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COMPANY REGISTRATION NUMBER: 03505813
Water by Nature Rafting Journeys Limited
Filleted Unaudited Financial Statements
31 July 2022
Water by Nature Rafting Journeys Limited
Financial Statements
Year Ended 31 July 2022
Contents
Page
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Water by Nature Rafting Journeys Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Water by Nature Rafting Journeys Limited
Year Ended 31 July 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Water by Nature Rafting Journeys Limited for the year ended 31 July 2022, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Water by Nature Rafting Journeys Limited in accordance with the terms of our engagement letter dated 31 May 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Water by Nature Rafting Journeys Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Water by Nature Rafting Journeys Limited and its director for our work or for this report.
It is your duty to ensure that Water by Nature Rafting Journeys Limited 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 Water by Nature Rafting Journeys Limited. You consider that Water by Nature Rafting Journeys Limited 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 Water by Nature Rafting Journeys Limited. 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.
WYATT & CO Chartered Accountants
125 Main Street Garforth Leeds LS25 1AF
26 September 2023
Water by Nature Rafting Journeys Limited
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
5
35,039
46,718
Current Assets
Debtors
6
136,700
145,248
Cash at bank and in hand
1,178
4,479
-----------
-----------
137,878
149,727
Creditors: amounts falling due within one year
7
280,830
301,389
-----------
-----------
Net Current Liabilities
142,952
151,662
-----------
-----------
Total Assets Less Current Liabilities
( 107,913)
( 104,944)
Creditors: amounts falling due after more than one year
8
38,308
29,117
-----------
-----------
Net Liabilities
( 146,221)
( 134,061)
-----------
-----------
Capital and Reserves
Called up share capital
100
100
Share premium account
25,000
25,000
Revaluation reserve
16,118
16,118
Profit and loss account
( 187,439)
( 175,279)
-----------
-----------
Shareholders Deficit
( 146,221)
( 134,061)
-----------
-----------
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 income and retained earnings has not been delivered.
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Water by Nature Rafting Journeys Limited
Statement of Financial Position (continued)
31 July 2022
These financial statements were approved by the board of directors and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
H A McMaster
Director
Company registration number: 03505813
Water by Nature Rafting Journeys Limited
Notes to the Financial Statements
Year Ended 31 July 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 3 Wath Road, Elsecar, Barnsley, S74 8HJ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue Recognition
Turnover comprises the value of goods and services supplied by the company during the period, net of Value Added Tax, trade discounts, and is credited based on the amount which is proportionate to the relevant period under the terms of UITF40.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Expedition equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of Fixed Assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 1 (2021: Nil).
5. Tangible Assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2021 and 31 July 2022
221,685
38,272
6,831
266,788
-----------
---------
--------
-----------
Depreciation
At 1 August 2021
182,950
33,227
3,893
220,070
Charge for the year
9,683
1,261
735
11,679
-----------
---------
--------
-----------
At 31 July 2022
192,633
34,488
4,628
231,749
-----------
---------
--------
-----------
Carrying amount
At 31 July 2022
29,052
3,784
2,203
35,039
-----------
---------
--------
-----------
At 31 July 2021
38,735
5,045
2,938
46,718
-----------
---------
--------
-----------
6. Debtors
2022
2021
£
£
Trade debtors
101,740
116,740
Other debtors
34,960
28,508
-----------
-----------
136,700
145,248
-----------
-----------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
27,297
29,810
Trade creditors
32,744
34,265
Social security and other taxes
204
204
Other creditors 2 - desc in a/cs
( 1,430)
( 1,430)
Other creditors
222,015
238,540
-----------
-----------
280,830
301,389
-----------
-----------
The provision for Deferred Income is made under UITF40, to match income against its corresponding expenditure.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
38,308
29,117
---------
---------
9. Events after the End of the Reporting Period
Events after the End of the Reporting Period Since the year end, the implementation of the Covid-19 lockdown and social distancing has had an impact on the trading of the business. It is expected that the Government's financial support for businesses will enable the company to continue to trade following the lockdown, and as such, no adjustments have been made to these historic cost accounts.
10. Director's Advances, Credits and Guarantees
During the year, the director provided a loan to the company. The opening and highest balance was £3,505 and the closing balance was £88. The loan was interest free and repayable on demand.
11. Related Party Transactions
There were no related party transactions during the year.