The directors present the strategic report for the year ended 30 September 2024.
The group 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 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 increased year on year, driven up by increased revenue but also higher than anticipated National Minimum Wage increases and. Overhead increases were seen through investment in training, insurance and employee safety checks.
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 spending. Trading across the year suggests the business was largely unaffected by this uncertainty.
The business has increased the range and type of operational and facility checks carried out to prevent against mechanical failures impacting revenues with further investment in facilities and planned preventative maintenance for summer 2025 in place.
Ongoing increases to National Minimum Wage above inflation and expectations 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 liability 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 Group 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.
The company monitors the following key performance indicators:
- Spend per guest visit
- Lodge Cafe spend per transaction
- Guest visits
- Total guest database
- Payroll hours tracking
- Profit margin and payroll cost margin.
- Guest feedback
- Health & Safety audits.
- Team engagement, absence, turnover.
- Staffing utilization (instructor usage vs paid)
Current trading since the year end has been impacted by separate mechanical faults at both sites at the end of the year ended 30 September 2024. However since these issues were resolved, trading has improved and the deficit across the early part of FY25 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.
The Board considers the following groups to be the key stakeholders of the business:
Team Members (employees)
Guests (customers)
Investors
The community in which we operate
The environment
Our suppliers and business partners
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:
1 | The likely consequences of any decisions in the long term; |
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2 | The interests of the company’s employees; |
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3 | The need to foster the company’s business relationships with suppliers, customers and others; | ||
4 | The impact of the company’s operations on the community and the environment; | ||
5 | The reputation for a high standard of business conduct; and |
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6 | The need to act fairly as between members of the company. |
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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 Group and its stakeholders. Proposals are discussed in detail, approved and documented by the Directors which ensures that key decisions are taken considering the Groups risk management framework.
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 28.79% v 29.6% 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.
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.
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 at both sites 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. The Board has backed an investment to install solar panels at The Snow Centre with the aim to reduce costs and significantly reduce our carbon footprint. 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 across both locations ensuring partnerships complement our overall business offering and brand integrity is maintained. As such, great care is taken before tenants are taken on and/or leases revised.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2024.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £4,184k. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
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 also 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.
The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The table below represents the group's energy use and associated greenhouse gas (GHG) emissions from electricity and fuel usage for the year ended 30th September 2024
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.
We have audited the financial statements of Snowcentres Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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).
Basis for 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 group's and parent 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.
Other information
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group 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.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
The notes on pages 16 to 33 form part of these financial statements.
The notes on pages 16 to 33 form part of these financial statements.
The notes on pages 16 to 33 form part of these financial statements.
As permitted by s408 Companies Act 2006, the, company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,243,493 (2023: £48 loss).
The notes on pages 16 to 33 form part of these financial statements.
The notes on pages 16 to 33 form part of these financial statements.
Snowcentres Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is: The Snow Centre, St Albans Hill, Hemel Hempstead, Hertfordshire, HP3 9NH.
The group consists of Snowcentres Limited, Hemel Snowcentre Limited and TraffordCity Snowcentre Limited.
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 £1,000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 consolidated group financial statements consist of the financial statements of the parent company Snowcentres Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The consolidated financial statements have been prepared on the going concern basis. The group has recorded a profit before tax of £6,072k for the year ended 30 September 2024 and has net current assets of £1,997k at that date.
Post year-end management accounts indicate that the Group has continued to make a profit in the following period and that the group has been able to meet its liabilities as they fall due.
The directors have considered the cash and profit forecasts prepared by the Group for the 12 months following the approval of the financial statements which indicate that the Group will be able to meet its liabilities as they fall due.
The financial statements do not include any adjustments which may be required should the basis of preparation turn out to be inappropriate.
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.
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.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased 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.
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.
Interest receivable and interest payable
Interest payable and similar charges include interest payable and finance charges on shares classified as liabilities recognised in profit and loss using the effective interest method.
Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the company's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
In the application of the group’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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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.
The group hold investments in subsidiaries at cost. Impairment reviews are carried out on a regular basis to ensure the carrying amounts of investments remain appropriate. Factors such as value of underlying net assets and trading forecasts are taken into consideration which requires management to exercise judgement in making its assessment.
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.
The group 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.
The audit fees of the parent company are born by its subisidiaries.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Of the above, an average of 95 (2023: 80) were employed on a full-time basis. The remainder are part-time staff.
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:
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 Group's accounts.
Details of the company's subsidiaries at 30 September 2024 are as follows:
The investment in subsidiaries are stated at cost.
*The Snow Centre, St Albans Hill, Hemel Hempstead, Hertfordshire, HP3 9NH.
In November 2023, the company redeemed £3,240k of preference share capital which was classified as Other borrowings.
In November 2023, the company redeemed £3,240k of preference share capital.
See note 23 for terms attributable to the redeemable preference shares.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Deferred income relates to membership fees, advance bookings and vouchers.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
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 5 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.
In November 2023, 3,240,055 preference shares of £1 each were redeemed at par.
The equity reserve is comprised of the cumulative equity settled share based payments charges recognised in the accounts where the share options are yet to be exercised.
The profit and loss reserves include all current and prior period retained profits and losses.
Bank facilities have been secured over the group's assets by way of a debenture in standard form and legal charge.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
During the year £996k was recognised as an expense in the profit and loss account in respect of operating leases (2023: £1,006k)
Amounts contracted for but not provided in the financial statements: