Company Registration No. 09566996 (England and Wales)
ACTIVATE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ACTIVATE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ACTIVATE MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2021
30 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
130,672
154,430
Tangible assets
5
5,804
8,371
Investments
6
50,000
136,476
212,801
Current assets
Debtors falling due after more than one year
7
25,581
25,581
Debtors falling due within one year
7
339,486
192,050
Cash at bank and in hand
1,543
679
366,610
218,310
Creditors: amounts falling due within one year
8
(331,942)
(275,295)
Net current assets/(liabilities)
34,668
(56,985)
Total assets less current liabilities
171,144
155,816
Creditors: amounts falling due after more than one year
9
(73,541)
(75,000)
Provisions for liabilities
(1,103)
Net assets
96,500
80,816
Capital and reserves
Called up share capital
10
15
18
Capital redemption reserve
5
2
Profit and loss reserves
96,480
80,796
Total equity
96,500
80,816
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 30 December 2021 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.
ACTIVATE MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2021
30 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2022 and are signed on its behalf by:
Mr T Mitchell
Director
Company Registration No. 09566996
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Activate Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 17 A, Arden Business Centre, Arden Road, Alcester, Warwickshire, United Kingdom, B49 6HW.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Fixtures, fittings & equipment
20% straight line
Computer equipment
20% 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
.
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
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, 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.
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.
1.6
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.
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
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:
2021
2020
Number
Number
Total
19
19
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 31 December 2020 and 30 December 2021
237,583
Amortisation and impairment
At 31 December 2020
83,153
Amortisation charged for the Year
23,758
At 30 December 2021
106,911
Carrying amount
At 30 December 2021
130,672
At 30 December 2020
154,430
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2020 and 30 December 2021
12,831
Depreciation and impairment
At 31 December 2020
4,460
Depreciation charged in the Year
2,567
At 30 December 2021
7,027
Carrying amount
At 30 December 2021
5,804
At 30 December 2020
8,371
6
Fixed asset investments
2021
2020
£
£
Other investments other than loans
50,000
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 31 December 2020
50,000
Disposals
(50,000)
At 30 December 2021
-
Carrying amount
At 30 December 2021
-
At 30 December 2020
50,000
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
147,266
27,002
Other debtors
192,220
165,048
339,486
192,050
2021
2020
Amounts falling due after more than one year:
£
£
Trade debtors
25,581
25,581
Total debtors
365,067
217,631
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
25,970
50,487
Trade creditors
29,295
53,292
Taxation and social security
93,135
49,930
Other creditors
183,542
121,586
331,942
275,295
ACTIVATE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 8 -
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
73,541
75,000
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Allotted, called up and fully paid
15
18
15
18
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr L D Sutton -
3.50
35,165
-
1,231
-
36,396
Mr T Mitchell -
3.50
47,760
12,107
1,856
(6,835)
54,888
82,925
12,107
3,087
(6,835)
91,284