Company Registration No. 06330704 (England and Wales)
HEMEL SNOWCENTRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
HEMEL SNOWCENTRE LIMITED
COMPANY INFORMATION
Directors
R J Cook
T W Harris
D I Brown
Company number
06330704
Registered office
The Snow Centre
St Albans Hill
Hemel Hempstead
Hertfordshire
HP3 9NH
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
HEMEL SNOWCENTRE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
HEMEL SNOWCENTRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The company has continued to trade profitably and ahead of expectations for the year. Whilst guest footfall was down marginally year on year, revenue growth was driven by mix of product and increased average selling price.
The first half of the financial year saw strong growth year on year in all core product areas especially across the winter months.
Timing of Easter holidays fell earlier when compared to the prior year and this combined with poor European snow conditions across the preceding months impacted revenue in Spring. Revenue was also impacted across the Summer with the European football championships followed by the Summer Olympics resulting in lower footfall.
Direct costs for the business were driven up by the increase in trading year on year and increased wage costs with higher than anticipated National Minimum Wage increases from April 2024.
Principal risks and uncertainties
Whilst the financial year saw inflation reduce and a reduction in comparison to prior year there was ongoing uncertainty around both the impact of cost of living increases and the announcement of a general election. This had the potential to reduce footfall on site with Snowsports activities seen as luxury spending rather than essential. Trading across the year suggests the business was largely unaffected by this uncertainty.
The business has increased range and type of operational and facility checks to prevent against mechanical failures impacting revenues with further investment in facilities and planned preventative maintenance for summer 2025 in place.
Ongoing increases to the National Minimum Wage above inflation and budget at April 2024 impacted payroll costs for the second half of our financial year and are anticipated to do so again from April 2025 with further impact of changes on Employer National Insurance also impacting business. Steps are being taken to evaluate and mitigate these risks.
Whilst price increases from suppliers have been seen across the business the company has looked to protect against these through partnerships and contract agreements around F&B suppliers and energy providers. Additionally, the business continues to review energy use, investing in Solar panels to be installed in early 2025, employing saving initiatives where possible, and has invested in updated chiller equipment and lighting in order to save on usage.
Key performance indicators
The company monitors the following key performance indicators:
- Average spend per guest visit
- Lodge Cafe spend per transaction
- Number of guest visits / repeat visits
- Total guest database
- Payroll hours tracking
- Profit margin and payroll cost margin.
- Guest feedback
- Health & Safety audits.
- Team engagement, absence, turnover.
- Staffing utilisation (instructor usage vs paid)
Future Prospects
Current trading since the year end has been impacted by a fault with a chiller resulting in temporary site closure and restricted capacities to main slope however since re-opening revenues are exceeding targets and the shortfall across the early part of FY 2024/25 is expected to be made up across Spring and Summer 2025. Payroll costs will increase ahead of expectations in April 2025 with solutions to offset currently being investigated.
HEMEL SNOWCENTRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
S172 Statement
Our Key Stakeholders
The Board considers the following groups to be the key stakeholders of the business:
In accordance with the duties of Directors under section 172 of the Companies Act 2006, the Board considers a number of matters in its decision making, including:
| The likely consequences of any decisions in the long term; | |
| The interests of the company’s employees; | | |
| The need to foster the company’s business relationships with suppliers, customers and others; |
| The impact of the company’s operations on the community and the environment; |
| The reputation for a high standard of business conduct; and | |
| The need to act fairly as between members of the company. | |
The following disclosure describes how the Directors of the Company have taken account of the matters set out in section 172.
The Directors meet monthly and make decisions which promote the success of the Company and its stakeholders. Proposals are discussed in detail, approved and documented by the Directors which ensures that key decisions are taken considering the Company's risk management framework.
Our Team
Our Team Members are key to the success of our business and a fundamental element of ensuring we are able to deliver amazing experiences for our Guests. Knowing what is considered important to our team is always taken into account, with a focus on providing clear and open communication between management and the team. Ongoing team engagement programs recognise and reward the team through vouchers and team social activities.
Additionally, team wellbeing and mental health support has been a key theme raised in our team engagement survey with mental health first aid training provided as well as driving increased awareness of our confidential employee assistance program and rewards platforms.
Our team turnover rate for the year was 24.47% v 27.95% the previous year, driven predominantly by the seasonality of our business and ending of fixed-term contracts, as well as students leaving to attend university.
Providing our team with development opportunities, avenues for career progression and skills enhancement has been a clear focus throughout the year, with launch of multi-skill roles allowing cross team development at an enhanced rate of pay. The business continues to run bi-annual performance reviews for all our team, CPD opportunities as well as launching an internal program for team members across all departments to gain recognised Ski and Snowboarding Instructor qualifications.
HEMEL SNOWCENTRE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Our Guests
Ensuring every Guest has an amazing experience every time they visit is a core consideration for the Board and we are passionate about using Guest feedback to affect meaningful change and constant improvement.
Guest feedback is reviewed regularly by the Board and Senior Management, who use this feedback to identify improvements to ways of working and ongoing investment into our facilities and equipment. Guest queries are responded to in a timely manner, and we are proud that guest satisfaction scores across all areas have seen improvement year on year.
The safety of our Guests is of paramount importance to the business, especially when considering that participating in Snowsports is not without an element of physical risk. We ensure that all our team are appropriately trained and first aid qualified, and that they adhere to stringent health and safety guidelines.
Accident statistics and information are reviewed weekly and influence operational procedures and training.
Our Investors
We value the feedback our investors provide and their input into plans for our future growth and strategic direction.
Our Community and the Environment
We believe in being an active part of our local communities, giving back through supporting various Snowsports charities such as Disability Snowsports UK and Snow Camp which supports young adults from disadvantaged backgrounds through introducing them to Snowsports. These charity partnerships have proven hugely successful.
Several local schools access our facilities and we offer work placements.
The Directors recognise that as a responsible business we have an obligation to operate in a manner that minimises our environmental impact. We follow the relevant environmental legislation when conducting business with a policy seeking to reduce our environmental impact and energy usage, whilst improving our recycling efforts and investing significantly in more efficient cooling systems. Additionally, the business has launched an electric vehicle salary sacrifice scheme for all employees subject to eligibility.
Our Suppliers, Partners and Tenants
We have a number of key stakeholders linked to our business operations, all selected because they compliment our brand and operating practices. Our senior leadership regularly review relationships with brand partners and suppliers, ensuring business practices are ethical and equally that they continue to operate in a manner which allows the business to provide an amazing Guest experience.
Our Managing Director regularly engages with tenants on site ensuring partnerships complement our overall business offering and brand integrity is maintained.
D I Brown
Director
6 June 2025
HEMEL SNOWCENTRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of ownership and operation of an indoor real snow ski slope.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £4,300,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R J Cook
T W Harris
D I Brown
Financial instruments
Financial risk management objectives and policies
The Company makes little use of financial instruments other than an operational bank account and therefore its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position or profit or loss of the Company.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
Our team are our most important asset. Our culture, values, behaviours, performance, and engagement directly
impact how the Company serves and interacts with all other stakeholders. The company's policy is to consult and discuss with employees matters likely to affect employees' interests.
We regularly communicate to our team keeping them up to speed with developments, trading, and recognizing individual performance. Bulletins are sent out by our Managing Director, and Head of Departments send out weekly updates to their teams. Twice a year we hold summit meetings where team meet in person and have the chance to ask questions and give feedback.
We are committed to continuing to create and maintain an inclusive culture that values and respects diversity of all kinds. We also offer a benefits scheme and counseling services are available.
The Company conducts an annual digital employee engagement survey, with resulting data analysed and presented to Head of Departments to build appropriate plans to address concerns communicated by team members.
Auditor
The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
HEMEL SNOWCENTRE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Energy and carbon report
The table below represents Hemel Snowcentre Ltd’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel usage for the year ended 30th September 2024.
2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
166,254
- Electricity purchased
2,545,217
2,711,471
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
30.40
- Fuel consumed for owned transport
-
30.40
Scope 2 - indirect emissions
- Electricity purchased
527.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
1,878.81
Total gross emissions
2,436.21
Intensity ratio
Tonnes CO2e per employee
7.36
Intensity measurement
The chosen intensity ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
Measures taken to improve energy efficiency
Measures taken to improve energy efficiency have been outlined in the strategic report but include investment in new more energy efficient chiller equipment and lighting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
D I Brown
Director
6 June 2025
HEMEL SNOWCENTRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
The directors are responsible for preparing the annual report 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HEMEL SNOWCENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEMEL SNOWCENTRE LIMITED
- 7 -
Opinion
We have audited the financial statements of Hemel Snowcentre Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 30 September 2024 and of its profit 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.
Conclusions relating to going concern
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HEMEL SNOWCENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEMEL SNOWCENTRE LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches under health and safety and GDPR regulations and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to understate revenue or overstate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries.
HEMEL SNOWCENTRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEMEL SNOWCENTRE LIMITED (CONTINUED)
- 9 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Ross Lane
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
9 June 2025
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
HEMEL SNOWCENTRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£000
£000
Turnover
3
10,824
9,833
Cost of sales
(3,394)
(3,239)
Gross profit
7,430
6,594
Administrative expenses
(4,045)
(4,686)
Other operating income
3
190
169
Operating profit
4
3,575
2,077
Interest receivable and similar income
8
170
78
Profit before taxation
3,745
2,155
Tax on profit
9
(978)
(479)
Profit for the financial year
2,767
1,676
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 26 form part of these financial statements.
HEMEL SNOWCENTRE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
11
15,629
15,673
Current assets
Stocks
12
22
56
Debtors
13
1,021
1,389
Cash at bank and in hand
4,581
5,303
5,624
6,748
Creditors: amounts falling due within one year
14
(12,726)
(12,491)
Net current liabilities
(7,102)
(5,743)
Total assets less current liabilities
8,527
9,930
Provisions for liabilities
Provisions
16
62
62
Deferred tax liability
17
2,454
2,324
(2,516)
(2,386)
Net assets
6,011
7,544
Capital and reserves
Called up share capital
20
3,333
3,333
Profit and loss reserves
21
2,678
4,211
Total equity
6,011
7,544
The notes on pages 13 to 26 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
R J Cook
Director
Company registration number 06330704 (England and Wales)
HEMEL SNOWCENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£000
£000
£000
Balance at 1 October 2022
3,333
2,535
5,868
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,676
1,676
Balance at 30 September 2023
3,333
4,211
7,544
Year ended 30 September 2024:
Profit and total comprehensive income
-
2,767
2,767
Dividends
10
-
(4,300)
(4,300)
Balance at 30 September 2024
3,333
2,678
6,011
The notes on pages 13 to 26 form part of these financial statements.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information
Hemel Snowcentre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Snow Centre, St Albans Hill, Hemel Hempstead, Hertfordshire, HP3 9NH.
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.
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 £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Snowcentres Limited. These consolidated financial statements are available from Companies House.
1.2
Going concern
The financial statements have been prepared on the going concern basis. The company has recorded a profit before tax of £3,7true45k for the year ended 30 September 2024 and has a net asset position of £6,011k at that date.
Post year-end management accounts indicate that the company has continued to be profitable in the following period and that the company has been able to meet its liabilities as they fall due.
The directors have considered the cash and profit forecasts prepared by the company, which, indicate that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
The financial statements do not include any adjustments which may be required should the basis of preparation turn out to be inappropriate.
1.3
Turnover
Turnover represents the amounts received from customers (excluding VAT) for admissions tickets, memberships, vouchers, retail, food and beverage sales and sponsorship.
Revenue from the sale of goods such as merchandise, food and beverages is recognised at the point of sale.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Ticket revenue is recognised at the point of entry. Revenue from memberships is deferred and then recognised over the period the membership is valid. Revenue from vouchers is deferred and then recognised when redeemed. Revenue from sponsorships is recognised over the period to which the sponsorship relates.
1.4
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.
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.
Depreciation is charged to the profit and loss account on a straight line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:
Snow Centre
50 years
Leasehold land
125 years
Plant and equipment
3-10 years
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Cost is calculated using the first-in first-out method.
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.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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 company after deducting all of its liabilities.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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 amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. The assessment of indicators of impairment require judgements to be made.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Economic useful life of tangible fixed assets
The company depreciates tangible fixed assets over their estimated economic useful lives. The useful lives are estimated by reference to historic performance as well as expectations about future use and benefit and are reviewed on a regular basis to ensure the policies remain appropriate.
3
Turnover and other revenue
2024
2023
£000
£000
Turnover analysed by class of business
Sale of goods
1,563
1,351
Provision of snow sports facilities
9,261
8,482
10,824
9,833
2024
2023
£000
£000
Turnover analysed by geographical market
United Kingdom
10,824
9,833
2024
2023
£000
£000
Other revenue
Interest income
170
78
Rental income receivable
190
169
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000
£000
Depreciation of tangible fixed assets
717
680
Profit on disposal of tangible fixed assets
-
(63)
Operating lease charges
300
360
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
21
20
For other services
Taxation compliance services
4
3
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management, administration and sales staff
50
50
Slope staff
237
172
Food and beverage staff
44
34
Total
331
256
Their aggregate remuneration comprised:
2024
2023
£000
£000
Wages and salaries
3,436
3,708
Social security costs
202
280
Pension costs
85
71
3,723
4,059
Of the above, an average of 40 (2023: 36) were employed on a full-time basis. The remainder are part-time staff.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
7
Directors' remuneration
2024
2023
£000
£000
Remuneration for qualifying services
186
677
Company pension contributions to defined contribution schemes
2
2
188
679
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£000
£000
Remuneration for qualifying services
n/a
207
Amounts receivable under long term incentive schemes
n/a
470
Company pension contributions to defined contribution schemes
n/a
2
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
8
Interest receivable and similar income
2024
2023
£000
£000
Interest income
Interest on bank deposits
147
78
Other interest income
23
Total income
170
78
9
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
851
393
Adjustments in respect of prior periods
(4)
(3)
Total current tax
847
390
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£000
£000
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
108
89
Adjustment in respect of prior periods
23
Total deferred tax
131
89
Total tax charge
978
479
An increase in the UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 10 June 2021.The increase in the rate will apply to companies with profits over £250k. Also announced in the Budget on 3 March 2021 was the introduction of small profits rate of 19% to apply to profits under £50k with a tapered rate to apply on profits above this threshold but under £250k.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£000
£000
Profit before taxation
3,745
2,155
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
936
474
Adjustments in respect of prior years
(4)
(3)
Permanent capital allowances in excess of depreciation
23
(7)
Depreciation on assets not qualifying for tax allowances
2
Deferred tax adjustments in respect of prior years
23
Effect of deferred tax being calculated at a different rate
13
Taxation charge for the year
978
479
10
Dividends
2024
2023
£000
£000
Dividends paid
4,300
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
11
Tangible fixed assets
Snow Centre
Leasehold land
Assets under construction
Plant and equipment
Total
£000
£000
£000
£000
£000
Cost
At 1 October 2023
19,734
1,050
190
2,850
23,824
Additions
673
673
At 30 September 2024
19,734
1,050
190
3,523
24,497
Depreciation and impairment
At 1 October 2023
5,696
129
2,326
8,151
Depreciation charged in the year
395
8
314
717
At 30 September 2024
6,090
138
2,640
8,868
Carrying amount
At 30 September 2024
13,644
912
190
883
15,629
At 30 September 2023
14,038
921
190
524
15,673
The above fixed assets are stated at depreciated historical cost, and are not revalued.
The directors have considered the carrying value of the Snow Centre asset without undergoing a formal valuation exercise, and in doing so have satisfied themselves that the aggregate value of that class of assets at the balance sheet date was not less than the aggregate amount at which they are stated in the company's accounts.
12
Stocks
2024
2023
£000
£000
Food and drink
16
21
Snow equipment
6
35
22
56
13
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
82
56
Amounts owed by group undertakings
581
183
Other debtors
787
Prepayments and accrued income
358
363
1,021
1,389
Amounts owed by group undertakings are interest free and repayable on demand.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£000
£000
Shares classified as liabilities
20
6,667
6,667
Trade creditors
370
401
Amounts due to group undertakings
3,196
2,747
Corporation tax
544
204
Other taxation and social security
263
112
Deferred income
18
987
994
Other creditors
18
86
Accruals
681
1,280
12,726
12,491
The redeemable preference shares of £6,667k are repayable on demand. 100% of the preference shares are held by the parent company, Snowcentres Limited.
Amounts due to group undertakings are interest free and repayable on demand.
15
Loans and overdrafts
2024
2023
£000
£000
Preference shares
6,667
6,667
Payable within one year
6,667
6,667
The redeemable preference shares of £6,667k are repayable on demand. 100% of the preference shares are held by the parent company, Snowcentres Limited.
See note 20 for terms attributable to the redeemable preference shares.
16
Provisions for liabilities
2024
2023
£000
£000
Insurance claims
62
62
Movements on provisions:
Insurance claims
£000
At 1 October 2023 and 30 September 2024
62
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£000
£000
Accelerated capital allowances
2,459
2,338
Other short term timing difference
(5)
(14)
2,454
2,324
2024
Movements in the year:
£000
Liability at 1 October 2023
2,324
Charge to profit or loss
130
Liability at 30 September 2024
2,454
None of the deferred tax liability set out above is expected to reverse within the next 12 months. It relates to accelerated capital allowances that are expected to mature over the remaining economic life of the assets.
18
Deferred income
2024
2023
£000
£000
Other deferred income
987
994
Deferred income relates to membership fees, advance bookings and vouchers.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
85
71
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
3,333,218
3,333,218
3,333
3,333
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Share capital
(Continued)
- 25 -
2024
2023
2024
2023
Preference share capital
Number
Number
£000
£000
Issued and fully paid
Redeemable preference shares of £1 each
6,666,784
6,666,784
6,667
6,667
Preference shares classified as liabilities
6,667
6,667
Ordinary shares
The holders of these share are entitled to participate in voting, dividends and distribution of capital subject to the terms of the preference shares.
Redeemable preference shares
The holders of these shares are entitled to a fixed non-cumulative preferential dividend at the rate of 10 per cent per annum on the capital for the time being paid up thereon, to be declared and paid at the company's directors' sole discretion. On a return of capital the assets of the Company available for distribution among the members shall be applied in repaying to the holders of the Preference Shares the amounts paid up on such shares together with a sum equal to any arrears and accruals of the fixed dividend thereon. The Preference shares shall not entitle the holders thereof to any further or other right of participation in the assets of the Company. The preference shares shall rank in priority to any Ordinary shares for dividend or on a return of capital. There are limited situations in which the Redeemable preference share holders are entitled to vote. The company may at any time redeem any or all Preference shares from the holders of such Preference shares at a price not exceeding the nominal amount of a Preference Share together with a sum equal to any arrears and accruals of the fixed dividend thereon.
21
Profit and loss reserves
The profit and loss reserves include all current and prior period retained profits and losses.
22
Financial commitments, guarantees and contingent liabilities
Bank facilities have been secured over the company's assets by way of a debenture in standard form and legal charge.
HEMEL SNOWCENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£000
£000
Within one year
409
285
Between two and five years
1,636
1,140
In over five years
42,332
29,783
44,377
31,208
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£000
£000
Within one year
7
120
Between two and five years
17
24
120
During the year £300k was recognised as an expense in the profit and loss account in respect of operating leases (2023: £360k).
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£000
£000
Acquisition of tangible fixed assets
1,100
-
25
Related party transactions
During the year, donations totaling £12k and sales totaling £33k were made to Snow Camp, a company related by virtue of common directorship.
26
Ultimate controlling party
The company is a wholly owned subsidiary undertaking of Snowcentres Limited which is the ultimate parent company incorporated in England and Wales.
Consolidated financial statements which include the results of the company may be obtained from Companies House.
Having considered the current shareholdings of the owners of the business, the Directors do not consider there to be an ultimate controlling party of the company.
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