Essential Adventure Limited - Period Ending 2015-03-31

Registration number: 05341273

Essential Adventure Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Axis Accounts Limited
Chartered Accountants
Office 7, Unit 16
Dinan Way Trading Estate
Concorde Road
EXMOUTH
Devon
EX8 4RS

Essential Adventure Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Essential Adventure Limited
(Registration number: 05341273)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					4,661			1,233
Tangible fixed assets					1,188			-
					5,849			1,233
Current assets
Debtors					96,322			1,917
Cash at bank and in hand					23,064			14,008
					119,386			15,925
Creditors: Amounts falling due within one year					(124,253)			(23,455)
Net current liabilities					(4,867)			(7,530)
Total assets less current liabilities					982			(6,297)
Provisions for liabilities					(1)			(1)
Net assets/(liabilities)					981			(6,298)
Capital and reserves
Called up share capital		3			12,000			12,000
Profit and loss account					(11,019)			(18,298)
Shareholders' funds/(deficit)					981			(6,298)

For the year ending 31 March 2015 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 his 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 22 December 2015

.........................................
Mr Matthew Roger Trenchard
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Essential Adventure Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... 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).

Turnover

Turnover consists of services provided, exclusive of VAT under TOMS.

Goodwill

The company originally acquired the goodwill of essential adventure in 2005 and this is being written off over 10 years.

At the beginning of 2009, the company acquired, in two equal tranches, the goodwill of Backwater Adventures for £14,000. This was amortised over 5 years.

Amortisation

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

Asset class	Amortisation method and rate
Development costs	20% on a straight line basis

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
Plant and machinery	20% on a straight line basis
Office equipment	33% on a straight line basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 2

Essential Adventure Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		29,483			-			29,483
Additions		5,850			1,576			7,426
At 31 March 2015		35,333			1,576			36,909
Depreciation
At 1 April 2014		28,250			-			28,250
Charge for the year		2,422			388			2,810
At 31 March 2015		30,672			388			31,060
Net book value
At 31 March 2015		4,661			1,188			5,849
At 31 March 2014		1,233			-			1,233

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		12,000			12,000			12,000			12,000

Page 3