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Registered number: 07162576
THE ADVENTURE EXPERIENCE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2019
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THE ADVENTURE EXPERIENCE LIMITED
REGISTERED NUMBER: 07162576
BALANCE SHEET
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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THE ADVENTURE EXPERIENCE LIMITED
REGISTERED NUMBER: 07162576
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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THE ADVENTURE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Adventure Experience Limited is a private company limited by shares, incorporated in England and Wales. The registered office of the company is Beverley Park Golf Range, Beverley Way, New Malden, Surrey, KT3 4PH.
The principal activity of the company in the year under review was that of the development and operation of miniature golf courses.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is calculated based on the amount of entry fees received by the company. Turnover is recognised on the date which the customer visits the attraction.
The company was unable to continue trading during the COVID-19 pandemic, with business activity ceasing when lockdown commenced. Since re-opening the business is operating successfully with the necessary restrictions in place and preliminary figures are indicating a growth in customer numbers. The company has substantial cash reserves and, having reviewed the recent results and the cash flow forecasts, the directors are confident that the compay can and will continue to operate as a going concern for the foreseeable future. Therefore the financial statements are prepared on a going concern basis.
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
Page 3
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THE ADVENTURE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 4
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THE ADVENTURE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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The average monthly number of employees, including directors, during the year was 51 (2018 - 54).
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Cash and cash equivalents
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Page 5
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THE ADVENTURE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Secured loans
In 2014 the company issued £250,000 of unsecured convertible loan notes. £250,000 is repayable in September 2020 and have been disclosed in current liabilities at the end of the reporting period. Interest is payable at 12% on the outstanding loan notes.
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Creditors: Amounts falling due after more than one year
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Page 6
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THE ADVENTURE EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Allotted, called up and fully paid
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117,942 (2018 - 117,942) Ordinary shares of £0.01 each
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92,507 (2018 - 92,507) Preferred Ordinary shares of £0.01 each
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Commitments under operating leases
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At 31 December 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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G Wright is also a director of Everyone Entertained Limited. During the year the company purchased services from Everyone Entertained Limited amounting to £6,000 (2018: £Nil). During the year the company also sold services to Everyone Entertained Limited amounting to £346 (2018: £427) and at the year end the company owed £51 (2018: £512).
G Wright is also a member of Campbell Saunders LLP. During the year key management personnel were remunerated £49,539 (2018: £51,700) and at the year end the company owed £Nil (2018: £4,744).
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The company is not controlled by any one individual.
The auditor's report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed on 2 October 2020 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 7
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