ACT Outdoors Limited - Accounts to registrar - small 16.3d

ACT Outdoors Limited

Financial Statements for the Year Ended 31 July 2016

DIRECTORS:

A M Cooksley

C Cooksley

L Williams

REGISTERED OFFICE:

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

REGISTERED NUMBER:

07775180 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

BANKERS:

Barclays Bank Plc

Cardiff Business Centre

121 Queen Street

Cardiff

CF1 4XU

The following reproduces the text of the report prepared for the directors and members 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 Directors 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 ACT Outdoors Limited for the year ended 31 July 2016

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 Board of Directors of ACT Outdoors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ACT Outdoors Limited and state those matters that we have agreed to state to the Board of Directors of ACT Outdoors Limited, as a body, 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 ACT Outdoors Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that ACT Outdoors Limited 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 ACT Outdoors Limited. You consider that ACT Outdoors 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 financial statements of ACT Outdoors 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 financial statements.

BPU Limited

Chartered Accountants

22 March 2017

FIXED ASSETS

Tangible assets

2

22,140

29,522

Investment property

3

350,000

425,000

372,140

454,522

CURRENT ASSETS

Debtors

4

8,670

3

Cash at bank

4,201

8,884

12,871

8,887

CREDITORS

Amounts falling due within one year

5

392,626

405,401

NET CURRENT LIABILITIES

(379,755

)

(396,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,615

)

58,008

CREDITORS

Amounts falling due after more than one year

6

(193,255

)

(210,265

)

PROVISIONS FOR LIABILITIES

8

-

(4,000

)

NET LIABILITIES

(200,870

)

(156,257

)

CAPITAL AND RESERVES

Called up share capital

3

3

Non-distributable reserve

(23,431

)

47,569

Retained earnings

(177,442

)

(203,829

)

SHAREHOLDERS' FUNDS

(200,870

)

(156,257

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 20 March 2017 and were signed on its behalf by:

A M Cooksley - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 rental income, excluding VAT.

Tangible fixed assets

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

Plant and machinery

-

25% reducing balance

Fixtures and fittings

-

25% reducing balance

Office Equipment

-

25% reducing balance

Investment property

Investment properties have been revalued in accordance with the provisions of FRS 102.

2.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

Equipment

Totals

£

£

£

£

COST

At 1 August 2015

and 31 July 2016

63,642

6,045

7,263

76,950

DEPRECIATION

At 1 August 2015

39,624

3,917

3,887

47,428

Charge for year

6,005

533

844

7,382

At 31 July 2016

45,629

4,450

4,731

54,810

NET BOOK VALUE

At 31 July 2016

18,013

1,595

2,532

22,140

At 31 July 2015

24,018

2,128

3,376

29,522

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2015

425,000

Revaluations

(75,000

)

At 31 July 2016

350,000

NET BOOK VALUE

At 31 July 2016

350,000

At 31 July 2015

425,000

Cost or valuation at 31 July 2016 is represented by:

£

Valuation in 2015

51,569

Valuation in 2016

(75,000

)

Cost

373,431

350,000

If the investment property had not been revalued it would have been included at the following

historical cost:

2016

2015

£

£

Cost

373,431

373,431

The investment property was valued on an open market basis on 12 August 2016 by Alder King Property Consultants

.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

8,667

-

Other debtors & prepayments

3

3

8,670

3

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loan and overdraft

16,842

16,542

Amounts owed to related party

365,573

372,450

Corporation tax

8,411

15,409

Accrued expenses

1,800

1,000

392,626

405,401

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank Loans

193,255

210,265

7.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loan and overdraft

209,737

226,807

8.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

-

4,000

Deferred

tax

£

Balance at 1 August 2015

4,000

Provided during year

(4,000

)

Balance at 31 July 2016

-

9.	FIRST YEAR ADOPTION - FRS 102

A deferred tax charge and related liability, not provided for previously due to an exemption

available under previous accounting standards, is included in the accounts in relation to the

revaluation of the investment property to fair value.

As FRS 102 does not permit a revaluation reserve on investment property, the accumulated

revaluation gains on the property, and the related deferred tax charges, have been charged

to a non-distributable reserve.

Non-distributable reserve

The restated figures are as follows:-

2016

2015

£

£

Original opening balance of non-distributable reserve

-

-

Revaluation at fair value 2015

51,569

51,569

Deferred tax movement 2015

(4,000)

(4,000)

Revised non-distributable reserve brought forward 2016

47,569

-

Revaluation 2016

(75,000)

-

Deferred tax movement 2016

(4,000)

-

Non-distributable reserve carried forward

(23,431)

47,569