The director presents the strategic report for the year ended 30 September 2025.

The company 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 quarter of the financial year was impacted by a mechanical issue with a chiller causing closure of the slope for several days in mid-November 2024, however, the business saw positive recovery through the second quarter of the financial year. A later Easter than previous years impacted performance with better weather affecting demand, but a strong final quarter with strategic pricing changes ensured revenues and EBITDA above budget for the year.

Direct costs for the business were driven up by the increase in trading year on year and increased wage costs with higher than anticipated national minimum wage increases from April 25.

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 essential. There was a reduction in footfall across the year, however, this was mostly felt during the Easter period with peak footfall still strong.

The business has increased its range and type of operational and facility checks to protect 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.

The company monitors the following key performance indicators:

- Average spend per guest visit

- Lodge Cafe spend per transaction

- Number of guest visits / repeat 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)

Current trading since the year end has increased on the prior year and has benefitted from the 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.

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:

The following disclosure describes how the Director of the Company has taken account of the matters set out in section 172.

The Director meets monthly with senior management and makes decisions which promote the success of the Company and its stakeholders. Proposals are discussed in detail, approved and documented by the Director which ensures that key decisions are taken considering the Company's risk management framework.

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 21.31% v 24.47% 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 the 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.

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.

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 and we offer work placements.

The Director recognises 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. 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 on site ensuring partnerships complement our overall business offering and brand integrity is maintained.

On behalf of the board

The director presents his annual report and financial statements for the year ended 30 September 2025.

The principal activity of the company continued to be that of ownership and operation of an indoor real snow ski slope.

The results for the year are set out on page 10.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

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

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.

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 company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

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 Head of Departments 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 available.

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

R J Cook and T W Harris resigned as directors on 30th October 2025.

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

The table below represents Hemel Snowcentre Ltd’s energy use and associated greenhouse gas (GHG) emissions from electricity and fuel usage for the year ended 30th September 2025.

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

Measures taken to improve energy efficiency have been outlined in the strategic report but include investment in new more energy efficient chiller equipment and lighting.

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 company’s auditor 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 company’s auditor is aware of that information.

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK 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 company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Hemel Snowcentre Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 30 September 2025 and of its 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 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 director's 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 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 director 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 director is 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:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Based on our understanding of the company 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.

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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 27 form part of these financial statements.

The notes on pages 13 to 27 form part of these financial statements.

The notes on pages 13 to 27 form part of these financial statements.

Hemel Snowcentre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Snow Centre, St Albans Hill, Hemel Hempstead, Hertfordshire, HP3 9NH.

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 amounts in these financial statements are rounded to the nearest £000.

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

This 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:

• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• 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’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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.

The financial statements of the company are consolidated in the financial statements of Snowcentres Limited. These consolidated financial statements are available from Companies House.

The financial statements have been prepared on the going concern basis. The company has recorded a profit before tax of £true4,011k for the year ended 30 September 2025, and at the year end it has net current liabilities of £4,320k which is due to amounts owed to the parent company.

Post year-end management accounts indicate that the company has continued to be profitable in the following period and that the company has been able to meet its liabilities as they fall due.

The directors have considered the cash and profit forecasts prepared by the company, which, indicate that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

The financial statements do not include any adjustments which may be required should the basis of preparation turn out to be inappropriate.

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.

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 charged to the profit and loss account on a straight line basis over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The estimated useful lives are as follows:

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

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. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation 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 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 is 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.

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.

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

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 leases 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.

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.

In the application of the company’s accounting policies, the director is 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.

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

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.

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.

The company 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.

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

Their aggregate remuneration comprised:

Of the above, an average of 36 (2024: 40) were employed on a full-time basis. The remainder are part-time staff.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

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:

The above fixed assets are stated at depreciated historical cost, and are not revalued.

The directors have considered the carrying value of the Snow Centre asset 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 company's accounts.

Amounts owed by group undertakings are interest free and repayable on demand.

Amounts due to group undertakings are interest free and repayable on demand.

The redeemable preference shares of £6,667k are repayable on demand. 100% of the preference shares are held by the parent company, Snowcentres Limited.

See note 20 for terms attributable to the redeemable preference shares.

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

None of the deferred tax liability set out above is expected to reverse within the next 12 months. It relates to accelerated capital allowances that are expected to mature over the remaining economic life of the assets.

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

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares

The holders of these share 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 10 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.

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

Bank facilities have been secured over the company's assets by way of a debenture in standard form and legal charge.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

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

During the year £405k was recognised as an expense in the profit and loss account in respect of operating leases (2024: £300k).

Amounts contracted for but not provided in the financial statements:

During the year, donations totaling £10k and sales totaling £27k were made to Snow Camp, a company related by virtue of common directorship.

The company is a wholly owned subsidiary undertaking of Snowcentres Limited which is the intermediate parent company incorporated in England and Wales.

Consolidated financial statements which include the results of the company may be obtained from Companies House.

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