REGISTERED NUMBER: SC113211 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED |
REGISTERED NUMBER: SC113211 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 October 2023 |
for |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
29 Brandon Street |
Hamilton |
ML3 6DA |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Group Strategic Report |
for the Year Ended 31 October 2023 |
The directors present their strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
2023 marked a transformative year for Nevis Range, with significant growth and new developments, despite continued challenges from severe winter weather. The ski season was heavily impacted, with limited operation through January, February, and March. However, more favourable weather through the remainder of the year enabled a robust recovery, as visitor numbers returned to pre-COVID levels and the travel trade sector grew to record highs. |
Key developments included the launch of new assets: the hotel, Nevis Range Bar, bike shop, and bike hire facilities, as well as Cobbs taking on operational roles for our hotel, gift shops, and cafés. This expansion has enabled us to diversify offerings, enhance customer experiences, and strengthen our brand with a wider range of services for our visitors. International travel trade customers surged, setting a new record in our company's history. In anticipation of tougher domestic tourism conditions, our focus on international markets has been a strategic pivot, positioning us well for global exposure. |
Financial Performance and Economic Pressures |
While 2023 brought substantial growth, economic headwinds were unavoidable. Inflationary pressures, particularly in energy costs and borrowing expenses, affected our financial results as we continued to finalize projects and transition into these expanded operations. The company's financial resilience was reflected in our asset management and operational efficiencies, leading to a positive net position. |
A highlight of 2023 was hosting the World Mountain Bike Downhill Championships, an event that attracted 40,000 attendees and reinforced Nevis Range's status as a premier destination for adventure sports. |
Outlook for 2024 and Beyond |
As of this report, Nevis Range anticipates a break-even result for the 2024 trading year. With expectations of reduced costs, a decrease in net debt, and steady market improvement, we forecast a return to profitability in 2025 and 2026. |
Key performance indicators |
2023 |
2022 |
Gross profit percentage | 94.9% | 88.2% |
Operating profit / (loss) percentage | (4.7% | ) | (33.2% | ) |
Visitor numbers: |
Gondola | 136,584 | 101,614 |
Skiers | 3,389 | 6,214 |
Mountain bike course | 11,186 | 11,504 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Group Strategic Report |
for the Year Ended 31 October 2023 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group's principal financial instruments comprise cash, short term deposits and borrowings, the main purpose of which is to provide finance for its normal operations. The company has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The risks associated with the group's financial instruments are interest rate, foreign currency, liquidity risk and price risk. The group has clear policies for managing each of these risks, as summarised below: |
Interest rate risk |
The group holds cash balances on floating rate short term deposit and maintains borrowings, where this is considered to be commercially appropriate. The group's policy is to monitor the level of these balances to ensure funds are available as required recognising that interest earnings will be subject to interest rate fluctuations. |
Foreign currency risk |
The group buys goods denominated in currencies other than sterling. The group manages receipts and payments through the operation of sterling bank accounts. |
Liquidity risk |
The group aims to mitigate liquidity risk by managing cash generation by its operations. |
Price risk |
Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers and sourcing goods and services from multiple suppliers to ensure competitive pricing. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis. |
The group incurred a loss of £310,045 during the year to 31 October 2023, a significant improvement on the loss of £1,030,011 during the year to 31 October 2022, while its net current liabilities exceeded its net current assets by £263,093 at 31 October 2023. Since the year end, the group incurred losses over the 2023/24 winter period, has traded profitably since March 2024 and reduced the consolidated net debt. Despite the significant improvement in the group's financial position during the 2023/24 financial year, a material uncertainty exists which casts doubt on the group's ability to continue as a going concern. |
The directors, with reference to forecasts of future trading profits and cashflows, continue to adopt the going concern basis when preparing the financial statements. In making their assessment the directors have considered a period of at least 12 months from the date of signature of these financial statements. |
The directors have prepared detailed forecasts, covering a period of at least 12 months from the date of signature of these financial statements, which show that the group is expected to trade profitably over the following 12 months. The group is also expected to be cash generative in this 12 month period. The forecasts take into consideration expected visitor numbers, increased revenue streams and planned cost reductions. These forecasts are regularly updated to reflect the current position and the latest information and include a contingency provision equivalent to 8% of turnover to mitigate areas of underachievement. |
The financial statements do not include any adjustments that would arise should the forecast levels of visitor numbers, increased revenue, reduced costs and positive cashflows not be substantially achieved which could have an impact on the group's ability to continue trading as a going concern. |
ON BEHALF OF THE BOARD: |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the operation of skiing, tourism and recreational facilities on Aonach Mor in the Lochaber district of the Highland region of Scotland. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 October 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Nevis Range Development Company Limited |
Opinion |
We have audited the financial statements of Nevis Range Development Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 31 October 2023 and of the group's loss 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. |
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. |
Material uncertainty related to going concern |
We draw attention to note 3 in the financial statements, which indicates that the directors' assessment of the group's and company's ability to continue as a going concern is based on forecasts of expected future visitor numbers, increased revenues, reduced costs and positive cashflows. |
The group incurred a loss of £310,045 during the year to 31 October 2023 and its net current liabilities exceeded its net current assets by £263,093 at that date. |
As there is inevitably a degree of uncertainty regarding future visitor numbers which can be impacted by factors outside the group's and company's control, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's and company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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. Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included reviewing the latest projections and challenging key figures, calculations and assumptions. |
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. |
Report of the Independent Auditors to the Members of |
Nevis Range Development Company Limited |
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. |
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 Statement of Directors' Responsibilities set out on page four, 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 |
Nevis Range Development Company 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: |
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. |
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: |
- | obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework; |
- | inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
- | discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors. |
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations. |
The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates applied in the year end accounts. |
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. |
Report of the Independent Auditors to the Members of |
Nevis Range Development Company Limited |
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. |
for and on behalf of |
Statutory Auditors |
29 Brandon Street |
Hamilton |
ML3 6DA |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Consolidated |
Income Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3,495,716 | 2,891,246 |
Cost of sales | 176,540 | 341,173 |
GROSS PROFIT | 3,319,176 | 2,550,073 |
Administrative expenses | 4,045,634 | 3,970,235 |
(726,458 | ) | (1,420,162 | ) |
Other operating income | 562,235 | 461,414 |
(164,223 | ) | (958,748 | ) |
Interest receivable and similar income | 1,256 | 174 |
(162,967 | ) | (958,574 | ) |
Interest payable and similar expenses | 5 | 147,078 | 71,437 |
LOSS BEFORE TAXATION | 6 | (310,045 | ) | (1,030,011 | ) |
Tax on loss | 7 | - | - |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Consolidated Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 6,837,616 | 6,655,118 |
Investments | 11 | - | - |
6,837,616 | 6,655,118 |
CURRENT ASSETS |
Stocks | 12 | 45,997 | 45,915 |
Debtors | 13 | 250,561 | 258,834 |
Cash at bank and in hand | 765,843 | 595,923 |
1,062,401 | 900,672 |
CREDITORS |
Amounts falling due within one year | 14 | 1,325,494 | 590,962 |
NET CURRENT (LIABILITIES)/ASSETS | (263,093 | ) | 309,710 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,574,523 |
6,964,828 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,744,831 |
) |
(1,770,608 |
) |
ACCRUALS AND DEFERRED INCOME | 19 | (2,026,701 | ) | (2,081,224 | ) |
NET ASSETS | 2,802,991 | 3,112,996 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 2,453,866 | 2,453,866 |
Capital redemption reserve | 21 | 582,950 | 582,950 |
Retained earnings | 21 | (285,438 | ) | 76,180 |
SHAREHOLDERS' FUNDS | 2,751,378 | 3,112,996 |
NON-CONTROLLING INTERESTS | 22 | 51,613 | - |
TOTAL EQUITY | 2,802,991 | 3,112,996 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by: |
C O'Brien - Director | C J Williamson - Director |
J Sutherland - Director |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Company Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (438,977 | ) | (1,030,011 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up | Capital |
share | Retained | redemption |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 November 2021 | 2,453,866 | 1,176,191 | 582,950 |
Changes in equity |
Dividends | - | (70,000 | ) | - |
Total comprehensive loss | - | (1,030,011 | ) | - |
Balance at 31 October 2022 | 2,453,866 | 76,180 | 582,950 |
Changes in equity |
Total comprehensive loss | - | (361,618 | ) | - |
Balance at 31 October 2023 | 2,453,866 | (285,438 | ) | 582,950 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 November 2021 | 4,213,007 | - | 4,213,007 |
Changes in equity |
Dividends | (70,000 | ) | - | (70,000 | ) |
Total comprehensive loss | (1,030,011 | ) | - | (1,030,011 | ) |
Balance at 31 October 2022 | 3,112,996 | - | 3,112,996 |
Changes in equity |
Increase in share capital | - | 40 | 40 |
Total comprehensive loss | (361,618 | ) | 51,573 | (310,045 | ) |
Balance at 31 October 2023 | 2,751,378 | 51,613 | 2,802,991 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Company Statement of Changes in Equity |
for the Year Ended 31 October 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 October 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 October 2023 | ( |
) |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 930,732 | 305,785 |
Interest paid | (146,244 | ) | (70,742 | ) |
Interest element of hire purchase payments paid |
(834 |
) |
(695 |
) |
Net cash from operating activities | 783,654 | 234,348 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (716,075 | ) | (3,767,742 | ) |
Sale of tangible fixed assets | - | 2,500 |
Interest received | 1,256 | 174 |
Net cash from investing activities | (714,819 | ) | (3,765,068 | ) |
Cash flows from financing activities |
New loans in year | 375,000 | 1,000,000 |
Loan repayments in year | (264,505 | ) | (232,698 | ) |
Capital repayments in year | (9,450 | ) | 20,625 |
Share issue to non-controlling interests | 40 | - |
Equity dividends paid | - | (70,000 | ) |
Net cash from financing activities | 101,085 | 717,927 |
Increase/(decrease) in cash and cash equivalents | 169,920 | (2,812,793 | ) |
Cash and cash equivalents at beginning of year |
2 |
595,923 |
3,408,716 |
Cash and cash equivalents at end of year | 2 | 765,843 | 595,923 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 October 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | (310,045 | ) | (1,030,011 | ) |
Depreciation charges | 533,577 | 558,568 |
Profit on disposal of fixed assets | - | (1,438 | ) |
Finance costs | 147,078 | 71,437 |
Finance income | (1,256 | ) | (174 | ) |
369,354 | (401,618 | ) |
Increase in stocks | (82 | ) | (23,833 | ) |
Decrease/(increase) in trade and other debtors | 8,273 | (82,478 | ) |
Increase in trade and other creditors | 553,187 | 813,714 |
Cash generated from operations | 930,732 | 305,785 |
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: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 765,843 | 595,923 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 595,923 | 3,408,716 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 595,923 | 169,920 | 765,843 |
595,923 | 169,920 | 765,843 |
Debt |
Finance leases | (20,625 | ) | 9,450 | (11,175 | ) |
Debts falling due within 1 year | (250,482 | ) | (126,822 | ) | (377,304 | ) |
Debts falling due after 1 year | (1,759,433 | ) | 16,327 | (1,743,106 | ) |
(2,030,540 | ) | (101,045 | ) | (2,131,585 | ) |
Total | (1,434,617 | ) | 68,875 | (1,365,742 | ) |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Nevis Range Development Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. There were no material departures from that standard. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and on a going concern basis. |
The group incurred a loss of £310,045 during the year to 31 October 2023, a significant improvement on the loss of £1,030,011 during the year to 31 October 2022, while its net current liabilities exceeded its net current assets by £263,093 at 31 October 2023. Since the year end, the group incurred losses over the 2023/24 winter period, has traded profitably since March 2024 and reduced the consolidated net debt. Despite the significant improvement in the group's financial position during the 2023/24 financial year, a material uncertainty exists which casts doubt on the group's ability to continue as a going concern. |
The directors, with reference to forecasts of future trading profits and cashflows, continue to adopt the going concern basis when preparing the financial statements. In making their assessment the directors have considered a period of at least 12 months from the date of signature of these financial statements. |
The directors have prepared detailed forecasts, covering a period of at least 12 months from the date of signature of these financial statements, which show that the group is expected to trade profitably over the following 12 months. The group is also expected to be cash generative in this 12 month period. The forecasts take into consideration expected visitor numbers, increased revenue streams and planned cost reductions. These forecasts are regularly updated to reflect the current position and the latest information and include a contingency provision equivalent to 8% of turnover to mitigate areas of underachievement. |
The financial statements do not include any adjustments that would arise should the forecast levels of visitor numbers, increased revenue, reduced costs and positive cashflows not be substantially achieved which could have an impact on the group's ability to continue trading as a going concern. |
Basis of consolidation |
The consolidated group financial statements consist of the financial statements of the parent company and all the subsidiary companies which it controls either directly or indirectly. |
Intercompany transactions and balances between group companies are eliminated on consolidation. |
The share of non-controlling interests in subsidiary companies is presented under the heading non-controlling interests in the consolidated balance sheet. Their share in the profit or loss for the year is disclosed as income attributable to non-controlling interests in the consolidated income statements. |
The financial statements of all subsidiary companies are prepared to the same reporting date as the parent company. All subsidiary companies have been consolidated. |
The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs. |
The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover and revenue recognition |
Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and value added tax. |
Sale of goods |
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 reliably measured. |
Rendering of services |
Revenue from the provision of services is recognised by reference to the stage of completion. Stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent that the outcome of a contract can be estimated reliably. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred. |
Government grants |
Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. Revenue grants are credited to the profit and loss account in the period in which they become receivable. Grants which impose specific performance related conditions are recognised when those conditions have been met. |
Stocks |
Stocks are valued at the lower of cost and expected selling price less costs to complete, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Basic 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, in full, to all of its financial instruments. |
Recognition and measurement of financial instruments: |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Classification of financial instruments: |
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Trade, group and other debtors: |
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs. |
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Cash and cash equivalents: |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Trade creditors, group and other creditors: |
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. |
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability. |
Derecognition of financial assets and liabilities: |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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 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. |
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. |
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. |
Provisions |
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit swill be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,620,493 | 1,878,513 |
Social security costs | 159,230 | 167,198 |
Other pension costs | 38,818 | 37,691 |
1,818,541 | 2,083,402 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative staff | 15 | 20 |
Operations staff | 66 | 68 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 236,087 | 240,247 |
Directors' pension contributions to money purchase schemes | 4,513 | 4,513 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 92,895 | 71,719 |
Pension contributions to money purchase schemes | 2,201 | 2,201 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 146,244 | 70,742 |
Hire purchase | 834 | 695 |
147,078 | 71,437 |
6. | LOSS BEFORE TAXATION |
The loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 530,427 | 555,415 |
Depreciation - assets on hire purchase contracts | 3,150 | 3,150 |
Profit on disposal of fixed assets | - | (1,438 | ) |
Auditors' remuneration | 14,833 | 6,150 |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 October 2023 nor for the year ended 31 October 2022. |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | (310,045 | ) | (1,030,011 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(77,511 |
) |
(195,702 |
) |
Effects of: |
Income not taxable for tax purposes | (32,231 | ) | - |
Depreciation on assets not qualifying for capital allowances | 15,134 | 17,269 |
Grant release on assets not qualifying for capital allowances | (5,242 | ) | (3,627 | ) |
Movement in unprovided deferred tax asset | 99,850 | 193,986 |
Assets qualifying for CA super-deduction | - | (11,926 | ) |
Total tax charge | - | - |
The group has tax losses of £3,133,082 available to offset against future profits. |
8. | 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. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
C Preference shares of £1 each |
Interim | - | 70,000 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2022 | 6,719,967 | 6,707,850 | 223,920 |
Additions | 716,075 | - | - |
Disposals | (8,894 | ) | - | - |
At 31 October 2023 | 7,427,148 | 6,707,850 | 223,920 |
DEPRECIATION |
At 1 November 2022 | 1,617,254 | 5,330,597 | 203,375 |
Charge for year | 191,997 | 265,171 | 6,848 |
Eliminated on disposal | (8,894 | ) | - | - |
At 31 October 2023 | 1,800,357 | 5,595,768 | 210,223 |
NET BOOK VALUE |
At 31 October 2023 | 5,626,791 | 1,112,082 | 13,697 |
At 31 October 2022 | 5,102,713 | 1,377,253 | 20,545 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 | 286,736 | 79,290 | 14,017,763 |
Additions | - | - | 716,075 |
Disposals | - | - | (8,894 | ) |
At 31 October 2023 | 286,736 | 79,290 | 14,724,944 |
DEPRECIATION |
At 1 November 2022 | 191,597 | 19,822 | 7,362,645 |
Charge for year | 49,077 | 20,484 | 533,577 |
Eliminated on disposal | - | - | (8,894 | ) |
At 31 October 2023 | 240,674 | 40,306 | 7,887,328 |
NET BOOK VALUE |
At 31 October 2023 | 46,062 | 38,984 | 6,837,616 |
At 31 October 2022 | 95,139 | 59,468 | 6,655,118 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 | 31,500 |
DEPRECIATION |
At 1 November 2022 | 3,150 |
Charge for year | 3,150 |
At 31 October 2023 | 6,300 |
NET BOOK VALUE |
At 31 October 2023 | 25,200 |
At 31 October 2022 | 28,350 |
Company |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 November 2022 |
and 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 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Nevis Range Mountain Resort, Torlundy, Fort William, Scotland, PH33 6SQ |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
Profit for the year |
Aonach Mor Hospitality Ltd prepares its statutory financial statements to 31 March each year. This does not coincide with the group's year end date of 31 October. Therefore in order to allow the preparation of consolidated financial statements Aonach Mor Hospitality Ltd also produces a set of financial statements to 31 October. |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 45,997 | 45,915 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 69,628 | 35,639 |
Other debtors | 18,626 | 18,914 |
VAT | - | 71,294 |
Prepayments | 162,307 | 132,987 |
250,561 | 258,834 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 317,883 | 250,482 |
Other loans (see note 16) | 59,421 | - |
Hire purchase contracts (see note 17) | 9,450 | 9,450 |
Trade creditors | 379,520 | 222,571 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 178,991 | 33,350 |
VAT | 47,927 | - | 19,379 | - |
Other creditors | 146,462 | 10,767 |
Accrued expenses | 185,840 | 64,342 |
1,325,494 | 590,962 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 1,427,527 | 1,759,433 |
Other loans (see note 16) | 315,579 | - |
Hire purchase contracts (see note 17) | 1,725 | 11,175 |
1,744,831 | 1,770,608 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 317,883 | 250,482 |
Other loans | 59,421 | - |
377,304 | 250,482 |
Amounts falling due between one and two | years: |
Bank loans | 325,932 | 251,382 |
Other loans | 91,387 | - | 91,387 |
417,319 | 251,382 |
Amounts falling due between two and five | years: |
Bank loans | 496,115 | 465,184 |
Other loans | 224,192 | - |
720,307 | 465,184 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 605,480 | 1,042,867 | 605,480 | 1,042,867 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 10,284 | 10,284 |
Between one and five years | 1,864 | 12,148 |
12,148 | 22,432 |
Finance charges repayable: |
Within one year | 834 | 834 |
Between one and five years | 139 | 973 |
973 | 1,807 |
Net obligations repayable: |
Within one year | 9,450 | 9,450 |
Between one and five years | 1,725 | 11,175 |
11,175 | 20,625 |
Company |
Hire purchase contracts |
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 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
17. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 100,226 | 97,972 |
Between one and five years | 400,904 | 391,888 |
In more than five years | 5,011,298 | 4,996,569 |
5,512,428 | 5,486,429 |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 1,745,410 | 2,009,915 |
Other loans | 375,000 | - | 375,000 | - |
Hire purchase contracts | 11,175 | 20,625 | 11,175 | 20,625 |
2,131,585 | 2,030,540 |
The HSBC bank loans are secured by a standard security over the group's leasehold properties and a floating charge over the group's assets. |
The CBILS bank loan is supported by a 100% guarantee from the UK Government. |
Highlands and Islands Enterprise hold a standard security over certain of the group's leasehold interests and a floating charge over the group's assets in relation to balances owed to it. |
Sportscotland hold a standard security over certain of the group's leasehold interests and a floating charge over the group's assets. |
Hire purchase contracts are secured against the assets to which they relate. |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
19. | ACCRUALS AND DEFERRED INCOME |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred government grants | 2,026,701 | 2,081,224 | 2,026,701 | 2,081,224 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 1,738,866 | 1,738,866 |
B Ordinary | £0.01 | 15,000 | 15,000 |
C Preference | £1 | 700,000 | 700,000 |
2,453,866 | 2,453,866 |
The C Preference shares, as a class, are entitled to a fixed preferential cash dividend equal to 10% of the par value of each C share. A resolution to not pay this dividend for any financial year must be approved by at least 70% of the C shareholders. |
The B Ordinary shares, as a class, are entitled to a non cumulative preferential participating cash dividend ('the participating dividend') equal to 15% of the pre-tax profits of the company for each financial year. The participating dividend shall be paid in priority to any other dividend which may be payable to other shareholders, subject to the company having sufficient profits available, but shall not accrue. A resolution to not pay this dividend for any financial year must be approved by at least 70% of the B shareholders. |
Subject to the passing of a resolution by the directors determining the distribution of profits, the A Ordinary shareholders shall be entitled to a non cumulative cash dividend of up to the sum payable on each B Ordinary share paid in accordance with the above. |
Subject to the participating dividend being met in full, any other profits which it may be determined to distribute in respect of the financial year shall be distributed amongst the holders of the A Ordinary, B Ordinary and C Preference shares on a pari passu basis as is they constituted one class of share. |
In the event of return of assets or liquidation any surplus remaining, after paying any unpaid dividend arrears, would be distributed amongst the holders of the A Ordinary, B Ordinary and C Preference shares on a pari passu basis as is they constituted one class of share. |
The B Ordinary shares are entitled to vote at general meetings. |
21. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 November 2022 | 76,180 | 582,950 | 659,130 |
Deficit for the year | (361,618 | ) | (361,618 | ) |
At 31 October 2023 | (285,438 | ) | 582,950 | 297,512 |
NEVIS RANGE DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: SC113211) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 October 2023 |
21. | RESERVES - continued |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 November 2022 | 659,130 |
Deficit for the year | ( |
) | ( |
) |
At 31 October 2023 | ( |
) | 220,153 |
22. | NON-CONTROLLING INTERESTS |
Non-controlling interests which represent the portion of profit or loss and net assets in subsidiaries that is not held by the group is presented separately from parent shareholders' equity in the financial statements. |
£ |
At 1 November 2022 | - |
Issue of share capital | 40 |
Share of profit/(loss) for year | 51,573 |
At 31 October 2023 | 51,613 |
23. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 527,000 |
24. | ULTIMATE CONTROLLING PARTY |
Fort Nevis Ltd has a controlling interest in Nevis Range Development Company Ltd. |
Ian Sykes has a controlling interest in Fort Nevis Ltd. |