Snowdome Group Limited - Limited company accounts 20.1

Snowdome Group Limited - Limited company accounts 20.1

SNOWDOME GROUP LIMITED - Company Information

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REGISTERED NUMBER: 05672413 (England and Wales)











Snowdome Group Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 September 2020





Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF








Snowdome Group Limited (Registered number: 05672413)

Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2020










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Snowdome Group Limited


Company Information
for the Year Ended 30 September 2020







DIRECTORS: M J Smith
G S Baker
T Carter
I Chadbourne
J S Smith





SECRETARY: M J Smith





REGISTERED OFFICE: Leisure Island
River Drive
Tamworth
Staffordshire
B79 7ND





REGISTERED NUMBER: 05672413 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF
Page 1
Snowdome Group Limited (Registered number: 05672413)


Group Strategic Report
for the Year Ended 30 September 2020


The directors present their strategic report of the company and the group for the year ended 30 September 2020.

Th principal activity of the group during the year continued to be the operation of an indoor real snow, sport and leisure facility.

The principal activity of the Company continued to be that of a holding company.

REVIEW OF BUSINESS
The wider general economy in the year remained challenging for a business such as ours that is reliant upon discretionary spend from our customer's disposable income. The group has therefore needed to remain vigilant over its cost base and attentive to optimise revenue streams.

The board are pleased to report that the group has continued to successfully navigate the wider economic conditions.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's companies trade in diverse sectors of the economy e.g. winter sports associated with winter vacation, impulse indoor leisure trades such as ice skating and tobogganing that are popular at short notice and easy to commit (i.e. low ticket price) and the members health & fitness business that has annual usage paid for through steady monthly direct debits.

The board believe that the business model they have developed has proven to be robust and viable against the backdrop of a competitive economic landscape.

The continuation of the board's planned investment in the group's activities will only serve to build on the current strength of the business and help mitigate against the threat of both the current and the future wider economic conditions, which they consider to be the principal risk facing the group.

FINANCIAL KEY PERFORMANCE INDICATORS
During the year, the group's turnover was £6,986,423 (2019 - £8,269,296). Operating profit meanwhile was £1,912,087 (2019 - £2,150,043). The directors consider these to be the group's key performance indicators.

At the year end, the group had net assets of £8,700,843 (2019 - £7,704,175) and has sufficient headroom in its agreed facilities to support the group's future trading needs and growth plans. The board therefore believe the group's financial position to be entirely satisfactory.

FINANCIAL INSTRUMENTS
The group makes use of financial instruments principally through the operation of bank accounts, bank loans and hire purchase contracts. The directors objectives are to retain sufficient liquid funds to enable the group to meet its day to day obligations as they fall due and to maximise returns on surplus funds.


Page 2
Snowdome Group Limited (Registered number: 05672413)


Group Strategic Report
for the Year Ended 30 September 2020

POST YEAR END COMMENT RE: COVID 19
In line with the Government instruction issued in March 2020; the SnowDome building in Tamworth closed its doors to all customers on Friday 20th March 2020.

This remains the case until such time as the current social distancing policies are revised / relaxed.

The Board has adopted, in an appropriate, proportionate and responsible manner, the assistance on offer from HMRC (being the Coronavirus Job Retention Scheme).
Further measures have been put in place to bear down on expenditure and preserve cash.

Having re-run forecasts for the remainder of the current financial year (based upon a prudent set of assumptions) the Board is satisfied that the Company is sufficiently resourced to continue through the challenges currently being presented and anticipated.

ON BEHALF OF THE BOARD:




M J Smith - Director


16 March 2021

Page 3
Snowdome Group Limited (Registered number: 05672413)


Report of the Directors
for the Year Ended 30 September 2020


The directors present their report with the financial statements of the company and the group for the year ended 30 September 2020.

PRINCIPAL ACTIVITY
The principal activity of the group during the year continued to be the operation of an indoor real snow, sport and leisure facility.

The principal activity of the Company continued to be that of a holding company.

DIVIDENDS
Details of dividends declared are disclosed in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report.

M J Smith
G S Baker
T Carter
I Chadbourne
J S Smith

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group 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 the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

Page 4
Snowdome Group Limited (Registered number: 05672413)


Report of the Directors
for the Year Ended 30 September 2020


AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Smith - Director


16 March 2021

Page 5

Report of the Independent Auditors to the Members of
Snowdome Group Limited


Opinion
We have audited the financial statements of Snowdome Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2020 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 2020 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the group's trade, it's members, suppliers and wider economy, The Directors' view on the impact of COVID-19 is disclosed in the accounting policies.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Page 6

Report of the Independent Auditors to the Members of
Snowdome Group Limited


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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' Responsibilities Statement set out on page four, 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 group's and the 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 the parent 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Stephen Butler (Senior Statutory Auditor)
for and on behalf of Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

16 March 2021

Page 7
Snowdome Group Limited (Registered number: 05672413)


Consolidated Income Statement
for the Year Ended 30 September 2020

2020 2019
Notes £    £   

TURNOVER 3 6,986,423 8,269,296

Cost of sales 27,242 34,095
GROSS PROFIT 6,959,181 8,235,201

Administrative expenses 5,861,051 6,629,466
1,098,130 1,605,735

Other operating income 4 813,957 544,308
OPERATING PROFIT 6 1,912,087 2,150,043

Interest receivable and similar income 7 9,037 5,799
1,921,124 2,155,842

Interest payable and similar expenses 8 67,372 79,146
PROFIT BEFORE TAXATION 1,853,752 2,076,696

Tax on profit 9 469,832 485,501
PROFIT FOR THE FINANCIAL YEAR 1,383,920 1,591,195
Profit attributable to:
Owners of the parent 1,383,920 1,591,195

The notes form part of these financial statements

Page 8
Snowdome Group Limited (Registered number: 05672413)


Consolidated Other Comprehensive Income
for the Year Ended 30 September 2020

2020 2019
Notes £    £   

PROFIT FOR THE YEAR 1,383,920 1,591,195


OTHER COMPREHENSIVE INCOME
Purchase of own shares - (1,111,112 )
Cancellation of shares - 1,460
Income tax relating to components of other
comprehensive income
-
-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX
-
(1,109,652
)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR
1,383,920
481,543

Total comprehensive income attributable to:
Owners of the parent 1,383,920 481,543

The notes form part of these financial statements

Page 9
Snowdome Group Limited (Registered number: 05672413)


Consolidated Balance Sheet
30 September 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 607 1,857
Tangible assets 13 11,687,730 11,756,960
Investments 14 - -
Investment property 15 - -
11,688,337 11,758,817

CURRENT ASSETS
Stocks 16 6,291 4,157
Debtors 17 179,157 372,817
Cash at bank 1,790,476 1,205,638
1,975,924 1,582,612
CREDITORS
Amounts falling due within one year 18 2,066,675 2,168,690
NET CURRENT LIABILITIES (90,751 ) (586,078 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
11,597,586
11,172,739

CREDITORS
Amounts falling due after more than one
year
19
(2,687,133
)
(3,372,344
)

PROVISIONS FOR LIABILITIES 23 (216,358 ) (96,220 )
NET ASSETS 8,694,095 7,704,175

CAPITAL AND RESERVES
Called up share capital 24 11,448 11,448
Share premium 25 14,238 14,238
Capital redemption reserve 25 1,460 1,460
Retained earnings 25 8,666,949 7,677,029
SHAREHOLDERS' FUNDS 8,694,095 7,704,175

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2021 and were signed on its behalf by:





M J Smith - Director


The notes form part of these financial statements

Page 10
Snowdome Group Limited (Registered number: 05672413)


Company Balance Sheet
30 September 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 607 1,857
Tangible assets 13 10,016,418 183,578
Investments 14 - -
Investment property 15 - 11,263,148
10,017,025 11,448,583

CURRENT ASSETS
Debtors 17 4,228,655 4,137,866
Cash at bank 1,850 9,358
4,230,505 4,147,224
CREDITORS
Amounts falling due within one year 18 12,844,879 12,181,503
NET CURRENT LIABILITIES (8,614,374 ) (8,034,279 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,402,651
3,414,304

CREDITORS
Amounts falling due after more than one
year
19
(2,682,393
)
(3,340,361
)

PROVISIONS FOR LIABILITIES 23 (5,656 ) -
NET (LIABILITIES)/ASSETS (1,285,398 ) 73,943

CAPITAL AND RESERVES
Called up share capital 24 11,448 11,448
Share premium 14,238 14,238
Capital redemption reserve 1,460 1,460
Retained earnings (1,312,544 ) 46,797
SHAREHOLDERS' FUNDS (1,285,398 ) 73,943

Company's profit for the financial year 139,193 1,343,814

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2021 and were signed on its behalf by:





M J Smith - Director


The notes form part of these financial statements

Page 11
Snowdome Group Limited (Registered number: 05672413)


Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2020

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 October 2018 12,908 8,383,688 14,238 - 8,410,834

Changes in equity
Issue of share capital (1,460 ) - - - (1,460 )
Dividends - (1,186,742 ) - - (1,186,742 )
Total comprehensive income - 480,083 - 1,460 481,543
Balance at 30 September 2019 11,448 7,677,029 14,238 1,460 7,704,175

Changes in equity
Dividends - (394,000 ) - - (394,000 )
Total comprehensive income - 1,383,920 - - 1,383,920
Balance at 30 September 2020 11,448 8,666,949 14,238 1,460 8,694,095

The notes form part of these financial statements

Page 12
Snowdome Group Limited (Registered number: 05672413)


Company Statement of Changes in Equity
for the Year Ended 30 September 2020

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 October 2018 12,908 1,000,837 14,238 - 1,027,983

Changes in equity
Issue of share capital (1,460 ) - - - (1,460 )
Dividends - (1,186,742 ) - - (1,186,742 )
Total comprehensive income - 232,702 - 1,460 234,162
Balance at 30 September 2019 11,448 46,797 14,238 1,460 73,943

Changes in equity
Fair value adjustment on
reclassification of investment
property to freehold property - (1,104,534 ) - - (1,104,534 )
Dividends - (394,000 ) - - (394,000 )
Total comprehensive income - 139,193 - - 139,193
Balance at 30 September 2020 11,448 (1,312,544 ) 14,238 1,460 (1,285,398 )

The notes form part of these financial statements

Page 13
Snowdome Group Limited (Registered number: 05672413)


Consolidated Cash Flow Statement
for the Year Ended 30 September 2020

2020 2019
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,778,874 2,866,759
Interest paid (61,019 ) (65,427 )
Interest element of hire purchase payments
paid
(6,353
)
(13,719
)
Tax paid (292,080 ) (424,923 )
Net cash from operating activities 2,419,422 2,362,690

Cash flows from investing activities
Purchase of tangible fixed assets (784,910 ) (567,692 )
Sale of tangible fixed assets - 26,000
Interest received 9,037 5,799
Net cash from investing activities (775,873 ) (535,893 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (596,154 ) (153,847 )
Capital repayments in year (68,557 ) (110,650 )
Share buyback - (1,111,112 )
Equity dividends paid (394,000 ) (1,186,742 )
Net cash from financing activities (1,058,711 ) (1,562,351 )

Increase in cash and cash equivalents 584,838 264,446
Cash and cash equivalents at beginning
of year
2
1,205,638
941,192

Cash and cash equivalents at end of year 2 1,790,476 1,205,638

The notes form part of these financial statements

Page 14
Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2020


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2020 2019
£    £   
Profit before taxation 1,853,752 2,076,696
Depreciation charges 898,581 788,072
Profit on disposal of fixed assets - (20,900 )
Finance costs 67,372 79,146
Finance income (9,037 ) (5,799 )
2,810,668 2,917,215
(Increase)/decrease in stocks (2,134 ) 100
Decrease in trade and other debtors 193,660 76,391
Decrease in trade and other creditors (223,320 ) (126,947 )
Cash generated from operations 2,778,874 2,866,759

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2020
30.9.20 1.10.19
£    £   
Cash and cash equivalents 1,790,476 1,205,638
Year ended 30 September 2019
30.9.19 1.10.18
£    £   
Cash and cash equivalents 1,205,638 941,192


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.10.19 Cash flow changes At 30.9.20
£    £    £    £   
Net cash
Cash at bank 1,205,638 584,838 1,790,476
1,205,638 584,838 1,790,476
Debt
Finance leases (100,539 ) 68,557 - (75,173 )
Debts falling due
within 1 year (505,793 ) (94,207 ) - (600,000 )
Debts falling due
after 1 year (3,340,361 ) 690,361 - (2,650,000 )
(3,946,693 ) 664,711 - (3,325,173 )
Total (2,741,055 ) 1,249,549 - (1,534,697 )

The notes form part of these financial statements

Page 15
Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2020


1. STATUTORY INFORMATION

Snowdome Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. However, not all events or conditions can be predicted with the event of COVID-19 pandemic, which has brought with it additional unprecedented levels of uncertainty and the inability to assess fully, therefore, the impact of that on not only the company but also on the customers and suppliers it trades with. Forecasts and cash flow projections indicate the company has sufficient reserves to continue to trade for a period of no less than 12 months from the date of signing these accounts.The directors believe that careful cashflow considerations and use of mitigating actions available, including furloughing of underutilised staff, is sufficient upon which to adopt the going concern basis.

Basis of consolidation
The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the aquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquisition operations are included in the Profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made are set out below:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and the residual values are reassessed annually. They are emended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has passed the significant risks and rewards of ownership to the buyer;
- the amount of turnover can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided. Income relating to bookings and membership received in advance of the provision of the service is deferred and recognised in the period in which the service is provided.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

All intangibles are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term, which ever is the shorter.

Freehold property - 2% straight line
Plant and machinery - 5-33% straight line
Fixtures and fittings - 20-33% straight line

Government grants
Coronavirus Job Retention Scheme grant monies received during the year are accounted for under the accruals basis and recognised in other operating income.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

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 Consolidated 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 balance sheet date.

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised by shareholders at the annual general meeting.

3. TURNOVER

Turnover is wholly attributable to the principal activity of the Group.

All turnover arose within the United Kingdom.

4. OTHER OPERATING INCOME
2020 2019
£    £   
Car park & shop rental income 299,237 445,939
Commission receivable 65,736 98,369
Government grants 448,984 -
813,957 544,308

5. EMPLOYEES AND DIRECTORS
2020 2019
£    £   
Wages and salaries 2,085,333 2,326,168
Social security costs 106,616 118,633
Other pension costs 91,625 95,202
2,283,574 2,540,003

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2020 2019

Service 198 183
Administration 5 6
Management 9 14
212 203

The average number of employees by undertakings that were proportionately consolidated during the year was 212 (2019 - 203 ) .

2020 2019
£    £   
Directors' remuneration 148,000 302,707
Directors' pension contributions to money purchase schemes 70,000 75,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 6

6. OPERATING PROFIT

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

2020 2019
£    £   
Hire of plant and machinery 5,014 6,503
Other operating leases 26,344 24,286
Depreciation - owned assets 841,887 724,079
Depreciation - assets on hire purchase contracts 55,444 62,742
Profit on disposal of fixed assets - (20,900 )
Patents and licences amortisation 1,250 1,250
Auditors' remuneration 14,000 14,000

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2020 2019
£    £   
Deposit account interest 9,037 5,799

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2020 2019
£    £   
Bank interest 61,019 65,427
Hire purchase 6,353 13,719
67,372 79,146

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2020 2019
£    £   
Current tax:
UK corporation tax 349,694 423,701

Deferred tax 120,138 61,800
Tax on profit 469,832 485,501

UK corporation tax has been charged at 19% .

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:

2020 2019
£    £   
Profit before tax 1,853,752 2,076,696
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2019 - 19%)
352,213
394,572

Effects of:
Expenses not deductible for tax purposes 1,661 4,723
Depreciation in excess of capital allowances 124,505 84,819
Other 228 7,270
Research & development (8,775 ) (5,883 )
Total tax charge 469,832 485,501

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 September 2020.

2019
Gross Tax Net
£    £    £   
Purchase of own shares (1,111,112 ) - (1,111,112 )
Cancellation of shares 1,460 - 1,460
(1,109,652 ) - (1,109,652 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


11. DIVIDENDS
2020 2019
£    £   
A Ordinary shares of £1 each
Final 142,000 599,087
B Ordinary shares of £1 each
Final 144,000 479,655
C Ordinary shares of £1 each
Final 108,000 108,000
394,000 1,186,742

12. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 October 2019
and 30 September 2020 25,000
AMORTISATION
At 1 October 2019 23,143
Amortisation for year 1,250
At 30 September 2020 24,393
NET BOOK VALUE
At 30 September 2020 607
At 30 September 2019 1,857

Company
Patents
and
licences
£   
COST
At 1 October 2019
and 30 September 2020 25,000
AMORTISATION
At 1 October 2019 23,143
Amortisation for year 1,250
At 30 September 2020 24,393
NET BOOK VALUE
At 30 September 2020 607
At 30 September 2019 1,857

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2019 12,328,614 7,652,419 3,268,459 - 23,249,492
Additions - 211,688 568,423 47,990 828,101
At 30 September 2020 12,328,614 7,864,107 3,836,882 47,990 24,077,593
DEPRECIATION
At 1 October 2019 2,170,001 6,877,017 2,445,514 - 11,492,532
Charge for year 219,018 326,508 351,805 - 897,331
At 30 September 2020 2,389,019 7,203,525 2,797,319 - 12,389,863
NET BOOK VALUE
At 30 September 2020 9,939,595 660,582 1,039,563 47,990 11,687,730
At 30 September 2019 10,158,613 775,402 822,945 - 11,756,960

The net book value of assets held under hire purchase agreements, included above, are as follows:

2020 2019
£    £   

Plant and machinery 198,894 246,761
Fixtures and fittings 17,047 24,624
Motor vehicles 47,990 -
271,385 271,385

Included in freehold property is freehold land of £1,571,315 (2019: £1,571,315) which is not depreciated.

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


13. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2019 - 1,732,435 79,024 - 1,811,459
Additions - - - 47,990 47,990
Transfer from investment
property 12,328,614 - - - 12,328,614
At 30 September 2020 12,328,614 1,732,435 79,024 47,990 14,188,063
DEPRECIATION
At 1 October 2019 - 1,570,566 57,315 - 1,627,881
Charge for year 219,018 146,574 8,171 - 373,763
Transfer from investment
property 2,170,001 - - - 2,170,001
At 30 September 2020 2,389,019 1,717,140 65,486 - 4,171,645
NET BOOK VALUE
At 30 September 2020 9,939,595 15,295 13,538 47,990 10,016,418
At 30 September 2019 - 161,869 21,709 - 183,578

14. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 October 2019
and 30 September 2020 10,193,498
PROVISIONS
At 1 October 2019
and 30 September 2020 10,193,498
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 -

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


14. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 October 2019
and 30 September 2020 10,193,498
PROVISIONS
At 1 October 2019
and 30 September 2020 10,193,498
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 -

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Snowdome Holdings Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves 407,088 407,088

Snowdome Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves 11,868,255 10,623,870
Profit for the year 1,244,385 1,330,429

Snowdome Swim & Fitness Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves 681,871 681,530
Profit for the year 341 235,928

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


14. FIXED ASSET INVESTMENTS - continued

SD Leisure Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Non trading company
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves (1,018,845 ) (1,018,845 )

SD Leisure Tamworth Limited
Registered office: Leisure Island, River Drive, Tamworth, B79 7ND
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2020 2019
£    £   
Aggregate capital and reserves 53,395 53,395


15. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 October 2019 11,263,148
Transfer to PPE (11,263,148 )
At 30 September 2020 -
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 11,263,148

Following the triennial amendments to FRS102 in respect of investment property rented to other group entities, investment property has now been transferred to property, plant and equipment.

16. STOCKS

Group
2020 2019
£    £   
Goods for resale 6,291 4,157

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Trade debtors 113,322 113,142 - -
Amounts owed by group undertakings - - 4,223,736 4,123,736
Other debtors 17,293 10,258 103 103
Deferred tax asset - - - 1,886
Prepayments 48,542 249,417 4,816 12,141
179,157 372,817 4,228,655 4,137,866

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans and overdrafts (see note 20) 600,000 505,793 600,000 505,793
Hire purchase contracts (see note 21) 38,040 68,556 10,798 -
Trade creditors 192,246 478,803 - -
Amounts owed to group undertakings - - 12,113,780 11,589,871
Tax 234,905 177,291 89,616 32,840
Social security and other taxes 20,007 61,522 (633 ) 37,084
VAT 489,892 103,286 - -
Wages control 28,618 33,749 - -
Accruals and deferred income 462,967 739,690 31,318 15,915
2,066,675 2,168,690 12,844,879 12,181,503

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans (see note 20) 2,650,000 3,340,361 2,650,000 3,340,361
Hire purchase contracts (see note 21) 37,133 31,983 32,393 -
2,687,133 3,372,344 2,682,393 3,340,361

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
2020 2019 2020 2019
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 600,000 505,793 600,000 505,793
Amounts falling due between one and two years:
Bank loans - 1-2 years 600,000 537,209 600,000 537,209
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,050,000 2,803,152 2,050,000 2,803,152

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2020 2019
£    £   
Net obligations repayable:
Within one year 38,040 68,556
Between one and five years 37,133 31,983
75,173 100,539

Company
Hire purchase contracts
2020 2019
£    £   
Net obligations repayable:
Within one year 10,798 -
Between one and five years 32,393 -
43,191 -

At 30 September 2019 the Group had future minimum lease payments under non-cancellable operating leases as follows:

2019 2018
£    £   
Not later than 1 year 20,571 37,692
Later than 1 year and not later than 5 years 13,035 30,347
33,606 68,039

At 30 September 2019 the Group has future minimum lease receivables under non-cancellable operating leases as follows:

Group Group Company Company
2019 2018 2019 2018
£    £    £    £   
Not later than 1 year 66,000 66,000 66,000 64,667
Later than 1 year and not later than 5
years
187,000
253,000
187,000
253,000
253,000 319,000 253,000 319,000


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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2020 2019 2020 2019
£    £    £    £   
Bank loans 3,250,000 3,846,154 3,250,000 3,846,154
Hire purchase contracts 75,173 100,539 43,191 -
3,325,173 3,946,693 3,293,191 3,846,154

Obligations under hire purchase agreements are secured on the assets to which they relate.

Bank loans are secured by way of an unlimited cross guarantee between the company and certain undertakings and on the Group's freehold property.

23. PROVISIONS FOR LIABILITIES

Group Company
2020 2019 2020 2019
£    £    £    £   
Deferred tax
Accelerated capital allowances 216,358 96,220 5,656 -

Group
Deferred
tax
£   
Balance at 1 October 2019 96,220
Provided during year 120,138
Balance at 30 September 2020 216,358

Company
Deferred
tax
£   
Balance at 1 October 2019 (1,886 )
Provided during year 7,542
Balance at 30 September 2020 5,656

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Snowdome Group Limited (Registered number: 05672413)


Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2020


24. CALLED UP SHARE CAPITAL

2019 2018
£    £   
Allotted, called up and fully paid
5,857 Ordinary A shares of £1 each 5,857 5,857
4,301 Ordinary B shares of £1 each 4,301 4,301
1,460 Ordinary C shares of £1 each - 1,460
1,290 Ordinary D shares of £1 each 1,290 1,290
11,448 12,908

A, B and C ordinary shares have full voting rights, rights to receive dividends and capital distribution rights including winding up. These are subject to the order of priority and hurdle as set out in the Articles of Association. A, B and C shares are not redeemable.

D ordinary shares do not have voting rights or an automatic right to receive dividends. They have rights on a capital distribution subject to a hurdle as set out in the Articles of the Association. D ordinary shares are not redeemable.

25. RESERVES

Share premium account

The share premium accounts represents the excess paid over the nominal value of shares issued.

Profit and loss account

The Profit and loss account represents profits and losses retained in the current and previous periods. Included within the Profit and loss account for the Group are non-distributable revaluation reserves of £1,128,278 (2019: £1,157,208) and non-distributable other reserves of £3,000,000 (2019: £3,000,000).

26. PENSION COMMITMENTS

The company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £91,625 (2019: £95,202). Contributions totalling £9,371 (2019: £8,654) were payable to the fund at the Balance sheet date and are included in creditors.

27. CONTINGENT LIABILITIES

The company is party to a cross guarantee relating to the group's bank borrowings. At 30 September 2020, net bank borrowings relating to this guarantee are £3,056,767 (2019: £3,341,216).

28. CAPITAL COMMITMENTS

At the year end Snowdome Limited had committed to capital spend of £20,373 (excluding VAT).

29. RELATED PARTY DISCLOSURES

During the year related party transactions were carried out for services totalling £47,226 (2019: £39,705).

The Group's key management personnel are the directors of the company.

30. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be MJ Smith by virtue of his controlling interest in the issued share capital of Snowdome Group Limited.

Page 29