The Adventure Paddle Company Ltd.
The Adventure Paddle Company Ltd.
Registered number: 11920811
Unaudited Financial Statements
For The Year Ended
31 March 2022
The Adventure Paddle Company Ltd.
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
The Adventure Paddle Company Ltd.
Balance Sheet
As at
31 March 2022
Balance Sheet
Registered number:
11920811
For the year ending 31 March 2022 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.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 3,235 | 21,767 | |||
The Adventure Paddle Company Ltd.
Balance Sheet (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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Director
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The notes on pages 3 to 6 form part of these financial statements.
The Adventure Paddle Company Ltd.
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover is measured by reviewing the actual services performed against the total services to be provided and is only recognised if it can be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant and machinery |
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1.4.
Stocks and Work in Progress
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.
1.5.
Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment.
The Adventure Paddle Company Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
1.6.
Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax is only adjusted if the change in the timing difference is material.
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
| 2022 | 2021 | ||
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| Average number of employees, including directors, during the year |
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The Adventure Paddle Company Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
| Plant and machinery | |
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| £ | |
| Cost | |
| As at
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| Disposals |
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| Disposals |
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| Net Book Value | |
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| As at
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4.
Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by participating interests | - | 101 | |
| Other debtors | 1,286 | 1,652 | |
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5.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Other creditors | 5,025 | 3,594 | |
| Taxation and social security | 6,253 | 7,856 | |
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6.
Directors Advances, Credits and Guarantees
Included within Debtors are loans made to directors. The balance at the year end was £128 (2021 : £3,594 Cr).
The above loan is unsecured, interest free and repayable on demand.
The Adventure Paddle Company Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
7.
General Information
The Adventure Paddle Company Ltd.
is a private company, limited by shares, incorporated in England & Wales. The company number is
11920811
and the registered office is 12 Model Cottages, London, England, SW14 7PH.