| Highland Fling Bungee Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents amounts receivable for the operation of rope and bungee experiences and tuition net of VAT and trade discounts. The company recognises income when experiences are invoiced and cash is collected. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Motor vehicles |
25% per annum straight line |
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Plant and machinery |
20% per annum reducing balance |
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Fixtures, fittings, tools and equipment |
25% per annum straight line |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2022 |
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2021 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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| 3 |
Tangible fixed assets |
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Fixtures, fittings & equipment |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 April 2021 |
18,473 |
|
202,043 |
|
12,788 |
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233,304 |
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Additions |
1,474 |
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- |
|
34,700 |
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36,174 |
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At 31 March 2022 |
19,947 |
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202,043 |
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47,488 |
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269,478 |
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Depreciation |
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At 1 April 2021 |
18,473 |
|
190,593 |
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12,788 |
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221,854 |
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Charge for the year |
486 |
|
2,290 |
|
4,092 |
|
6,868 |
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At 31 March 2022 |
18,959 |
|
192,883 |
|
16,880 |
|
228,722 |
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Net book value |
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At 31 March 2022 |
988 |
|
9,160 |
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30,608 |
|
40,756 |
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At 31 March 2021 |
- |
|
11,450 |
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- |
|
11,450 |
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| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
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Other debtors |
34,353 |
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24,614 |
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| 5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
| £ |
£ |
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Bank loans and overdrafts |
9,150 |
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- |
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Obligations under finance lease and hire purchase contracts |
2,160 |
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- |
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Trade creditors |
4,680 |
|
5,355 |
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Taxation and social security costs |
16,795 |
|
2,869 |
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Other creditors |
18,200 |
|
3,198 |
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|
50,985 |
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11,422 |
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Bank loans and overdrafts are secured by a floating charge over all assets. |
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| 6 |
Creditors: amounts falling due after one year |
2022 |
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2021 |
| £ |
£ |
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Bank loans |
29,366 |
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45,750 |
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Obligations under finance lease and hire purchase contracts |
4,860 |
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- |
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Other creditors |
- |
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51,218 |
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34,226 |
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96,968 |
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Bank loans and overdrafts are secured by a floating charge over all assets. |
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| 7 |
Other financial commitments |
2022 |
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2021 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
|
106,500 |
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106,500 |
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| 8 |
Loans by directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
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Murray Trail |
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Loan to company |
51,218 |
|
15,450 |
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(51,596) |
|
15,072 |
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51,218 |
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15,450 |
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(51,596) |
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15,072 |
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The above loan due to Murray Trail is included in other creditors. The loan is unsecured, interest free and there are no set dates for repayment. |
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| 9 |
Related party transactions |
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Included in other debtors at the balance sheet date is £1,902 due from Quads Scotland Ltd, a company in which Murray Trail is a director and shareholder. Also included in other debtors at the balance sheet date is £2,451 due from Killiecrankie Zip Park Ltd, a company in which Murray Trail is a director and shareholder. Included in trade creditors at the balance sheet date is £887 due to Killiecrankie Zip Park Ltd. |
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Included in Trade Creditors at the balance sheet date is £887 due by the company to Killiecrankie Zip Park Ltd. |
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During the year, the company sold services totalling £14,371 to Killiecrankie Zip Park Ltd and £11,812 to Quads Scotland Ltd. |
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During the year, the company purchased services totalling £25,044 from Quads Scotland Ltd and £967 from Killiecrankie Zip Park Ltd. |
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| 10 |
Controlling party |
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The company is controlled by Murray Trail, director, who holds the issued share capital. |
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| 11 |
Other information |
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Highland Fling Bungee Ltd is a private company limited by shares and incorporated in Scotland. The registered office is: |
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The Visitor's Centre |
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Soldier's Leap |
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Pitlochry |
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PH16 5LG |
