Company Registration No. 03825838 (England and Wales)
Action Challenge Limited
Unaudited accounts
for the year ended 31 December 2019
Action Challenge Limited
Unaudited accounts
Contents
Action Challenge Limited
Company Information
for the year ended 31 December 2019
Directors
S A Meigh
J Risley
Company Number
03825838 (England and Wales)
Registered Office
1, Gunnery Terrace
Cornwallis Road
London
SE18 6SW
England
Accountants
Asmita & Associates Ltd
114-116 Plumstead High Street
Plumstead
London
SE18 1SJ
Action Challenge Limited
Statement of financial position
as at 31 December 2019
Tangible assets
74,616
86,995
Cash at bank and in hand
1,839,141
1,375,671
Creditors: amounts falling due within one year
(1,269,098)
(652,244)
Net current assets
1,040,623
893,597
Total assets less current liabilities
1,115,239
980,592
Provisions for liabilities
Deferred tax
(16,710)
(18,671)
Net assets
1,098,529
961,921
Called up share capital
40,000
40,000
Profit and loss account
1,058,529
921,921
Shareholders' funds
1,098,529
961,921
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2020 and were signed on its behalf by
S A Meigh
Director
Company Registration No. 03825838
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2019
Action Challenge Limited is a private company, limited by shares, registered in England and Wales, registration number 03825838. The registered office is 1, Gunnery Terrace, Cornwallis Road, London, SE18 6SW, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 accounts. 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.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2019
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 January 2019
230,204
19,504
249,708
At 31 December 2019
242,696
19,504
262,200
At 1 January 2019
151,439
11,274
162,713
Charge for the year
22,814
2,057
24,871
At 31 December 2019
174,253
13,331
187,584
At 31 December 2019
68,443
6,173
74,616
At 31 December 2018
78,765
8,230
86,995
Finished goods
9,720
13,109
Trade debtors
258,676
147,156
Accrued income and prepayments
202,184
9,905
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Creditors: amounts falling due within one year
2019
2018
Trade creditors
168,602
77,016
Taxes and social security
56,116
102,671
Other creditors
22,103
2,827
Loans from directors
1,730
1,730
Deferred income
957,306
468,000
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2019
Allotted, called up and fully paid:
40,000 Ordinary shares of £1 each
40,000
40,000
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Transactions with related parties
Included in the creditors due within one year is an amount of £1,730 (2018: £1,730) due to the director of the company, S Meigh.
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Average number of employees
During the year the average number of employees was 26 (2018: 39).
