FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Aventure Intl Limited
for the Year Ended 30 June 2022
Aventure Intl Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Aventure Intl Limited
Company Information
Directors |
Mr Jonathan Sullivan Mr Duane Sullivan |
Registered office |
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Accountants |
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Aventure Intl Limited
(Registration number: 01828626)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
50,000 |
50,000 |
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Capital redemption reserve |
(6,164,744) |
(6,164,744) |
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Revaluation reserve |
6,164,744 |
6,164,744 |
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Other reserves |
3,552,470 |
3,552,470 |
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Retained earnings |
5,717,964 |
5,437,207 |
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Shareholders' funds |
9,320,434 |
9,039,677 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Aventure Intl Limited
(Registration number: 01828626)
Balance Sheet as at 30 June 2022
Approved and authorised by the
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Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
The provision for deferred taxation is made up by the tax due on the realisation of the revaluation of investment properties.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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- |
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Investment properties |
2022 |
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At 1 July |
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At 30 June |
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The properties were valued by a licensed valuation professional
Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
( |
( |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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6,010,603 |
6,051,317 |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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50,000 |
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50,000 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Related party transactions |
Global Intl Ltd.
Both companies have the same directors.
At year end £624,032 was owed by Global Intl Ltd.
Aventure Intl Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Directors' remuneration
The directors' remuneration for the year was as follows:
2022 |
2021 |
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Remuneration |
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Summary of transactions with entities with joint control or significant interest
Both companies have the same directors.