Company registration number 4144828 (England and Wales)
NEW ADVENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
NEW ADVENTURES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NEW ADVENTURES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
5
984,288
984,288
Current assets
Debtors
6
49,683
33,767
Cash at bank and in hand
1,200,193
1,129,062
1,249,876
1,162,829
Creditors: amounts falling due within one year
7
(110,568)
(38,692)
Net current assets
1,139,308
1,124,137
Net assets
2,123,596
2,108,425
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,123,496
2,108,325
Total equity
2,123,596
2,108,425
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has 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.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2022 and are signed on its behalf by:
Sir M Bourne
Mr R Noble
Director
Director
Company Registration No. 4144828
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 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 Parkshot, Richmond, Surrey, TW9 2RD.
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.
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
In the previous year because of the Covid-19 pandemic, the company granted a rent concession to the tenant occupying the investment property. That concession covered the year ended 31 March 2021. This has been recognised in these financial statements in accordance with the amendment to Financial Reporting Standard FRS102. During the period covered by these financial statements, rental income has recommenced.
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.
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.7
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
3,968
Depreciation and impairment
At 1 April 2021 and 31 March 2022
3,968
Carrying amount
At 31 March 2022
At 31 March 2021
5
Investment property
2022
£
Fair value
At 1 April 2021 and 31 March 2022
984,288
Investment property comprises a freehold storage facility bought in April 2018 and subsequently leased on a short lease. The board of directors consider that in their opinion, the fair value of the investment property has not changed materially from the purchase price.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
15,553
18,811
Other debtors
3,200
Prepayments and accrued income
34,130
11,756
49,683
33,767
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
5,450
1,306
Taxation and social security
27,894
22,871
Other creditors
77,224
14,515
110,568
38,692
NEW ADVENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Related party transactions
In the normal course of trade during the accounting period the company traded with companies in which Mr Robert Noble is or was
a director. The trading profit and loss account includes income
within 'turnover'
of £
23,958 (20
2
1: £
1
17,823) in respect of that trade.