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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: I D Sutherland
C J Williamson
J Sutherland
C O'Brien
G Rice





SECRETARY: J R M Bell





REGISTERED OFFICE: Nevis Range Mountain Resort
Torlundy
Fort William
Inverness-Shire
PH33 6SQ





REGISTERED NUMBER: SC113211 (Scotland)





AUDITORS: Sharles Audit Limited
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:





C O'Brien - Director


30 October 2024

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.

I D Sutherland
C J Williamson
J Sutherland
C O'Brien
G Rice

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:





C O'Brien - Director


30 October 2024

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.




Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditors
29 Brandon Street
Hamilton
ML3 6DA

30 October 2024

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 (310,045 ) (1,030,011 )

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 6,837,616 6,655,118
Investments 11 60 -
6,837,676 6,655,118

CURRENT ASSETS
Stocks 12 45,997 45,915
Debtors 13 217,731 258,834
Cash at bank and in hand 600,254 595,923
863,982 900,672
CREDITORS
Amounts falling due within one year 14 1,256,107 590,962
NET CURRENT (LIABILITIES)/ASSETS (392,125 ) 309,710
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,445,551

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 2,674,019 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 (362,797 ) 76,180
SHAREHOLDERS' FUNDS 2,674,019 3,112,996

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 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)

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 2,453,866 1,176,191 582,950 4,213,007

Changes in equity
Dividends - (70,000 ) - (70,000 )
Total comprehensive income - (1,030,011 ) - (1,030,011 )
Balance at 31 October 2022 2,453,866 76,180 582,950 3,112,996

Changes in equity
Total comprehensive income - (438,977 ) - (438,977 )
Balance at 31 October 2023 2,453,866 (362,797 ) 582,950 2,674,019

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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the period of lease
Plant and machinery - at varying rates on cost
Fixtures and fittings - Straight line over 4 years
Motor vehicles - 25% on cost

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
81 88

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 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

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 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

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

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 60
At 31 October 2023 60
NET BOOK VALUE
At 31 October 2023 60

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

Subsidiary

Aonach Mor Hospitality Ltd
Registered office: Nevis Range Mountain Resort, Torlundy, Fort William, Scotland, PH33 6SQ
Nature of business: Hotel
%
Class of shares: holding
Ordinary 60.00
2023
£   
Aggregate capital and reserves 129,032
Profit for the year 128,932

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 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 38,040 35,639
Other debtors 18,626 18,914 18,626 18,914
VAT - 71,294 - 71,294
Prepayments 162,307 132,987 161,065 132,987
250,561 258,834 217,731 258,834

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 317,883 250,482 317,883 250,482
Other loans (see note 16) 59,421 - 59,421 -
Hire purchase contracts (see note 17) 9,450 9,450 9,450 9,450
Trade creditors 379,520 222,571 375,487 222,571
Amounts owed to group undertakings - - 60 -
Social security and other taxes 178,991 33,350 165,631 33,350
VAT 47,927 - 19,379 -
Other creditors 146,462 10,767 19,119 10,767
Accrued expenses 185,840 64,342 289,677 64,342
1,325,494 590,962 1,256,107 590,962

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 1,427,527 1,759,433
Other loans (see note 16) 315,579 - 315,579 -
Hire purchase contracts (see note 17) 1,725 11,175 1,725 11,175
1,744,831 1,770,608 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 317,883 250,482 317,883 250,482
Other loans 59,421 - 59,421 -
377,304 250,482 377,304 250,482
Amounts falling due between one and two years:
Bank loans 325,932 251,382 325,932 251,382
Other loans 91,387 - 91,387 -
417,319 251,382 417,319 251,382
Amounts falling due between two and five years:
Bank loans 496,115 465,184 496,115 465,184
Other loans 224,192 - 224,192 -
720,307 465,184 720,307 465,184
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 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

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 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

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 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 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: £    £   
2,306,816 A Ordinary £1 1,738,866 1,738,866
1,500,000 B Ordinary £0.01 15,000 15,000
700,000 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 76,180 582,950 659,130
Deficit for the year (438,977 ) (438,977 )
At 31 October 2023 (362,797 ) 582,950 220,153


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.