Company Registration No. 14078696 (England and Wales)
FEARLESS ADVENTURES ACADEMY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2022
31 December 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FEARLESS ADVENTURES ACADEMY LIMITED
COMPANY INFORMATION
Directors
Mr C J Yates
(Appointed 29 April 2022)
Mr J F McAvoy
(Appointed 2 September 2022)
Mrs R McDonald
(Appointed 29 April 2022)
Mr D McGregor
(Appointed 28 July 2023)
Secretary
Mr J F McAvoy
Company number
14078696
Registered office
Suite 3 First Floor
Grove Chambers
36 Green Lane
Wilmslow
Cheshire
SK9 1LD
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
FEARLESS ADVENTURES ACADEMY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
FEARLESS ADVENTURES ACADEMY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Fixed assets
Intangible assets
4
262
Tangible assets
5
1,253
1,515
Current assets
Debtors
6
121,645
Cash at bank and in hand
11,633
133,278
Creditors: amounts falling due within one year
7
(135,139)
Net current liabilities
(1,861)
Net liabilities
(346)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(347)
Total equity
(346)

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

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 4 April 2024 and are signed on its behalf by:
Mr C J Yates
Director
Company registration number 14078696 (England and Wales)
FEARLESS ADVENTURES ACADEMY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 April 2022
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(347)
(347)
Issue of share capital
1
-
1
Balance at 31 December 2022
1
(347)
(346)
FEARLESS ADVENTURES ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

Fearless Adventures Academy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3 First Floor, Grove Chambers, 36 Green Lane, Wilmslow, Cheshire, SK9 1LD.

1.1
Reporting period

The financial statements are presented for a period shorter than one year due to being the company's first reporting period.

1.2
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.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, solidified with the backing of its immediate parent. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

FEARLESS ADVENTURES ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents and licences
over 5 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Cash and cash equivalents

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

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FEARLESS ADVENTURES ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.10
Retirement benefits

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

2
Employees

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

2022
Number
Total
3
3
Taxation
2022
£
Deferred tax
Origination and reversal of timing differences
(249)
4
Intangible fixed assets
Patents and licences
£
Cost
At 29 April 2022
-
0
Additions
262
At 31 December 2022
262
Amortisation and impairment
At 29 April 2022 and 31 December 2022
-
0
Carrying amount
At 31 December 2022
262
FEARLESS ADVENTURES ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Computer equipment
£
Cost
At 29 April 2022
-
0
Additions
1,331
At 31 December 2022
1,331
Depreciation and impairment
At 29 April 2022
-
0
Depreciation charged in the period
78
At 31 December 2022
78
Carrying amount
At 31 December 2022
1,253
6
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
62,817
Other debtors
58,828
121,645
7
Creditors: amounts falling due within one year
2022
£
Trade creditors
22,582
Amounts owed to group undertakings
104,212
Taxation and social security
6,345
Other creditors
2,000
135,139
8
Related party transactions
Transactions with related parties

At the balance sheet date, £104,212 was due to the company's immediate parent. Advances of £106,644 were received and repayments of £2,432 were made during the period. The loan is unsecured, interest free and repayable on demand.

FEARLESS ADVENTURES ACADEMY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
9
Parent company

The company's parent is Fearless Adventures Limited, the parent company has a registered office of Suite 3 First Floor, Grove Chambers, 36 Green Lane, Wilmslow, England, SK9 1LD.

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