Company registration number 07089554 (England and Wales)
JAGGED GLOBE (CLIMB TREK SKI) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JAGGED GLOBE (CLIMB TREK SKI) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAGGED GLOBE (CLIMB TREK SKI) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
550,690
571,837
Current assets
Stocks
17,595
17,799
Debtors
4
113,959
161,264
Cash at bank and in hand
222,216
441,187
353,770
620,250
Creditors: amounts falling due within one year
5
(542,676)
(742,574)
Net current liabilities
(188,906)
(122,324)
Total assets less current liabilities
361,784
449,513
Creditors: amounts falling due after more than one year
6
(146,445)
(218,090)
Provisions for liabilities
(10,000)
(11,500)
Net assets
205,339
219,923
Capital and reserves
Called up share capital
7
50,001
50,001
Share premium account
86,000
86,000
Revaluation reserve
94,888
96,338
Profit and loss reserves
(25,550)
(12,416)
Total equity
205,339
219,923
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
JAGGED GLOBE (CLIMB TREK SKI) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 June 2024 and are signed on its behalf by:
S P R Lowe
Director
Company registration number 07089554 (England and Wales)
JAGGED GLOBE (CLIMB TREK SKI) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Jagged Globe (Climb Trek Ski) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 45 Mowbray Street, Sheffield, South Yorkshire, S3 8EN.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
As predicted previously, the ripples from COVID added to the cost-of-living crisis plus war in Ukraine have hampered the return to pre-pandemic patterns of travel. This has been slowed too by a sharp increase in air fares meaning long-haul travel has been affected more than travel to destinations nearer home. Therefore, whilst our expeditions and treks have not been strong this year, our climbing and skiing programmes within the UK and continental Europe have held up. With inflation decreasing significantly and the cost-of-living crisis easing, we expect a return to profit in 2024 and beyond.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on current and forecasted figures. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue relating to travel services arranged by the company are taken to the profit and loss statement on the date of trip. Revenue relating to other services provided by the company is taken to the profit and loss statement as earned.
Monies received by the balance sheet date relating to trips commencing after the period end are included within current and non-current liabilities as revenue received in advance.
Revenue from the sale of goods is recognised when all the significant risks and rewards of ownership is transferred to the customer, usually on delivery of the goods.
Rental property income is recognised as it falls due in accordance with the contracts held with tenants,
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.
JAGGED GLOBE (CLIMB TREK SKI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 buildings
2% straight line
Expedition equipment
20% straight line
Fixtures, fittings & equipment
10% - 12.5% straight line
Computer equipment
20% straight line
Motor vehicles
20% straight line
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
JAGGED GLOBE (CLIMB TREK SKI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Share capital
Share capital issued by the company is recorded at the proceeds received, net of direct issue costs. Dividends payable on share capital is recognised as a liabilitiy once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
JAGGED GLOBE (CLIMB TREK SKI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2023
584,640
257,490
842,130
Additions
13,785
13,785
At 31 December 2023
584,640
271,275
855,915
Depreciation
At 1 January 2023
74,783
195,510
270,293
Depreciation charged in the year
11,693
23,239
34,932
At 31 December 2023
86,476
218,749
305,225
Carrying amount
At 31 December 2023
498,164
52,526
550,690
At 31 December 2022
509,857
61,980
571,837
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
14,503
18,689
Prepayments
99,456
142,575
113,959
161,264
JAGGED GLOBE (CLIMB TREK SKI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
39,180
38,411
Trade creditors
24,328
96,313
Taxation and social security
6,068
6,915
Other creditors
50,522
115,810
Accruals and deferred income
422,578
485,125
542,676
742,574
Bank loans are secured against the assets they relate to and by way of a fixed and floating charge over the undertaking and all assets past and future of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
88,495
125,440
Deferred income
1,950
6,650
Other creditors
56,000
86,000
146,445
218,090
Bank loans are secured against the assets they relate to and by way of a fixed and floating charge over the undertaking and all assets past and future of the company.
Included in other creditors is an unsecured loan of £56,000 (2022: £86,000) from the director which is repayable on demand.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,001
50,001
50,001
50,001
8
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
4,500