Registered number
SC194095
Angling Active Limited
Unaudited Filleted Accounts
30 September 2023
Angling Active Limited
Registered number: SC194095
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 63,616 83,988
Current assets
Stocks 724,408 620,289
Debtors 4 35,784 29,463
Cash at bank and in hand 295,719 207,917
1,055,911 857,669
Creditors: amounts falling due within one year 5 (303,954) (213,883)
Net current assets 751,957 643,786
Total assets less current liabilities 815,573 727,774
Creditors: amounts falling due after more than one year 6 (25,136) (83,045)
Provisions for liabilities (9,738) (10,751)
Net assets 780,699 633,978
Capital and reserves
Called up share capital 108 108
Revaluation reserve 7 (9,980) (9,980)
Profit and loss account 790,571 643,850
Shareholders' funds 780,699 633,978
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.
Mr Christopher Grantham
Director
Approved by the board on 22 November 2023
Angling Active Limited
Notes to the Accounts
for the year ended 30 September 2023
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:
Tenant's improvements 10% reducing balance
Plant and machinery 15% reducing balance/33% straight line
Fixtures, fittings, tools and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Government grants
Grants received are accounted for on an accruals basis and are disclosed as other operating
income.
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 2023 2022
Number Number
Average number of persons employed by the company 13 14
3 Tangible fixed assets
Tenant's improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 85,648 176,702 26,800 289,150
Additions - 1,873 - 1,873
Disposals - (44,392) - (44,392)
At 30 September 2023 85,648 134,183 26,800 246,631
Depreciation
At 1 October 2022 58,246 135,191 11,725 205,162
Charge for the year 2,740 10,769 3,769 17,278
On disposals - (39,425) - (39,425)
At 30 September 2023 60,986 106,535 15,494 183,015
Net book value
At 30 September 2023 24,662 27,648 11,306 63,616
At 30 September 2022 27,402 41,511 15,075 83,988
4 Debtors 2023 2022
£ £
Other debtors 35,784 29,463
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,793 21,901
Trade creditors 116,991 96,799
Taxation and social security costs 120,277 66,379
Other creditors 56,893 28,804
303,954 213,883
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,301 78,811
Other creditors 5,835 4,234
25,136 83,045
The loan is secured as part of the Bounce Back Loan Guarantee Scheme.
7 Capital Redemption Reserve 2023 2022
£ £
At 1 October 2022 (9,980) (9,980)
At 30 September 2023 (9,980) (9,980)
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 135,298 135,298
9 Other information
Angling Active Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Stirling Agricultural Centre
Stirling
FK9 4RN
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