HIGH ADVENTURE OUTDOOR EDUCATION CENTRE LIMITED

HIGH ADVENTURE OUTDOOR EDUCATION CENTRE LIMITED - Company Information

2022-11-012023-10-312023-10-31false09190563HIGH ADVENTURE OUTDOOR EDUCATION CENTRE 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Registered Number
09190563
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

HIGH ADVENTURE OUTDOOR EDUCATION CENTRE LIMITED

Company Information
for the year from 1 November 2022 to 31 October 2023


Directors	FERGUSON, Timothy Paul
	JEPSON, Christopher Michael


Company Secretary	FERGUSON, Timothy Paul


Registered Address	High Adventure
	233 Keighley Road
	Keighley
	BD22 0AA


Registered Number	09190563 (England and Wales)

HIGH ADVENTURE OUTDOOR EDUCATION CENTRE LIMITED

Statement of Financial Position
31 October 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	7		342,546		418,579
			342,546		418,579
Current assets
Stocks	11	30,328		39,955
Debtors	12	134,109		470,055
Cash at bank and on hand		644,870		375,973
		809,307		885,983
Creditors amounts falling due within one year	13	(532,982)		(593,716)
Net current assets (liabilities)			276,325		292,267
Total assets less current liabilities			618,871		710,846
Creditors amounts falling due after one year	14		-		(75,000)
Provisions for liabilities	15		(12,000)		(17,500)
Net assets			606,871		618,346
Capital and reserves
Called up share capital			100		100
Profit and loss account			606,771		618,246
Shareholders' funds			606,871		618,346

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 5 March 2024, and are signed on its behalf by:

JEPSON, Christopher Michael
Director
Registered Company No. 09190563

HIGH ADVENTURE OUTDOOR EDUCATION CENTRE LIMITED

Notes to the Financial Statements
for the year ended 31 October 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Principal activities
	The principal activity of the company is the provision of sports and recreation education.

3.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

4.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Within Plant & Machinery are the following: Plant & Equipment 25% Straight Line, Sporting Equipment 20% Straight Line, Office Equipment 33.3% Straight Line & Fixtures & Fittings 20% Straight Line

Property, plant and equipment policy

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:

Within Plant & Machinery are the following:
Plant & Equipment 25% Straight Line, Sporting Equipment 20% Straight Line, Office Equipment 33.3% Straight Line & Fixtures & Fittings 20% Straight Line


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Vehicles	25	-

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Taxation policy
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax policy
	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.

Deferred tax policy

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.

	Foreign currency translation and operations policy
	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 the Income Statement

Foreign currency translation and operations policy

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 the Income Statement

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

	Employee benefits policy
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits policy

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Valuation of financial instruments policy
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Going concern
	The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future.The company continue to have the support of the directors, shareholders and creditors and therefor continue to adopt the going concern basis of accounting in preparing financial statements.

5.	Exceptional items
	Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence:- Insurance Claim £Nil - (2022 - £50,000)

6.	Employee information


		2023		2022
	Average number of employees during the year	30		27

7.	Property, plant and equipment

	Land & buildings	Plant & machinery	Vehicles	Total
	£	£	£	£
Cost or valuation
At 01 November 22	582,098	263,251	93,875	939,224
Additions	-	6,540	-	6,540
At 31 October 23	582,098	269,791	93,875	945,764
Depreciation and impairment
At 01 November 22	232,840	212,575	75,230	520,645
Charge for year	58,210	19,702	4,661	82,573
At 31 October 23	291,050	232,277	79,891	603,218
Net book value
At 31 October 23	291,048	37,514	13,984	342,546
At 31 October 22	349,258	50,676	18,645	418,579

8.	Description of capital commitments
	At 31 October 2023 the Company had future minimum lease payments under non-cancellable operating leases as follows: Not later than 1 year £134,877 (2022 - £135,676) Later than 1 year and not later than 5 years £Nil (2022 - £799)

9.	Off balance sheet pension commitments
	The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company and amounted to £9,707 (2022 - £8,827). Contributions totalling £2,248 (2022 -£Nil) were payable to the fund at the reporting date and are included in creditors.

Off balance sheet pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company and amounted to £9,707 (2022 - £8,827). Contributions totalling £2,248 (2022 -£Nil) were payable to the fund at the reporting date and are included in creditors.

10.	Description of nature of transactions and balances with related parties
	Included within other creditors, amounts due within one year is a balance due to T P Ferguson, Director, of £15,704 (2022 - debtor £129,199). The balance is interest free and repayable on demand. Included within other creditors, amounts due within one year is a balance due to C M Jepson, Director, of £16,396 (2022 - debtor £126,617). The balance is interest free and repayable on demand. During the year the company paid rent of £16,300 (2022 - £59,400) to T P Ferguson. During the year the company paid rent of £16,300 (2022 - £59,400) to C M Jepson.

10.

Description of nature of transactions and balances with related parties

Included within other creditors, amounts due within one year is a balance due to T P Ferguson, Director, of £15,704 (2022  - debtor £129,199). The balance is interest free and repayable on demand.

Included within other creditors, amounts due within one year is a balance due to C M Jepson, Director, of £16,396 (2022 - debtor £126,617). The balance is interest free and repayable on demand.

During the year the company paid rent of £16,300 (2022 - £59,400) to T P Ferguson. 

During the year the company paid rent of £16,300 (2022 - £59,400) to C M Jepson.

11.	Stocks

	2023	2022
	£	£
Raw materials and consumables	30,328	39,955
Total	30,328	39,955

12.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	93,733	180,091
Other debtors	2,113	284,971
Prepayments and accrued income	38,263	4,993
Total	134,109	470,055


	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.

13.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	73,939	24,809
Bank borrowings and overdrafts	-	100,000
Taxation and social security	43,836	51,244
Other creditors	393,408	385,415
Accrued liabilities and deferred income	21,799	32,248
Total	532,982	593,716


	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. The bank loans are secured over the company assets and a legal charge is in place over properties personally held by directors T P Ferguson and C M Jepson. The following liabilities were secured: Bank Loans £Nil (2022 - £100,000)

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.

The bank loans are secured over the company assets and a  legal charge is in place over properties personally held by directors T P Ferguson and C M Jepson.

The following liabilities were secured:
Bank Loans £Nil (2022 - £100,000)

14.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	-	75,000
Total	-	75,000


	The bank loans are secured over the company assets and a legal charge is in place over properties personally held by directors T P Ferguson and C M Jepson. The following liabilities were secured: Bank Loans £Nil (2022 - £75,000)

15.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	12,000	17,500
Total	12,000	17,500