POWERBALL_OUTDOOR_ACTIVIT - Accounts

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powerball Outdoor Activities Limited for the year ended 31 January 2020 which comprise the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Powerball Outdoor Activities Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Powerball Outdoor Activities Limited and state those matters that we have agreed to state to the Board of Directors of Powerball Outdoor Activities Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powerball Outdoor Activities Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Powerball Outdoor Activities Limited 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 Powerball Outdoor Activities Limited. You consider that Powerball Outdoor Activities Limited 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 Powerball Outdoor Activities Limited. 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Powerball Outdoor Activities Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Eastern Road, Elliott Industrial Park, Aldershot, Hampshire, GU12 4TF.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

At the balance sheet, the company's liabilities exceeded it's assets by £644,382 (2019: £545,808). The company is financed by Leisuredyne Limited, the parent company, who continues to support the company as is required to ensure it meets it's debts as they fall due.true

The director is confident that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the financial statements have adopted the going concern basis of accounting.

Turnover relates to amounts receivable for the provision and supervision of paintball activities during the year and in the normal course of business, net of VAT.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors are not interest bearing and are included at their nominal value.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

Other debtors includes £3,600 (2019: £3,600) of debtors falling due after more than one year.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows: