Company registration number 7639348 (England and Wales)
NEWQUAY ACTIVITY CENTRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEWQUAY ACTIVITY CENTRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NEWQUAY ACTIVITY CENTRE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
903
1,204
Tangible assets
4
511,461
508,418
Investments
5
10,070
10,070
522,434
519,692
Current assets
Stocks
47,440
10,620
Debtors
6
38,417
24,962
Cash at bank and in hand
27,307
46,973
113,164
82,555
Creditors: amounts falling due within one year
7
(395,268)
(241,016)
Net current liabilities
(282,104)
(158,461)
Total assets less current liabilities
240,330
361,231
Creditors: amounts falling due after more than one year
8
(189,184)
(207,985)
Provisions for liabilities
(6,504)
(8,298)
Net assets
44,642
144,948
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
44,641
144,947
Total equity
44,642
144,948

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 year 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.

NEWQUAY ACTIVITY CENTRE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr R Barber
Director
Company registration number 7639348 (England and Wales)
NEWQUAY ACTIVITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Newquay Activity Centre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 60 Fore Street, Newquay, Cornwall, TR7 1LW.

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 £.

1.2
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.

1.3
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.

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:

Software
25% per annum on the reducing balance method
1.4
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:

Freehold land and buildings
No depreciation provided
Plant and equipment
15% per annum on the reducing balance method
Computers
25% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method

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.

NEWQUAY ACTIVITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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

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.

NEWQUAY ACTIVITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
18
14
3
Intangible fixed assets
Software
£
Cost
At 1 April 2023 and 31 March 2024
11,335
Amortisation and impairment
At 1 April 2023
10,131
Amortisation charged for the year
301
At 31 March 2024
10,432
Carrying amount
At 31 March 2024
903
At 31 March 2023
1,204
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
468,132
44,525
29,774
42,267
584,698
Additions
10,000
130
1,572
-
0
11,702
At 31 March 2024
478,132
44,655
31,346
42,267
596,400
Depreciation and impairment
At 1 April 2023
-
0
26,269
21,471
28,540
76,280
Depreciation charged in the year
-
0
2,758
2,469
3,432
8,659
At 31 March 2024
-
0
29,027
23,940
31,972
84,939
Carrying amount
At 31 March 2024
478,132
15,628
7,406
10,295
511,461
At 31 March 2023
468,132
18,256
8,303
13,727
508,418
NEWQUAY ACTIVITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Other investments
10,070
10,070
6
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
2,026
1,500
Corporation tax recoverable
3,246
3,246
Other debtors
33,145
20,216
38,417
24,962
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,618
2,565
Corporation tax
-
0
28,644
Other taxation and social security
17,063
16,334
Other creditors
370,587
193,473
395,268
241,016
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
189,184
207,985
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
9,988
16,713
(9,988)
16,713
9,988
16,713
(9,988)
16,713
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