Company registration number 04091767 (England and Wales)
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
479,878
489,012
Current assets
Stocks
6,962
4,260
Debtors
5
1,099,076
834,961
Investments
6
101,385
101,385
Cash at bank and in hand
14,991
95,182
1,222,414
1,035,788
Creditors: amounts falling due within one year
7
(586,448)
(522,063)
Net current assets
635,966
513,725
Total assets less current liabilities
1,115,844
1,002,737
Creditors: amounts falling due after more than one year
8
(1,071,817)
(855,629)
Net assets
44,027
147,108
Capital and reserves
Called up share capital
106,100
106,100
Revaluation reserve
80,633
79,833
Profit and loss reserves
(142,706)
(38,825)
Total equity
44,027
147,108
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 2023 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.
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.
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 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 November 2023
Mr Alistair Cole
Director
Company Registration No. 04091767
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 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 amounts 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 based on current budget and bookings a profit will be made in the current year and that strategies are in place for 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 recovered.
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
Fixtures and fittings
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.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
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 2023
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 payments 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. Amounts 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 2023
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 leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received 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:
2023
2022
Number
Number
Total
8
6
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 May 2022
473,980
205,352
679,332
Additions
1,161
1,161
Disposals
(14,750)
(14,750)
Revaluation
800
800
At 30 April 2023
474,780
191,763
666,543
Depreciation and impairment
At 1 May 2022
13,980
176,340
190,320
Depreciation charged in the year
800
7,155
7,955
Eliminated in respect of disposals
(11,610)
(11,610)
At 30 April 2023
14,780
171,885
186,665
Carrying amount
At 30 April 2023
460,000
19,878
479,878
At 30 April 2022
460,000
29,012
489,012
Freehold land and buildings with a carrying amount of £460,000 (2022 - £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 £89,597 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:
2023
2022
£
£
Cost
385,183
385,183
Accumulated depreciation
(13,890)
(13,300)
Carrying value
371,293
371,883
ADVENTURE LIFESIGNS LTD
LIFESIGNS GROUP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 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. The subsidiary company has been sold since the year end (see note 11).
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
622,908
376,669
Amounts owed by group undertakings
14,688
31,990
Other debtors
145,706
101,494
783,302
510,153
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
282,845
295,110
Deferred tax asset
32,929
29,698
315,774
324,808
Total debtors
1,099,076
834,961
6
Current asset investments
2023
2022
£
£
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 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,626
9,706
Trade creditors
167,864
405,708
Taxation and social security
62,532
11,165
Other creditors
339,426
95,484
586,448
522,063
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
341,787
358,413
Other creditors
730,030
497,216
1,071,817
855,629
The long term mortgage of £326,025 (of which £6,653 is due less than year at the year end) is secured by fixed charges over freehold property.
Other creditors includes deferred income of £386,908 (2022 - £175,258). The comparative figures for other creditors for 2022 have been restated as the amount of £175,258 was included in creditors due within one year.
Amounts included above which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
(284,720)
(248,244)
9
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 (2022 - £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 2023
- 10 -
10
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 repaid
Closing balance
£
£
£
-
295,110
(12,265)
282,845
295,110
(12,265)
282,845
11
Events after the reporting date
The subsidiary company has been sold after the year end. The shares have been acquired at par value by the Director A. Cole and L. Cole on 24 October 2023.