Company No: SC309103 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	109,178		121,611
		109,178		121,611
Current assets
Stocks	5	400		400
Debtors	6	75,106		54,403
Cash at bank and in hand	7	17,292		92,810
		92,798		147,613
Creditors: amounts falling due within one year	8	( 71,620)		( 80,142)
Net current assets		21,178		67,471
Total assets less current liabilities		130,356		189,082
Creditors: amounts falling due after more than one year	9	( 5,715)		( 15,661)
Provision for liabilities	10, 11	( 7,014)		( 18,046)
Net assets		117,627		155,375
Capital and reserves
Called-up share capital	12	100		100
Profit and loss account		117,527		155,275
Total shareholders' funds		117,627		155,375

For the financial year ending 04 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Ace Adventure Limited (registered number: SC309103) were approved and authorised for issue by the Board of Directors on 10 August 2026. They were signed on its behalf by:

Alexander William Grant Laing Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ace Adventure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Relugas Gardeners Cottage, Dunphail, Forres, IV36 2QL, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for the provision of active outdoor leisure pursuits net of VAT imputed under the cash accounting scheme.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

5 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Computer equipment	3 years straight line
Other property, plant and equipment	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the Company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Intangible assets

	Development costs		Total
	£		£
Cost
At 05 April 2024	16,595		16,595
At 04 April 2025	16,595		16,595
Accumulated amortisation
At 05 April 2024	16,595		16,595
At 04 April 2025	16,595		16,595
Net book value
At 04 April 2025	0		0
At 04 April 2024	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 05 April 2024	44,140		179,338		14,800		8,446		18,606		265,330
Additions	0		7,357		0		668		0		8,025
Disposals	0		0		0		( 374)		0		( 374)
At 04 April 2025	44,140		186,695		14,800		8,740		18,606		272,981
Accumulated depreciation
At 05 April 2024	16,272		97,697		11,822		5,009		12,919		143,719
Charge for the financial year	3,398		12,787		744		2,312		853		20,094
Disposals	0		0		0		( 10)		0		( 10)
At 04 April 2025	19,670		110,484		12,566		7,311		13,772		163,803
Net book value
At 04 April 2025	24,470		76,211		2,234		1,429		4,834		109,178
At 04 April 2024	27,868		81,641		2,978		3,437		5,687		121,611

5. Stocks

	2025		2024
	£		£
Stocks	400		400

6. Debtors

	2025		2024
	£		£
Trade debtors	897		3,100
Corporation tax	1,298		1,298
Other debtors	72,911		50,005
	75,106		54,403

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	17,292		92,810

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,084		10,119
Trade creditors	7,484		9,080
Corporation tax	0		1,298
Other taxation and social security	2,831		1,690
Other creditors	51,221		57,955
	71,620		80,142

Included in bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	5,715		15,661

Included in bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	7,014		18,046

11. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 18,046)		( 26,872)
Credited to the Statement of Income and Retained Earnings	11,032		8,826
At the end of financial year	( 7,014)		( 18,046)

12. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each	100		100

13. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to directors	3,082		8,572
Amounts owed by directors	(55,891)		(36,239)

During the year the company advanced £26,852 to the directors and was repaid £2,888. Interest of £1,178 was charged to the directors at a rate of 2.25%. The loans are unsecured and there are no fixed terms of repayment. Taxation under S455 has been applied on balances not repaid within 9 months and one day of the company year end.