Acorah Software Products - Accounts Production 15.0.600 false true true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 05995303 Jenny Hunter Simon Walker Daniel Wedgwood Tom Morgan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05995303 2022-11-30 05995303 2023-11-30 05995303 2022-12-01 2023-11-30 05995303 frs-core:CurrentFinancialInstruments 2023-11-30 05995303 frs-core:Non-currentFinancialInstruments 2023-11-30 05995303 frs-core:ComputerEquipment 2023-11-30 05995303 frs-core:ComputerEquipment 2022-12-01 2023-11-30 05995303 frs-core:ComputerEquipment 2022-11-30 05995303 frs-core:FurnitureFittings 2023-11-30 05995303 frs-core:FurnitureFittings 2022-12-01 2023-11-30 05995303 frs-core:FurnitureFittings 2022-11-30 05995303 frs-core:MotorVehicles 2023-11-30 05995303 frs-core:MotorVehicles 2022-12-01 2023-11-30 05995303 frs-core:MotorVehicles 2022-11-30 05995303 frs-core:ShareCapital 2023-11-30 05995303 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 05995303 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05995303 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 05995303 frs-bus:SmallEntities 2022-12-01 2023-11-30 05995303 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05995303 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05995303 frs-core:UnlistedNon-exchangeTraded 2023-11-30 05995303 frs-core:UnlistedNon-exchangeTraded 2022-11-30 05995303 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-11-30 05995303 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-11-30 05995303 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-11-30 05995303 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-11-30 05995303 frs-bus:Director1 2022-12-01 2023-11-30 05995303 frs-bus:Director2 2022-12-01 2023-11-30 05995303 frs-bus:Director3 2022-12-01 2023-11-30 05995303 frs-bus:Director4 2022-12-01 2023-11-30 05995303 frs-core:CurrentFinancialInstruments 1 2023-11-30 05995303 frs-core:CurrentFinancialInstruments 2 2023-11-30 05995303 frs-core:CurrentFinancialInstruments 9 2023-11-30 05995303 frs-countries:EnglandWales 2022-12-01 2023-11-30 05995303 2021-11-30 05995303 2022-11-30 05995303 2021-12-01 2022-11-30 05995303 frs-core:CurrentFinancialInstruments 2022-11-30 05995303 frs-core:Non-currentFinancialInstruments 2022-11-30 05995303 frs-core:ShareCapital 2022-11-30 05995303 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 05995303 frs-core:CurrentFinancialInstruments 1 2022-11-30 05995303 frs-core:CurrentFinancialInstruments 2 2022-11-30 05995303 frs-core:CurrentFinancialInstruments 9 2022-11-30
Registered number: 05995303
The League of Adventurists International Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Godfrey Wilson Limited
Fifth Floor Mariner House
62 Prince Street
Bristol
BS1 4QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05995303
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 249,309 172,059
Investments 5 101 101
249,410 172,160
CURRENT ASSETS
Debtors 6 1,326,383 1,192,256
Cash at bank and in hand 112,358 87,838
1,438,741 1,280,094
Creditors: Amounts Falling Due Within One Year 7 (2,367,667 ) (2,147,857 )
NET CURRENT ASSETS (LIABILITIES) (928,926 ) (867,763 )
TOTAL ASSETS LESS CURRENT LIABILITIES (679,516 ) (695,603 )
Creditors: Amounts Falling Due After More Than One Year 8 (73,500 ) (122,500 )
NET LIABILITIES (753,016 ) (818,103 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (753,116 ) (818,203 )
SHAREHOLDERS' FUNDS (753,016) (818,103)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Tom Morgan
Director
30/08/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The League of Adventurists International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05995303 . The registered office is Lytchett House, 13 Freeland Park, Wareham Road, Poole, BH16 6FA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts have been prepared on the assumption that the company is able to continue as a going concern, which the directors consider appropriate. 
The effect of the Covid-19 pandemic inevitably resulted in the company reporting losses leading to both net current liabilities and net liabilities on the balance sheet. The subsequent years have seen large scale conflict in regions, such as Russia, that were operationally relevant to the company. This and the adaptations necessary to continue delivery of the products, has also had an impact on the company, though these adaptations have proved successful. The year ending 30 November 2023, was the first full year of trading since the pandemic, and whilst the company has not returned to profitability until now, it continues to keep costs as minimal as possible (notwithstanding inflationary pressures globally), has raised prices across the board, and continues to be vigilant in improving cash flow. Demand remains strong, and the company has begun investing in growth, with a new CEO, Finance and Marketing head, tasked with increasing the scale and profitability of the brand now that the company has returned to full trading.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
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2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 549,390 60,150 151,032 760,572
Additions 139,040 - - 139,040
As at 30 November 2023 688,430 60,150 151,032 899,612
Depreciation
As at 1 December 2022 412,382 42,589 133,542 588,513
Provided during the period 50,354 4,390 7,046 61,790
As at 30 November 2023 462,736 46,979 140,588 650,303
...CONTINUED
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Net Book Value
As at 30 November 2023 225,694 13,171 10,444 249,309
As at 1 December 2022 137,008 17,561 17,490 172,059
5. Investments
Unlisted
£
Cost
As at 1 December 2022 101
As at 30 November 2023 101
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 101
As at 1 December 2022 101
Unlisted investments represent the share capital of companies 100% under the control of The League of Adventurists International Ltd:
PM Stables Ltd 1 Ordinary £1 Share; and
The Equestrianists Ltd 10,000 Ordinary £0.01 Shares.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 106,144 135,411
Prepayments and accrued income 224,293 144,068
Other debtors 126,223 105,016
VAT Debtor 2,630 9,968
Amounts owed by group undertakings 867,093 797,793
1,326,383 1,192,256
Included within amounts owed by group undertakings are the following:
£162,879 (2022 - £161,685) owed by Hunter Morgan Intergalactic Ltd (a company owned 100% by Tom Morgan and Jenny Hunter);
£672,741 (2022 - £611,217) owed by PM Stables Ltd (a company owned 100% by The League of Adventurists International Ltd); and
£31,473 (2022 - £24,891) owed by Venturo Adventure Machines Ltd (a company owned 100% by Tom Morgan, Jenny Hunter and Daniel Wedgwood).
Included within other debtors are the following amounts owed by directors:
...CONTINUED
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6. Debtors - continued
Tom Morgan £46,052 (2022 - £43,802); 
Jenny Hunter £5,250 (2022 - £5,400); and
Daniel Wedgwood £34,234 (2022 - £24,234).
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 138,295 78,496
Bank loans and overdrafts 49,000 49,000
Corporation tax 14,128 9,993
Other taxes and social security 6,283 1,521
Other creditors - 226
Deposits held 192,576 81,032
Deferred income 1,826,584 1,885,115
Accruals 34,958 12,795
Amounts owed to group undertakings 105,843 29,679
2,367,667 2,147,857
Included within amounts owed by group undertakings is:
£105,843 (2022 - £29,679) owed by The Equestrianists Ltd (a company 100% owned by The League of Adventurists Ltd).
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 73,500 122,500
Included within bank loans is an unsecured £122,500 (2022 - £171,500) Coronavirus Business Interuption Loan received on 14 May 2020. The loan term was for six years, with repayments starting after one year. Interest is payable at 2.5% above the Bank of England base rate.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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10. Related Party Transactions
In addition to transactions disclosed in investments, debtors and creditors:
Tom Morgan, received £5,400 (2022 - £6,390) rental income for a property he owns in Mongolia for the purpose of running events.
Hunter Morgan Intergalactic Ltd was charged interest of £3,194 (2022 - £3,170) on the outstanding loan balance.
PM Stables Ltd was charged interest of £13,191 (2022 - £11,985) on the outstanding loan balance.
PM Stables Ltd charged The League of Adventurists International Limited £6,000 (2022 - £1,000) for storage rental.
Directors remuneration
During the year ended 30 November 2023, Tom Morgan, Jenny Hunter and Daniel Wedgwood received remuneration of £150,000 (2022: £119,782).
Controlling party
During the year ended 30 November 2023, Tom Morgan controlled the company by virtue of a controlling interest of 80% (2022: 80%) of the ordinary issued share capital.
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