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Company registration number: 2305104
Airborne Adventures Limited
Unaudited filleted financial statements
31 March 2022
Airborne Adventures Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Airborne Adventures Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 17,076 21,340
_______ _______
17,076 21,340
Current assets
Debtors 7 2,258 1,708
Cash at bank and in hand 28,985 35,448
_______ _______
31,243 37,156
Creditors: amounts falling due
within one year 8 ( 40,616) ( 32,824)
_______ _______
Net current (liabilities)/assets ( 9,373) 4,332
_______ _______
Total assets less current liabilities 7,703 25,672
Creditors: amounts falling due
after more than one year 9 - ( 20,000)
Provisions for liabilities ( 3,245) ( 3,577)
_______ _______
Net assets 4,458 2,095
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 4,448 2,085
_______ _______
Shareholders funds 4,458 2,095
_______ _______
For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2022 , and are signed on behalf of the board by:
Mr A D McCutcheon
Director
Company registration number: 2305104
Airborne Adventures Limited
Statement of changes in equity
Year ended 31 March 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 10 12,592 12,602
Profit/(loss) for the year ( 7,174) ( 7,174)
_______ _______ _______
Total comprehensive income for the year - ( 7,174) ( 7,174)
Dividends paid and payable ( 3,333) ( 3,333)
_______ _______ _______
Total investments by and distributions to owners - ( 3,333) ( 3,333)
_______ _______ _______
At 31 March 2021 and 1 April 2021 10 2,084 2,094
Profit/(loss) for the year 5,697 5,697
_______ _______ _______
Total comprehensive income for the year - 5,697 5,697
Dividends paid and payable ( 3,333) ( 3,333)
_______ _______ _______
Total investments by and distributions to owners - ( 3,333) ( 3,333)
_______ _______ _______
At 31 March 2022 10 4,448 4,458
_______ _______ _______
Airborne Adventures Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Four Columns, Broughton Hall Business Park, Skipton, North Yorkshire, BD23 3AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will flow to the entity; the stage of completion of the transaction at the end of the reporting period can be measured reliably and the costs incurred and costs to complete the transaction can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly, Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at 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 the Statement of Income and Retained Earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2021 and 31 March 2022 57,725 57,725
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 57,725 57,725
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2021 62,784 21,466 84,250
Additions 4,190 1,575 5,765
Disposals ( 25,250) - ( 25,250)
_______ _______ _______
At 31 March 2022 41,724 23,041 64,765
_______ _______ _______
Depreciation
At 1 April 2021 49,336 13,575 62,911
Charge for the year 3,591 3,301 6,892
Disposals ( 22,114) - ( 22,114)
_______ _______ _______
At 31 March 2022 30,813 16,876 47,689
_______ _______ _______
Carrying amount
At 31 March 2022 10,911 6,165 17,076
_______ _______ _______
At 31 March 2021 13,448 7,891 21,339
_______ _______ _______
7. Debtors
2022 2021
£ £
Other debtors 2,258 1,708
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 1,852 -
Other creditors 38,764 32,824
_______ _______
40,616 32,824
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts - 20,000
_______ _______