Company Registration No. 06785855 (England and Wales)
TREETOP TREK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
TREETOP TREK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
TREETOP TREK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,995
5,443
Tangible assets
4
978,567
1,161,408
997,562
1,166,851
Current assets
Debtors
5
19,806
31,666
Cash at bank and in hand
145,966
119,566
165,772
151,232
Creditors: amounts falling due within one year
6
(182,785)
(486,253)
Net current liabilities
(17,013)
(335,021)
Total assets less current liabilities
980,549
831,830
Provisions for liabilities
(103,160)
(117,203)
Net assets
877,389
714,627
Capital and reserves
Called up share capital
7
132
132
Capital redemption reserve
63
63
Profit and loss reserves
877,194
714,432
Total equity
877,389
714,627
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 January 2020 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 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.
TREETOP TREK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2020
31 January 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2021 and are signed on its behalf by:
Mr J M Shaylor
Mr M P Turner
Director
Director
Company Registration No. 06785855
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
1
Accounting policies
Company information
Treetop Trek Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Brockhole Visitor Centre, Windermere, Cumbria, LA23 1LJ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The escalation of the Covid – 19 pandemic has created significant economic uncertainty and with it an uncertainty over the future. Information to inform expectations, together with the actions of Government are continually changing, which creates further uncertainty for our customers and ourselves. We are aware of the support that Government has pledged to the business community, to do everything they believe necessary, including time to pay arrangements, bank loan guarantees, grants, Job Support Schemes and other reliefs. We will take advantage of the support available as and when required, to ensure that we continue to operate within our available cash reserves and bank facilities through this period of uncertainty.
true
The directors have considered the expected level of income and expenditure for the period of 12 months from the date of authorising these financial statements and believe the group can operate within the available cash reserves and bank facilities.
On the basis of the above the directors are satisfied that it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the business has a right to consideration arising from the performance of its contractual arrangements.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
Amortisation 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:
Website development
20% straight line
1.5
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:
Leasehold property improv'ts
10 years straight line / 3 years straight line
Plant and machinery
10 years/5 years straight line
Office equipment
10 years/3 years straight line
Motor vehicles
4 years straight line
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.10
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.
1.11
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 69
(2019 - 79).
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 6 -
3
Intangible fixed assets
Website development
£
Cost
At 1 February 2019
18,380
Additions
19,750
At 31 January 2020
38,130
Amortisation and impairment
At 1 February 2019
12,937
Amortisation charged for the year
6,198
At 31 January 2020
19,135
Carrying amount
At 31 January 2020
18,995
At 31 January 2019
5,443
4
Tangible fixed assets
Leasehold property improv'ts
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2019
58,169
1,651,684
67,002
19,495
1,796,350
Additions
-
35,394
199
-
35,593
At 31 January 2020
58,169
1,687,078
67,201
19,495
1,831,943
Depreciation and impairment
At 1 February 2019
17,786
552,475
51,279
13,403
634,943
Depreciation charged in the year
5,710
195,209
12,640
4,874
218,433
At 31 January 2020
23,496
747,684
63,919
18,277
853,376
Carrying amount
At 31 January 2020
34,673
939,394
3,282
1,218
978,567
At 31 January 2019
40,384
1,099,208
15,724
6,092
1,161,408
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Prepayments and accrued income
19,806
31,666
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
43,541
9,611
Taxation and social security
79,811
51,768
Deferred income
8
8,750
8,750
Other creditors
34,381
281,744
Accruals and deferred income
16,302
134,380
182,785
486,253
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
830 Ordinary shares of 10p each
83
83
490 'A' Ordinary shares of 10p each
49
49
132
132
All shares are ranked pari passu in all respects save that the directors may vote dividends on one class of share and not another.
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 8 -
8
Deferred income
2020
2019
£
£
Other deferred income
8,750
8,750
8,750
8,750
Deferred income is included in the financial statements as follows:
2020
2019
£
£
Current liabilities
8,750
8,750
8,750
8,750
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:
2020
2019
£
£
298,310
488,310
TREETOP TREK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 9 -
10
Related party transactions
Transactions with related parties
2020
2019
Amounts owed to related parties
£
£
Key management personnel
554
250,554