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Registration number: 06388121

The Climbing Academy Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

Pages for filing with Registrar

 

The Climbing Academy Group Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

The Climbing Academy Group Ltd

Company Information

Directors

RI Sutton

AF Cassidy

P Twomey

RM Emerson

Company secretary

RM Emerson

Registered office

Belvedere House
Charlton Street
Bristol
Bristol
BS5 0FD

Registered number

06388121

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

The Climbing Academy Group Ltd

(Registration number: 06388121)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

115,377

133,482

Tangible assets

6

2,658,961

1,963,933

 

2,774,338

2,097,415

Current assets

 

Stocks

186,050

201,710

Debtors

7

194,091

236,707

Cash at bank and in hand

 

132,931

297,688

 

513,072

736,105

Creditors: Amounts falling due within one year

8

(838,762)

(872,080)

Net current liabilities

 

(325,690)

(135,975)

Total assets less current liabilities

 

2,448,648

1,961,440

Creditors: Amounts falling due after more than one year

8

(618,131)

(356,739)

Provisions for liabilities

9

(393,682)

(331,000)

Net assets

 

1,436,835

1,273,701

Capital and reserves

 

Called up share capital

3,749

3,695

Share premium reserve

181,305

166,271

Capital redemption reserve

69

-

Profit and loss account

1,251,712

1,103,735

Total equity

 

1,436,835

1,273,701

 

The Climbing Academy Group Ltd

(Registration number: 06388121)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................

AF Cassidy
Director

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Belvedere House
Charlton Street
Bristol
Bristol
BS5 0FD
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Plant and machinery

5 and 30 years straight line

Climbing wall

5, 15 and 30 years straight line

Property

15 years straight line

Intangibles
Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Lease premium

over the term of the lease

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using an appropriate pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

As permitted by FRS102, these financial statements do not include any expense for those share options which were issued prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 127 (2023 - 116).

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Timing differences from accelerated tax depreciation

371,882

371,882

2023

Liability
£

Timing differences from accelerated tax depreciation

331,000

331,000

5

Intangible fixed assets

Goodwill
 £

Lease premium
 £

Total
£

Cost

At 1 October 2023

111,441

107,999

219,440

At 30 September 2024

111,441

107,999

219,440

Amortisation

At 1 October 2023

16,716

69,242

85,958

Amortisation charge

11,144

6,961

18,105

At 30 September 2024

27,860

76,203

104,063

Carrying amount

At 30 September 2024

83,581

31,796

115,377

At 30 September 2023

94,725

38,757

133,482

On 1 March 2022 the company acquired the trade and assets of its subsidiary, Undercover Rock Limited. Goodwill, comprising the assets and liabilities of £111,441 were hived up at the date of acquisition.

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Tangible fixed assets

Climbing wall
£

Property
 £

Plant and machinery
£

Total
£

Cost

At 1 October 2023

1,369,909

922,465

288,123

2,580,497

Additions

115,871

619,448

189,390

924,709

Disposals

(1,676)

-

(11,073)

(12,749)

At 30 September 2024

1,484,104

1,541,913

466,440

3,492,457

Depreciation

At 1 October 2023

310,562

227,905

78,097

616,564

Charge for the year

93,673

71,481

57,823

222,977

Eliminated on disposal

(1,677)

-

(4,368)

(6,045)

At 30 September 2024

402,558

299,386

131,552

833,496

Carrying amount

At 30 September 2024

1,081,546

1,242,527

334,888

2,658,961

At 30 September 2023

1,059,347

694,560

210,026

1,963,933

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

5,588

8,907

Prepayments

85,207

124,543

Other debtors

103,296

103,257

194,091

236,707

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Note

2024
£

2023
£

Amounts falling due within one year

 

Bank loans

225,790

163,558

Hire purchase liability

27,929

13,872

Trade creditors

 

173,132

174,178

Taxation and social security

 

136,796

216,556

Other creditors

 

5,356

5,970

Accruals and deferred income

 

189,943

148,265

Corporation tax

 

79,816

149,681

 

838,762

872,080

Note

2024
£

2023
£

Due after one year

 

Bank loans

544,705

314,736

Hire purchase liability

73,426

42,003

 

618,131

356,739

Loans and borrowings include the following loans:
Coronavirus Business Interruption Scheme loan of £87,267 (2023: £134,867). The repayment term is 5 years, interest charged at 2.81% above base.
Recovery Loan Scheme loan of £187,501 (2023: £233,333). The repayment term is 5 years, interest is charged at 4.57% above base rate.
EFG loan of £16,239 (2023: £28,418). The repayment term is 5 years, interest is charged at 4.5% above base rate.
Asset Link (formerly ESME) loan of £27,895 (2023: £81,676). The repayment term is 5 years, interest is charged at 5.06% above base rate.
FW Capital loan drawn in June 2024 of £451,593 (2023: £Nil). The repayment term is 5 years, interest charged at 7.9%pa. The loan is secured by a fixed and floating charge over the company, and by personal guarantees by the four directors.

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Provisions for liabilities

Deferred tax
£

Other provisions
£

At 1 October 2023

331,000

-

Charged to profit or loss

-

21,800

At 30 September 2024

331,000

21,800

The other provision relates to anticipated rent charges backdated to the most recent rent review date. The company is currently undergoing negotiations in relation to the charges, therefore while the payment remains probable, it is not virtually certain. The estimate is calculated using an a professional expert's valuation of the market rate for the rent at the property under review

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

3,675

3,675

3,695

3,695

         

On 28 February 2024, 123 ordinary £1 shares were issued for a total consideration of £24,025 and 69 shares ordinary £1 shares were repurchased by the company for £31,050 and subsequently cancelled.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

1,063,447

1,103,743

 

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

12

Share-based payments

EMI share options

Scheme details and movements

The company has issued options over its unissued shares to employees and directors. The options vest at the start of the calendar year following the date of grant and are conditional on the option holders' continuing employment by the company.

The options expire after 5 years.

The movements in the number of share options during the year were as follows:

2024
Number

2023
Number

Outstanding, start of period

117

114

Granted during the period

61

117

Exercised during the period

(117)

(114)

Outstanding, end of period

61

117

The movements in the weighted average exercise price of share options during the year were as follows:

2024
£

2023
£

Outstanding, start of period

197.00

125.00

Granted during the period

298.00

197.00

Exercised during the period

197.00

125.00

Outstanding, end of period

298.00

197.00

No expense has been recognised in profit or loss account for this year or 2023 as the charge is not material.