Branching Out Adventures Ltd - Accounts to registrar (filleted) - small 18.2
Branching Out Adventures Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
BRANCHING OUT ADVENTURES LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
BRANCHING OUT ADVENTURES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Marlborough Place |
Brighton |
East Sussex |
BN1 1UB |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BRANCHING OUT ADVENTURES LTD |
The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Branching Out Adventures Ltd for the year ended 31 March 2019 which comprise the Income |
Statement, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Branching Out Adventures Ltd, as a body, in accordance with the terms of our engagement letter dated 12 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Branching Out Adventures Ltd and state those matters that we have agreed to state to the Board of Directors of Branching Out Adventures Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Branching Out Adventures Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Branching Out Adventures Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Branching Out Adventures Ltd. You consider that Branching Out Adventures Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Branching Out Adventures Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
6 Marlborough Place |
Brighton |
East Sussex |
BN1 1UB |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
BALANCE SHEET |
31 MARCH 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
BALANCE SHEET - continued |
31 MARCH 2019 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
Branching Out Adventures Ltd is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Computer equipment | - |
At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to |
determine whether there is any indication that any items of property, plant and equipment have suffered an |
impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to |
determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be |
less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. |
Impairment loss is recognised as an expense immediately. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a LIFO basis. Net realisable |
value represents estimated sales price less costs to complete and sell. Provision is made for slow moving, |
obsolete or damaged stock where the net realisable value is less than cost. |
When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which |
the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all |
losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount |
of any reversal of write-down of stocks is recognised as a reduction in the amount of stocks recognised as an |
expense in the period in which the reversal occurs. |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference |
between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the |
company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the statement of financial position |
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a |
net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation represents the sum of the tax currently payable and deferred tax. |
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted |
by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities |
in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to |
which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or |
substantively enacted by the end of the reporting period. |
Going concern |
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance |
from the directors that they will continue to give financial support to the company for twelve months from the |
date of signing these accounts. |
On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, |
should the financial support mentioned above not be forthcoming, the going concern basis used in preparing |
the company accounts may be invalid and adjustments would have to be made to reduce the value of assets to |
their reasonable amount and to provide for any further liabilities which might arise. The accounts do not |
include any adjustment to the company's assets or liabilities that might be necessary should this basis not |
continue to be appropriate. |
Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss |
account over the expected useful life of the assets. Grants towards revenue expenditure are released to the |
profit and loss account as the related expenditure is incurred. |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Short | Plant and | Computer |
leasehold | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
BRANCHING OUT ADVENTURES LTD (REGISTERED NUMBER: 08884874) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Between one and five years |
Rental lease is £14,500 plus 2% of gross turnover per annum. |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2018 | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2019 | ( |
) |
11. | RELATED PARTY DISCLOSURES |
Included in other creditors is £139,129 (2018: £147,575) contributed by D J Hatchard, a director of the |
company. The loan is interest free. |
Included in other creditors is £86,405 (2018: £89,366) contributed by M S Oakden, a director of the company. |
The loan is interest free. |
Included in other creditors is £39,888 (2018: £38,904) due to Mark Oakden Surveying Services Ltd, a company |
in which Mr & Mrs Oakden are directors and shareholders. The loan accrues interest at 2.5% plus 0.8% on |
profit and is scheduled to be repaid by instalments after one year. |