MOUNTAIN GOAT LIMITED


Directors	BROUGHTON, Ian Stephen
	CLAYTON, Anne Elizabeth
	TYSON, Robin Dixon


Company Secretary	BROUGHTON, Ian Stephen


Registered Address	Mountain Goat Ltd
	Chestnut Road
	Windermere
	LA23 2AL


Registered Number	02862284 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The directors believe they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Freehold property - over 10-15 years Plant and equipment - over 4 to 10 years Motor vehicles - over 5 to 10 years Fixtures and fittings - over 5 years

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Depreciation is provided on all tangible fixed assets as follows:

Freehold property      - over 10-15 years
Plant and equipment - over 4 to 10 years
Motor vehicles           - over 5 to 10 years
Fixtures and fittings   - over 5 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Income.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Statement of Income.

	Finance leases and hire purchase contracts
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	56		51

3.	Intangible assets

	Goodwill	Other	Total
	£	£	£
Cost or valuation
At 01 April 24	28,000	10,939	38,939
At 31 March 25	28,000	10,939	38,939
Amortisation and impairment
At 01 April 24	28,000	10,122	38,122
Charge for year	-	198	198
At 31 March 25	28,000	10,320	38,320
Net book value
At 31 March 25	-	619	619
At 31 March 24	-	817	817

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	374,144	148,928	1,362,391	7,308	1,892,771
Additions	635,231	1,723	344,707	-	981,661
Disposals	-	(17,275)	-	-	(17,275)
At 31 March 25	1,009,375	133,376	1,707,098	7,308	2,857,157
Depreciation and impairment
At 01 April 24	167,854	94,862	977,817	6,392	1,246,925
Charge for year	47,531	11,212	102,892	258	161,893
On disposals	-	(17,275)	-	-	(17,275)
At 31 March 25	215,385	88,799	1,080,709	6,650	1,391,543
Net book value
At 31 March 25	793,990	44,577	626,389	658	1,465,614
At 31 March 24	206,290	54,066	384,574	916	645,846

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 24	200	200
At 31 March 25	200	200
Net book value
At 31 March 25	200	200
At 31 March 24	200	200

	Notes
	¹Investments in group undertakings and participating interests

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	98,447	107,192
Amounts owed by group undertakings	254,607	196,485
Other debtors	33,357	66,021
Prepayments and accrued income	274,892	202,883
Total	661,303	572,581


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	99,719	106,221
Bank borrowings and overdrafts	138,986	139,875
Taxation and social security	22,016	25,551
Finance lease and HP contracts	153,824	93,940
Accrued liabilities and deferred income	189,103	188,461
Total	603,648	554,048


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts and are secured against the assets to which they relate.

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	558,788	166,170
Other creditors	497,285	266,385
Total	1,056,073	432,555


	Finance lease and HP contracts equal to £497,286, (2024 - £266,385) are included within other creditors and are secured against the assets to which they relate.

9.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	651,110		360,324

10.	Provisions for liabilities
	The provision for deferred tax arises from the fair value adjustment on tangible fixed assets.

	2025	2024
	£	£
Net deferred tax liability (asset)	25,100	-
Total	25,100	-

11.	Pension commitments
	The pension cost charge represents contributions payable by the company to the fund and amounted to £2,608 (2024 - £5,243).

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		619		817
Tangible assets	4		1,465,614		645,846
Investments	5		200		200
			1,466,433		646,863
Current assets
Debtors	6	661,303		572,581
Cash at bank and on hand		154,644		175,896
		815,947		748,477
Creditors amounts falling due within one year	7	(603,648)		(554,048)
Net current assets (liabilities)			212,299		194,429
Total assets less current liabilities			1,678,732		841,292
Creditors amounts falling due after one year	8		(1,056,073)		(432,555)
Provisions for liabilities	10		(25,100)		-
Net assets			597,559		408,737
Capital and reserves
Called up share capital			70,425		38,252
Other reserves			4,250		4,250
Profit and loss account			522,884		366,235
Shareholders' funds			597,559		408,737