REGISTERED NUMBER: SC045749 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st October 2025

for

Visitor Centres Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

15

Directors:

J A Austin

D Fullerton

S Hayes

D R Hayes

C J Hayes

B D Hayes

A U Johnson

Secretary:

Burness Paull LLP

Registered office:

Landmark Visitor Centre

Carrbridge

Inverness-shire

PH23 3AJ

Registered number:

SC045749 (Scotland)

Auditors:

Frame Kennedy Ltd

4th Floor Metropolitan House

31-33 High Street

Inverness

IV1 1HT

Bankers:

Royal Bank of Scotland

Inverness Chief Office

29 Harbour Road

Inverness

IV1 1NU

The company operates a portfolio of visitor attractions providing tourism, hospitality and leisure experiences, and a tourism publishing and print distribution service.

Overall turnover fell slightly in 2025, principally due to the continuing cost of living crisis. This was in line with trends in the Scottish and UK Visitor Attraction market, which had a challenging year. Meanwhile costs, in particular labour costs, rose. The company continued to invest for the long term by maintaining and developing services and facilities, to meet changing market needs. Lower income and increased costs resulted in a fall in profit margin.

The company continued to look after staff wellbeing through various initiatives. This was recognised in awards, for example Landmark was one of only five Highland companies awarded new Highland Employer Charter Gold accreditation, recognising excellence as an employer and for its support to the local community. Camera Obscura won the National Thistle Award for Scottish Tourism and Hospitality Employer of the Year. It was also recognised for its work on inclusivity and accessibility for both staff and visitors. The company's charitable donations also rose, further supporting the wider community.

In terms of Climate action, Landmark made a number of improvements including reducing energy consumption through the installation of air source heat pumps. Camera Obscura was a national finalist in the Thistle Awards Climate Action category.

The company's financial position at the year-end remained strong with a rise in net assets. Cash reserves retained by the company continue to provide security against the risks of a bad year from external factors such as adverse weather, economic conditions or pandemic. A strong level of cash reserves also allows the company to invest in its attractions and ensure that the high quality of visitor experience and services we offer are maintained and developed.

On behalf of the board:

A U Johnson - Director

2nd July 2026

The directors present their report with the financial statements of the company for the year ended 31st October 2025.

Dividends

Particulars of recommended dividends are detailed in note 10 to the financial statements

Directors

The directors shown below have held office during the whole of the period from 1st November 2024 to the date of this report.

J A Austin

D Fullerton

S Hayes

D R Hayes

C J Hayes

B D Hayes

A U Johnson

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. They are 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.

Statement as to disclosure of information to auditors

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

Auditors

The auditors, Frame Kennedy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

A U Johnson - Director

2nd July 2026

Opinion

We have audited the financial statements of Visitor Centres Limited (the 'company') for the year ended 31st October 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st October 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 Auditors' 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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, 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 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' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

· FRS102

· Companies Act 2006

· Corporation Tax legislation

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management. We corroborated these enquiries through our review of submitted returns, external inspections and board meeting minutes.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

· Reviewing minutes of meetings of those charged with governance;

· Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jillian Munro MA CA (Senior Statutory Auditor)

for and on behalf of Frame Kennedy Ltd

4th Floor Metropolitan House

31-33 High Street

Inverness

IV1 1HT

2nd July 2026

Turnover

11,383,183

11,841,077

Cost of sales

4,818,507

5,036,469

Gross profit

6,564,676

6,804,608

Administrative expenses

5,085,259

4,687,624

1,479,417

2,116,984

Other operating income

3

42,144

4,789

Operating profit

6

1,521,561

2,121,773

Interest receivable and similar income

8

362,375

342,850

1,883,936

2,464,623

Interest payable and similar expenses

9

8,673

-

Profit before taxation

1,875,263

2,464,623

Tax on profit

10

501,478

610,609

Profit for the financial year

1,373,785

1,854,014

Retained earnings at beginning of year

13,013,818

11,599,804

Dividends

11

(440,000

)

(440,000

)

Retained earnings at end of year

13,947,603

13,013,818

Fixed assets

Tangible assets

12

4,328,267

4,270,289

Current assets

Stocks

13

191,023

164,527

Debtors

14

402,006

603,254

Cash at bank and in hand

11,381,329

10,565,755

11,974,358

11,333,536

Creditors

Amounts falling due within one year

15

1,314,564

1,610,693

Net current assets

10,659,794

9,722,843

Total assets less current liabilities

14,988,061

13,993,132

Creditors

Amounts falling due after more than one year

16

(191,597

)

(101,081

)

Provisions for liabilities

17

(494,214

)

(523,586

)

Net assets

14,302,250

13,368,465

Capital and reserves

Called up share capital

18

220,000

220,000

Capital redemption reserve

19

134,647

134,647

Retained earnings

19

13,947,603

13,013,818

Shareholders' funds

14,302,250

13,368,465

The financial statements were approved by the Board of Directors and authorised for issue on 2nd July 2026 and were signed on its behalf by:

A U Johnson - Director

Cash flows from operating activities

Cash generated from operations

1

1,884,814

2,094,808

Interest paid

(8,673

)

-

Government grant income

37,123

-

Tax paid

(545,875

)

(666,570

)

Net cash from operating activities

1,367,389

1,428,238

Cash flows from investing activities

Purchase of tangible fixed assets

(533,795

)

(636,631

)

Sale of tangible fixed assets

7,376

167

Interest received

362,375

342,850

Government Grant Income

52,229

-

Net cash from investing activities

(111,815

)

(293,614

)

Cash flows from financing activities

Equity dividends paid

(440,000

)

(440,000

)

Net cash from financing activities

(440,000

)

(440,000

)

Increase in cash and cash equivalents

815,574

694,624

Cash and cash equivalents at beginning of year

2

10,565,755

9,871,131

Cash and cash equivalents at end of year

2

11,381,329

10,565,755

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

£

£

Profit before taxation

1,875,263

2,464,623

Depreciation charges

475,817

393,022

Profit on disposal of fixed assets

(7,376

)

(167

)

Accrued expenses/(income)

-

4,361

Government grants

(42,144

)

-

Finance costs

8,673

-

Finance income

(362,375

)

(342,850

)

1,947,858

2,518,989

Increase in stocks

(26,496

)

(9,752

)

Decrease/(increase) in trade and other debtors

244,335

(54,786

)

Decrease in trade and other creditors

(280,883

)

(359,643

)

Cash generated from operations

1,884,814

2,094,808

2.	Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st October 2025

31/10/25

1/11/24

£

£

Cash and cash equivalents

11,381,329

10,565,755

Year ended 31st October 2024

31/10/24

1/11/23

£

£

Cash and cash equivalents

10,565,755

9,871,131

3.	Analysis of changes in net funds

At 1/11/24

Cash flow

At 31/10/25

£

£

£

Net cash

Cash at bank and in hand

10,565,755

815,574

11,381,329

10,565,755

815,574

11,381,329

Total

10,565,755

815,574

11,381,329

1.	Statutory information

Visitor Centres Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated

depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the

carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line

Plant and machinery - 10%-33% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Government grants

Government grants are recognised using the accruals method. Grants in relation to tangible fixed assets are credited to profit & loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fair value

Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm's length transaction.

3.	Other operating income

2025

2024

£

£

Grant income

42,144

4,789

4.	Employees and directors

2025

2024

£

£

Wages and salaries

5,204,390

5,261,111

Social security costs

44,280

41,023

Other pension costs

414,790

429,984

5,663,460

5,732,118

The average number of employees during the year was as follows:

2025

2024

Staff

157

174

5.	Directors' emoluments

2025

2024

£

£

Directors' remuneration

338,089

345,980

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

178,764

159,804

6.	Operating profit

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

4,801

5,110

Depreciation - owned assets

475,817

393,022

Profit on disposal of fixed assets

(7,376

)

(167

)

7.	Auditors' remuneration

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

26,079

17,502

8.

Interest receivable and similar income

2025

2024

£

£

Deposit account interest

362,375

342,850

9.

Interest payable and similar expenses

2025

2024

£

£

Other interest paid

8,673

-

10.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

530,850

534,298

Deferred tax

(29,372

)

76,311

Tax on profit

501,478

610,609

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,875,263

2,464,623

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

468,816

616,156

Effects of:

Capital allowances in excess of depreciation

-

(5,547

)

Depreciation in excess of capital allowances

32,662

-

Total tax charge

501,478

610,609

11.

Dividends

2025

2024

£

£

Ordinary shares shares of 1 each

Interim

440,000

440,000

Dividends paid during the year

12.	Tangible fixed assets

Freehold

Plant and

property

machinery

Totals

£

£

£

Cost

At 1st November 2024

3,422,404

7,124,294

10,546,698

Additions

10,712

523,083

533,795

Disposals

-

(31,000

)

(31,000

)

At 31st October 2025

3,433,116

7,616,377

11,049,493

Depreciation

At 1st November 2024

1,140,550

5,135,859

6,276,409

Charge for year

76,278

399,539

475,817

Eliminated on disposal

-

(31,000

)

(31,000

)

At 31st October 2025

1,216,828

5,504,398

6,721,226

Net book value

At 31st October 2025

2,216,288

2,111,979

4,328,267

At 31st October 2024

2,281,854

1,988,435

4,270,289

13.

Stocks

2025

2024

£

£

Stocks

191,023

164,527

14.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

170,419

168,270

Other debtors

231,587

188,500

Prepayments and accrued income

-

246,484

402,006

603,254