Registration number:
The Climbing Academy Group Ltd
for the Year Ended 30 September 2024
Pages for filing with Registrar
The Climbing Academy Group Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Climbing Academy Group Ltd
Company Information
Directors |
RI Sutton AF Cassidy P Twomey RM Emerson |
Company secretary |
RM Emerson |
Registered office |
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Registered number |
06388121 |
Accountant |
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The Climbing Academy Group Ltd
(Registration number: 06388121)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
133,482 |
|
Tangible assets |
|
1,963,933 |
|
2,774,338 |
2,097,415 |
||
Current assets |
|||
Stocks |
186,050 |
201,710 |
|
Debtors |
|
236,707 |
|
Cash at bank and in hand |
|
297,688 |
|
513,072 |
736,105 |
||
Creditors: Amounts falling due within one year |
(838,762) |
(872,080) |
|
Net current liabilities |
( |
(135,975) |
|
Total assets less current liabilities |
|
1,961,440 |
|
Creditors: Amounts falling due after more than one year |
(618,131) |
(356,739) |
|
Provisions for liabilities |
(393,682) |
(331,000) |
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Net assets |
|
1,273,701 |
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Capital and reserves |
|||
Called up share capital |
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3,695 |
|
Share premium reserve |
|
166,271 |
|
Capital redemption reserve |
|
- |
|
Profit and loss account |
|
1,103,735 |
|
Total equity |
|
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:
• |
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• |
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
.........................................
Director
The Climbing Academy Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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).
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Climbing Academy Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Taxation |
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Timing differences from accelerated tax depreciation |
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2023 |
Liability |
Timing differences from accelerated tax depreciation |
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Intangible fixed assets |
Goodwill |
Lease premium |
Total |
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Cost |
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At 1 October 2023 |
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|
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At 30 September 2024 |
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Amortisation |
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At 1 October 2023 |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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
Tangible fixed assets |
Climbing wall |
Property |
Plant and machinery |
Total |
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Cost |
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At 1 October 2023 |
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|
|
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Additions |
|
|
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Disposals |
( |
- |
( |
( |
At 30 September 2024 |
|
|
|
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Depreciation |
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At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
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Eliminated on disposal |
( |
- |
( |
( |
At 30 September 2024 |
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|
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Carrying amount |
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At 30 September 2024 |
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|
|
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At 30 September 2023 |
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|
|
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Debtors: amounts falling due within one year |
2024 |
2023 |
|
Trade debtors |
5,588 |
8,907 |
Prepayments |
85,207 |
124,543 |
Other debtors |
|
103,257 |
|
236,707 |
The Climbing Academy Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Creditors |
Note |
2024 |
2023 |
|
Amounts falling due within one year |
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Bank loans |
225,790 |
163,558 |
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Hire purchase liability |
27,929 |
13,872 |
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Trade creditors |
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174,178 |
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Taxation and social security |
|
216,556 |
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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 |
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Due after one year |
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Bank loans |
544,705 |
314,736 |
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Hire purchase liability |
73,426 |
42,003 |
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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
Provisions for liabilities |
Deferred tax |
Other provisions |
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At 1 October 2023 |
|
- |
Charged to profit or loss |
- |
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At 30 September 2024 |
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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
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
3,675 |
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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.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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|
|
The Climbing Academy Group Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Share-based payments |
Scheme details and movements
The options expire after 5 years.
The movements in the number of share options during the year were as follows:
2024 |
2023 |
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Outstanding, start of period |
|
|
Granted during the period |
|
|
Exercised during the period |
( |
( |
Outstanding, end of period |
|
|
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The movements in the weighted average exercise price of share options during the year were as follows:
2024 |
2023 |
|
Outstanding, start of period |
|
|
Granted during the period |
|
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Exercised during the period |
|
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Outstanding, end of period |
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No expense has been recognised in profit or loss account for this year or 2023 as the charge is not material.