Company Registration No. 03825838 (England and Wales)
Action Challenge Limited
Unaudited accounts
for the year ended 31 December 2022
Action Challenge Limited
Unaudited accounts
Contents
Action Challenge Limited
Company Information
for the year ended 31 December 2022
Directors
S A Meigh
J Risley
Company Number
03825838 (England and Wales)
Registered Office
1, Gunnery Terrace
Cornwallis Road
London
SE18 6SW
England
Accountants
Asmita & Associates Ltd
114-116 Plumstead High Street
Plumstead
London
SE18 1SJ
Action Challenge Limited
Statement of financial position
as at 31 December 2022
Tangible assets
40,314
50,193
Cash at bank and in hand
1,178,908
1,173,823
Creditors: amounts falling due within one year
(1,895,779)
(1,669,352)
Net current assets
395,095
281,630
Total assets less current liabilities
435,409
331,823
Provisions for liabilities
Deferred tax
(14,157)
(16,710)
Net assets
421,252
315,113
Called up share capital
40,000
40,000
Profit and loss account
381,252
275,113
Shareholders' funds
421,252
315,113
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by
S A Meigh
Director
Company Registration No. 03825838
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2022
Action Challenge Limited is a private company, limited by shares, registered in England and Wales, registration number 03825838. The registered office is 1, Gunnery Terrace, Cornwallis Road, London, SE18 6SW, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 January 2022
246,737
28,904
275,641
At 31 December 2022
250,296
28,904
279,200
At 1 January 2022
205,304
20,144
225,448
Charge for the year
11,248
2,190
13,438
At 31 December 2022
216,552
22,334
238,886
At 31 December 2022
33,744
6,570
40,314
At 31 December 2021
41,433
8,760
50,193
Amounts falling due within one year
Trade debtors
503,361
320,215
Accrued income and prepayments
489,060
366,578
Other debtors
72,613
80,515
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Creditors: amounts falling due within one year
2022
2021
Trade creditors
145,484
191,128
Taxes and social security
7,915
(1,742)
Proposed dividends
247,418
-
Other creditors
16,265
23,731
Loans from directors
1,730
1,730
Deferred income
1,397,650
1,407,161
Action Challenge Limited
Notes to the Accounts
for the year ended 31 December 2022
Allotted, called up and fully paid:
40,000 Ordinary shares of £1 each
40,000
40,000
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Transactions with related parties
Included in the creditors due within one year is an amount of £1,730 (2021: £1,730) due to the director of the company, Mr S Meigh.
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Average number of employees
During the year the average number of employees was 14 (2021: 20).