Company Registration No. SC122794 (Scotland)
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
THE A9 PARTNERSHIP LIMITED
Chartered Accountants
Abercorn School
Newton
West Lothian
EH52 6PZ
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
13,420
15,096
Tangible assets
4
1,770
2,320
15,190
17,416
Current assets
Stocks
147,034
191,511
Debtors
6
22,290
24,178
Cash at bank and in hand
107,630
75,674
276,954
291,363
Creditors: amounts falling due within one year
7
(41,341)
(59,318)
Net current assets
235,613
232,045
Total assets less current liabilities
250,803
249,461
Creditors: amounts falling due after more than one year
8
(249,000)
(249,000)
Net assets
1,803
461
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
803
(539)
Total equity
1,803
461

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

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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

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

SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2025 and are signed on its behalf by:
S L Jensen
Director
Company Registration No. SC122794
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Scottish Mountaineering Trust (Publications) Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Crown Circus, Inverness, IV2 3NQ.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company is wholly owned by the Scottish Mountaineering Trust, (the SMT) a charity registered in Scotland, no SC009117.

 

The SMT has given a formal commitment that it will continue to provide financial support to the company as required, and in particular it will not demand repayment of the loan of £249,000 as described in Notes 8 and 10 to these Accounts within the period of 12 months from the date of signing these Accounts.   The Directors are confident that the SMT has adequate financial resources to honour this commitment, and have therefore prepared these accounts on a Going Concern basis.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

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

SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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

Image Database & Other software
20% straight line
Website Development
20% straight line
Digital Climbing Content
33% straight line
Brand & Design (and Associated Production Tools)
10% straight line
1.5
Tangible fixed assets

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

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

Equipment
20% straight line

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

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.7
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.

SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -

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.

For any books over 24 months old, depreciation is recorded at 2% per month up to a total possible 24% in any given year.

1.8
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.

1.9
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.

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.

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.

1.10
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.

SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
2,749
Depreciation and impairment
At 1 April 2024
429
Depreciation charged in the year
550
At 31 March 2025
979
Carrying amount
At 31 March 2025
1,770
At 31 March 2024
2,320
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
5
Intangible fixed assets
Image Database & Other software
Website Development
Digital Climbing Content
Brand & Design (and Associated Production Tools)
Total
£
£
£
£
£
Cost
At 1 April 2024
6,199
5,364
26,077
13,317
50,957
Additions
-
0
-
0
2,400
2,580
4,980
Disposals
(1,199)
(2,400)
(1,400)
-
(4,999)
At 31 March 2025
5,000
2,964
27,077
15,897
50,938
Amortisation and impairment
At 1 April 2024
4,480
2,746
24,109
4,526
35,861
Amortisation charged for the year
1,000
593
842
1,590
4,025
Disposals
(480)
(960)
(928)
-
(2,368)
At 31 March 2025
5,000
2,379
24,023
6,116
37,518
Carrying amount
At 31 March 2025
-
0
585
3,054
9,781
13,420
At 31 March 2024
1,719
2,618
1,968
8,791
15,096
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
20,703
23,235
Other debtors
1,587
943
22,290
24,178
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
35,172
53,716
Amounts owed to group undertakings
3,804
3,852
Other creditors
2,365
1,750
41,341
59,318
SCOTTISH MOUNTAINEERING TRUST (PUBLICATIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
249,000
249,000

The loan due to The Scottish Mountaineering Trust, the ultimate and immediate parent entity, has been made to finance the working capital requirements of the company. The creditor has agreed not to call for repayment for at least 12 months from the date of signing the Accounts. A bond and Floating Charge over the assets of the company has been granted to The Scottish Mountaineering Trust, as security for the loan advance.

9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Related party transactions

The ultimate and immediate parent entity is The Scottish Mountaineering Trust, an unincorporated charity registered in Scotland. The principal address of the parent is: 5 Afton Place, Edinburgh, EH5 3RB.

 

During the year interest was charged on the loan owed to The Scottish Mountaineering Trust of £3,804 (2024: £3,851). Also, insurance costs were charged in the year from The Scottish Mountaineering Trust of £771 (2024: £768).

 

The loan interest owed to The Scottish Mountaineering Trust at 31st March 2025 amounted to £3,804 (2024: £3,851).

 

The loan balance owed to The Scottish Mountaineering Trust as at 31 March 2025, included within Other Creditors was £249,000 (2024: £249,000).

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