Newquay Activity Centre Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07639348 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Newquay Activity Centre Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

R J Barber

REGISTERED OFFICE:

49 Billings Drive

Newquay

Cornwall

TR7 2SQ

REGISTERED NUMBER:

07639348 (England and Wales)

ACCOUNTANTS:

Cornish Accounting Solutions Ltd

Chartered Accountants and Business Specialists

79 Higher Bore Street

Bodmin

Cornwall

PL31 1JT

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newquay Activity Centre Ltd for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Newquay Activity Centre Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newquay Activity Centre Ltd and state those matters that we have agreed to state to the director of Newquay Activity Centre Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newquay Activity Centre Ltd and its director for our work or for this report.

It is your duty to ensure that Newquay Activity Centre Ltd 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 profit of Newquay Activity Centre Ltd. You consider that Newquay Activity Centre Ltd 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 Newquay Activity Centre Ltd. 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.

Cornish Accounting Solutions Ltd

Chartered Accountants and Business Specialists

79 Higher Bore Street

Bodmin

Cornwall

PL31 1JT

28 December 2022

FIXED ASSETS

Tangible assets

4

499,169

487,846

Investments

5

10,070

10,070

509,239

497,916

CURRENT ASSETS

Stocks

10,620

10,620

Debtors

6

20,357

13,469

Cash at bank

24,158

3,581

55,135

27,670

CREDITORS

Amounts falling due within one year

7

103,694

62,894

NET CURRENT LIABILITIES

(48,559

)

(35,224

)

TOTAL ASSETS LESS CURRENT LIABILITIES

460,680

462,692

CREDITORS

Amounts falling due after more than one year

8

(320,330

)

(370,501

)

PROVISIONS FOR LIABILITIES

(7,797

)

(7,546

)

NET ASSETS

132,553

84,645

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

132,552

84,644

SHAREHOLDERS' FUNDS

132,553

84,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 28 December 2022 and were signed by:

R J Barber - Director

1.	STATUTORY INFORMATION

Newquay Activity Centre 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Website development costs

-

25% on reducing balance

Fixtures, plant and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Website

Freehold

to

development

property

property

costs

£

£

£

COST

At 1 April 2021

393,657

54,475

11,335

Additions

-

10,000

-

At 31 March 2022

393,657

64,475

11,335

DEPRECIATION

At 1 April 2021

-

-

9,195

Charge for year

-

-

535

At 31 March 2022

-

-

9,730

NET BOOK VALUE

At 31 March 2022

393,657

64,475

1,605

At 31 March 2021

393,657

54,475

2,140

Fixtures,

plant and

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2021

44,525

25,767

23,223

552,982

Additions

-

6,550

5,083

21,633

At 31 March 2022

44,525

32,317

28,306

574,615

DEPRECIATION

At 1 April 2021

19,257

21,181

15,503

65,136

Charge for year

3,790

2,784

3,201

10,310

At 31 March 2022

23,047

23,965

18,704

75,446

NET BOOK VALUE

At 31 March 2022

21,478

8,352

9,602

499,169

At 31 March 2021

25,268

4,586

7,720

487,846

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2021

and 31 March 2022

25,767

DEPRECIATION

At 1 April 2021

and 31 March 2022

21,181

NET BOOK VALUE

At 31 March 2022

4,586

At 31 March 2021

4,586

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

10,070

NET BOOK VALUE

At 31 March 2022

10,070

At 31 March 2021

10,070

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

-

384

Other debtors

4,699

2,973

Tax

3,246

3,246

VAT

-

812

Prepayments

12,412

6,054

20,357

13,469

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 9)

4,446

4,199

Hire purchase contracts

-

4,803

Trade creditors

8,749

3,375

Corporation tax

18,309

12,300

Social security and other taxes

11,769

6,957

Pension Payable

910

106

VAT

9,094

-

Other creditors

100

100

Net wages

351

229

Directors' current accounts

510

22,716

Accruals

8,642

8,109

Deferred Revenue

40,814

-

103,694

62,894

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 9)

217,606

232,325

Amounts owed to associates

102,724

138,176

320,330

370,501

Amounts falling due in more than five years:

Repayable by instalments

Fore Street Loan

215,301

225,629

9.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

76

1,233

Bank loans

4,370

2,966

4,446

4,199

2022

2021

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

2,305

2,966

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

3,730

Amounts falling due in more than five years:

Repayable by instalments

Fore Street Loan

215,301

225,629

10.	TRANSACTION WITH DIRECTOR

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

R J Barber

Balance outstanding at start of year

(22,716

)

(881

)

Amounts advanced

43,422

1,575

Amounts repaid

(21,216

)

(23,410

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(510

)

(22,716

)

The above loan balance was due by the director at the year end. The loan is non interest bearing and is repayable on demand.

11.	RELATED PARTY DISCLOSURES

Bodyboard-Holidays Ltd

A company in which the director and shareholder Mr R J Barber is also a director and shareholder.

During the year, Newquay Activity Centre Ltd charge management fees totalling NIL (2021: £9,600) to Bodyboard-Holidays Ltd.

At the balance sheet date, Newquay Activity Centre Ltd was owed £90,251.97 (owed by 2021: 116,104) to Bodyboard-Holidays Ltd. This amount has been included within amounts owed by associates.

Coastline Coasteer Ltd

A company in which the director and shareholder Mr R J Barber is also a director and shareholder.

On the 1 April 2017, the associated assets of Coastline Coasteer Ltd were introduced to Newquay Activity Centre Ltd at the net book value as shown at 31 March 2017.

During the year, Newquay Activity Centre Ltd charge management fees totalling £9,600 (2021: £9,600) to .

Coastline Coasteer Ltd

At the balance sheet date, Newquary Activity Centre Ltd owed £12,471.65 (2021: £22,072) to Coastline Coasteering Ltd. This amount has been included within amounts owed to associates.

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of its director Mr R J Barber, by virtue of his shareholding.