Company Registration No. 06330688 (England and Wales)
SNOWCENTRES LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
SNOWCENTRES LIMITED
COMPANY INFORMATION
Directors
R J Cook
I D Brown
Company number
06330688
Registered office
The Snow Centre
St Albans Hill
Hemel Hempstead
Hertfordshire
HP3 9NH
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
SNOWCENTRES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 36
SNOWCENTRES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

The Group has continued to trade profitably and ahead of expectations for the year. Whilst guest footfall was down year on year, revenue growth was driven by mix of product and increased average selling price.

The first half of the financial year (October 24 to March 25) saw growth year on year in all core product areas. This was despite a closure for several days at Hemel Snow Centre caused by mechanical fault.

Later Easter holidays combined with warm Spring weather in April 25 impacted revenues with guest demand dropping year on year, however, summer demand was boosted through pricing and product strategy.

Direct costs for the business increased year on year driven up by increased revenue but also higher than anticipated national minimum wage increases and increased prices from suppliers. Overhead increases were seen in repairs and maintenance at both sites to ensure standards were maintained to deliver best guest experience.

Principal risks and uncertainties

Ongoing uncertainty around increased cost of living continues to have the potential to reduce footfall on site with Snowsports activities seen as a luxury spend rather than as essential. There was a reduction in footfall across the year, however, this was mostly felt during Easter period with peak footfall still strong.

The business has increased its range and type of operational and facility checks carried out to prevent against further mechanical failures impacting revenues with additional investment in facilities and planned preventative maintenance in place.

Ongoing increases to national minimum wage above inflation and budgeted levels in April 25 and changes to employer national insurance impacted payroll costs for the second half of our financial year and are anticipated to do so again from April 26. Further changes to statutory sick pay are being evaluated for impact.

Whilst price increases from suppliers have been seen across the business, the company has looked to protect against these through partnerships and contract agreements around F&B suppliers and energy. Additionally, the business continues to review energy use, investing in solar panels, employing saving initiatives where possible, and investing in updated chiller equipment and lighting in order to save on usage.

Key performance indicators

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 utilisation (instructor usage vs paid)

Future prospects

Current trading since the year end has increased on the prior year and has benefitted from Winter Olympic interest. It is anticipated that payroll costs will now increase ahead of initial expectations in April 26, with solutions to offset these costs currently being investigated.

SNOWCENTRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
S172 Statement
Our Key Stakeholders

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; |
2 | The interests of the company’s employees; |  |
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 |
6 | The need to act fairly as between members of the company. |

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

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 26.69% v 28.79% 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.

SNOWCENTRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Our Guests

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.

Our Community and the Environment

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 complement 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

R J Cook
Director
23 June 2026
SNOWCENTRES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the Company is that of a holding company for its subsidiary undertakings, Hemel

Snowcentre Limited and TraffordCity Snowcentre Limited.

The principal activity of the Group is the ownership and operation of indoor real snow ski slopes.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £nil (2024: £4,184k). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R J Cook
T W Harris
(Resigned 12 November 2025)
I D Brown
Financial instruments
Financial risk management objectives and policies

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.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

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 recognising individual performance. Bulletins are sent out by our Managing Director, and Heads of Department send out weekly updates to their teams. Twice a year we hold summit meetings where teams 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 counselling services are also available.

The Company conducts an annual digital employee engagement survey, with resulting data analysed and presented to Heads of Department to build appropriate plans to address concerns communicated by team members.

SNOWCENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -
Post reporting date events

On 6th November 2025, the Company issued 215,787 Ordinary shares of £1.

On 12th November 2025, each of the existing shareholders of Snowcentres Limited transferred their entire shareholdings to SnowWorld International NV, a company incorporated in The Netherlands.

Also on 12th November 2025, T W Harris resigned as a director.

Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

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 2025.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
774,294
902,247
- Electricity purchased
6,007,921
6,559,011
6,782,215
7,461,258
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
141.68
165.02
- Fuel consumed for owned transport
-
-
141.68
165.02
Scope 2 - indirect emissions
- Electricity purchased
1,108.91
1,358.08
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
46.72
47.46
Total gross emissions
1,297.31
1,570.56
Intensity ratio
Tonnes CO2e per employee
1.94
2.38
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

SNOWCENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
R J Cook
Director
23 June 2026
SNOWCENTRES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SNOWCENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SNOWCENTRES LIMITED
- 8 -
Opinion

We have audited the financial statements of Snowcentres Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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.

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

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport 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.

SNOWCENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNOWCENTRES LIMITED
- 9 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

SNOWCENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SNOWCENTRES LIMITED
- 10 -

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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Ross Lane
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
23 June 2026
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
SNOWCENTRES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£000
£000
Turnover
3
21,606
21,014
Cost of sales
(6,765)
(6,619)
Gross profit
14,841
14,395
Administrative expenses
(9,542)
(9,742)
Other operating income
1,333
1,249
Operating profit
5
6,632
5,902
Interest receivable and similar income
9
91
170
Profit before taxation
6,723
6,072
Tax on profit
10
(1,811)
(1,832)
Profit for the financial year
24
4,912
4,240
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 17 to 36 form part of these financial statements.

SNOWCENTRES LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 12 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
12
573
678
Other intangible assets
12
73
-
0
Total intangible assets
646
678
Tangible assets
13
30,856
30,528
31,502
31,206
Current assets
Stocks
16
207
157
Debtors
17
1,475
1,205
Cash at bank and in hand
10,543
6,205
12,225
7,567
Creditors: amounts falling due within one year
18
(5,367)
(5,570)
Net current assets
6,858
1,997
Total assets less current liabilities
38,360
33,203
Provisions for liabilities
Provisions
19
158
122
Deferred tax liability
20
2,886
2,677
(3,044)
(2,799)
Net assets
35,316
30,404
Capital and reserves
Called up share capital
23
4,183
4,183
Share premium account
24
6,381
6,381
Capital redemption reserve
24
6,480
6,480
Profit and loss reserves
24
18,272
13,360
Total equity
35,316
30,404

The notes on pages 17 to 36 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2026 and are signed on its behalf by:
23 June 2026
R J Cook
Director
Company registration number 06330688 (England and Wales)
SNOWCENTRES LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 13 -
2025
2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
12
73
-
0
Tangible assets
13
139
-
0
Investments
14
10,448
10,448
10,660
10,448
Current assets
Debtors
17
14,669
14,967
Cash at bank and in hand
179
183
14,848
15,150
Creditors: amounts falling due within one year
18
(255)
(117)
Net current assets
14,593
15,033
Net assets
25,253
25,481
Capital and reserves
Called up share capital
23
4,183
4,183
Share premium account
24
6,381
6,381
Capital redemption reserve
24
6,480
6,480
Profit and loss reserves
24
8,209
8,437
Total equity
25,253
25,481

The notes on pages 17 to 36 form part of these financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £228 k (2024: £4,243k profit).

The financial statements were approved by the board of directors and authorised for issue on 23 June 2026 and are signed on its behalf by:
23 June 2026
R J Cook
Director
Company registration number 06330688 (England and Wales)
SNOWCENTRES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
Balance at 1 October 2023
4,183
6,381
6,480
13,304
30,348
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
4,240
4,240
Dividends
11
-
-
-
(4,184)
(4,184)
Balance at 30 September 2024
4,183
6,381
6,480
13,360
30,404
Year ended 30 September 2025:
Profit and total comprehensive income for the year
-
-
-
4,912
4,912
Balance at 30 September 2025
4,183
6,381
6,480
18,272
35,316

The notes on pages 17 to 36 form part of these financial statements.

SNOWCENTRES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
Balance at 1 October 2023
4,183
6,381
6,480
8,377
25,421
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
4,244
4,244
Dividends
11
-
-
-
(4,184)
(4,184)
Balance at 30 September 2024
4,183
6,381
6,480
8,437
25,481
Year ended 30 September 2025:
Loss and total comprehensive income for the year
-
-
-
(228)
(228)
Balance at 30 September 2025
4,183
6,381
6,480
8,209
25,253
SNOWCENTRES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
2025
2024
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from operations
29
8,372
8,341
Income taxes paid
(1,811)
(1,082)
Net cash inflow from operating activities
6,561
7,259
Investing activities
Purchase of intangible assets
(73)
-
Purchase of tangible fixed assets
(2,351)
(1,563)
Proceeds from disposal of tangible fixed assets
110
15
Interest received
91
170
Net cash used in investing activities
(2,223)
(1,378)
Financing activities
Repayment of preference shares
-
(3,240)
Dividends paid to equity shareholders
-
0
(4,184)
Net cash used in financing activities
-
(7,424)
Net increase/(decrease) in cash and cash equivalents
4,338
(1,543)
Cash and cash equivalents at beginning of year
6,205
7,748
Cash and cash equivalents at end of year
10,543
6,205

The notes on pages 17 to 36 form part of these financial statements.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
1
Accounting policies
Company information

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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

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 2025. 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 g roup.

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.

1.4
Going concern

The consolidated financial statements have been prepared on the going concern basis. The group has recorded a profit before tax of £6,723 k for the year ended 30 September 202 5 and has net current assets of £6,858 k 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.

1.5
Turnover

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.

1.6
Research and development expenditure

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.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of certain trade assets and liabilities over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
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.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Website
5 years
1.9
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.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

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:

Snow Centres
50 years straight line
Leasehold land
125 years straight line
Leasehold improvements
10 years straight line
Plant and equipment
2-10 years straight line
Fixtures and fittings
3-10 years 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 recognised in the profit and loss account.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.10
Fixed asset investments

Equity in vest ments 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.

I n 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.

1.11
Impairment of fixed assets

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.

1.12
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.

Cost is calculated using the first-in first-out method.

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.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.13
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.

1.14
Financial instruments

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

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 m ethod 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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

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 group after deducting all of its liabilities.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
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 paymen ts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

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.

1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -
1.18
Employee benefits

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.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

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 lease d 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.

1.21
Foreign exchange

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.

1.22

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.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of fixed assets

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.

Impairment of investments

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.

Key sources of estimation uncertainty

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.

Economic useful life of tangible fixed assets

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.

3
Turnover and other revenue
2025
2024
£000
£000
Turnover analysed by class of business
Sale of goods
2,610
2,555
Provision of snow sports facilities
18,996
18,459
21,606
21,014
2025
2024
£000
£000
Turnover analysed by geographical market
United Kingdom
21,606
21,014
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
4
Other operating income
2025
2024
£000
£000
Rent receivable
1,283
1,249
Insurance claims receivable
50
-
1,333
1,249
5
Operating profit
2025
2024
£000
£000
Operating profit for the year is stated after charging:
Research and development costs
46
56
Depreciation of owned tangible fixed assets
1,892
1,842
Loss on disposal of tangible fixed assets
22
11
Amortisation of intangible assets
105
104
Operating lease charges
1,092
966
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
59
44
For other services
Taxation compliance services
9
9

The audit fees of the parent company are born e by its subisidiaries.

7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management, administration and sales staff
77
78
3
3
Slope staff
507
507
-
-
Food and beverage staff
84
75
-
-
Total
668
660
3
3
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
7
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Wages and salaries
7,136
6,804
173
-
0
Social security costs
494
402
-
-
Pension costs
290
176
-
0
-
0
7,920
7,382
173
-
0

Of the above, an average of 77 (202 4: 95) were employed on a full-time basis. The remainder are part-time staff.

8
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
205
180
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
205
n/a

9
Interest receivable and similar income
2025
2024
£000
£000
Interest income
Interest on bank deposits
91
147
Other interest income
-
23
Total income
91
170
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
10
Taxation
2025
2024
£000
£000
Current tax
UK corporation tax on profits for the current period
1,611
1,554
Adjustments in respect of prior periods
(8)
(16)
Total current tax
1,603
1,538
Deferred tax
Origination and reversal of timing differences
208
165
Adjustment in respect of prior periods
-
0
129
Total deferred tax
208
294
Total tax charge
1,811
1,832

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:

2025
2024
£000
£000
Profit before taxation
6,723
6,072
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,681
1,518
Tax effect of expenses that are not deductible in determining taxable profit
16
-
0
Change in unrecognised deferred tax assets
(26)
-
0
Adjustments in respect of prior years
(8)
(16)
Group relief
(2)
-
0
Permanent capital allowances in excess of depreciation
23
23
Depreciation on assets not qualifying for tax allowances
177
178
Deferred tax adjustments in respect of prior years
-
0
129
Other tax adjustments, reliefs and transfers
(59)
-
0
Movement in deferred tax not recognised
9
-
0
Taxation charge
1,811
1,832
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£000
£000
Interim paid
-
4,184
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
12
Intangible fixed assets
Group
Goodwill
Website
Total
£000
£000
£000
Cost
At 1 October 2024
1,042
-
0
1,042
Additions
-
0
73
73
At 30 September 2025
1,042
73
1,115
Amortisation and impairment
At 1 October 2024
364
-
0
364
Amortisation charged for the year
105
-
0
105
At 30 September 2025
469
-
0
469
Carrying amount
At 30 September 2025
573
73
646
At 30 September 2024
678
-
0
678
Company
Website
£000
Cost
At 1 October 2024
-
0
Additions
73
At 30 September 2025
73
Amortisation and impairment
At 1 October 2024 and 30 September 2025
-
0
Carrying amount
At 30 September 2025
73
At 30 September 2024
-
0
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 29 -
13
Tangible fixed assets
Group
Snow Centres
Leasehold land
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£000
£000
£000
£000
£000
£000
£000
Cost
At 1 October 2024
34,048
1,050
1,395
241
4,097
1,663
42,495
Additions
-
0
-
0
324
1,085
516
426
2,351
Disposals
-
0
-
0
-
0
-
0
(11)
(310)
(321)
Transfers
-
0
-
0
178
(1,109)
931
-
0
-
0
At 30 September 2025
34,048
1,050
1,898
217
5,533
1,779
44,525
Depreciation and impairment
At 1 October 2024
7,459
138
315
-
0
3,015
1,039
11,966
Depreciation charged in the year
786
8
183
-
0
609
306
1,892
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(8)
(181)
(189)
At 30 September 2025
8,244
147
498
-
0
3,616
1,164
13,669
Carrying amount
At 30 September 2025
25,804
903
1,400
217
1,917
615
30,856
At 30 September 2024
26,589
912
1,080
241
1,082
624
30,528
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Tangible fixed assets
(Continued)
- 30 -
Company
Fixtures and fittings
£000
Cost
At 1 October 2024
-
0
Additions
139
At 30 September 2025
139
Depreciation and impairment
At 1 October 2024 and 30 September 2025
-
0
Carrying amount
At 30 September 2025
139

The Directors have considered the carrying value of the Snow Centre s' asset s 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.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£000
£000
£000
£000
Investments in subsidiaries
15
-
0
-
0
10,448
10,448
Movements in fixed asset investments
Company
Shares in subsidiaries
£000
Cost or valuation
At 1 October 2024 and 30 September 2025
10,448
Carrying amount
At 30 September 2025
10,448
At 30 September 2024
10,448
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
15
Subsidiary

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Hemel Snowcentre Limited
*
Indoor Snow Centre
Ordinary & Preference
100.00
0
TraffordCity Snowcentre Limited
*
Indoor Snow Centre
Ordinary
100.00
0

The investment in subsidiaries are stated at cost.

*The Snow Centre, St Albans Hill, Hemel Hempstead, Hertfordshire, HP3 9NH.

16
Stocks
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Food and drink
17
16
-
-
Work in progress
19
-
-
-
Snow equipment
171
141
-
0
-
0
207
157
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
352
174
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
14,669
14,967
Other debtors
201
324
-
0
-
0
Prepayments and accrued income
922
707
-
0
-
0
1,475
1,205
14,669
14,967
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 32 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£000
£000
£000
£000
Trade creditors
808
696
-
0
-
0
Corporation tax payable
665
874
-
0
-
0
Other taxation and social security
433
551
-
0
-
0
Deferred income
21
1,933
1,866
-
0
-
0
Other creditors
298
355
117
117
Accruals
1,230
1,228
138
-
0
5,367
5,570
255
117
19
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Claims provision
158
122
-
-
Movements on provisions:
Claims provision
Group
£000
At 1 October 2024
137
Additional provisions in the year
88
Reversal of provision
(52)
Utilisation of provision
(15)
At 30 September 2025
158
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£000
£000
Accelerated capital allowances
2,899
2,686
Retirement benefit obligations
(7)
(4)
Other short term timing differences
(6)
(5)
2,886
2,677
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
20
Deferred taxation
(Continued)
- 33 -
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£000
£000
Liability at 1 October 2024
2,677
-
Charge to profit or loss
209
-
Liability at 30 September 2025
2,886
-
21
Deferred income
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Other deferred income
1,933
1,866
-
-

Deferred income relates to membership fees, advance bookings and vouchers.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
290
176

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.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
4,183,678
4,183,678
4,183
4,183
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
23
Share capital
(Continued)
- 34 -

Ordinary shares

The holders of these share s 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, 3,240,05 5 preference shares of £1 each were redeemed at par.

24
Reserves
Equity reserve

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.

Profit and loss reserves

The profit and loss reserves include all current and prior period retained profits and losses.

25
Operating lease commitments
Lessee

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:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Within one year
1,051
1,037
-
-
Between two and five years
4,355
4,148
-
-
In over five years
119,497
106,394
-
-
124,903
111,579
-
-
SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
25
Operating lease commitments
(Continued)
- 35 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Within one year
971
876
-
-
Between two and five years
2,947
2,594
-
-
In over five years
5,391
3,948
-
-
9,309
7,418
-
-

During the year £1,092 k was recognised as an expense in the profit and loss account in respect of operating leases (202 4: £996 k)

26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Acquisition of tangible fixed assets
894
1,337
-
-
27
Events after the reporting date

On 6th November 2025, the Company issued 215,787 Ordinary shares of £1.

On 12 November 2025, each of the existing shareholders of Snowcentres Limited transferred their entire shareholdings to SnowWorld International NV, a company incorporated in The Netherlands.

28
Controlling party

The company is a wholly owned subsidiary undertaking of Snow World International NV, a company incorporated in Belgium.

Having considered the current shareholdings of the owners of the business, the Directors do not consider there to be an ultimate controlling party of the company.

SNOWCENTRES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 36 -
29
Cash generated from group operations
2025
2024
£000
£000
Profit after taxation
4,912
4,240
Adjustments for:
Taxation charged
1,811
1,832
Investment income
(91)
(170)
Loss on disposal of tangible fixed assets
22
11
Amortisation and impairment of intangible assets
105
104
Depreciation and impairment of tangible fixed assets
1,892
1,840
Increase/(decrease) in provisions
36
(60)
Movements in working capital:
(Increase)/decrease in stocks
(50)
30
(Increase)/decrease in debtors
(270)
888
Decrease in creditors
(62)
(352)
Increase/(decrease) in deferred income
67
(23)
Cash generated from operations
8,372
8,340
30
Analysis of changes in net funds - group
1 October 2024
Cash flows
30 September 2025
£000
£000
£000
Cash at bank and in hand
6,205
4,338
10,543
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