Creating Adventurous Places Limited Company accounts

CREATING ADVENTUROUS PLACES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08811280

Creating Adventurous Places Limited

Unaudited Financial Statements

31 December 2018

Creating Adventurous Places Limited

Financial Statements

Year ended 31 December 2018

Contents	Pages

Officers and professional advisers	1

Director's report	2

Statement of income and retained earnings	3

Statement of financial position	4 to 5

Notes to the financial statements	6 to 10

Creating Adventurous Places Limited

Officers and Professional Advisers

Director	Mr SP Egan

Registered office	Drayton Old Lodge
	146 Drayton High Road
	Norwich
	Norfolk
	NR8 6AN

Accountants	Ridgeway Tax Solutions Limited

	Drayton Old Lodge
	146 Drayton High Road
	Norwich
	Norfolk
	NR8 6AN

Bankers	Barclays Bank PLC
	5-7 Red Lion Street
	Norwich
	Norfolk
	NR1 3QH

Creating Adventurous Places Limited

Director's Report

Year ended 31 December 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2018 .

Director

The director who served the company during the year was as follows:

Mr SP Egan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 February 2019 and signed on behalf of the board by:

Mr SP Egan
Director

Creating Adventurous Places Limited

Statement of Income and Retained Earnings

Year ended 31 December 2018

	2018	2017
Note	£	£
Turnover	956,466	888,788

Cost of sales	713,025	637,059
	---------	---------
Gross profit	243,441	251,729

Administrative expenses	165,643	117,120
	---------	---------
Operating profit	77,798	134,609

		---------	---------
Profit before taxation	5	77,798	134,609

Tax on profit	15,296	25,826
	--------	---------
Profit for the financial year and total comprehensive income	62,502	108,783
	--------	---------

Dividends paid and payable	( 100,000)	( 110,000)

Retained earnings at the start of the year	88,276	89,493
	---------	---------
Retained earnings at the end of the year	50,778	88,276
	---------	---------

All the activities of the company are from continuing operations.

Creating Adventurous Places Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6	40,916	19,582
Investments	7	20	20
		--------	--------
		40,936	19,602

Current assets

Stocks		295,394	276,223
Debtors	8	17,836	127,178
Cash at bank and in hand		151,807	109,533
		---------	---------
		465,037	512,934

Creditors: amounts falling due within one year	9	450,119		440,439
		---------		---------
Net current assets			14,918	72,495
			--------	--------
Total assets less current liabilities			55,854	92,097

Provisions

Taxation including deferred tax	4,976	3,721
	--------	--------
Net assets	50,878	88,376
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	50,778	88,276
	--------	--------
Shareholders funds	50,878	88,376
	--------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Creating Adventurous Places Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 27 February 2019 , and are signed on behalf of the board by:

Mr SP Egan
Director

Company registration number: 08811280

Creating Adventurous Places Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Drayton Old Lodge, 146 Drayton High Road, Norwich, Norfolk, NR8 6AN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance
Storage building	-	10% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 1 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	10,366	6,527
	--------	-------

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Storage building	Total
	£	£	£	£	£
Cost
At 1 January 2018	3,101	12,495	12,552	–	28,148
Additions	10,621	–	4,714	16,365	31,700
	--------	--------	--------	--------	--------
At 31 December 2018	13,722	12,495	17,266	16,365	59,848
	--------	--------	--------	--------	--------
Depreciation
At 1 January 2018	977	3,311	4,278	–	8,566
Charge for the year	3,186	2,296	3,248	1,636	10,366
	--------	--------	--------	--------	--------
At 31 December 2018	4,163	5,607	7,526	1,636	18,932
	--------	--------	--------	--------	--------
Carrying amount
At 31 December 2018	9,559	6,888	9,740	14,729	40,916
	--------	--------	--------	--------	--------
At 31 December 2017	2,124	9,184	8,274	–	19,582
	--------	--------	--------	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2018 and 31 December 2018	20
	----
Impairment
At 1 January 2018 and 31 December 2018	–
	----

Carrying amount
At 31 December 2018	20
	----
At 31 December 2017	20
	----

8. Debtors

	2018	2017
	£	£
Trade debtors	169	106,346
Other debtors	17,667	20,832
	--------	---------
	17,836	127,178
	--------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	76,422	35,852
Corporation tax	14,041	23,002
Social security and other taxes	33,187	20,741
Other creditors	326,469	360,844
	---------	---------
	450,119	440,439
	---------	---------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr SP Egan	16,379	75,251	( 100,000)	( 8,370)
	--------	--------	---------	-------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr SP Egan	55,491	70,888	( 110,000)	16,379
	--------	--------	---------	--------

11. Related party transactions

The company was under the control of Mr SP Egan throughout the current period. Dividends paid to directors Ordinary dividends paid to Mr SP Egan in his capacity as a shareholder during the year amounted to £100,000 (2017 - £110,000).