REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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ACTIVITY WORLD LTD. |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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FOR |
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ACTIVITY WORLD LTD. |
ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ACTIVITY WORLD LTD. |
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COMPANY INFORMATION |
for the Year Ended 30 SEPTEMBER 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 10 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Activity World Ltd. is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The business was closed as of the 23rd March 2020 due to Government guidelines regarding the Covid-19 pandemic.This effectively stopped the trade of the business for an extended period of time. During the financial year the director has been proactive and has taken advantage of the government support available in the form of bounce back loans, job retention scheme payments, council grants and business rates holiday. The director believes this has allowed the business to continue as a going concern. |
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Turnover |
Turnover represents the fair value of consideration received or receivable after any trade discounts and prompt settlement discounts, excluding value added tax. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - Nil |
Plant and machinery | - 10% on reducing balance |
Fixtures and fittings | - 10% on reducing balance |
The freehold property is being depreciated to its estimated residual value over its deemed useful economic life. The director believes the residual value to be at least the current carrying value in these accounts and therefore any depreciation would be negligible. The maintenance costs are charged to profit and loss account in the year incurred. The director reviews the estimated residual value at the end of each accounting period. |
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Plant and machinery, and fixtures and fittings are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
The gain or loss arising on disposal of an asset is determined at the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at transaction price. |
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Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Grant income |
Government grant income received in the form of coronavirus job retention scheme payments, council grant and business interruption payments to supplement finance charges in relation to the bounce back loan are recognised on the profit or loss under other income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2019 |
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Additions |
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Revaluations |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Cost or valuation at 30 September 2020 is represented by: |
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Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 750,000 | - | - | 750,000 |
Cost | - | 449,878 | 101,073 | 550,951 |
750,000 | 449,878 | 101,073 | 1,300,951 |
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If freehold property had not been revalued it would have been included at the following historical cost: |
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2020 | 2019 |
£ | £ |
Cost | 457,648 | 457,648 |
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Freehold property was valued on an open market basis on 30 September 2020 by the director. |
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Included in cost or valuation of land and building is freehold land of £280,000 (2019: £280,000) which is not depreciated. |
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Deferred tax on the timing difference relating to the revaluation of freehold property amounts to £34,512 (2019: £26,212) |
ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 October 2019 |
and 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Corporation tax |
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VAT |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Taxation and social security |
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VAT | - | 9,555 |
Other creditors |
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Director's loan account | 226 | 26,411 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans more than 1 year |
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ACTIVITY WORLD LTD. (REGISTERED NUMBER: 02512682) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2020 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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The bounce back loan is 100% guaranteed by the UK Government. |
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10. | RESERVES |
Revaluation |
reserve |
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At 1 October 2019 |
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Freehold property revaluation | 41,701 |
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At 30 September 2020 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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