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REGISTERED NUMBER: 14053070 (England and Wales)











Snowdome Corporation Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period 19 April 2022 to 30 September 2023






Snowdome Corporation Limited (Registered number: 14053070)

Contents of the Consolidated Financial Statements
for the Period 19 April 2022 to 30 September 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Snowdome Corporation Limited

Company Information
for the Period 19 April 2022 to 30 September 2023







DIRECTORS: Miss I Chadbourne
T Carter
J S Smith





REGISTERED OFFICE: Leisure Island
River Drive
Tamworth
Staffordshire
B79 7ND





REGISTERED NUMBER: 14053070 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Snowdome Corporation Limited (Registered number: 14053070)

Group Strategic Report
for the Period 19 April 2022 to 30 September 2023


The directors present their strategic report of the company and the group for the period 19 April 2022 to 30 September 2023.

The principal activity of the Group during the year continued to be the operation of an indoor real snow, sport and leisure facility.

The principal activity of the Company continued to be that of a holding company.

REVIEW OF BUSINESS
The year presented trade in a far more stable and consistent way than the two proceeding it. With lockdowns seemingly in the rear-view mirror, winter sports enthusiasts are able to book holidays in confidence and these holiday makers are those who principally fuel our peak of winter sports business which traded well. In other areas of the group our more 'impulse purchase' leisure offerings continue to perform as we wish and it would appear families still look on us favourably for a fun day out. The fitness side of the business continues to provide a very steady and dependable trade through annual membership, the majority of members continue to choose monthly direct debit as their preferred payment method.

Overall, the board are able to report the group has traded through the year successfully and continues to meet requirements for steady and long-term sustainability.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group trades in diverse sectors of the economy e.g. winter sports associated with winter vacation and impulse indoor leisure trades such as ice skating that are popular at short notice and easy to commit to (i.e. low ticket price) and the members health & fitness business that has annual usage paid for through steady monthly direct debits.

The continuation of the Board's planned investment in the Group's activities will only serve to build on the current strength of the business and help mitigate against the threat of both the current and the future wider economic conditions, which they consider to be the principal risk facing the Group.

The Board look forward therefore to continued steady trading results going forwards.

FINANCIAL KEY PERFORMANCE INDICATORS
During the year, the Group's turnover was £11,865,904. Operating profit meanwhile was £2,681,912. The directors consider these to be the Group's key performance indicators.

At the year end, the Group had net assets of £8,527,135 and has sufficient headroom in its agreed facilities to support the Group's future trading needs and growth plans. The Board therefore believe the Group's financial position to be entirely satisfactory.

FINANCIAL INSTRUMENTS
The Group makes use of financial instruments principally through the operation of bank accounts, bank loans and hire purchase contracts. The directors' objectives are to retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due.

ON BEHALF OF THE BOARD:





J S Smith - Director


19 April 2024

Snowdome Corporation Limited (Registered number: 14053070)

Report of the Directors
for the Period 19 April 2022 to 30 September 2023


The directors present their report with the financial statements of the company and the group for the period 19 April 2022 to 30 September 2023.

INCORPORATION
The group was incorporated on 19 April 2022 .

PRINCIPAL ACTIVITY
The principal activity of the group during the year continued to be the operation of an indoor real snow, sport and leisure facility.

The principal activity of the Company continued to be that of a holding company.

DIVIDENDS
Details of dividends declared are disclosed in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 19 April 2022 to the date of this report are as follows:

Miss I Chadbourne - appointed 19 April 2022
M J Smith - appointed 19 April 2022 - resigned 28 September 2023
T Carter - appointed 19 April 2022
J S Smith - appointed 19 April 2022

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

Snowdome Corporation Limited (Registered number: 14053070)

Report of the Directors
for the Period 19 April 2022 to 30 September 2023


AUDITORS
The auditors, Haines Watts Tamworth Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J S Smith - Director


19 April 2024

Report of the Independent Auditors to the Members of
Snowdome Corporation Limited


Opinion
We have audited the financial statements of Snowdome Corporation Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2023 and of the group's profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Snowdome Corporation Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Snowdome Corporation Limited


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

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- results of our enquiries of management about their own identification and assessment of the risks and irregularities
- any matters we identified having obtained an understanding of the company policies and procedures relating to
- identifying, evaluating and complying with laws and regulations and whether they are aware of any instances of
non-compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud
- the internal controls set up to mitigate risks of fraud or non-compliance with laws and regulations
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on
those laws and regulations that had a direct effect on the financial statements, including UK Companies Act 2006,
pensions and tax legislation
- provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance
with which may be fundamental to the company's ability to operate or to avoid material penalty.These include
on-going monitoring, review and revision of implemented policies and procedures set out by the Health & Safety
Executive (HSE).

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements
- enquiring of management concerning actual and potential legal action and claims
- carrying out analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business.
- considering performance targets and their influence on efforts made by management to manage earnings

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.


Report of the Independent Auditors to the Members of
Snowdome Corporation Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Butler (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

19 April 2024

Snowdome Corporation Limited (Registered number: 14053070)

Consolidated Income Statement
for the Period 19 April 2022 to 30 September 2023

Notes £   

TURNOVER 3 11,865,904

Cost of sales 824,551
GROSS PROFIT 11,041,353

Administrative expenses 8,942,317
2,099,036

Other operating income 4 582,876
OPERATING PROFIT 6 2,681,912

Interest receivable and similar income 7 34,398
2,716,310

Interest payable and similar expenses 8 263,092
PROFIT BEFORE TAXATION 2,453,218

Tax on profit 9 754,350
PROFIT FOR THE FINANCIAL PERIOD 1,698,868
Profit attributable to:
Owners of the parent 1,698,868

Snowdome Corporation Limited (Registered number: 14053070)

Consolidated Other Comprehensive Income
for the Period 19 April 2022 to 30 September 2023

Notes £   

PROFIT FOR THE PERIOD 1,698,868


OTHER COMPREHENSIVE INCOME
Other reserve 7,690,853
Income tax relating to other comprehensive
income

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

7,690,853
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

9,389,721

Total comprehensive income attributable to:
Owners of the parent 9,389,721

Snowdome Corporation Limited (Registered number: 14053070)

Consolidated Balance Sheet
30 September 2023

Notes £    £   
FIXED ASSETS
Intangible assets 12 3,521,435
Tangible assets 13 10,738,696
Investments 14 -
14,260,131

CURRENT ASSETS
Stocks 15 35,015
Debtors 16 558,989
Cash at bank and in hand 859,940
1,453,944
CREDITORS
Amounts falling due within one year 17 7,069,224
NET CURRENT LIABILITIES (5,615,280 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,644,851

PROVISIONS FOR LIABILITIES 20 117,716
NET ASSETS 8,527,135

CAPITAL AND RESERVES
Called up share capital 21 7,597
Share premium 22 111,150
Other reserves 22 7,690,853
Retained earnings 22 717,535
SHAREHOLDERS' FUNDS 8,527,135

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:





J S Smith - Director


Snowdome Corporation Limited (Registered number: 14053070)

Company Balance Sheet
30 September 2023

Notes £    £   
FIXED ASSETS
Intangible assets 12 -
Tangible assets 13 -
Investments 14 13,507,065
13,507,065

CREDITORS
Amounts falling due within one year 17 5,655,908
NET CURRENT LIABILITIES (5,655,908 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,851,157

CAPITAL AND RESERVES
Called up share capital 21 7,597
Share premium 111,150
Other reserves 7,690,853
Retained earnings 41,557
SHAREHOLDERS' FUNDS 7,851,157

Company's profit for the financial year 1,022,890

The financial statements have been prepared 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 19 April 2024 and were signed on its behalf by:





J S Smith - Director


Snowdome Corporation Limited (Registered number: 14053070)

Consolidated Statement of Changes in Equity
for the Period 19 April 2022 to 30 September 2023

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   

Changes in equity
Issue of share capital 7,597 - 111,150 - 118,747
Dividends - (981,333 ) - - (981,333 )
Total comprehensive income - 1,698,868 - 7,690,853 9,389,721
Balance at 30 September 2023 7,597 717,535 111,150 7,690,853 8,527,135

Snowdome Corporation Limited (Registered number: 14053070)

Company Statement of Changes in Equity
for the Period 19 April 2022 to 30 September 2023

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   

Changes in equity
Issue of share capital 7,597 - 111,150 - 118,747
Dividends - (981,333 ) - - (981,333 )
Total comprehensive income - 1,022,890 - 7,690,853 8,713,743
Balance at 30 September 2023 7,597 41,557 111,150 7,690,853 7,851,157

Snowdome Corporation Limited (Registered number: 14053070)

Consolidated Cash Flow Statement
for the Period 19 April 2022 to 30 September 2023

Notes £   
Cash flows from operating activities
Cash generated from operations 1 10,943,303
Interest paid (262,002 )
Interest element of hire purchase payments
paid

(1,090

)
Tax paid (628,010 )
Net cash from operating activities 10,052,201

Cash flows from investing activities
Purchase of tangible fixed assets (735,961 )
Purchase of fixed asset investments (5,809,065 )
Sale of tangible fixed assets 250
Cash acquired at acquisition 848,648
Interest received 34,398
Net cash from investing activities (5,661,730 )

Cash flows from financing activities
New loans in year 5,650,000
Loan repayments in year (8,300,000 )
Capital repayments in year (10,798 )
Share issue 111,600
Equity dividends paid (981,333 )
Net cash from financing activities (3,530,531 )

Increase in cash and cash equivalents 859,940
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of
period

2

859,940

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Cash Flow Statement
for the Period 19 April 2022 to 30 September 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Profit before taxation 2,453,218
Depreciation charges 1,179,113
Finance costs 263,092
Finance income (34,398 )
3,861,025
Increase in stocks (11,122 )
Decrease in trade and other debtors 2,004,135
Increase in trade and other creditors 5,089,265
Cash generated from operations 10,943,303

2. CASH AND CASH EQUIVALENTS

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

Period ended 30 September 2023
30.9.23 19.4.22
£    £   
Cash and cash equivalents 859,940 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 19.4.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand - 859,940 859,940
- 859,940 859,940
Debt
Finance leases - (10,798 ) (10,798 )
- (10,798 ) (10,798 )
Total - 849,142 849,142

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements
for the Period 19 April 2022 to 30 September 2023


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the group will continue to operate for the foreseeable future. Forecasts and cash flow projections indicate the group has sufficient reserves to continue to trade for a period of no less than 12 months from the date of signing these accounts.The directors believe that careful cashflow considerations is sufficient upon which to adopt the going concern basis.

Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the aquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquisition operations are included in the Profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
The group makes estimates and assumptions concerning the future. Management are also required to exercise judgment in the process of applying the company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgments:

- Determine whether leases entered into by the group either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the group has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.
- Whether a present obligation is probable or not requires judgment. The nature and type of risks for these provisions differ and management’s judgment is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Depreciation and residual values. The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and the residual values are reassessed annually. They are emended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has passed the significant risks and rewards of ownership to the buyer;
- the amount of turnover can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided. Income relating to bookings and membership received in advance of the provision of the service is deferred and recognised in the period in which the service is provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of
the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost
less accumulated amortisation and accumulated impairment losses.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised in the current year.

All intangibles are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, which ever is the shorter.

Freehold property - 2% straight line
Plant and machinery - 5-33% straight line
Fixtures and fittings - 20-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in profit or loss.

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


2. ACCOUNTING POLICIES - continued

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

Financial instruments
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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.

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised by shareholders at the annual general meeting.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance
sheet.

3. TURNOVER

Turnover is wholly attributable to the principal activity of the Group.

All turnover arose within the United Kingdom.

4. OTHER OPERATING INCOME
£   
Car park & shop rental income 474,632
Commission receivable 108,244
582,876

5. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 3,127,566
Social security costs 171,997
Other pension costs 80,692
3,380,255

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:

Service 202
Administration 9
Management 16
227

£   
Directors' remuneration 143,150
Directors' pension contributions to money purchase schemes 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4

6. OPERATING PROFIT

The operating profit is stated after charging:

£   
Hire of plant and machinery 5,523
Other operating leases 15,727
Depreciation - owned assets 771,842
Depreciation - assets on hire purchase contracts 16,000
Goodwill amortisation 391,270
Auditors' remuneration 14,496

7. INTEREST RECEIVABLE AND SIMILAR INCOME
£   
Deposit account interest 34,398

8. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank interest 123,885
Interest payable 138,117
Hire purchase 1,090
263,092

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 776,005

Deferred tax (21,655 )
Tax on profit 754,350

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 2,453,218
Profit multiplied by the standard rate of corporation tax in the UK of 22 % 539,708

Effects of:
Expenses not deductible for tax purposes 86,960
Depreciation in excess of capital allowances 149,010
Intercompany loss relief (32,983 )
Effect of tax rate change (12,798 )
Other 24,453
Total tax charge 754,350

Tax effects relating to effects of other comprehensive income

Gross Tax Net
£    £    £   
Other reserve 7,690,853 - 7,690,853

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
£   
A Ordinary shares of £1 each
Final 470,000
D Ordinary shares of £1 each
Final 511,333
981,333

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


12. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
Additions 3,912,705 - 3,912,705
Reclassification/transfer - 25,000 25,000
At 30 September 2023 3,912,705 25,000 3,937,705
AMORTISATION
Amortisation for period 391,270 - 391,270
Reclassification/transfer - 25,000 25,000
At 30 September 2023 391,270 25,000 416,270
NET BOOK VALUE
At 30 September 2023 3,521,435 - 3,521,435

On 7 June 2022, the company acquired the entire share capital of Snowdome Group Limited and its subsidiary companies. The assets were acquired at an agreed value, with the balance of consideration, subject to future performance and profitability, treated as goodwill.

Goodwill is calculated as follows:-

Book value Fair value
£    £   
Net assets acquired
Tangible fixed assets 10,790,827 10,790,827
Stock 23,893 23,893
Debtors 2,563,124 2,563,124
Cash 848,648 848,648
Creditors (4,492,761 ) (4,492,761 )
Deferred tax provision (139,371 ) (139,371 )
9,594,360 9,594,360
Cost of acquisition £   
Ordinary shares in share for share exchange (fair value) 7,698,000
Cash 2,000,000
Deferred consideration 3,650,000
Transaction fees 159,065
13,507,065

Goodwill arising on consolidation 3,912,705


Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
Additions 322,004 6,060 396,402 11,495 735,961
Disposals - (250 ) - - (250 )
Acquisition of subsidiary 12,357,466 7,964,634 4,396,949 67,490 24,786,539
At 30 September 2023 12,679,470 7,970,444 4,793,351 78,985 25,522,250
DEPRECIATION
Charge for period 265,382 153,401 340,290 28,769 787,842
Acquisition of subsidiary 2,823,870 7,569,798 3,556,241 45,803 13,995,712
At 30 September 2023 3,089,252 7,723,199 3,896,531 74,572 14,783,554
NET BOOK VALUE
At 30 September 2023 9,590,218 247,245 896,820 4,413 10,738,696

Included in freehold property is freehold land of £1,571,315 which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Acquisition of subsidiary 47,990
At 30 September 2023 47,990
DEPRECIATION
Charge for period 16,000
Acquisition of subsidiary 31,990
At 30 September 2023 47,990
NET BOOK VALUE
At 30 September 2023 -

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 13,507,065
At 30 September 2023 13,507,065
NET BOOK VALUE
At 30 September 2023 13,507,065

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Snowdome Group Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 27,146
Profit for the period 2,911,640

Snowdome Holdings Limited **
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Sport & leisure facility
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 210,000
Profit for the period 1,454,062

Snowdome Limited ***
Registered office: Snowdome Limited **
Nature of business: Indoor real snow sport & leisure facility
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 13,158,448
Profit for the period 2,117,135

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


14. FIXED ASSET INVESTMENTS - continued

Snowdome Swim & Fitness Limited **
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: sport & leisure facility
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 400,083
Profit for the period 367,131

SD Leisure Limited ***
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Non trading company
%
Class of shares: holding
Ordinary 100.00
2023
£   
Profit for the period 1,018,845

SD Leisure Tamworth Limited ***
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 1,000
Loss for the period (52,395 )

* held directly by Snowdome Corporation Limited
** held by Snowdome Group Limited
*** held by Snowdome Holdings Limited


15. STOCKS


Group
£   
Valuation 35,015

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Trade debtors 217,321
Other debtors 58,386
Prepayments 283,282
558,989

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Hire purchase contracts (see note 18) 10,798 -
Trade creditors 517,023 -
Amounts owed to group undertakings 4,567,037 5,655,908
Tax 374,661 -
Social security and other taxes 51,248 -
VAT 179,506 -
Other creditors 38,264 -
Wages control 107,559 -
Accruals and deferred income 1,223,128 -
7,069,224 5,655,908

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire
purchase
contracts
£   
Net obligations repayable:
Within one year 10,798

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


18. LEASING AGREEMENTS - continued

At 30 September 2023 the Group had future minimum lease payments under non-cancellable operating leases as follows:

Group Company
2023 2023
£    £   
Not later than 1 year 8,302 -
Later than 1 year and not later than 5 years 3,976 -
12,278 -

At 30 September 2023 the Group has future minimum lease receivables under non-cancellable operating leases as follows:



Group
Compan
y
2023 2023
£    £   
Not later than 1 year 66,000 -
Later than 1 year and not later than 5 years - -
66,000 -


19. SECURED DEBTS

The following secured debts are included within creditors:


Group
£   
Hire purchase contracts 10,798

Hire purchase liabilities are secured against the assets to which they relate.

20. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax
Accelerated capital allowances 117,716

Group
Deferred
tax
£   
Credit to Income Statement during period (21,655 )
Arising business combinations 139,371
Balance at 30 September 2023 117,716

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


21. CALLED UP SHARE CAPITAL

2023
£   
Allotted, called up and fully paid
5,857 Ordinary A shares of £1 each 5,857
1,290 Ordinary D shares of £1 each 1,290
150 Ordinary E shares of £1 each 150
150 Ordinary F shares of £1 each 150
150 Ordinary G shares of £1 each 150
7,597

A, E, F and G ordinary shares have full voting rights, rights to receive dividends and capital distribution rights including winding up. These are subject to the order of priority and hurdle as set out in the Articles of Association. A, E, F and G shares are not redeemable.

D ordinary shares do not have voting rights or an automatic right to receive dividends. They have rights on a capital distribution subject to a hurdle as set out in the Articles of the Association. D ordinary shares are not redeemable.

A ordinary shares and D ordinary shares were allotted in the year in a share for share transaction as part of a business combination.

Options granted attaching to 150 E, 150 F and 150 G £1 ordinary shares were exercised during the year for the agreed market value of £248 per share.

22. RESERVES

Group
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

Profit for the period 1,698,868 1,698,868
Dividends (981,333 ) (981,333 )
Cash share issue - 111,150 - 111,150
Other reserve - - 7,690,853 7,690,853
At 30 September 2023 717,535 111,150 7,690,853 8,519,538

The merger relief reserve arises upon reflection of the fair value of the shares issued by the company in the share for share transaction forming part consideration of the business combination..

23. CONTINGENT LIABILITIES

The company is party to a cross guarantee relating to the new parent's bank borrowings with HSBC. At 30 September 2023, net bank borrowings relating to this guarantee are £6,448,405.

The company is a member of a group VAT registration. As at 30 September 2023, the VAT liability due by the group was £179,507.

24. CAPITAL COMMITMENTS

At the year end the Group had not committed to any capital spend.

Snowdome Corporation Limited (Registered number: 14053070)

Notes to the Consolidated Financial Statements - continued
for the Period 19 April 2022 to 30 September 2023


25. RELATED PARTY DISCLOSURES

During the year related party transactions were carried out for services totalling £10,990.

The Group's key management personnel are the directors of the company.

26. ULTIMATE CONTROLLING PARTY

Following implementation of a further group reorganisation programme at the year end, the company is now a wholly owned subsidiary of Snowdome Incorporated Limited, a company incorporated in England and Wales. There is no one controlling interest in the issued share capital of the parent company.