Company Registration No. 05972182 (England and Wales)
ACTIVE AWAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
ACTIVE AWAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ACTIVE AWAY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,877
2,802
Investments
4
9,600
9,600
11,477
12,402
Current assets
Debtors
5
466,290
63,370
Cash at bank and in hand
480,640
467,524
946,930
530,894
Creditors: amounts falling due within one year
6
(169,218)
(187,991)
Net current assets
777,712
342,903
Total assets less current liabilities
789,189
355,305
Creditors: amounts falling due after more than one year
7
(45,763)
Deferred income
8
(667,617)
(142,640)
Net assets
75,809
212,665
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
75,709
212,565
Total equity
75,809
212,665
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 October 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.
ACTIVE AWAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2020
31 October 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2021 and are signed on its behalf by:
S J Davies
Director
Company Registration No. 05972182
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 3 -
1
Accounting policies
Company information
Active Away Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Fernleigh Terrace, St Ann's Chapel, Gunnislake, Cornwall, England, PL18 9HS.
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.
These financial statements for the year ended 31 October 2020
are the
first
financial statements of Active Away Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2018. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. The outbreak has caused
true
significant
disruption to the company’s business to date.
The company has not been able to perform its primary activity of tennis holidays abroad due to lockdown measures imposed in response to Covid-19. At the time of signing the accounts the directors believe they have the cash reserves to continue operating. Furthermore the continued easing of restrictions is enabling them to operate again in 2021. However, due to the prolonged outbreak, the directors anticipate disruption to continue, the extent and financial effect of any continuing disruption still remains uncertain.
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
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost
of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
33.33% reducing balance
1.5
Fixed asset investments
Investments represent the purchase of a London based corporate tennis league. This is
measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
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.
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 4 -
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 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.
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.
1.10
Taxation
The tax expense represents the tax currently payable
.
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.
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.
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants
Government grants, which include amounts received under the Coronavirus Job Retention Scheme and from the Coronavirus Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.13
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.
1.14
Comparative balances have been reclassified to better show comparability between years.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
5
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 November 2019 and 31 October 2020
6,977
Depreciation and impairment
At 1 November 2019
4,175
Depreciation charged in the year
925
At 31 October 2020
5,100
Carrying amount
At 31 October 2020
1,877
At 31 October 2019
2,802
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 6 -
4
Fixed asset investments
2020
2019
£
£
Other investments other than loans
9,600
9,600
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2019 & 31 October 2020
9,600
Carrying amount
At 31 October 2020
9,600
At 31 October 2019
9,600
5
Debtors
2020
2019
Restated
Amounts falling due within one year:
£
£
Trade debtors
169,189
21,618
Corporation tax recoverable
14,915
Other debtors
115,921
41,752
Prepayments and accrued income
166,265
466,290
63,370
6
Creditors: amounts falling due within one year
2020
2019
Restated
£
£
Bank loans
4,237
Trade creditors
3,163
Corporation tax
13,569
18,467
Other taxation and social security
22,972
16,842
Other creditors
82,165
21,038
Accruals and deferred income
43,112
131,644
169,218
187,991
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans
45,763
8
Deferred income
2020
2019
£
£
Other deferred income
667,617
142,640
9
Directors' transactions
Included within other debtors is an amount of £79,306 (2019: £41,752) outstanding to the company by the directors.