Essential Adventure Limited - Period Ending 2016-03-31

Registration number: 05341273

Essential Adventure Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

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 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					3,491			4,661
Tangible fixed assets					3,070			1,188
					6,561			5,849
Current assets
Debtors					167,277			96,322
Cash at bank and in hand					68,364			23,064
					235,641			119,386
Creditors: Amounts falling due within one year					(224,133)			(124,253)
Net current assets/(liabilities)					11,508			(4,867)
Total assets less current liabilities					18,069			982
Provisions for liabilities					-			(1)
Net assets					18,069			981
Capital and reserves
Called up share capital		3			12,000			12,000
Profit and loss account					6,069			(11,019)
Shareholders' funds					18,069			981

For the year ending 31 March 2016 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 20 December 2016

.........................................
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 2016
......... 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 January 2015).

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.

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.

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.

Page 2

Essential Adventure Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		35,333			1,576			36,909
Additions		-			3,308			3,308
At 31 March 2016		35,333			4,884			40,217
Depreciation
At 1 April 2015		30,672			388			31,060
Charge for the year		1,170			1,426			2,596
At 31 March 2016		31,842			1,814			33,656
Net book value
At 31 March 2016		3,491			3,070			6,561
At 31 March 2015		4,661			1,188			5,849

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		12,000			12,000			12,000			12,000

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr Matthew Roger Trenchard
Advances made in the year	4,746	192	192	-

Page 3