Gullivers Land Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03326112 (England and Wales)

GULLIVERS LAND LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr R C Phillips

Mrs J H Dalton

Mr N G Phillips

SECRETARY:

Mrs J H Dalton

REGISTERED OFFICE:

Gullivers Kingdom

Temple Walk

Matlock Bath

Matlock

Derbyshire

DE4 3PG

REGISTERED NUMBER:

03326112 (England and Wales)

ACCOUNTANTS:

Johnson Tidsall Limited

Chartered Accountants

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Tangible assets

4

539,573

708,156

Investments

5

1

1

539,574

708,157

CURRENT ASSETS

Stocks

6

60,120

48,584

Debtors

7

4,087,547

2,306,830

Cash in hand

24,490

14,712

4,172,157

2,370,126

CREDITORS

Amounts falling due within one year

8

869,249

371,521

NET CURRENT ASSETS

3,302,908

1,998,605

TOTAL ASSETS LESS CURRENT LIABILITIES

3,842,482

2,706,762

CREDITORS

Amounts falling due after more than one year

9

(800,000

)

(1,000,000

)

PROVISIONS FOR LIABILITIES

(102,519

)

(134,550

)

NET ASSETS

2,939,963

1,572,212

CAPITAL AND RESERVES

Called up share capital

11

2,000

2,000

Capital redemption reserve

1,000

1,000

Retained earnings

2,936,963

1,569,212

SHAREHOLDERS' FUNDS

2,939,963

1,572,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2022 and were signed on its behalf by:

Mr N G Phillips - Director

1.	STATUTORY INFORMATION

Gullivers Land 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the attendance of customers at our various theme parks and attractions and is recognised on the date in which the customer attends the attraction. Turnover is reliably measured by reference to daily takings schedules at each of our individual sites. It is shown in the profit and loss account, exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Rides and attractions

-

10% on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 98 (2020 - 98 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Rides and

machinery

vehicles

attractions

Totals

£

£

£

£

COST

At 1 January 2021

352,227

26,400

4,326,448

4,705,075

Additions

7,857

-

14,258

22,115

Disposals

-

-

(219,888

)

(219,888

)

At 31 December 2021

360,084

26,400

4,120,818

4,507,302

DEPRECIATION

At 1 January 2021

305,879

18,250

3,672,790

3,996,919

Charge for year

21,541

2,038

102,253

125,832

Eliminated on disposal

-

-

(155,022

)

(155,022

)

At 31 December 2021

327,420

20,288

3,620,021

3,967,729

NET BOOK VALUE

At 31 December 2021

32,664

6,112

500,797

539,573

At 31 December 2020

46,348

8,150

653,658

708,156

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

1

NET BOOK VALUE

At 31 December 2021

1

At 31 December 2020

1

6.

STOCKS

2021

2020

£

£

Stocks

60,120

48,584

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

2,802

-

Amount owed by related parties

4,018,785

2,246,128

Prepayments and accrued income

65,960

60,702

4,087,547

2,306,830

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

267,449

760

Trade creditors

158,549

272,246

Amounts owed to group undertakings

1

1

Corporation tax

343,095

13,346

Other creditors

49,322

69,057

Accruals and deferred income

50,833

16,111

869,249

371,521

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

200,000

200,000

Bank loans - 2-5 years

600,000

800,000

800,000

1,000,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,000,000

1,000,000

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,000

Ordinary

£1

2,000

2,000

12.	RELATED PARTY DISCLOSURES

Gulllivers Land Limited are owed £4,018,785 (2020: £2,246,128) by related parties. The amount has no fixed repayment terms and is interest-free.

During the year Gullivers Land Limited incurred a management charge, at market rate of £333,619 (2020: £223,695) from a related party.

13.	CONTINGENCIES

The company has given a cross guarantee to Natwest Bank Plc in respect of the bank borrowings of Weavers Close Limited and Gullivers World Limited, which as at 31 December 2021 amounted to £2,441,667 (2020: £2,500,000).