CONTINUUM_(ENTERTAINMENT) - Accounts


CONTINUUM (ENTERTAINMENT) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
CONTINUUM (ENTERTAINMENT) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CONTINUUM (ENTERTAINMENT) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,082
-
0
Current assets
Stocks
70,789
49,422
Debtors
4
526,309
10,134
Cash at bank and in hand
354,412
150,255
951,510
209,811
Creditors: amounts falling due within one year
5
(1,329,026)
(817,857)
Net current liabilities
(377,516)
(608,046)
Net liabilities
(376,434)
(608,046)
Capital and reserves
Called up share capital
6
20,000
20,000
Profit and loss reserves
(396,434)
(628,046)
Total equity
(376,434)
(608,046)
The notes on pages 2 - 6 form an integral part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 20 October 2022 and are signed on its behalf by:
J E Delaney
Director
Company Registration No. 1950293
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
1
Accounting policies
Company information

Continuum (Entertainment) Limited is a private company limited by shares incorporated in England and Wales. The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company reported a profit for the year ended 31 January 2022 but at that date the company's liabilities exceeded its assets.true

 

The company participates in the group's banking arrangements and thereby shares such facilities with its parent company and fellow subsidiaries. Accordingly the company meets its working capital requirements through the group facilities.

 

The directors have prepared forecasts for the period to 31 January 2024. If the forecast revenue levels are achieved, the forecasts demonstrate that the company would be able to continue to operate within the group facilities.

 

On this basis the directors have concluded it is appropriate to adopt the going concern basis in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for visitor admissions, cafe and retail sales net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from visitors to the attraction is recognised by reference to the date of admission.

1.4
Tangible fixed assets

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

CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 3 -

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

Exhibitions
over term of contract
Fixtures and fittings
over term of contract
Computer equipment
over term of contract
Motor vehicles
25% straight line basis

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises the purchase price of stock items.

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 sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Financial instruments

The company 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.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

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

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

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

Current tax

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

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.

1.10
Retirement benefits
The company contributes to an insured scheme for certain employees.  Contributions are charged to the profit and loss account in the year in which they are payable.
1.11
Leases

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.

1.12
Government grants

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.

Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.

2
Employees

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

2022
2021
Number
Number
Total
55
32
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
3
Tangible fixed assets
Exhibitions
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2021
783,147
76,797
69,204
4,311
933,459
Additions
-
0
-
0
1,189
-
0
1,189
At 31 January 2022
783,147
76,797
70,393
4,311
934,648
Depreciation and impairment
At 1 February 2021
783,147
76,797
69,204
4,311
933,459
Depreciation charged in the year
-
0
-
0
107
-
0
107
At 31 January 2022
783,147
76,797
69,311
4,311
933,566
Carrying amount
At 31 January 2022
-
0
-
0
1,082
-
0
1,082
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
399,709
3,999
Other debtors
-
0
945
Prepayments and accrued income
126,600
5,190
526,309
10,134
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
269,945
156
Amount owed to parent and fellow subsidiary undertakings
212,342
182,985
Other taxation and social security
70,244
3,095
Other creditors
57,194
140,004
Accruals and deferred income
719,301
491,617
1,329,026
817,857
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
CONTINUUM (ENTERTAINMENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mark Holmes BA FCA.
The auditor was Ashworth Moulds.
8
Financial commitments, guarantees and contingent liabilities

The company has provided a guarantee against the group bank borrowings, supported by debentures over the company's assets comprising fixed and floating charges. The guarantee is limited to £1,741,250 (2021: £1,741,250).

 

9
Operating lease commitments

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

2022
2021
£
£
Within one year
400,000
-
0
Between two and five years
1,600,000
-
0
In over five years
1,800,000
-
0
3,800,000
-
0

Under the terms of the agreements for the Emmerdale and I'm A Celebrity tour attractions, additional rents and contributions are based on a percentage of profits / losses and visitor numbers.

10
Parent company

The company's immediate parent undertaking is The Continuum Group Limited, a company registered in England and Wales, with its registered office address in the UK, and which is the parent of the smallest group in which the company is a member. These financial statements form part of the group financial statements of the Continuum Group Limited, copies of which are available at Companies House.

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