Company registration number 04091767 (England and Wales)
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
489,012
496,427
Current assets
Stocks
4,260
15,102
Debtors
5
834,961
390,603
Investments
6
101,385
101,385
Cash at bank and in hand
95,182
101,966
1,035,788
609,056
Creditors: amounts falling due within one year
7
(697,321)
(291,039)
Net current assets
338,467
318,017
Total assets less current liabilities
827,479
814,444
Creditors: amounts falling due after more than one year
8
(680,371)
(674,492)
Net assets
147,108
139,952
Capital and reserves
Called up share capital
106,100
106,100
Revaluation reserve
79,833
79,033
Profit and loss reserves
(38,825)
(45,181)
Total equity
147,108
139,952
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2022
30 April 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 September 2022
Mr Alistair Cole
Director
Company Registration No. 04091767
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
1
Accounting policies
Company information
Adventure Lifesigns Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Kiln, Grange Road, Tongham, Farnham, Surrey, GU10 1DJ.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director is confident that he has put in place strategies that will both maximise the chances of winning the work that is available and managing the costs so that they remain in line with the income. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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:
Land and buildings Freehold
2% straight line
Plant and machinery
20% reducing balance
Computer equipment
33.3% straight line and 20% reducing balance
Motor vehicles
25% 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
.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
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
.
1.10
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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
8
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 May 2021
473,180
207,773
680,953
Additions
5,489
5,489
Disposals
(7,910)
(7,910)
Revaluation
800
800
At 30 April 2022
473,980
205,352
679,332
Depreciation and impairment
At 1 May 2021
13,180
171,346
184,526
Depreciation charged in the year
800
9,800
10,600
Eliminated in respect of disposals
(4,806)
(4,806)
At 30 April 2022
13,980
176,340
190,320
Carrying amount
At 30 April 2022
460,000
29,012
489,012
At 30 April 2021
460,000
36,427
496,427
Freehold land and buildings with a carrying amount of £460,000
(2021 - £460,000
) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Land and buildings were revalued at £460,000 on 23 February 2021
by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The revaluation surplus of £88,797 is reflected in the revaluation reserve less deferred tax of £8,964 arising on the revaluation of freehold property.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2022
2021
£
£
Cost
385,183
385,183
Accumulated depreciation
(13,300)
(12,630)
Carrying value
371,883
372,553
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 8 -
4
Fixed asset investments
Fixed asset investments not carried at market value
On the 29 November 2017 the company acquired for nil consideration 1 Ordinary 50p share in a jointly controlled associate entity being a 50% shareholding. The remaining 50% shareholding was acquired on 30 August 2019 for £1. The previously jointly controlled entity is now a wholly owned subsidiary of the company. The cost model has been chosen to measure the value of shares held in accordance with FRS102 accounting standards.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
376,669
1,642
Amounts owed by group undertakings
31,990
46,125
Other debtors
101,494
29,189
510,153
76,956
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
295,110
283,299
Deferred tax asset
29,698
30,348
324,808
313,647
Total debtors
834,961
390,603
6
Current asset investments
2022
2021
£
£
Loan in group undertakings
101,385
101,385
The current asset investment which was the fair value of tangible assets held for the intention of future resale to a jointly controlled associate entity was transferred during the year at the fair value to the jointly controlled associate entity by way of loan. The jointly controlled associate entity became a wholly owned subsidiary of the company on 30 August 2019.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 9 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,706
8,333
Trade creditors
405,708
110,221
Taxation and social security
11,165
26,562
Other creditors
270,742
145,923
697,321
291,039
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
358,413
367,692
Other creditors
321,958
306,800
680,371
674,492
The long term mortgage £326,025
is secured by fixed charges over freehold property.
Amounts included above which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
(248,244)
(262,808)
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
1,787
10
Related party transactions
There are amount due from and a loan to the subsidiary company detailed in notes 5 and 6.
Advantage has been taken of the small group exemption from preparing group accounts.
Loans owing to the company director and close family members of £274,000 (2021 - £274,000
) have been subordinated. These subordinated loans are included in creditors due over one year.
The director has provided personal guarantees in respect of bank overdraft and loans.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 10 -
11
Directors' transactions
Interest free loans
( which are included in debtors as falling due over one year)
have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
-
283,299
11,811
295,110
283,299
11,811
295,110