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COMPANY REGISTRATION NUMBER: 11280509
The Climbing Experience Ltd
Filleted Unaudited Financial Statements
31 March 2024
The Climbing Experience Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Climbing Experience Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
426,652
481,679
Current assets
Stocks
16,745
18,643
Debtors
6
80,632
83,807
Cash at bank and in hand
10,827
3,485
---------
---------
108,204
105,935
Creditors: amounts falling due within one year
7
( 455,971)
( 444,408)
---------
---------
Net current liabilities
( 347,767)
( 338,473)
---------
---------
Total assets less current liabilities
78,885
143,206
Creditors: amounts falling due after more than one year
8
( 257,624)
( 309,073)
---------
---------
Net liabilities
( 178,739)
( 165,867)
---------
---------
Capital and reserves
Called up share capital
100
100
Share premium account
149,900
149,900
Profit and loss account
( 328,739)
( 315,867)
---------
---------
Shareholders deficit
( 178,739)
( 165,867)
---------
---------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Climbing Experience Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
R V Woods
Director
Company registration number: 11280509
The Climbing Experience Ltd
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 Unit G15 Baltic Wharf, St. Peters Street, Maidstone, ME16 0ST, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Furniture
-
20% straight line
Computer equipment
-
33% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
25% straight line
Climbing wall
-
7 % straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 27 ).
5. Tangible assets
Furniture
Computer equipment
Fixtures and fittings
Equipment
Climbing wall
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
9,589
16,943
249,527
53,867
401,796
731,722
Additions
941
10,314
11,255
-------
--------
---------
--------
---------
---------
At 31 Mar 2024
9,589
17,884
249,527
64,181
401,796
742,977
-------
--------
---------
--------
---------
---------
Depreciation
At 1 Apr 2023
6,311
15,904
91,349
31,248
105,231
250,043
Charge for the year
1,918
851
24,952
11,774
26,787
66,282
-------
--------
---------
--------
---------
---------
At 31 Mar 2024
8,229
16,755
116,301
43,022
132,018
316,325
-------
--------
---------
--------
---------
---------
Carrying amount
At 31 Mar 2024
1,360
1,129
133,226
21,159
269,778
426,652
-------
--------
---------
--------
---------
---------
At 31 Mar 2023
3,278
1,039
158,178
22,619
296,565
481,679
-------
--------
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
6,237
14,376
Other debtors
74,395
69,431
--------
--------
80,632
83,807
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,328
Trade creditors
83,840
98,472
Social security and other taxes
69,287
63,278
Other creditors
286,516
282,658
---------
---------
455,971
444,408
---------
---------
Bank loans and overdrafts are secured by way of a fixed and floating charge against the company undertakings and assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
257,624
309,073
---------
---------
Bank loans and overdrafts are secured by way of a fixed and floating charge against the company undertakings and assets.
9. Related party transactions
At the year end the company owed the directors £241,124 (2023: £240,495).