The Ultimate Adventure Centre Limited - Period Ending 2015-12-31

Registration number: 07490680

The Ultimate Adventure Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

The Ultimate Adventure Centre Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Ultimate Adventure Centre Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Ultimate Adventure Centre Limited for the year ended 31 December 2015 set out on pages 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of The Ultimate Adventure Centre Limited, as a body, in accordance with the terms of our engagement letterdated 2 December 2014. Our work has been undertaken solely to prepare for your approval the accounts of The Ultimate Adventure Centre Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Ultimate Adventure Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Ultimate Adventure Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Ultimate Adventure Centre Limited. You consider that The Ultimate Adventure Centre Limited 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 accounts of The Ultimate Adventure Centre Limited. 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 accounts.

Glover Stanbury
Chartered Accountants
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

8 August 2016

Page 1

The Ultimate Adventure Centre Limited
(Registration number: 07490680)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					1,600			2,400
Tangible fixed assets					325,509			346,445
					327,109			348,845
Current assets
Debtors					4,842			16,110
Cash at bank and in hand					198,337			94,066
					203,179			110,176
Creditors: Amounts falling due within one year					(207,281)			(198,226)
Net current liabilities					(4,102)			(88,050)
Total assets less current liabilities					323,007			260,795
Creditors: Amounts falling due after more than one year					(111,083)			(126,583)
Provisions for liabilities					(7,446)			(7,213)
Net assets					204,478			126,999
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					204,378			126,899
Shareholders' funds					204,478			126,999

For the year ending 31 December 2015 the company was entitled to exemption 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 director acknowledges his 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 .

Approved and authorised for issue by the director on 6 August 2016

Mr Russell Johns Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

The Ultimate Adventure Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Improvements to property	Straight line over 10 years
Plant and machinery	Straight line over 5 years
Motor vehicles	Straight line over 4 years

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

The Ultimate Adventure Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		4,000			416,929			420,929
Additions		-			32,297			32,297
At 31 December 2015		4,000			449,226			453,226
Depreciation
At 1 January 2015		1,600			70,484			72,084
Charge for the year		800			53,233			54,033
At 31 December 2015		2,400			123,717			126,117
Net book value
At 31 December 2015		1,600			325,509			327,109
At 31 December 2014		2,400			346,445			348,845

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4