Tamar Adventures Limited - Period Ending 2017-08-31

Tamar Adventures Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2017

Registration number: 07780381

Tamar Adventures Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Tamar Adventures Limited

Balance Sheet

31 August 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	28,691	24,233
Current assets
Debtors	5	16,000	16,544
Cash at bank and in hand		45,251	53,038
		61,251	69,582
Creditors: Amounts falling due within one year	6	(75,805)	(90,222)
Net current liabilities		(14,554)	(20,640)
Total assets less current liabilities		14,137	3,593
Creditors: Amounts falling due after more than one year	6	(6,756)	-
Net assets		7,381	3,593
Capital and reserves
Called up share capital		8	8
Profit and loss account		7,373	3,585
Total equity		7,381	3,593

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Tamar Adventures Limited

Balance Sheet

31 August 2017

For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 14 December 2017 and signed on its behalf by:

......................................... Ms C Blake Director

Company Registration Number: 07780381

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Tamar Adventures Limited

Notes to the Financial Statements

Year Ended 31 August 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Tamar Trails Centre Woodlands
Gulworthy
Tavistock
Devon
PL19 8JE
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2016).

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% straight line
Motor vehicles	25% reducing balance
Plant and machinery	20% straight line

Leases

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

Page 3

Tamar Adventures Limited

Notes to the Financial Statements

Year Ended 31 August 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2016 - 12).

Page 4

Tamar Adventures Limited

Notes to the Financial Statements

Year Ended 31 August 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 September 2016	12,375	4,100	38,911	55,386
Additions	570	10,245	6,376	17,191
At 31 August 2017	12,945	14,345	45,287	72,577
Depreciation
At 1 September 2016	6,229	2,928	21,996	31,153
Charge for the period	2,247	2,855	7,631	12,733
At 31 August 2017	8,476	5,783	29,627	43,886
Carrying amount
At 31 August 2017	4,469	8,562	15,660	28,691
At 31 August 2016	6,146	1,172	16,915	24,233

5

Debtors

	31 August 2017  £	31 August 2016  £
Trade debtors	12,172	9,572
Other debtors	3,828	6,972
Total current trade and other debtors	16,000	16,544

Page 5

Tamar Adventures Limited

Notes to the Financial Statements

Year Ended 31 August 2017

6

Creditors

	Note	31 August 2017  £	31 August 2016  £
Due within one year
Loans and borrowings	7	25,135	36,256
Trade creditors		15,518	14,228
Social security and other taxes		17,730	21,678
Other creditors		13,024	2,692
Accrued expenses		2,200	2,000
Corporation tax		1,620	12,274
Deferred income		578	1,094
		75,805	90,222
Due after one year
Loans and borrowings	7	6,756	-

7	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Finance lease liabilities	6,756	-

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	3,964	6,013
Finance lease liabilities	1,886	-
Other borrowings	19,285	30,243
	25,135	36,256

Bank borrowings

The company has provided security over the bank loan by means of a fixed and floating charge over all assets owned by the company.

Page 6