Mendip Activity Centre Limited 05767244 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is was the running of an outdoor sports and leisure centre. Digita Accounts Production Advanced 6.30.9574.0 true true 05767244 2023-01-01 2023-12-31 05767244 2023-12-31 05767244 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-12-31 05767244 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-12-31 05767244 bus:PreferenceShareClass1 bus:CumulativeShares 2023-12-31 05767244 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 05767244 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 05767244 core:CurrentFinancialInstruments 2023-12-31 05767244 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05767244 core:Non-currentFinancialInstruments 2023-12-31 05767244 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05767244 core:Goodwill 2023-12-31 05767244 core:MoreThanFiveYears 1 2023-12-31 05767244 core:FurnitureFittings 2023-12-31 05767244 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 05767244 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 05767244 core:MotorVehicles 2023-12-31 05767244 core:OfficeEquipment 2023-12-31 05767244 core:PlantMachinery 2023-12-31 05767244 1 2023-12-31 05767244 bus:SmallEntities 2023-01-01 2023-12-31 05767244 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05767244 bus:FilletedAccounts 2023-01-01 2023-12-31 05767244 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05767244 bus:RegisteredOffice 2023-01-01 2023-12-31 05767244 bus:Director1 2023-01-01 2023-12-31 05767244 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2023-01-01 2023-12-31 05767244 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-01-01 2023-12-31 05767244 bus:PreferenceShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 05767244 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05767244 core:Goodwill 2023-01-01 2023-12-31 05767244 core:Buildings 2023-01-01 2023-12-31 05767244 core:FurnitureFittings 2023-01-01 2023-12-31 05767244 core:LandBuildings 2023-01-01 2023-12-31 05767244 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 05767244 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05767244 core:MotorVehicles 2023-01-01 2023-12-31 05767244 core:OfficeEquipment 2023-01-01 2023-12-31 05767244 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05767244 core:PlantMachinery 2023-01-01 2023-12-31 05767244 core:Vehicles 2023-01-01 2023-12-31 05767244 countries:EnglandWales 2023-01-01 2023-12-31 05767244 1 2023-01-01 2023-12-31 05767244 2022-12-31 05767244 core:Goodwill 2022-12-31 05767244 core:FurnitureFittings 2022-12-31 05767244 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 05767244 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05767244 core:MotorVehicles 2022-12-31 05767244 core:OfficeEquipment 2022-12-31 05767244 core:PlantMachinery 2022-12-31 05767244 1 2022-12-31 05767244 2022-01-01 2022-12-31 05767244 2022-12-31 05767244 bus:OrdinaryShareClass1 bus:CumulativeNon-redeemableShares 2022-12-31 05767244 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-12-31 05767244 bus:PreferenceShareClass1 bus:CumulativeShares 2022-12-31 05767244 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 05767244 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 05767244 core:CurrentFinancialInstruments 2022-12-31 05767244 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05767244 core:Non-currentFinancialInstruments 2022-12-31 05767244 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05767244 core:Goodwill 2022-12-31 05767244 core:MoreThanFiveYears 1 2022-12-31 05767244 core:FurnitureFittings 2022-12-31 05767244 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 05767244 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 05767244 core:MotorVehicles 2022-12-31 05767244 core:OfficeEquipment 2022-12-31 05767244 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05767244

Mendip Activity Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mendip Activity Centre Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 13

 

Mendip Activity Centre Limited

(Registration number: 05767244)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,290

17,180

Tangible assets

5

887,494

606,235

 

898,784

623,415

Current assets

 

Stocks

5,200

5,071

Debtors

6

88,336

50,723

Cash at bank and in hand

 

838,768

1,041,220

 

932,304

1,097,014

Creditors: Amounts falling due within one year

7

(856,987)

(879,778)

Net current assets

 

75,317

217,236

Total assets less current liabilities

 

974,101

840,651

Creditors: Amounts falling due after more than one year

7

(43,871)

(66,457)

Provisions for liabilities

(119,131)

(108,547)

Net assets

 

811,099

665,647

Capital and reserves

 

Called up share capital

8

10,101

10,101

Profit and loss account

800,998

655,546

Shareholders' funds

 

811,099

665,647

For the financial year ending 31 December 2023 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 Statement of Comprehensive Income.

Approved and authorised by the director on 17 September 2024
 

 

Mendip Activity Centre Limited

(Registration number: 05767244)
Statement of Financial Position as at 31 December 2023 (continued)


Mr D A Eddins
Director

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
Mendip Outdoor Pursuits
Lyncombe Drive
Churchill
North Somerset
BS25 5PQ
United Kingdom

Principal activity

The principal activity of the company is was the running of an outdoor sports and leisure centre.

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.

Going concern

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

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

Not depreciated

Leasehold improvements

10 years straight line

Plant and machinery

25% reducing balance

Vehicles

25% reducing balance

Office equipment

3 years straight line

Other property, plant and equipment

3 years straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 statement of comprehensive income 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 120 (2022 - 124).

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

58,903

58,903

At 31 December 2023

58,903

58,903

Amortisation

At 1 January 2023

41,723

41,723

Amortisation charge

5,890

5,890

At 31 December 2023

47,613

47,613

Carrying amount

At 31 December 2023

11,290

11,290

At 31 December 2022

17,180

17,180

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Other property, plant and equipment
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

122,192

167,213

7,589

671,033

71,123

154,363

1,193,513

Additions

-

264,115

-

182,247

16,421

12,216

474,999

Disposals

-

-

-

(160,479)

-

-

(160,479)

At 31 December 2023

122,192

431,328

7,589

692,801

87,544

166,579

1,508,033

Depreciation

At 1 January 2023

-

19,943

1,332

432,361

46,908

86,734

587,278

Charge for the year

-

43,132

2,530

102,776

15,526

19,962

183,926

Eliminated on disposal

-

-

-

(150,665)

-

-

(150,665)

At 31 December 2023

-

63,075

3,862

384,472

62,434

106,696

620,539

Carrying amount

At 31 December 2023

122,192

368,253

3,727

308,329

25,110

59,883

887,494

At 31 December 2022

122,192

147,270

6,257

238,672

24,215

67,629

606,235

Included within the net book value of land and buildings above is £122,192 (2022 - £122,192) in respect of freehold land and buildings and £368,252 (2022 - £147,270) in respect of long leasehold land and buildings.
 

6

Debtors

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors (continued)

2023
£

2022
£

Trade debtors

17,685

12,146

Other debtors

69,282

25,152

Prepayments

1,369

13,425

88,336

50,723

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

22,580

23,791

Trade creditors

 

97,000

21,459

Taxation and social security

 

139,722

112,251

Accruals and deferred income

 

304,626

386,286

Other creditors

 

293,059

335,991

 

856,987

879,778

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

43,871

66,457

2023
£

2022
£

Due after more than five years

After more than five years by instalments

9,131

15,032

£0.00

£0.00

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

Ordinary B of £1 each

1

1

1

1

Preference of £1 each

100

100

100

100

10,101

10,101

10,101

10,101

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

31,877

37,217

Hire purchase contracts

11,994

29,240

43,871

66,457

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,333

6,787

Hire purchase contracts

17,247

17,004

22,580

23,791

Included in the loans and borrowings are the following amounts due after more than five years:

11

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors loan

(231,067)

4,500

(2,111)

(228,678)

         
       

 

Summary of transactions with entities with joint control or significant interest

 

Mendip Activity Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions (continued)

A company with common directors:
During the period, the company paid rent of £499,616 (2022: £169,167) to a company with common directors. As at 31 December 2023, £44,686 (£44,998) was due by Mendip Activity Centre Ltd. The loan was paid after the year end.

A company with common directors:
During the period, the company paid expenses of £28,284 (2022: £45,000) to a company with common directors. As at 31 December 2023, £28,556 (2022: £24,792) was due to Mendip Activity Centre Ltd.

A company with common directors:
During the period, the company paid expenses of £242,000 to a company with common directors. As at 31 December 2023, £40,727 was due to Mendip Activity Centre Ltd.