Activity World Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02512682 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

ACTIVITY WORLD LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M A Boyle

SECRETARY:

Mrs E A Boyle

REGISTERED OFFICE:

Padholme Road East

Peterborough

Cambridgeshire

PE1 5XH

BUSINESS ADDRESS:

9 Crabtree Close

Beaconsfield

Buckinghamshire

HP9 1UQ

REGISTERED NUMBER:

02512682 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Tangible assets

4

1,273,901

818,752

Investments

5

262

262

1,274,163

819,014

CURRENT ASSETS

Stocks

113,577

120,933

Debtors

6

12,830

13,913

Cash at bank

62,176

45,706

188,583

180,552

CREDITORS

Amounts falling due within one year

7

33,345

16,604

NET CURRENT ASSETS

155,238

163,948

TOTAL ASSETS LESS CURRENT LIABILITIES

1,429,401

982,962

CREDITORS

Amounts falling due after more than one year

8

(10,443

)

(37,668

)

PROVISIONS FOR LIABILITIES

9

(132,386

)

(45,542

)

NET ASSETS

1,286,572

899,752

CAPITAL AND RESERVES

Called up share capital

262

262

Revaluation reserve

10

624,484

259,984

Capital redemption reserve

738

738

Retained earnings

661,088

638,768

SHAREHOLDERS' FUNDS

1,286,572

899,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 April 2022 and were signed by:

Mr M A Boyle - Director

1.	STATUTORY INFORMATION

Activity World Ltd. is a private company, limited by shares , registered in England and Wales. The 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the fair value of consideration received or receivable after any trade discounts and prompt settlement discounts, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

- Nil

Plant and machinery

- 10% on reducing balance

Fixtures and fittings

- 10% on reducing balance

The freehold property is being depreciated to its estimated residual value over its deemed useful economic life. The director believes the residual value to be at least the current carrying value in these accounts and therefore any depreciation would be negligible. The maintenance costs are charged to profit and loss account in the year incurred. The director reviews the estimated residual value at the end of each accounting period.

Plant and machinery, and fixtures and fittings are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Grant income

Government grant income received in the form of coronavirus job retention scheme payments, council grant and business interruption payments to supplement finance charges in relation to the bounce back loan are recognised on the profit or loss under other income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2020

750,000

449,878

101,073

1,300,951

Additions

-

3,700

9,660

13,360

Revaluations

450,000

-

-

450,000

At 30 September 2021

1,200,000

453,578

110,733

1,764,311

DEPRECIATION

At 1 October 2020

-

390,829

91,370

482,199

Charge for year

-

6,275

1,936

8,211

At 30 September 2021

-

397,104

93,306

490,410

NET BOOK VALUE

At 30 September 2021

1,200,000

56,474

17,427

1,273,901

At 30 September 2020

750,000

59,049

9,703

818,752

Cost or valuation at 30 September 2021 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Valuation in 2021

1,200,000

-

-

1,200,000

Cost

-

453,578

110,733

564,311

1,200,000

453,578

110,733

1,764,311

If freehold property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

394,969

457,648

Freehold property was valued on an open market basis on 30 September 2021 by the director.

Included in cost or valuation of land and building is freehold land of £480,000 (2020: £300,000) which is not depreciated.

Deferred tax on the timing difference relating to the revaluation of freehold property amounts to £120,011 (2020: £34,512)

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2020

and 30 September 2021

262

NET BOOK VALUE

At 30 September 2021

262

At 30 September 2020

262

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,307

2,052

Other debtors

2,000

2,500

Corporation tax

-

4,875

VAT

-

1,428

Prepayments

4,523

3,058

12,830

13,913

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,732

2,332

Trade creditors

4,555

9,549

Corporation tax

8,688

-

Taxation and social security

617

1,575

VAT

3,919

-

Other creditors

4,680

922

Director's loan account

1,154

226

Accrued expenses

2,000

2,000

33,345

16,604

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

10,443

-

Bank loans more than 1 year

-

37,668

10,443

37,668

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

132,386

45,542

Deferred

tax

£

Balance at 1 October 2020

45,542

Accelerated capital allowances

1,344

Property revaluation

85,500

Balance at 30 September 2021

132,386

10.

RESERVES

Revaluation

reserve

£

At 1 October 2020

259,984

Freehold property revaluation

364,500

At 30 September 2021

624,484

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M A Boyle.