Branching Out Adventures Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08884874 (England and Wales)

BRANCHING OUT ADVENTURES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D J Hatchard

C Hatchard

M S Oakden

H Oakden

REGISTERED OFFICE:

6 Marlborough Place

Brighton

East Sussex

BN1 1UB

REGISTERED NUMBER:

08884874 (England and Wales)

ACCOUNTANTS:

Breeze & Associates Ltd.

Chartered Accountants

6 Marlborough Place

Brighton

East Sussex

BN1 1UB

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 Branching Out Adventures Ltd for the year ended 31 March 2017 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 Branching Out Adventures Ltd, as a body, in accordance with the terms of our engagement letter dated 25 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Branching Out Adventures Ltd and state those matters that we have agreed to state to the Board of Directors of Branching Out Adventures Ltd, 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 Branching Out Adventures Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Branching Out Adventures 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 loss of Branching Out Adventures Ltd. You consider that Branching Out Adventures 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 Branching Out Adventures 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.

Breeze & Associates Ltd.

Chartered Accountants

6 Marlborough Place

Brighton

East Sussex

BN1 1UB

6 July 2017

FIXED ASSETS

Tangible assets

5

154,049

189,179

CURRENT ASSETS

Stocks

1,500

750

Debtors

6

1,223

4,071

Cash at bank and in hand

460

15,235

3,183

20,056

CREDITORS

Amounts falling due within one year

7

15,200

35,162

NET CURRENT LIABILITIES

(12,017

)

(15,106

)

TOTAL ASSETS LESS CURRENT LIABILITIES

142,032

174,073

CREDITORS

Amounts falling due after more than one year

8

289,705

284,803

NET LIABILITIES

(147,673

)

(110,730

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

(147,773

)

(110,830

)

SHAREHOLDERS' FUNDS

(147,673

)

(110,730

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 6 July 2017 and were signed on its behalf by:

M S Oakden - Director

D J Hatchard - Director

1.	STATUTORY INFORMATION

Branching Out Adventures 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 each asset over its estimated useful life.

Short leasehold

-

Over the term of the lease

Plant and machinery

-

25% on reducing balance

Computer equipment

-

33.33% on cost

At each balance sheet date the company reviews the carrying amounts of its property, plant and equipment to

determine whether there is any indication that any items of property, plant and equipment have suffered an

impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to

determine the extent of the impairment loss if any. If the recoverable amount of an asset is estimated to be

less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Impairment loss is recognised as an expense immediately.

Stocks

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

slow moving items.

Stock is valued at the lower of cost and net realisable value. Cost is determined on a LIFO basis. Net realisable

value represents estimated sales price less costs to complete and sell. Provision is made for slow moving,

obsolete or damaged stock where the net realisable value is less than cost.

When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which

the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all

losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount

of any reversal of write-down of stocks is recognised as a reduction in the amount of stocks recognised as an

expense in the period in which the reversal occurs.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position

when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation represents the sum of the tax currently payable and deferred tax.

The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted

by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities

in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to

which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or

substantively enacted by the end of the reporting period.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance

from the directors that they will continue to give financial support to the company for twelve months from the

date of signing these accounts.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However,

should the financial support mentioned above not be forthcoming, the going concern basis used in preparing

the company accounts may be invalid and adjustments would have to be made to reduce the value of assets to

their reasonable amount and to provide for any further liabilities which might arise. The accounts do not

include any adjustment to the company's assets or liabilities that might be necessary should this basis not

continue to be appropriate.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the assets. Grants towards revenue expenditure are released to the

profit and loss account as the related expenditure is incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2016

3,144

246,923

6,308

256,375

Additions

-

13,735

4,440

18,175

At 31 March 2017

3,144

260,658

10,748

274,550

DEPRECIATION

At 1 April 2016

605

63,567

3,024

67,196

Charge for year

449

49,273

3,583

53,305

At 31 March 2017

1,054

112,840

6,607

120,501

NET BOOK VALUE

At 31 March 2017

2,090

147,818

4,141

154,049

At 31 March 2016

2,539

183,356

3,284

189,179

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

510

446

Other debtors

713

3,625

1,223

4,071

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

2,327

-

Trade creditors

5

4,892

Taxation and social security

2,485

3,051

Other creditors

10,383

27,219

15,200

35,162

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

289,705

284,803

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

72,500

-

In more than five years

-

87,000

72,500

87,000

Rental lease is £12,500 plus 2% of gross turnover per annum.

10.

RESERVES

Retained

earnings

£

At 1 April 2016

(110,830

)

Deficit for the year

(36,943

)

At 31 March 2017

(147,773

)

11.	RELATED PARTY DISCLOSURES

Included in other creditors is £151,713 (2016: £156,627) contributed by D J Hatchard, a director of the

company. The loan accrues interest at 2.5% plus 3.89% on profit per annum.

Included in other creditors is £93,718 (2016: £96,825) contributed by M S Oakden, a director of the company.

The loan accrues interest at 2.5% per annum plus 3.89% on profit per annum.

Included in other creditors is £32,531 (2016: £31,678) due to Mark Oakden Surveying Services Ltd, a company

in which Mr & Mrs Oakden are directors and shareholders. The loan accrues interest at 2.5% plus 0.8% on

profit and is scheduled to be repaid by instalments after one year.

12.	FIRST YEAR ADOPTION

There are no transitional adjustments on the conversion from UK GAAP to FRS102.

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

not to apply the requirements of Section 19 Business Combinations and Goodwill.