THE CONTINUUM GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
THE CONTINUUM GROUP LIMITED
COMPANY INFORMATION
Directors
P V Addyman, CBE
J E Delaney
S Garland, OBE
E J Leckie
A M Pawson
A J Skipper
K B Smith
Secretary
A M Pawson
Company number
1969044 (England and Wales)
Registered office
St.Edmunds House
Margaret Street
York
Y010 4UX
Auditor
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
Royal Bank of Scotland
Business & Commercial Banking
6 Nessgate
York
Y01 9FY
THE CONTINUUM GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Notes to the financial statements
12 - 32
THE CONTINUUM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2018
- 1 -
The directors present the strategic report for the year ended 31 January 2018.
Review of the business
We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our report is consistent with the size and nature of the group and is written in the context of the business environment in which we operate.
Our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole; these being turnover and operating profit. Visitor numbers to our attractions are the key driver to income.
The principal activity of the group continued to be the operation of successful cultural visitor attractions across the UK - owning and operating, operating for third parties, and working in partnership with third party IP holders.
At the heart of what we do is a great story, told in an engaging way and often set in a truly memorable location - in that we are unique. We are increasingly translating that formula in the world of brand and IP story telling as well as emerging technology.
Reports from the UK tourism industry demonstrate a generally positive year's trading with favourable weather conditions having a positive impact on both indoor and outdoor attractions; the exception being London attractions. The "Staycation" phenomenon has resulted in coastal resorts performing well, and out of London heritage cities such as Edinburgh and York doing exceptionally well; being deemed "safe" destinations. Edinburgh and Scotland as a whole continuing to demonstrate very positive year on year growth.
Against the above backdrop the Group objectives for the year ended 31 January 2018 followed the strategic objectives in the final year of the Group's three year strategy:
-
Deliver Shareholder Return and create equity value
-
Deliver or exceed agreed performance as budgeted annually and drive commerciality across the business
-
Build value in the Continuum brand and sub-brands in the Business to Business (B2B) and Business to Consumer (B2C) marketplaces
-
Maintain an engaged and motivated team resource; further developing skills in line with business requirements
-
Strategically manage and maintain the current portfolio securing the longer term brand partnerships where commercially appropriate, and developing strategies for under performance
-
Constantly innovate and invest in the visitor experience - in line with performance, visitor expectations and modern industry standards
-
Deliver up to date CSR and Environmental plans - which are commercially appropriate to the business
-
To build a sustainable EBITDA through addition of profitable business opportunities and prudent investment; using internal and/or external funding to be agreed
In line with the above objectives Continuum completed the major acquisition of a family adventure park Greenwood Forest Park in North Wales, being a very valuable and profitable addition to the portfolio. The company also invested in the existing portfolio of attractions.
It also added a client contract to open and operate The Secrets of The Empire attraction, a hyper reality attraction in conjunction with the Void, which operated in central London. This followed the expiry of the contract to operate The Royal Mint Experience.
The insurance claim for the Coronation Street attraction was also settled in the year.
THE CONTINUUM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 2 -
Review of the business (continued)
Turnover for the
group
was £
14,333,522
compared with a total turnover of £
10,945,352
in the previous year
.
Overall the
group
made an operating
profit
of £
1,371,191
against a
loss
for the year ended 201
7
of £
866,829.
At 31 January 2018, the group's net assets were £3,923,332, compared with £2,796,599 at 31 January 2017.
J E Delaney
Director
5 October 2018
THE CONTINUUM GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2018
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2018.
Principal activities
The principal activity of the Group continued to be the operation of
cultural visitor attractions across the UK.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P V Addyman, CBE
J E Delaney
J A East, CBE
(Resigned 28 February 2018)
S Garland, OBE
E J Leckie
A M Pawson
A J Skipper
K B Smith
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £30,000. The directors do not recommend payment of a further dividend.
Inclusivity and equal opportunities
As a business Continuum Attractions are committed to treating all team members and job applicants equally and fairly. The objective being to recruit the best people for the job to join the team. Both the recruitment and selection process and the various training & development programmes are designed to ensure that the current or potential team members receive equal opportunities and no one is treated less favourably. If the circumstances of an employee change in regard to their health the company will always endeavour to make every effort to make relevant workplace adaptations to enable continuous employment.
Employee involvement
As a Group, employee ownership and empowerment are promoted. With various forum groups across the portfolio team members are encouraged to contribute to the strategy of the business and take ownership by sharing ideas. A specific scheme - Bright Ideas - is in place to share any ideas.
Having and promoting open communication channels which include weekly newsletters, information bulletins and team surveys allow the team to contribute to the business strategy as well as achieve a common awareness on the part of the employees of the financial and economic factors affecting the Group's performance.
Auditor
The auditor, Ashworth Moulds, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
THE CONTINUUM GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
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.
Strategic Report
The information required by schedule 7 of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the separate Strategic Report in accordance with section 414C(11) of the Companies Act 2006 (Strategic and Directors' Reports) Regulations 2013.
On behalf of the board
J E Delaney
Director
5 October 2018
THE CONTINUUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE CONTINUUM GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of The Continuum Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2018 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and 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 FRS 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 31 January 2018 and of the group's profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the
group's or the parent
company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
THE CONTINUUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CONTINUUM GROUP LIMITED
- 6 -
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' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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 directors'
r
esponsibilities
s
tatement, 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 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
THE CONTINUUM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE CONTINUUM GROUP LIMITED
- 7 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Holmes BA FCA (Senior Statutory Auditor)
for and on behalf of Ashworth Moulds
5 October 2018
Chartered Accountants
Statutory Auditor
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
THE CONTINUUM GROUP LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2018
- 8 -
2018
2017
Notes
£
£
Turnover
3
14,333,522
10,945,352
Cost of sales
(2,357,831)
(1,678,924)
Gross profit
11,975,691
9,266,428
Administrative expenses
(10,908,183)
(9,690,604)
Other operating income
4
303,683
233,353
Loss on impairment
5
-
(676,006)
Operating profit/(loss)
7
1,371,191
(866,829)
Interest receivable and similar income
10
205
5,030
Interest payable and similar expenses
11
(52,560)
(27,931)
Profit/(loss) before taxation
1,318,836
(889,730)
Taxation
12
(162,103)
(2,404)
Profit/(loss) for the financial year
1,156,733
(892,134)
Retained earnings at 1 February 2017
2,340,099
3,817,233
Dividends
(30,000)
(585,000)
Retained earnings at 31 January 2018
3,466,832
2,340,099
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
The notes on pages 12 - 32 form an integral part of these financial statements.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
THE CONTINUUM GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 9 -
2018
2017
Notes
£
£
£
£
Fixed assets
Goodwill
14
787,430
-
Tangible assets
15
4,562,493
2,660,039
5,349,923
2,660,039
Current assets
Stocks
18
260,501
282,776
Debtors
19
1,093,919
1,113,062
Cash at bank and in hand
4,111,840
2,335,831
5,466,260
3,731,669
Creditors: amounts falling due within one year
20
(4,452,757)
(3,284,162)
Net current assets
1,013,503
447,507
Total assets less current liabilities
6,363,426
3,107,546
Creditors: amounts falling due after more than one year
21
(2,151,940)
(260,210)
Provisions for liabilities
23
(186,071)
(50,737)
Deferred income
24
(102,083)
-
Net assets
3,923,332
2,796,599
Capital and reserves
Called up share capital
26
456,500
456,500
Profit and loss reserves
3,466,832
2,340,099
Total equity
3,923,332
2,796,599
The notes on pages 12 - 32 form an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 5 October 2018 and are signed on its behalf by:
05 October 2018
A M Pawson
Director
THE CONTINUUM GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2018
31 January 2018
- 10 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
15
318,251
475,585
Investments
16
2,947,304
11,803
3,265,555
487,388
Current assets
Stocks
18
32,752
51,237
Debtors
19
1,591,024
1,451,794
Cash at bank and in hand
930,986
634,816
2,554,762
2,137,847
Creditors: amounts falling due within one year
20
(1,970,276)
(1,319,655)
Net current assets
584,486
818,192
Total assets less current liabilities
3,850,041
1,305,580
Creditors: amounts falling due after more than one year
21
(1,933,730)
-
Provisions for liabilities
23
(11,211)
(29,596)
Net assets
1,905,100
1,275,984
Capital and reserves
Called up share capital
26
456,500
456,500
Profit and loss reserves
1,448,600
819,484
Total equity
1,905,100
1,275,984
The notes on pages 12 - 32 form an integral part of these financial statements.
Profit for the financial year - Company
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
company’s profit for the year was £659,116 (2017 - £1,076,125
loss).
The financial statements were approved by the board of directors and authorised for issue on 5 October 2018 and are signed on its behalf by:
05 October 2018
A M Pawson
Director
Company Registration No. 1969044
THE CONTINUUM GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2018
- 11 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
2,820,137
(799,493)
Interest paid
(52,560)
(27,931)
Income taxes paid
(40,752)
(408,683)
Net cash inflow/(outflow) from operating activities
2,726,825
(1,236,107)
Investing activities
Purchase of business (note 27)
(2,935,501)
-
Purchase of tangible fixed assets
(147,570)
(2,129,398)
Proceeds on disposal of tangible fixed assets
3,300
-
Interest received
205
5,030
Net cash used in investing activities
(3,079,566)
(2,124,368)
Financing activities
Repayment of borrowings
(5,000)
(15,625)
Bank and other loan advances
2,400,000
-
Repayment of bank loans
(236,250)
(122,499)
Dividends paid to equity shareholders
(30,000)
(585,000)
Net cash generated from/(used in) financing activities
2,128,750
(723,124)
Net increase/(decrease) in cash and cash equivalents
1,776,009
(4,083,599)
Cash and cash equivalents at beginning of year
2,335,831
6,419,430
Cash and cash equivalents at end of year
4,111,840
2,335,831
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 12 -
1
Accounting policies
Company information
The Continuum Group Limited
(“the company”)
is a
private
limited company domiciled and incorporated in England and Wales.
The registered office is
St. Edmunds House, Margaret Street, York, YO10 4UX.
The group consists of The Continuum Group Limited and all of its subsidiaries.
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.
The financial statements have been prepared with early application of the FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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:
1.2
Basis of consolidation
In the parent company financial statements investment in subsidiaries are accounted for at cost less impairment.
The consolidated financial statements incorporate those of The Continuum Group Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 January 2018
.
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
g
roup.
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.
The company is itself a wholly owned subsidiary of Heritage Projects (Management) Limited, for which consolidated group financial statements are prepared.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Turnover represents amounts receivable for visitor admissions, cafe and retail sales, and consultancy services, 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 attractions is recognised by reference to the date of admission.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly
labour
rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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.
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:
Freehold land and buildings
2% straight line (excluding land)
Leasehold land and buildings
over the lease term
Plant and machinery
over 4 to 10 years
Fixtures, fittings & equipment
over 3 to 10 years
Motor vehicles
over 4 years
Freehold land is not depreciated.
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.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 14 -
1.6
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.
1.7
Impairment of fixed assets
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.
1.8
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.
1.9
Financial instruments
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.
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 group's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the group'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
group
's obligations are discharged, cancelled, or they expire.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 15 -
1.10
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
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
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.
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 reserves, in which case the deferred tax is also dealt with in reserves.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 lease asset are consumed.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 16 -
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
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.
3
Turnover and other revenue
The total turnover of the group for the year has been derived from its principal activity, wholly undertaken in the United Kingdom.
2018
2017
£
£
Other significant revenue
Interest income
205
5,030
Grants received
7,292
-
Rental income
7,958
-
Insurance claim
280,290
225,000
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 17 -
4
Other operating income
2018
2017
£
£
Insurance claim
280,290
225,000
Grants received
7,292
-
Rent received
7,958
-
Other
8,143
8,353
303,683
233,353
In the previous year, the insurance claim relates to the costs incurred in dismantling the exhibition and repairing certain damaged assets.
This year, the insurance claim relates to business interruption as a result of the closure of the exhibition following the events referred to in note 5.
5
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2018
2017
£
£
In respect of:
Exhibitions, fixtures and equipment
-
676,006
During the previous year, the Coronation Street On Tour attraction opened, but due to adverse weather conditions the structure in which it was housed failed, resulting in the attraction being closed, dismantled and placed in storage.
The impairment loss relates to a write down of the carrying amount of these assets to nil.
6
Auditor's remuneration
2018
2017
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,136
20,100
Audit of the financial statements of the company's subsidiaries
29,720
29,265
47,856
49,365
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 18 -
7
Operating profit/(loss)
2018
2017
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
(1,681)
-
Government grants
(7,292)
-
Depreciation of owned tangible fixed assets
747,575
790,624
Impairment of owned tangible fixed assets
-
676,006
Profit on disposal of tangible fixed assets
(696)
-
Amortisation of intangible assets
48,780
-
Operating lease charges
1,640,391
1,383,295
8
Directors' remuneration
2018
2017
£
£
Remuneration for qualifying services
526,329
335,215
Company pension contributions to defined contribution schemes
28,605
28,477
554,934
363,692
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2017 - 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2018
2017
£
£
Remuneration for qualifying services
230,759
128,615
Company pension contributions to defined contribution schemes
13,326
13,326
9
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
2018
2017
Number
Number
Office and management
65
59
Operations, sales and marketing
249
179
Technical
5
1
319
239
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
9
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
4,826,157
3,746,785
Social security costs
293,067
331,100
Pension costs
65,210
55,728
5,184,434
4,133,613
10
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
205
5,030
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
205
5,030
11
Interest payable and similar expenses
2018
2017
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,405
-
Bank loan interest
51,155
27,653
52,560
27,653
Other finance costs:
Other loan interest
-
278
Total finance costs
52,560
27,931
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 20 -
12
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
192,453
-
Adjustments in respect of prior periods
581
(24)
Total current tax
193,034
(24)
Deferred tax
Origination and reversal of timing differences
(30,931)
2,428
Total tax charge
162,103
2,404
The actual charge for the year can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:
2018
2017
£
£
Profit/(loss) before taxation
1,318,836
(889,730)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2017: 20.00%)
250,579
(177,946)
Tax effect of expenses that are not deductible in determining taxable profit
2,731
1,410
Tax effect of utilisation of tax losses not previously recognised
(69,725)
(289)
Change in unrecognised deferred tax assets
(20,202)
171,731
Depreciation on assets not qualifying for tax allowances
17,691
12,158
Under/(over) provided in prior years
581
(24)
Effect of change in corporation tax rate
1,427
(4,636)
Effect of change in deferred tax rate
(9,276)
-
Other adjustments relating to acquisition
(11,703)
-
Taxation charge for the year
162,103
2,404
13
Dividends
2018
2017
£
£
Interim paid
30,000
585,000
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 21 -
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2017
-
Additions - business combinations
836,210
At 31 January 2018
836,210
Amortisation and impairment
At 1 February 2017
-
Amortisation charged for the year
48,780
At 31 January 2018
48,780
Carrying amount
At 31 January 2018
787,430
At 31 January 2017
-
The company had no intangible fixed assets at 31 January 2018 or 31 January 2017.
Goodwill arose on the acquisition of the entire issued share capital of Greenwood Forest Park Ltd. Full details are provided in note 27.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 22 -
15
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2017
-
1,297,141
2,065,805
5,124,592
129,761
8,617,299
Additions
4,701
-
78,833
64,036
-
147,570
Business combinations
1,350,000
-
1,102,541
52,522
-
2,505,063
Disposals
-
-
-
-
(12,500)
(12,500)
At 31 January 2018
1,354,701
1,297,141
3,247,179
5,241,150
117,261
11,257,432
Depreciation and impairment
At 1 February 2017
-
887,949
1,069,938
3,931,539
67,834
5,957,260
Depreciation charged in the year
7,000
114,660
263,017
333,581
29,317
747,575
Eliminated in respect of disposals
-
-
-
-
(9,896)
(9,896)
At 31 January 2018
7,000
1,002,609
1,332,955
4,265,120
87,255
6,694,939
Carrying amount
At 31 January 2018
1,347,701
294,532
1,914,224
976,030
30,006
4,562,493
At 31 January 2017
-
409,192
995,867
1,193,053
61,927
2,660,039
Freehold land and buildings includes the fair value of land and buildings arising on the acquisition of Greenwood Forest Park Limited. See note 27.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
15
Tangible fixed assets
(Continued)
- 23 -
Company
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2017
526,383
884,260
125,450
1,536,093
Additions
-
23,486
-
23,486
Disposals
-
-
(12,500)
(12,500)
At 31 January 2018
526,383
907,746
112,950
1,547,079
Depreciation and impairment
At 1 February 2017
175,039
818,623
66,846
1,060,508
Depreciation charged in the year
100,242
49,737
28,237
178,216
Eliminated in respect of disposals
-
-
(9,896)
(9,896)
At 31 January 2018
275,281
868,360
85,187
1,228,828
Carrying amount
At 31 January 2018
251,102
39,386
27,763
318,251
At 31 January 2017
351,344
65,637
58,604
475,585
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 24 -
16
Fixed asset investments
Group
Company
2018
2017
2018
2017
Notes
£
£
£
£
Investments in subsidiaries
17
-
-
2,947,304
11,803
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 February 2017
14,803
Additions
2,935,501
At 31 January 2018
2,950,304
Impairment
At 1 February 2017 and 31 January 2018
3,000
Carrying amount
At 31 January 2018
2,947,304
At 31 January 2017
11,803
On 18 July 2017, the company acquired the entire issued share capital of Greenwood Forest Park Limited (see note 27).
17
Subsidiaries
Details of the company's subsidiaries at 31 January 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Continuum (Entertainment) Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
Heritage Projects (Canterbury) Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
Heritage Projects (Oxford Castle) Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
Heritage Projects (Portsmouth) Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
Heritage Projects (York) Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
Greenwood Forest Park Limited
England and Wales
Operation of a visitor attraction
Ordinary
100.00
The investments in subsidiaries are all stated at cost less impairment.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 25 -
18
Stocks
Group
Company
2018
2017
2018
2017
£
£
£
£
Finished goods and goods for resale
260,501
282,776
32,752
51,237
19
Debtors
Group
Company
2018
2017
2018
2017
Amounts falling due within one year:
£
£
£
£
Trade debtors
425,429
154,321
112,055
63,115
Amounts owed by group undertakings
-
-
1,367,602
1,287,839
Other debtors
32,510
300,850
17,647
16,920
Prepayments and accrued income
635,980
657,891
93,720
83,920
1,093,919
1,113,062
1,591,024
1,451,794
The parent company has a debt due from a subsidiary undertaking, Heritage Projects (York) Limited, amounting to £
7,485
(201
7
: £
62
,
000
). The subsidiary was incorporated in 2012 to operate a new visitor attraction, "York's Chocolate Story". The group directors recognise that there are uncertainties surrounding the trading performance of a new attraction during the initial years of operation but remain optimistic that over a period of time as the attraction becomes established and visitor numbers increase, the operation will become profitable. As such the group directors are of the opinion that the debt of £
7,485
will be recoverable. Consequently no provision is considered necessary.
The parent company has a debt due from a subsidiary undertaking,
Continuum (Entertainment
) Limited,
amounting to £
1,008,810
(201
7
: £
889,456
). The
debt relates to funding for the operation of new visitor attractions, commencing in 2016
. The group directors recognise that there are uncertainties
surrounding the trading performance of new attraction
s
during the initial years of operation but remain
optimistic that over a period of time as the attraction
s
become established and visitor numbers increase,
the operation
s
will become profitable. As such the group directors are of the opinion that the debt of
£
1,008,810
will be recoverable. Consequently no provision is
considered necessary.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 26 -
20
Creditors: amounts falling due within one year
Group
Company
2018
2017
2018
2017
Notes
£
£
£
£
Bank loans and overdrafts
22
350,019
122,499
227,520
-
Other borrowings
22
40,400
900
900
900
Trade creditors
730,870
471,281
121,897
102,901
Amounts due to group undertakings
418,002
418,002
809,496
567,434
Corporation tax payable
258,912
-
133,626
-
Other taxation and social security
237,543
419,796
121,172
256,650
Other creditors
38,061
15,536
16,349
13,308
Accruals and deferred income
2,378,950
1,836,148
539,316
378,462
4,452,757
3,284,162
1,970,276
1,319,655
21
Creditors: amounts falling due after more than one year
Group
Company
2018
2017
2018
2017
Notes
£
£
£
£
Bank loans and overdrafts
22
2,071,440
260,210
1,933,730
-
Other borrowings
22
80,500
-
-
-
2,151,940
260,210
1,933,730
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,023,650
-
1,023,650
-
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 27 -
22
Loans and overdrafts
Group
Company
2018
2017
2018
2017
£
£
£
£
Bank loans
2,421,459
382,709
2,161,250
-
Other loans
120,900
900
900
900
2,542,359
383,609
2,162,150
900
Payable within one year
390,419
123,399
228,420
900
Payable after one year
2,151,940
260,210
1,933,730
-
Amounts included above which fall due after five years:
Payable by instalments
1,023,650
-
1,023,650
-
The bank loans comprise one loan repayable
in February 2020
at £5,208 per month
with
interest chargeable at 5.16% pa
,
a second loan repayable
in March 2020
at £5,000 per month
with
interest chargeable at 3% over bank base rate
, and a third loan repayable over 10 years at £56,875 per month inclusive of interest, with interest chargeable at 2.6% over bank base rate. That loan is repayable in June 2027.
The group and company bank loans are secured by a debenture provided by the company and its subsidiary companies, comprising fixed and floating charges. See note 28.
Other loans
comprises
£900 (201
7
: £
900
)
owed to
Heritage Projects (Guernsey) Limited, which is interest free with no fixed date for repayment
, and a loan from the Welsh government which is interest free and repayable at £3,500 per month. The amount outstanding is £120,000 (2017: £nil).
23
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2018
2017
Group
£
£
Accelerated capital allowances
153,913
54,390
Fair value of freehold land and buildings
52,702
-
Other timing differences
(20,544)
(3,653)
186,071
50,737
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
23
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2018
2017
Company
£
£
Accelerated capital allowances
13,329
32,880
Other timing differences
(2,118)
(3,284)
11,211
29,596
Group
Company
2018
2018
Movements in the year:
£
£
Liability at 1 February 2017
50,737
29,596
Acquired on business combination
166,265
-
Credit to profit or loss
(30,931)
(18,385)
Liability at 31 January 2018
186,071
11,211
The deferred tax asset not provided relating to utilisation of tax losses against future expected profits and other timing differences amounts to £554,311 (2017: £751,307).
24
Government grants
Government grants which relate to capital expenditure included in tangible fixed assets have been recognised as deferred income and released over the expected useful life of the assets.
The amount released during the year amounted to £7,292 (2017: £nil).
25
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,210
55,728
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 CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 29 -
26
Share capital
Group and company
2018
2017
Ordinary share capital
£
£
Issued and fully paid
456,500 Ordinary shares of £1 each
456,500
456,500
27
Acquisitions
On 18 July 2017 the group acquired the entire issued share capital of Greenwood Forest Park Limited.
Book Value
Adjustments
Fair Value
£
£
£
Goodwill
88,869
(88,869)
-
Land and buildings
672,965
677,035
1,350,000
Plant and equipment
1,155,063
-
1,155,063
Stocks
47,645
-
47,645
Trade and other receivables
306,543
-
306,543
Cash and cash equivalents
563,586
-
563,586
Bank and other loans
(778,851)
-
(778,851)
Trade and other payables
(162,425)
-
(162,425)
Corporation tax
(106,630)
-
(106,630)
Deferred income
(109,375)
-
(109,375)
Deferred tax
(108,697)
(57,568)
(166,265)
Total identifiable net assets
1,568,693
530,598
2,099,291
Goodwill
836,210
Total consideration
2,935,501
The consideration was satisfied by:
£
Cash
2,935,501
Contribution by the acquired business for the reporting period included in the consolidated statement of comprehensive income since acquisition:
£
Turnover
1,146,492
Profit after tax
205,391
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 30 -
28
Financial commitments, guarantees and contingent liabilities
Group
The subsidiary companies have provided a guarantee against the group bank borrowings, supported by a debenture over the group assets comprising fixed and floating charges. The guarantee is limited to £2,516,250 (2017: £241,250).
Company
The company has provided a guarantee against the group bank borrowings, supported by a debenture over the company's assets comprising fixed and floating charges. The guarantee is limited to £2,516,250 (2017: £241,250).
29
Operating lease commitments
Lessee
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:
Group
Company
2018
2017
2018
2017
£
£
£
£
Within one year
413,124
400,297
90,280
93,160
Between two and five years
1,050,488
1,329,120
288,723
327,563
In over five years
379,770
458,587
270,010
340,030
1,843,382
2,188,004
649,013
760,753
Group
Leases of land and buildings are typically subject to rent reviews at specified intervals and provide for the
lessee to pay all insurance, maintenance and repair costs.
Heritage Projects (Portsmouth) Limited has a lease under which it pays a basic annual rent of £1
36,780
per annum
(2017: £136,780)
. Further rent is payable annually, calculated as a percentage of the operating profit of the
company. In addition the company
has outstanding commitments for a
maintenance contract
under the lease of £404,250 (2017: £551,250)
.
Heritage Projects (Oxford Castle) Limited
and The Real Mary Kings
Close visitor attraction in Edinburgh each pay an annual rent , together with potential additional rent
based on turnover adjusted for certain expenses.
Heritage Projects (Canterbury) Limited has a lease under which it pays a basic annual rent of £36,504
(2017: £36,504).
Heritage Projects (York) Limited has a lease under which it pays a basic annual rent of £
135,840 (2017: £120,680)
.
Continuum (Entertainment) Limited has agreements for the Emmerdale Tour and Void attractions whereby rent is payable based on a percentage of profit and an amount per visitor.
Company
Under the terms of the lease
for
The Real Mary Kings Close attraction in Edinburgh
the company
pays a basic annual rent, together with potential additional rent based on turnover adjusted for certain expenses.
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 31 -
30
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2018
2017
2018
2017
£
£
£
£
Acquisition of tangible fixed assets
25,000
-
-
-
31
Controlling party
The parent company of the largest group in which the company is a member is Heritage Projects (Management) Limited, a company registered in England and Wales. These financial statements form part of the consolidated financial statements of Heritage Projects (Management) Limited, copies of which are available at Companies House.
Heritage Projects (Guernsey) Limited, a company registered in Guernsey,
is
the company's ultimate parent undertaking
. The directors consider the controlling party to be the trustees of the Cosgrove Trust.
32
Cash generated from group operations
2018
2017
£
£
Profit/(loss) for the year after tax
1,156,733
(892,134)
Adjustments for:
Taxation charged
162,103
2,404
Finance costs
52,560
27,931
Investment income
(205)
(5,030)
Gain on disposal of tangible fixed assets
(696)
-
Amortisation and impairment of intangible assets
48,780
-
Depreciation and impairment of tangible fixed assets
747,575
1,466,630
Release of deferred income
(7,292)
-
Movements in working capital:
Decrease/(increase) in stocks
69,920
(100,531)
Decrease/(increase) in debtors
63,779
(78,487)
Increase/(decrease) in creditors
526,880
(1,220,276)
Cash generated from/(absorbed by) operations
2,820,137
(799,493)
THE CONTINUUM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 32 -
33
Analysis of changes in net debt
2018
£
Opening net funds/(debt)
Cash and cash equivalents
2,335,831
Loans
(383,609)
1,952,222
Changes in net debt arising from:
Cash flows of the entity
(382,741)
Closing net funds/(debt) as analysed below
1,569,481
Closing net funds/(debt)
Cash and cash equivalents
4,111,840
Loans
(2,542,359)
1,569,481
2018-01-31
2017-02-01
false
CCH Software
CCH Accounts Production 2018.200
P V Addyman, CBE
J E Delaney
J A East, CBE
S Garland, OBE
E J Leckie
A M Pawson
A J Skipper
K B Smith
A M Pawson
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iso4217:GBP