Activity Breaks Ltd - Period Ending 2014-12-31

Registration number: NI036826

Activity Breaks Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Activity Breaks Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Activity Breaks Ltd
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Activity Breaks Ltd for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compliation of financial statements.

This report is made solely to the Board of Directors of Activity Breaks Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Activity Breaks Ltd and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Activity Breaks Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Activity Breaks Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Activity Breaks Ltd. You consider that Activity Breaks Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Activity Breaks Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

25 September 2015

Page 1

Activity Breaks Ltd
(Registration number: NI036826)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Current assets
Debtors					1,894			7,463
Cash at bank and in hand					40,993			56,534
					42,887			63,997
Creditors: Amounts falling due within one year					(118,271)			(101,307)
Total assets less current liabilities					(75,384)			(37,310)
Creditors: Amounts falling due after more than one year					(83,207)			(102,683)
Net liabilities					(158,591)			(139,993)
Capital and reserves
Called up share capital		4			12,523			12,523
Share premium account					226,857			226,857
Profit and loss account					(397,971)			(379,373)
Shareholders' deficit					(158,591)			(139,993)

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 September 2015

.........................................
Ms Samanta Antonioli
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Activity Breaks Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that the company, at the balance sheet dat, had a deficit of £158,591. The directors are actively marketing the business, developing new partnerships, reducing costs and improving the website, and anticipate improved volumes of business and increased profitability in the near future. The parent company II Monticolo Vacanze srl has indicated that it will continue to support the company for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office Equipment	25% Straight Line

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

Activity Breaks Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		571,663			571,663
At 31 December 2014		571,663			571,663
Depreciation
At 1 January 2014		571,663			571,663
At 31 December 2014		571,663			571,663
Net book value
At 31 December 2014		-			-
At 31 December 2013		-			-

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2014 £			2013 £
After more than five years by instalments		38,433			57,909

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary Shares of £0.01 each		1,252,333			12,523			1,252,333			12,523

5

Control

The company is controlled by II Monticolo Vacanze srl This is a company based in Italy..

Page 4