Company registration number SC267232 (Scotland)
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
(formerly Braemar Mountain Sports Limited)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,347,925
565,221
Investment properties
5
-
0
144,374
1,347,925
709,595
Current assets
Stocks
945,520
942,137
Debtors
6
61,225
45,465
Cash at bank and in hand
700,579
637,118
1,707,324
1,624,720
Creditors: amounts falling due within one year
7
(421,767)
(426,699)
Net current assets
1,285,557
1,198,021
Total assets less current liabilities
2,633,482
1,907,616
Creditors: amounts falling due after more than one year
8
(2,606)
(40,632)
Provisions for liabilities
(107,881)
(22,731)
Net assets
2,522,995
1,844,253
Capital and reserves
Called up share capital
110
110
Revaluation reserve
623,036
-
0
Capital redemption reserve
70
70
Profit and loss reserves
1,899,779
1,844,073
Total equity
2,522,995
1,844,253

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
G CAREY MILLER
G Carey Miller
Director
Company Registration No. SC267232
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Braemar Mountain Sports Properties Limited is a private company limited by shares incorporated in Scotland. The registered office is Invercauld Road, Braemar, Aberdeenshire, AB35 5YP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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 measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Fixtures and fittings
4 years straight line
Computers
3 years straight line
Tenants improvements
10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classifies within interest payable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 61 (2023 - 62).

3
Intangible fixed assets
Goodwill
Lease Premium
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
64,160
35,000
99,160
Amortisation and impairment
At 1 October 2023 and 30 September 2024
64,160
35,000
99,160
Carrying amount
At 30 September 2024
-
0
-
0
-
0
At 30 September 2023
-
0
-
0
-
0
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Tenants improvements
Total
£
£
£
£
£
Cost
At 1 October 2023
717,963
116,060
20,869
180,520
1,035,412
Additions
62,946
19,397
-
0
-
0
82,343
Disposals
(47,381)
(53,114)
(10,081)
-
0
(110,576)
Revaluation
434,601
-
0
-
0
-
0
434,601
Transfers
126,871
17,503
-
0
-
0
144,374
At 30 September 2024
1,295,000
99,846
10,788
180,520
1,586,154
Depreciation and impairment
At 1 October 2023
205,458
95,529
20,869
148,335
470,191
Depreciation charged in the year
26,654
10,583
-
0
10,478
47,715
Eliminated in respect of disposals
(31,181)
(49,980)
(10,081)
-
0
(91,242)
Revaluation
(188,435)
-
0
-
0
-
0
(188,435)
Transfers
(12,496)
12,496
-
0
-
0
-
0
At 30 September 2024
-
0
68,628
10,788
158,813
238,229
Carrying amount
At 30 September 2024
1,295,000
31,218
-
0
21,707
1,347,925
At 30 September 2023
512,505
20,531
-
0
32,185
565,221
5
Investment property
2024
£
Fair value
At 1 October 2023
144,374
Transfers
(144,374)
At 30 September 2024
-
0

 

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,865
8,642
Prepayments and accrued income
40,360
36,823
61,225
45,465
BRAEMAR MOUNTAIN SPORTS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,800
34,800
Trade creditors
174,026
206,203
Corporation tax
63,212
42,541
Other taxation and social security
128,604
118,631
Accruals and deferred income
21,125
24,524
421,767
426,699
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,606
40,632

The bank loans are secured by a standard security and negative pledge over the company's properties.

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