Company registration number 02405383 (England and Wales)
ACTION CENTRES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ACTION CENTRES UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACTION CENTRES UK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Stocks
50,918
34,818
Debtors
3
1,261,556
1,003,496
Cash at bank and in hand
388,828
56,179
1,701,302
1,094,493
Creditors: amounts falling due within one year
4
(2,205,553)
(1,670,105)
Net current liabilities
(504,251)
(575,612)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(504,253)
(575,614)
Total equity
(504,251)
(575,612)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
D E Darby
Director
Company Registration No. 02405383
ACTION CENTRES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Action Centres UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Park, Kings Park Road, Moulton Park, Northamptonshire, NN3 6LL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Whilst the impact of coronavirus has dissipated to some degree, the legacy of its effect continues to be felt throughout most sectors of the economy. Other matters such as supply chain issues and rising prices, particularly fuel and energy, are impacting across all businesses. Going concern is therefore an important area that the directors are keeping under close scrutiny. No immediate concerns in relation to the company’s long term future have been identified, but this area continues to be monitored. The directors are satisfied that the steps they have taken in the short term are appropriate and effective.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the hire of facilities is recognised in the period in which the hire takes place.

 

Rental income represents income received from renting properties to young staff members. Income is recognised in the period in which the property is rented.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

ACTION CENTRES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ACTION CENTRES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
211
125
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
965,822
822,847
Amounts owed by group undertakings
62,701
9,812
Other debtors
233,033
170,837
1,261,556
1,003,496
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,527,921
1,181,218
Taxation and social security
539,345
302,503
Other creditors
138,287
186,384
2,205,553
1,670,105
ACTION CENTRES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Amanda Etty
Statutory Auditor:
Moore
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
11,677
9,664
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Entities with control, joint control or significant influence over the company:
2023
2022
£
£
Gift of funds
-
211,500
Charges for use of assets
638,500
144,401
Covenant of profits
-
21,823

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
878,794
707,113
ACTION CENTRES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2021
2022
Notes
£
£
Adjustments to prior year
Correction of covenanted profits
(i)
-
21,823
Equity as previously reported
(597,435)
(597,435)
Equity as adjusted
(597,435)
(575,612)
Analysis of the effect upon equity
Profit and loss reserves
-
21,823
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
21,823
Profit as adjusted
21,823
Notes to reconciliation
(i) Correction of covenanted profits

In the previous year profits were covenanted to the parent charitable company as per the governing document. At the previous period balance sheet date the company had negative profit and loss reserves and was therefore unable to do so.

2023-03-312022-04-01false31 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedD E DarbyP J HalesJ M WhittakerD LaingP W Bramley024053832022-04-012023-03-31024053832023-03-31024053832022-03-3102405383core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102405383core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102405383core:CurrentFinancialInstruments2023-03-3102405383core:CurrentFinancialInstruments2022-03-3102405383core:ShareCapital2023-03-3102405383core:ShareCapital2022-03-3102405383core:RetainedEarningsAccumulatedLosses2023-03-3102405383core:RetainedEarningsAccumulatedLosses2022-03-3102405383bus:Director12022-04-012023-03-31024053832021-04-012022-03-3102405383core:WithinOneYear2023-03-3102405383core:WithinOneYear2022-03-3102405383bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102405383bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102405383bus:FRS1022022-04-012023-03-3102405383bus:Audited2022-04-012023-03-3102405383bus:Director22022-04-012023-03-3102405383bus:Director32022-04-012023-03-3102405383bus:Director42022-04-012023-03-3102405383bus:CompanySecretary12022-04-012023-03-3102405383bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP