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COMPANY REGISTRATION NUMBER: 10094497
270 Adventure Limited
Filleted Unaudited Financial Statements
31 March 2024
270 Adventure Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
270 Adventure Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,766,067
1,477,170
Current assets
Stocks
4,781
3,719
Debtors
6
195,159
169,607
Cash at bank and in hand
11,277
91,724
---------
---------
211,217
265,050
Creditors: amounts falling due within one year
7
255,684
233,502
---------
---------
Net current (liabilities)/assets
( 44,467)
31,548
------------
------------
Total assets less current liabilities
1,721,600
1,508,718
Creditors: amounts falling due after more than one year
8
1,196,712
839,506
------------
------------
Net assets
524,888
669,212
------------
------------
270 Adventure Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
915,000
915,000
Profit and loss account
( 390,112)
( 245,788)
---------
---------
Shareholders funds
524,888
669,212
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
R A Stevens
D I Stevens
Director
Director
Company registration number: 10094497
270 Adventure Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Box Bush Cottage, Wickridge Street, Ashleworth, Gloucester, GL19 4JW. The directors are very satisfied with the progress of the project to date. The performance this year is in line with the forecast and there are some operational start-up costs included within the financial statements. With the opening of the additional key elements of the project by the end of the 2025 financial year, the new climbing and bouldering facilities, the directors are confident that the company will be the leading bouldering and climbing centre in the UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover represents the invoiced amount of goods and services provided, stated net of discounts and of Value Added Tax. Revenue is recognised at the point of sale.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
10 - 15 years
Plant and machinery
-
3 - 5 years
Furniture, fittings and equipment
-
2 - 10 years
Motor vehicles
-
2 - 4 years
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 5 ).
5. Tangible assets
Freehold land and buildings
Plant and machinery
Furniture, fittings and equipment
Motor vehicles
Asset under construction
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
717,010
9,961
483,772
36,560
260,241
1,507,544
Additions
28,733
1,439
138,443
26,000
179,518
374,133
---------
--------
---------
--------
---------
------------
At 31 Mar 2024
745,743
11,400
622,215
62,560
439,759
1,881,677
---------
--------
---------
--------
---------
------------
Depreciation
At 1 Apr 2023
2,250
16,227
11,897
30,374
Charge for the year
1,769
2,762
63,349
17,356
85,236
---------
--------
---------
--------
---------
------------
At 31 Mar 2024
1,769
5,012
79,576
29,253
115,610
---------
--------
---------
--------
---------
------------
Carrying amount
At 31 Mar 2024
743,974
6,388
542,639
33,307
439,759
1,766,067
---------
--------
---------
--------
---------
------------
At 31 Mar 2023
717,010
7,711
467,545
24,663
260,241
1,477,170
---------
--------
---------
--------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
58,351
34,046
Other debtors
136,808
135,561
---------
---------
195,159
169,607
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
79,267
150,432
Social security and other taxes
11,557
768
Other creditors
164,860
82,302
---------
---------
255,684
233,502
---------
---------
Included in other creditors is an amount due on a hire purchase contract of £8,573 (2023 - £nil) which is secured on the asset to which it relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,196,712
839,506
------------
---------
Included in other creditors is an amount due on a hire purchase contract of £10,249 (2023 - £nil) which is secured on the asset to which it relates.
Also included in other creditors is an amount of £40,819 - (2023 - £nil) in respect of liabilities repayable by instalments which fall due for payment more than five years from the reporting date.
9. Financial commitments
At the reporting date the company had commitments for future minimum lease payments under non-cancellable operating leases of £13,184 (2023 - £nil).
10. Related party transactions
At the reporting date the company owed £175,000 (2023 - £150,000) in respect of loans received from the directors. No interest has been charged on these loans.