REGISTERED NUMBER: SC113211 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2024

for

NEVIS RANGE DEVELOPMENT COMPANY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

I D Sutherland

J Sutherland

C O'Brien

SECRETARY:

J R M Bell

REGISTERED OFFICE:

Nevis Range Mountain Resort

Torlundy

Fort William

Inverness-Shire

PH33 6SQ

REGISTERED NUMBER:

SC113211 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

The directors present their strategic report of the company and the group for the year ended 31 October 2024.

REVIEW OF BUSINESS

Overview

2024 has been a landmark year for Nevis Range, defined by operational transformation, major awards, and record-breaking growth in international tourism. Following a challenging winter with no viable snow sports operations, the company's diversification strategy and strengthened global partnerships have driven significant visitor increases and strong financial performance.

Nevis Range was recognised nationally and regionally for excellence, winning the Scottish Thistle Award for Best Outdoor or Adventure Experience and the Highlands and Islands Tourism Award for Best Adventure Experience. These awards reflect our deep commitment to customer experience, sustainability, and community impact - the core pillars of our business.

Operational Developments

2025 also marked a pivotal operational milestone: the full exit of Cobbs from all Nevis Range facilities. The cafés returned to Nevis Range management in February 2025, and the hotel in April 2025, both transitions achieved at no cost to the company. Since regaining control, the hotel has operated at an impressive 93% occupancy rate, while café revenues and margins have expanded. During the summer, we also introduced a specialist Indian restaurant unit to cater to our growing international customer base, further enhancing the culinary offering across the site.

Although no snow sports operations took place during the trading year due to the absence of snowfall, the business saw continued growth in total visitors, driven by international markets. Visitors from India and the Middle East, including Dubai, now account for approximately 28% of total visitors (around 40,000 people annually) - a testament to our expanding partnerships with Destination Management Companies and the international travel trade, especially Star Tours. Additional gains were achieved in the Australian and American markets through targeted trade development activity.

Financial Performance

The 2025 financial year has seen growth in visitor numbers and turnover, primarily due to the strength of our international and travel trade channels. This success was partially offset by declines in UK consumer markets, reflecting wider economic challenges. The domestic tourism sector continues to face headwinds, evidenced by high-profile business closures across the UK such as Morrison's and Pizza Hut UK, alongside inflationary pressures and low consumer confidence.

Operating costs increased during the year, largely driven by higher staffing requirements following the reintegration of hotel and catering operations, combined with rising national insurance contributions and sustained inflation across food and material supplies. Despite these pressures, operational control and efficiency gains have strengthened financial performance, and Nevis Range is expected to post a small profit for the 2025 financial year.

Outlook for 2026 and Beyond

The outlook for 2026 and 2027 is highly positive. Profitability and turnover are expected to grow substantially due to a full year of trading across all Nevis Range-controlled units - including the hotel, cafés, and gift shops. The Blue Doon bike trail will operate for the entire season, supporting continued growth in bike hire and bike shop sales, both of which performed strongly in 2025.

Nevis Range's overnight car parking and campsite sales also achieved record levels this year, reinforcing the company's ability to capture diverse revenue streams. In addition, the management team is engaged in active inward investment discussions, with a high degree of confidence that significant capital will be deployed into the business in Q1 or Q2 of FY25/26, supporting continued expansion and long-term stability.

In summary, 2025 has demonstrated Nevis Range's resilience, strategic agility, and international momentum. With full operational control restored, record international visitation, and strong investment prospects, the company enters 2026 positioned for sustainable, profitable growth and continued leadership in Scotland's adventure and experience economy.

Key performance indicators

2024

2023

Gross profit percentage

96.8%

94.9%

Operating profit / (loss) percentage

13.6%

(4.7%

)

Visitor numbers:

Gondola

122,947

136,584

Skiers

1,150

3,389

Mountain bike course

8,898

11,186

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group's principal financial instruments comprise cash, short term deposits and borrowings, the main purpose of which is to provide finance for its normal operations. The company has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The risks associated with the group's financial instruments are interest rate, foreign currency, liquidity risk and price risk. The group has clear policies for managing each of these risks, as summarised below:

Interest rate risk

The group holds cash balances on floating rate short term deposit and maintains borrowings, where this is considered to be commercially appropriate. The group's policy is to monitor the level of these balances to ensure funds are available as required recognising that interest earnings will be subject to interest rate fluctuations.

Foreign currency risk

The group buys goods denominated in currencies other than sterling. The group manages receipts and payments through the operation of sterling bank accounts.

Liquidity risk

The group aims to mitigate liquidity risk by managing cash generation by its operations.

Price risk

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers and sourcing goods and services from multiple suppliers to ensure competitive pricing.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

The group generated a profit of £355,754 during the year to 31 October 2024, a significant improvement on the loss of £310,045 incurred during the year to 31 October 2023. The group had net current liabilities of £203,016 at 31 October 2024 which was down from the £263,093 balance at 31 October 2023. Since the year end, the group incurred losses over the 2024/25 winter period, has traded profitably since April 2025 and is expected to achieve a . small profit for the year as a whole. Despite the improvement in the group's financial position during the 2024/25 financial year, the net current liability position and the reliance on substantially achieving forecast levels of profits and cashflows indicate the existence of a material uncertainty which casts doubt on the group's ability to continue as a going concern.

The directors, with reference to forecasts of future trading profits and cashflows, continue to adopt the going concern basis when preparing the financial statements. In making their assessment the directors have considered a period of at least 12 months from the date of signature of these financial statements.

The directors have prepared detailed forecasts, covering a period of at least 12 months from the date of signature of these financial statements, which show that the group is expected to trade profitably over the following 12 months. The company is also expected to be cash generative in this 12 month period. The forecasts take into consideration expected visitor numbers and increased revenue streams. These forecasts are regularly updated to reflect the current position and the latest information and include a contingency provision equivalent to 7.5% of turnover to mitigate areas of underachievement.

The financial statements do not include any adjustments that would arise should the forecast levels of visitor numbers, increased revenue, and positive cashflows not be substantially achieved which could have an impact on the group's ability to continue trading as a going concern.

ON BEHALF OF THE BOARD:

C O'Brien - Director

31 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the operation of skiing, tourism and recreational facilities on Aonach Mor in the Lochaber district of the Highland region of Scotland.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

I D Sutherland

C J Williamson

J Sutherland

C O'Brien

G Rice

Other changes in directors holding office are as follows:

G Rice and C J Williamson ceased to be directors after 31 October 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

C O'Brien - Director

31 October 2025

Opinion

We have audited the financial statements of Nevis Range Development Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 October 2024 and of the group's 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.

Basis for opinion

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Material uncertainty related to going concern

We draw attention to note 3 in the financial statements, which indicates that the group's current liabilities exceeded its current assets by £203,016 at 31 October 2024 and that the directors' assessment of the group's ability to continue as a going concern is based on forecasts of expected future visitor numbers, increased revenues and positive cashflows.

As there is inevitably a degree of uncertainty regarding future visitor numbers, revenue and cashflows which can be impacted by factors outside the company's control, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included reviewing the latest projections and challenging key figures, calculations and assumptions.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework;

-

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

-

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates applied in the year end accounts.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Keith Edwards (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

31 October 2025

TURNOVER

3,692,755

3,495,716

Cost of sales

119,464

176,540

GROSS PROFIT

3,573,291

3,319,176

Administrative expenses

3,597,877

4,045,634

(24,586

)

(726,458

)

Other operating income

528,116

562,235

503,530

(164,223

)

Interest receivable and similar income

592

1,256

504,122

(162,967

)

Interest payable and similar expenses

5

148,368

147,078

PROFIT/(LOSS) BEFORE TAXATION

6

355,754

(310,045

)

Tax on profit/(loss)

7

15,977

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

339,777

(310,045

)

Profit/(loss) attributable to:

Owners of the parent

361,390

(361,618

)

Non-controlling interests

(21,613

)

51,573

339,777

(310,045

)

PROFIT/(LOSS) FOR THE YEAR

339,777

(310,045

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

339,777

(310,045

)

Total comprehensive income/(loss) attributable to:

Owners of the parent

361,390

(361,618

)

Non-controlling interests

(21,613

)

51,573

339,777

(310,045

)

FIXED ASSETS

Tangible assets

9

6,454,372

6,837,616

Investments

10

-

-

6,454,372

6,837,616

CURRENT ASSETS

Stocks

11

147,364

45,997

Debtors

12

766,460

250,561

Cash at bank and in hand

381,217

765,843

1,295,041

1,062,401

CREDITORS

Amounts falling due within one year

13

1,498,057

1,325,494

NET CURRENT LIABILITIES

(203,016

)

(263,093

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,251,356

6,574,523

CREDITORS

Amounts falling due after more than one year

14

(1,247,227

)

(1,744,831

)

ACCRUALS AND DEFERRED INCOME

18

(1,891,361

)

(2,026,701

)

NET ASSETS

3,112,768

2,802,991

CAPITAL AND RESERVES

Called up share capital

19

2,453,866

2,453,866

Capital redemption reserve

20

582,950

582,950

Retained earnings

20

75,952

(285,438

)

SHAREHOLDERS' FUNDS

3,112,768

2,751,378

NON-CONTROLLING INTERESTS

21

-

51,613

TOTAL EQUITY

3,112,768

2,802,991

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

C O'Brien - Director

J Sutherland - Director

FIXED ASSETS

Tangible assets

9

6,454,372

6,837,616

Investments

10

60

60

6,454,432

6,837,676

CURRENT ASSETS

Stocks

11

147,364

45,997

Debtors

12

777,165

217,731

Cash at bank and in hand

264,955

600,254

1,189,484

863,982

CREDITORS

Amounts falling due within one year

13

1,503,273

1,256,107

NET CURRENT LIABILITIES

(313,789

)

(392,125

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,140,643

6,445,551

CREDITORS

Amounts falling due after more than one year

14

(1,247,227

)

(1,744,831

)

ACCRUALS AND DEFERRED INCOME

18

(1,891,361

)

(2,026,701

)

NET ASSETS

3,002,055

2,674,019

CAPITAL AND RESERVES

Called up share capital

19

2,453,866

2,453,866

Capital redemption reserve

20

582,950

582,950

Retained earnings

20

(34,761

)

(362,797

)

SHAREHOLDERS' FUNDS

3,002,055

2,674,019

Company's profit/(loss) for the financial year

328,036

(438,977

)

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

C O'Brien - Director

J Sutherland - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 November 2022

2,453,866

76,180

582,950

Changes in equity

Total comprehensive loss

-

(361,618

)

-

Balance at 31 October 2023

2,453,866

(285,438

)

582,950

Changes in equity

Total comprehensive income

-

361,390

-

Balance at 31 October 2024

2,453,866

75,952

582,950

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 November 2022

3,112,996

-

3,112,996

Changes in equity

Increase in share capital

-

40

40

Total comprehensive loss

(361,618

)

51,573

(310,045

)

Balance at 31 October 2023

2,751,378

51,613

2,802,991

Changes in equity

Dividends

-

(30,000

)

(30,000

)

Total comprehensive income

361,390

(21,613

)

339,777

Balance at 31 October 2024

3,112,768

-

3,112,768

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2022

2,453,866

76,180

582,950

3,112,996

Changes in equity

Total comprehensive income

-

(438,977

)

-

(438,977

)

Balance at 31 October 2023

2,453,866

(362,797

)

582,950

2,674,019

Changes in equity

Total comprehensive income

-

328,036

-

328,036

Balance at 31 October 2024

2,453,866

(34,761

)

582,950

3,002,055

Cash flows from operating activities

Cash generated from operations

1

225,788

930,732

Interest paid

(147,534

)

(146,244

)

Interest element of hire purchase payments paid

(834

)

(834

)

Net cash from operating activities

77,420

783,654

Cash flows from investing activities

Purchase of tangible fixed assets

(210,503

)

(716,075

)

Sale of tangible fixed assets

142,687

-

Interest received

592

1,256

Net cash from investing activities

(67,224

)

(714,819

)

Cash flows from financing activities

New loans in year

-

375,000

Loan repayments in year

(355,372

)

(264,505

)

Capital repayments in year

(9,450

)

(9,450

)

Share issue to non-controlling interests

-

40

Dividends to non-controlling interests

(30,000

)

-

Net cash from financing activities

(394,822

)

101,085

(Decrease)/increase in cash and cash equivalents

(384,626

)

169,920

Cash and cash equivalents at beginning of year

2

765,843

595,923

Cash and cash equivalents at end of year

2

381,217

765,843

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

355,754

(310,045

)

Depreciation charges

464,176

533,577

Profit on disposal of fixed assets

(13,116

)

-

Finance costs

148,368

147,078

Finance income

(592

)

(1,256

)

954,590

369,354

Increase in stocks

(101,367

)

(82

)

(Increase)/decrease in trade and other debtors

(515,899

)

8,273

(Decrease)/increase in trade and other creditors

(111,536

)

553,187

Cash generated from operations

225,788

930,732

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

381,217

765,843

Year ended 31 October 2023

31.10.23

1.11.22

£

£

Cash and cash equivalents

765,843

595,923

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.11.23

Cash flow

At 31.10.24

£

£

£

Net cash

Cash at bank and in hand

765,843

(384,626

)

381,217

765,843

(384,626

)

381,217

Debt

Finance leases

(11,175

)

9,450

(1,725

)

Debts falling due within 1 year

(377,304

)

(140,507

)

(517,811

)

Debts falling due after 1 year

(1,743,106

)

495,879

(1,247,227

)

(2,131,585

)

364,822

(1,766,763

)

Total

(1,365,742

)

(19,804

)

(1,385,546

)