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Company Registration number: 08825029

King Kong Climbing Centre Ltd

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 March 2024

 

King Kong Climbing Centre Ltd

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

King Kong Climbing Centre Ltd

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

83,268

90,511

Current assets

 

Stocks

5

385,960

395,816

Debtors

6

43,154

38,442

Cash at bank and in hand

 

7,135

7,578

 

436,249

441,836

Creditors: Amounts falling due within one year

7

(424,755)

(427,306)

Net current assets

 

11,494

14,530

Total assets less current liabilities

 

94,762

105,041

Creditors: Amounts falling due after more than one year

7

(30,968)

(40,532)

Net assets

 

63,794

64,509

Capital and reserves

 

Called up share capital

100

100

Retained earnings

63,694

64,409

Shareholders' funds

 

63,794

64,509

 

King Kong Climbing Centre Ltd

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 July 2024
 

.........................................
Mr P J Cornforth
Director

Company registration number: 08825029

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Threlkeld Quarry
Threlkeld
Keswick
CA12 4TT

These financial statements were authorised for issue by the director on 23 July 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Climbing walls

10% reducing balance

Motor vehicles

25% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 13).

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

4

TANGIBLE ASSETS

Motor vehicles
 £

Plant and machinery

Total
£

Cost or valuation

At 1 April 2023

-

322,446

322,446

Additions

4,000

659

4,659

At 31 March 2024

4,000

323,105

327,105

Depreciation

At 1 April 2023

-

231,935

231,935

Charge for the year

-

11,902

11,902

At 31 March 2024

-

243,837

243,837

Carrying amount

At 31 March 2024

4,000

79,268

83,268

At 31 March 2023

-

90,511

90,511

5

STOCKS

2024
£

2023
£

Stocks

385,960

395,816

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

1,916

3,668

Prepayments

18,551

7,808

Other debtors

22,687

26,966

 

43,154

38,442

7

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

13,504

38,476

Trade creditors

 

186,729

157,526

Taxation and social security

 

15,010

15,641

Accruals and deferred income

 

3,438

3,050

Other creditors

 

206,074

212,613

 

424,755

427,306

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,458 (2023 - £21,133).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

30,968

40,532

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023 - £4,135).

 

King Kong Climbing Centre Ltd

Notes to the financial statements for the Year Ended 31 March 2024 (continued)

8

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,968

40,532

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,914

26,553

Bank overdrafts

4,590

11,923

13,504

38,476