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COMPANY REGISTRATION NUMBER: 13389154
Timescape Adventures Ltd
Filleted Unaudited Financial Statements
30 April 2024
Timescape Adventures Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Timescape Adventures Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
97,157
35,682
Current assets
Stocks
133,843
Debtors
6
204,471
1,650
Cash at bank and in hand
179,070
27,390
---------
--------
517,384
29,040
Creditors: amounts falling due within one year
7
904,714
421,823
---------
---------
Net current liabilities
387,330
392,783
---------
---------
Total assets less current liabilities
( 290,173)
( 357,101)
Provisions
6,779
---------
---------
Net liabilities
( 296,952)
( 357,101)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 296,954)
( 357,103)
---------
---------
Shareholders deficit
( 296,952)
( 357,101)
---------
---------
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 30 April 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 .
Timescape Adventures Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
Mr C Knell
Mr M Knell
Director
Director
Company registration number: 13389154
Timescape Adventures Ltd
Notes to the Financial Statements
Year ended 30 April 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 1 Escape Kent Simmonds Road, Wincheap Industrial Estate, Canterbury, England, CT1 3RA.
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 have considered the basis of the preparation of the accounts and are satisfied that the accounts should be 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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
15% reducing balance
Equipment
-
15% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
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 19 (2023: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
38,501
6,125
44,626
Additions
27,000
40,064
4,993
72,057
--------
--------
--------
-------
---------
At 30 April 2024
27,000
38,501
46,189
4,993
116,683
--------
--------
--------
-------
---------
Depreciation
At 1 May 2023
7,700
1,244
8,944
Charge for the year
675
3,850
5,740
317
10,582
--------
--------
--------
-------
---------
At 30 April 2024
675
11,550
6,984
317
19,526
--------
--------
--------
-------
---------
Carrying amount
At 30 April 2024
26,325
26,951
39,205
4,676
97,157
--------
--------
--------
-------
---------
At 30 April 2023
30,801
4,881
35,682
--------
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
198,500
Other debtors
5,971
1,650
---------
-------
204,471
1,650
---------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,838
Trade creditors
123
2,004
Social security and other taxes
116,315
3,806
Other creditors
783,438
416,013
---------
---------
904,714
421,823
---------
---------
8. Directors' advances, credits and guarantees
At the year end, the Director owed £Nil (2023: £1,650)
9. Related party transactions
At the period end, the company owed £741,983 (2023: £396,084) to companies related by common control.