustment to be material to the users of the financial statements and therefore no prior period adjustment has been recognised.

The directors completed a management valuation of the investment properties and are satisfied that carrying values as at 23 March 2025 represent current open market value, and that there have been no significant changes since the date valuations were carried out.

Details of the company's subsidiaries at 23 March 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

* Blackpool Pleasure Beach Limited, Blackpool Leisure and Amusement Consultancy Limited & Ocean Boulevard II Limited have taken the exemption in Section 479A of the Companies Act 2006 ("the Act") from the requirements in the Act for their individual accounts to be audited for the period ended 23 March 2025. The guarantee given by the company under Section 479A of the Act is disclosed in Note 28.

Loans and overdrafts includes the following facilities:

• Bank revolving credit facility

  • Balance: 2025 £6.3m, 2024 £6.7m

  • Repayment terms: Fixtures repayable in 1, 3 or 6 months. Facility expires in June 2026. Since the period end this has been extended to 30 September 2026.

  • Interest rate: SONIA plus 3%

  • Security: Cross guarantee with group and related companies. Freehold first legal charge. Postponement of loans and repayments to related parties.

     

    The revolving credit facility is shown within creditors due within one year at the period end as bank covenants relating to earnings have not been met. Based on discussions with the bank, the directors expect the facilities to remain in place until the refinancing project has been completed.

     

• Bank working capital loan

  • Balance: 2025 £6.0m, 2024 £4.0m

  • Repayment terms: £2m in July 2025, £2m in August 2025, £1m in September 2025 & £1m in October 2025

  • Interest rate: Base rate plus 3%

  • Security: Cross guarantee with group and related companies. Freehold first legal charge. Postponement of loans and repayments to related parties.

     

• Bank overdraft

  • Balance: £2.8m, 2024 £3.8m

  • Repayment terms: Rolling

  • Interest rate: Base rate plus 3.5% up to the net limit, base rate plus 15% above the net limit

  • Security: Cross guarantee with group and related companies. Freehold first legal charge. Postponement of loans and repayments to related parties.

• Governmental term loan

  • Balance: 2025 £nil, 2024 £1.8m

  • Repayment terms: Over 10 years from December 2019

  • Interest rate: 5.75%

  • Security: Cross guarantee with group and related companies. Mortgage charge over freehold land. Fixed charge over property and tangible fixed assets. Fixed and floating charges over all assets.

     

    The loan was transferred to a company under common control, Ocean Boulevard III Limited in August 2024. At the date of transfer the loan was valued at £1,695,738.

     

• Lombard loan - ICON

  • Balance: 2025 £3.0m, 2024 £3.5m

  • Repayment terms: 8 payments per year over 9 years from March 2021

  • Interest rate: 4.94%

  • Security: Cross guarantee with group and related companies. Fixed charge over the ICON amusement device and freehold land.

     

• Lombard loan - Gyroswing

  • Balance: 2025 £2.2m, 2024 £nil

  • Repayment terms: 60 months from the rollover date (July 2026)

  • Interest rate: base rate plus 3.75%

  • Security: Cross guarantee with group and related companies. Fixed charge over the Gyroswing amusement device and freehold land.

     

• Director loans

  • Balance: 2025 £263k, 2024 £212k,

  • Repayment terms: Repayable on demand, ranks after other secured loans

  • Interest rate: Base rate plus 4%

  • Security: Not secured

Other provisions relate to the directors' assessment of the likely costs to settle public liability claims where the incident occurred prior to the period end.

Having regard to the reported incidents and public liability claims received by the Group, and the Limitation Act 1980 (which governs the time within which claims can be brought), the directors consider the provision carried forward to be reasonable and proportionate.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

During the period, government grants of £nil (2024: £500,000) were released from creditors to the profit and loss account as other operating income following the conditions of the grants being met.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The A Ordinary share rank pari passu for the purpose of participation in profits and assets with the remainder of the share capital. However, the holders of A Ordinary shares shall not be entitled to receive notices of such meetings or to be present or to vote at General Meetings. The directors may at any time with the consent of the holders of the share capital affected convert any of the A Ordinary shares into Ordinary shares. In the event of a winding up, the Liquidator may decide how to divide the assets between the different classes of members.

The other reserve represents the net surpluses arising on the revaluation of listed investments and investment properties in South Shore Mutual Insurance Company Limited, a subsidiary undertaking.

Non-controlling interest

During the period, the Directors identified a historical error in the calculation of non-controlling interest. An adjustment of £417,574 has been recognised in the period ended 23 March 2025 to transfer reserves from the non-controlling interest reserves to the profit and loss reserves. The Directors do not consider the quantum of the error to be material to the users of the financial statements and therefore no prior period adjustment has been recognised.

The company is party to a composite cross company guarantee in favour of the group's facility providers. The total bank and governmental body borrowings outstanding at the year end, under group guarantees were £20.2m (2024: £19.6m).

The following fellow subsidiary undertakings were party to the cross guarantee:

• Blackpool Leisure and Amusement Consultancy Limited

• Blackpool Pleasure Beach Limited

• Cable Chutes (Blackpool) Limited

• Ocean Boulevard II Limited

• Hotchkiss Patents & Investments Limited

The following related undertakings was party to the cross guarantee:

• Cable Chutes II Limited

Subsidiary audit exemption

In order for the subsidiaries, Blackpool Pleasure Beach Limited, Blackpool Leisure and Amusement Consultancy Limited & Ocean Boulevard II Limited, noted within Note 16 to take the audit exemption in Section 479A of the Companies Act 2006, the company has guaranteed all outstanding liabilities of the subsidiaries at 23 March 2025 until those liabilities are satisfied in full.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

During the period the group entered into the following transactions with related parties:

• Ocean Boulevard III Ltd

  • Nature of relationship: Company under common control

  • Transactions: Rendering of services £1,120,856 (2024: £2,847,537)

  • Balance: £4,039,508 debtor (2024: £4,521,147 debtor)

  • No interest was charged on the balance

     

• Cable Chutes II Ltd

• Nature of relationship: Company under common control

• Transactions: Rendering of services £5,444 (2024: £nil)

• Balance: £32,268 debtor (2024: £26,822 debtor)

• No interest was charged on the balance

• Blackpool Pleasure Beach Self-Administered Pension Scheme

  • Nature of relationship: Pension scheme including certain directors and ultimate shareholders as beneficiaries.

  • Transactions: Pension payments of £91,290 (2024: £90,000)

  • Balance: £7,899 creditor (2024: £4,299 creditor)

  • No interest was charged on the balance

     

• Monitor & Merrimac Ltd

  • Nature of relationship: Minority ultimate shareholder, controlled by a director

  • Transactions: No transactions

  • Balance: £191,418 creditor (2024: £191,418 creditor)

  • No interest was charged on the balance

• B J Thompson

  • Nature of relationship: Former director, repayments made from estate.

  • Transactions: £0 (2024: £627)

  • Repayments: £0 (2024: -£106,287))

  • Interest: £0 (2024: £0)

  • Balance: £35,261 debtor (2024: £35,261 debtor)

     

• N W R Thompson

  • Nature of relationship: Director

  • Transactions: £17,062 (2024: -£5,274)

  • Repayments: £0 (2024: £0)

  • Interest: £0 (2024: £3,600)

  • Balance: £35,264 debtor (2024: £52,326 debtor)

     

• F C Gilje

  • Nature of relationship: Director

  • Transactions: £600 (2024: £142)

  • Repayments: £0 (2024: £0)

  • Interest: -£11,745 (2024: -£14,083)

  • Balance: £150,286 creditor (2024: £137,941 creditor)

     

• A J Thompson

  • Nature of relationship: Director

  • Transactions: £8,525 (2024: £17,368)

  • Repayments: £0 (2024: £0)

  • Interest: -£12,691 (2024: -£14,083)

  • Balance: £147,931 creditor (2024: £126,715 creditor)

Amounts owed to directors incur interest at 4% per annum over base rate and are repayable after all group bank loans are repaid.

The ultimate controlling parties are members of the Thompson family acting in concert.

In October 2026, the Group finalised a strategic refinancing, entering into a new secured term loan facility of £16m maturing 60 months after initial drawdown at an interest rate margin of 3.45% over base. The transaction enabled the settlement of the Group’s prior debt obligations, less mutually agreed settlement terms, and enhanced available working capital. The agreement contains customary financial covenants.