Company Registration No. 05972182 (England and Wales)
ACTIVE AWAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,117
1,877
Investments
4
9,600
9,600
11,717
11,477
Current assets
Debtors
5
851,975
466,290
Cash at bank and in hand
770,052
480,640
1,622,027
946,930
Creditors: amounts falling due within one year
6
(67,013)
(169,218)
Net current assets
1,555,014
777,712
Total assets less current liabilities
1,566,731
789,189
Creditors: amounts falling due after more than one year
7
(37,281)
(45,763)
Deferred income
8
(1,362,519)
(667,617)
Net assets
166,931
75,809
Capital and reserves
Called up share capital
9
105
100
Share premium account
19
Profit and loss reserves
166,807
75,709
Total equity
166,931
75,809
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 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.
ACTIVE AWAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 March 2022 and are signed on its behalf by:
J J Thompson
Director
Company Registration No. 05972182
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 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.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. The outbreak has caused significant disruption to the company’s business to date. Covid-19 has continued to affect consumer confidence in booking holidays abroad. At the time of signing the accounts the directors believe they have the cash reserves to continue operating and the continued easing of restrictions is enabling them to operate more consistently and
true
they
continue to see an increased number of bookings.
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.
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.
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 4 -
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 2021
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 November 2020
6,977
Additions
1,030
At 31 October 2021
8,007
Depreciation and impairment
At 1 November 2020
5,100
Depreciation charged in the year
790
At 31 October 2021
5,890
Carrying amount
At 31 October 2021
2,117
At 31 October 2020
1,877
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
4
Fixed asset investments
2021
2020
£
£
Other investments other than loans
9,600
9,600
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2020 & 31 October 2021
9,600
Carrying amount
At 31 October 2021
9,600
At 31 October 2020
9,600
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
714,849
169,189
Corporation tax recoverable
14,915
Other debtors
55,237
115,921
Prepayments and accrued income
81,889
166,265
851,975
466,290
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,586
4,237
Trade creditors
3,163
Corporation tax
22,049
13,569
Other taxation and social security
22,972
Other creditors
9,173
82,165
Accruals and deferred income
26,205
43,112
67,013
169,218
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
37,281
45,763
ACTIVE AWAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
8
Deferred income
2021
2020
£
£
Other deferred income
1,362,519
667,617
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
-
1,000
-
100
Ordinary shares of 1p each
10,527
-
105
-
10,527
1,000
105
100
On 3 March 2021 company subdivided 1
,
000 Ordinary shares of
10p
into 10,000 Ordinary shares of 1p each.
On
the same day
, 5
27
Ordinary share of
1p
each were issued for an aggregate consideration of £
24
.
10
Directors' transactions
Included within other debtors is an amount of £nil (2020: £79,306) due from the directors of the company.