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Registration number: 06388121

The Climbing Academy Group Ltd
Unaudited Filleted Financial Statements
for the Year Ended 30 September 2025

Pages for filing with Registrar

The Climbing Academy Group Ltd

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 14

The Climbing Academy Group Ltd

Company Information

Directors | RI Sutton AF Cassidy P Twomey RM Emerson

Company secretary | RM Emerson

Registered office | 85 Barrow Road Belvedere House Barrow Road Bristol BS5 0FD

Registered number | 06388121

Accountant | Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB

The Climbing Academy Group Ltd

(Registration number: 06388121)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 5 | 97,272 | 115,377
Tangible assets | 6 | 3,108,027 | 2,658,961
|  | 3,205,299 | 2,774,338
Current assets |  |  |
Stocks |  | 166,844 | 186,050
Debtors | 7 | 168,702 | 194,091
Cash at bank and in hand |  | 144,922 | 132,931
|  | 480,468 | 513,072
Creditors: Amounts falling due within one year | 8 | (1,088,604) | (838,762)
Net current liabilities |  | (608,136) | (325,690)
Total assets less current liabilities |  | 2,597,163 | 2,448,648
Creditors: Amounts falling due after more than one year | 8 | (703,442) | (618,131)
Provisions for liabilities | 9 | (406,200) | (393,682)
Net assets |  | 1,487,521 | 1,436,835
Capital and reserves |  |  |
Called up share capital |  | 3,810 | 3,749
Share premium reserve |  | 199,396 | 181,305
Capital redemption reserve |  | 69 | 69
Profit and loss account |  | 1,284,246 | 1,251,712
Total equity |  | 1,487,521 | 1,436,835

The Climbing Academy Group Ltd

(Registration number: 06388121)
Balance Sheet as at 30 September 2025

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 2 March 2026 and signed on its behalf by:

.........................................

AF Cassidy
Director

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

1 | Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
85 Barrow Road Belvedere House
Barrow Road
Bristol
BS5 0FD
England

2 | Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Plant and machinery | 5 - 30 years straight line
Climbing wall | 5 - 30 years straight line
Property | 15 years straight line

Intangibles
Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Lease premium | over the term of the lease
Goodwill | 10% straight line

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Where a sale and leaseback transaction does not transfer substantially all the risks and rewards of ownership and is, in substance, a financing arrangement, the asset remains recognised on the balance sheet. The proceeds received are recognised as a financial liability within borrowings. The liability is measured at amortised cost using the effective interest method, and finance charges are recognised in the profit and loss account over the term of the arrangement.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102 requires that the cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant option holders become fully entitled to the award. Fair value is determined using an appropriate pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and taking into account management's best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
As permitted by FRS102, these financial statements do not include any expense for those share options which were issued prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 121 (2024 - 127).

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

4 | Taxation

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Timing differences from accelerated tax depreciation | 406,200
| 406,200

2024 | Liability £
Timing differences from accelerated tax depreciation | 371,882
| 371,882

5 | Intangible fixed assets

| Goodwill £ | Lease premium £ | Total £
Cost
At 1 October 2024 | 111,441 | 107,999 | 219,440
At 30 September 2025 | 111,441 | 107,999 | 219,440
Amortisation
At 1 October 2024 | 27,860 | 76,203 | 104,063
Amortisation charge | 11,144 | 6,961 | 18,105
At 30 September 2025 | 39,004 | 83,164 | 122,168
Carrying amount
At 30 September 2025 | 72,437 | 24,835 | 97,272
At 30 September 2024 | 83,581 | 31,796 | 115,377

On 1 March 2022 the company hived up the trade and assets of its subsidiary Undercover Rock Limited. This was a group restructure accounted for as a business combination under FRS 102, resulting in goodwill of £111,441.

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

6 | Tangible fixed assets

| Climbing wall £ | Property £ | Plant and machinery £ | Total £
Cost
At 1 October 2024 | 1,484,104 | 1,541,913 | 466,440 | 3,492,457
Additions | 56,601 | 455,559 | 239,632 | 751,792
Disposals | (3,194) | (1,400) | (22,967) | (27,561)
At 30 September 2025 | 1,537,511 | 1,996,072 | 683,105 | 4,216,688
Depreciation
At 1 October 2024 | 402,558 | 299,386 | 131,552 | 833,496
Charge for the year | 99,613 | 111,326 | 80,177 | 291,116
Eliminated on disposal | (331) | (747) | (14,873) | (15,951)
At 30 September 2025 | 501,840 | 409,965 | 196,856 | 1,108,661
Carrying amount
At 30 September 2025 | 1,035,671 | 1,586,107 | 486,249 | 3,108,027
At 30 September 2024 | 1,081,546 | 1,242,527 | 334,888 | 2,658,961

The carrying value of assets held under hire purchase contracts is £79,647 (2024: £93,715).

7 | Debtors: amounts falling due within one year

| 2025 £ | 2024 £
Trade debtors | 12,080 | 5,588
Prepayments | 119,136 | 85,207
Other debtors | 37,486 | 103,296
| 168,702 | 194,091

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

8 | Creditors

| Note | 2025 £ | 2024 £
Amounts falling due within one year |  |  |
Loans and borrowings |  | 393,674 | 225,790
Hire purchase liability |  | 34,079 | 27,929
Trade creditors |  | 210,938 | 173,132
Taxation and social security |  | 245,800 | 136,796
Other creditors |  | 8,476 | 5,356
Accruals and deferred income |  | 167,216 | 189,943
Corporation tax |  | 28,421 | 79,816
|  | 1,088,604 | 838,762

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings |  | 663,307 | 544,705
Hire purchase liability |  | 40,135 | 73,426
|  | 703,442 | 618,131

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

Loans and borrowings include the following loans:
Coronavirus Business Interruption Scheme loan of £39,667 (2024: £87,267). The repayment term is 5 years, interest charged at 2.81% above base.
Recovery Loan Scheme loan of £133,334 (2024: £187,501). The repayment term is 5 years, interest is charged at 4.57% above base rate.
EFG loan of £4,060 (2024: £16,239). The repayment term is 5 years, interest is charged at 4.5% above base rate.
FW Capital loan of £371,704 (2024: £451,593). The repayment term is 5 years, interest charged at 7.9%pa. The loan is secured by a fixed and floating charge over the company, and by personal guarantees by the four directors.
A second tranche of the FW Capital loan advanced during the year under review of £245,771 (2024: £Nil). The repayment term is 5 years, interest charged at 8.4%pa. The loan is secured by a fixed and floating charge over the company, and by personal guarantees by the four directors.
Shire Leasing Loan of £73,531 (2024: £Nil). The repayment term is 5 years, interest charged at 7.9%pa. The loan is secured by personal guarantees by one of the directors.
IWOCA Hydrogen Loan of £106,013 (2024: £Nil). This constitutes a revolving credit facilty and at variable interest rates. The loan is secured by personal guarantees by one of the directors
During the year, the company entered into two sale and leaseback transactions involving assets held within fixed assets. The assets were sold to Lombard and leased back under finance lease agreements whereby the assets can be repurchased for trivial values at the end of the lease terms. The resulting lease liabilities at 30 September 2024 of £82,902 are included within loans and borrowings. The leases have terms of 3 years and carry an effective interest rate of 8.42% and 9.54% respectively. No significant restrictions are imposed by the lease agreements other than those customary for such arrangements.

9 | Provisions for liabilities

| Deferred tax £ | Other provisions £
At 1 October 2024 | 371,882 | 21,800
Charged to profit or loss | 34,318 | 15,308
Provisions used | - | (37,108)
At 30 September 2025 | 406,200 | -

In the prior year, a provision was recognised for a backdated rent increase. During the year under review, this liability was settled and paid in full. No further provision remains outstanding at the year end.

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 3,810 | 3,810 | 3,675 | 3,675

On 1 February 2025, 61 ordinary £1 shares were issued for a total consideration of £18,152.

11 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 227,552 | 183,924
Later than one year and not later than five years | 604,646 | 449,595
Later than five years | 528,734 | 394,800
| 1,360,932 | 1,028,319

The Climbing Academy Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025

12 | Share-based payments

EMI share options

Scheme details and movements

The company has issued options over its unissued shares to employees and directors. The options vest at the start of the calendar year following the date of grant and are conditional on the option holders' continuing employment by the company.
The options expire after 5 years.

The movements in the number of share options during the year were as follows:

| 2025 Number | 2024 Number
Outstanding, start of period | 61 | 117
Granted during the period | - | 61
Exercised during the period | (61) | (117)
Outstanding, end of period | - | 61

The movements in the weighted average exercise price of share options during the year were as follows:

| 2025 £ | 2024 £
Outstanding, start of period | 298.00 | 197.00
Granted during the period | - | 298.00
Exercised during the period | (298.00) | 197.00
Outstanding, end of period | - | 298.00

No expense has been recognised in profit or loss account for this year or 2024 as the charge is not material.