REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
CAIRNGORM SKI SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
CAIRNGORM SKI SERVICES LIMITED |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CAIRNGORM SKI SERVICES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
BALANCE SHEET - continued |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Cairngorm Ski Services Limited is a private company, limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Unit H Opus 36, New Potter Grange Road, Goole, DN14 6BZ. |
The company's principal activity during the year continued to be the provision of coaching holidays throughout the United Kingdom and Europe. |
The presentational currency of the financial statements is Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover is recognised at the date of departure of tours. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
All sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
Hotel equipment | 5% to 20% straight line |
Motor vehicles | 25% reducing balance |
Office equipment | 15% reducing balance |
Ski equipment | 10% straight line |
Computer equipment | 20% straight line |
Fixtures and fittings | 10% straight line |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less provision for impairment. |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
Contributions to defined contribution plans are recognised in the period to which they relate. |
Accounting period |
The company's accounting reference period date is 31 October. Financial statements are made up for a 52 or 53 week period ending on a Saturday adjacent to 31 October in each year. The financial statements are for a 53 week period ending 28 October 2023. The comparative figures are for a 52 week period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Hotel and | Other | Motor |
property | equipment | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The hotel was revalued in 2002 at £1,735,000. On transition to FRS102 the prior revaluation was taken as deemed cost. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit H Opus 36, New Potter Grange Road, Goole, DN14 6BZ. |
Nature of business: |
% |
Class of shares: | holding |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: 33 Aire Street, Goole, East Riding of Yorkshire, DN14 5QW |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 126,973 | 78,214 |
Other creditors |
Directors' current accounts | 75,088 | 167,356 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans > 1 year | 123,563 | 172,293 |
Hire purchase contracts (see note 9) |
CAIRNGORM SKI SERVICES LIMITED (REGISTERED NUMBER: 01319576) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed charge over the Duke of Gordon Hotel, together with a floating charge over the assets of Cairngorm Ski Services Limited, and a cross guarantee over the assets of the two subsidiary companies. |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 November 2022 |
and 31 October 2023 |
12. | GENERAL INFORMATION |
Cairngorm Ski Services Limited has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |