| ACT Outdoors Ltd |
| Registered number: |
07775180 |
| Balance Sheet |
| as at 31 July 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
586,177 |
|
|
353,939 |
|
| Current assets |
| Debtors |
4 |
|
16,835 |
|
|
20,792 |
| Cash at bank and in hand |
|
|
4,703 |
|
|
9,632 |
|
|
|
21,538 |
|
|
30,424 |
|
| Creditors: amounts falling due within one year |
5 |
|
(714,213) |
|
|
(638,685) |
|
| Net current liabilities |
|
|
|
(692,675) |
|
|
(608,261) |
|
| Total assets less current liabilities |
|
|
|
(106,498) |
|
|
(254,322) |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
- |
|
|
(96,115) |
|
| Provisions for liabilities |
|
|
|
(14,250) |
|
|
- |
|
|
| Net liabilities |
|
|
|
(120,748) |
|
|
(350,437) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
3 |
|
|
3 |
| Revaluation reserve |
8 |
|
|
135,796 |
|
|
(23,431) |
| Profit and loss account |
|
|
|
(256,547) |
|
|
(327,009) |
|
| Shareholders' funds |
|
|
|
(120,748) |
|
|
(350,437) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| L Willaims |
| Director |
| Approved by the board on 25 January 2024 |
|
| ACT Outdoors Ltd |
| Notes to the Accounts |
| for the year ended 31 July 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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).
The company has net liabilities and the directors continue to provide support to the company and due to this factor it is considered appropriate to prepare the accounts on a going concern basis. |
|
|
Turnover |
|
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
|
|
Tangible fixed assets |
|
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: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Investment property |
|
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out by an independent qualified valuer with relevant experience. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
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. |
|
|
Provisions |
|
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. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
350,000 |
|
76,950 |
|
426,950 |
|
Surplus on revaluation |
159,227 |
|
- |
|
159,227 |
|
At 31 July 2023 |
509,227 |
|
76,950 |
|
586,177 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2022 |
- |
|
73,011 |
|
73,011 |
|
Charge for the year |
- |
|
(73,011) |
|
(73,011) |
|
At 31 July 2023 |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
509,227 |
|
76,950 |
|
586,177 |
|
At 31 July 2022 |
350,000 |
|
3,939 |
|
353,939 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
| £ |
£ |
|
Historical cost |
373,431 |
|
373,431 |
|
Cumulative depreciation based on historical cost |
- |
|
(23,431) |
|
|
|
|
|
|
373,431 |
|
396,862 |
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
16,835 |
|
14,773 |
|
Deferred tax asset |
|
|
|
|
- |
|
6,019 |
|
|
|
|
|
|
16,835 |
|
20,792 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans and overdrafts |
84,925 |
|
15,000 |
|
Amounts owed to related party undertakings |
|
105,500 |
|
100,500 |
|
Loans from directors to the company |
|
522,101 |
|
522,101 |
|
Taxation and social security costs |
217 |
|
- |
|
Other creditors |
1,470 |
|
1,084 |
|
|
|
|
|
|
714,213 |
|
638,685 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans |
- |
|
96,115 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2023 |
|
2022 |
| £ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
- |
|
36,115 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
84,925 |
|
111,115 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured over the fixed and floating assets of the company. |
|
|
| 8 |
Revaluation reserve |
2023 |
|
2022 |
| £ |
£ |
|
|
At 1 August 2022 |
(23,431) |
|
(23,431) |
|
Gain on revaluation of land and buildings |
159,227 |
|
- |
|
|
At 31 July 2023 |
135,796 |
|
(23,431) |
|
|
|
|
|
|
|
|
|
|
| 9 |
Events after the reporting date |
|
|
On 16 August 2023, the company sold its freehold property and related plant & equipment. and has since settled it's liabilities to the bank. |
|
|
| 10 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
A M Cooksley |
|
Loan to the company |
(347,868) |
|
- |
|
- |
|
(347,868) |
|
|
L A Williams |
|
Loan to the company |
(174,233) |
|
- |
|
- |
|
(174,233) |
|
|
|
(522,101) |
|
- |
|
- |
|
(522,101) |
|
|
|
|
|
|
|
|
|
|
The directors do not charge any interest on the loan funding provided to the company and there is no defined repayment period for the loan balances. The loans are disclosed as due within 1 year. |
|
| 11 |
Related party transactions |
|
|
In the year the company received loan funding of £5,000 from CAL Properties Limited, which is controlled & owned by the directors. No interest has been charged on the loan funding. The balance due to this related party at 31 July 2023 was £105,500 (2022 : 100,500). |
|
|
| 12 |
Controlling party |
|
|
The company is controlled by the directors by virtue of their combined shareholding. |
|
|
| 13 |
Other information |
|
|
ACT Outdoors Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
Wenvoe Manor |
|
Port Road |
|
Wenvoe Manor |
|
Cardiff |
|
CF5 6AD |
