Registered number
11787927
The Axe Throwing Company Limited
Filleted Accounts
31 January 2022
The Axe Throwing Company Limited
Registered number: 11787927
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 66,570 23,727
Current assets
Debtors 4 99,578 94,812
Cash at bank and in hand 182,035 162,066
281,613 256,878
Creditors: amounts falling due within one year 5 (106,728) (127,405)
Net current assets 174,885 129,473
Total assets less current liabilities 241,455 153,200
Creditors: amounts falling due after more than one year 6 (112,366) (112,233)
Net assets 129,089 40,967
Capital and reserves
Called up share capital 60,000 60,000
Profit and loss account 69,089 (19,033)
Shareholders' funds 129,089 40,967
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Adam West
Director
Approved by the board on 12 September 2022
The Axe Throwing Company Limited
Notes to the Accounts
for the year ended 31 January 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 24 14
3 Tangible fixed assets
Leashold improvements Furniture and fittings Computer equipment Total
£ £ £ £
Cost
At 1 February 2021 15,040 23,714 791 39,545
Additions 51,404 12,036 - 63,440
At 31 January 2022 66,444 35,750 791 102,985
Depreciation
At 1 February 2021 6,016 9,486 316 15,818
Charge for the year 13,289 7,150 158 20,597
At 31 January 2022 19,305 16,636 474 36,415
Net book value
At 31 January 2022 47,139 19,114 317 66,570
At 31 January 2021 9,024 14,228 475 23,727
4 Debtors 2022 2021
£ £
Trade debtors 8,619 10,912
Other debtors 90,959 83,900
99,578 94,812
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,804 186
Amounts owed to group undertakings and undertakings in which the company has a participating interest 54,905 67,469
Taxation and social security costs 29,436 18,521
Other creditors 11,583 41,229
106,728 127,405
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 33,317 50,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 79,049 62,233
112,366 112,233
7 Other information
The Axe Throwing Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Croydon Road
Caterham
Surrey
CR3 6QB
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