Company registration number 04144828 (England and Wales)
NEW ADVENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NEW ADVENTURES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NEW ADVENTURES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
1,650,000
1,650,000
Current assets
Debtors
5
47,354
97,729
Cash at bank and in hand
1,747,513
1,395,280
1,794,867
1,493,009
Creditors: amounts falling due within one year
6
(249,629)
(135,549)
Net current assets
1,545,238
1,357,460
Total assets less current liabilities
3,195,238
3,007,460
Provisions for liabilities
(166,428)
(166,428)
Net assets
3,028,810
2,841,032
Capital and reserves
Called up share capital
7
100
100
Non-distributable profits reserve
8
499,284
499,284
Distributable profit and loss reserves
2,529,426
2,341,648
Total equity
3,028,810
2,841,032
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 January 2025 and are signed on its behalf by:
Sir M Bourne
Mr R Noble
Director
Director
Company registration number 04144828 (England and Wales)
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
New Adventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
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.
1.2
Turnover
Turnover represents net invoiced sales of services and royalty income earned in the year, excluding VAT.
1.3
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.
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:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
3,968
Disposals
(3,968)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
3,968
Eliminated in respect of disposals
(3,968)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,650,000
Investment property comprises a freehold storage facility bought in April 2018 and subsequently leased on a short lease that has recently been renewed. The board of directors consulted a property agent who, following a visual inspection in November 2023 had provided a written opinion of the market value of £1,650,000. The board believes that this value is not materially different as of the year end.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,216
Other debtors
8,138
97,729
47,354
97,729
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,272
27,685
Taxation and social security
195,017
79,505
Other creditors
52,340
28,359
249,629
135,549
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
499,284
-
Non distributable profits in the year
-
499,284
At the end of the year
499,284
499,284