Company No:
Contents
DIRECTORS | Mr G Hacking |
Mr R W Martineau | |
Mr R Robson | |
Mr T J P Stancliffe | |
REGISTERED OFFICE | Flat 1 |
15 Goulton Road | |
London | |
E5 8HA | |
United Kingdom | |
COMPANY NUMBER | 09286289(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Everyday Adventures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Everyday Adventures Limited. You consider that Everyday Adventures Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Everyday Adventures Limited. 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 financial statements.
Accountant
London
EC4A 3HQ
United Kingdom
2019 | 2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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40,644 | 77,469 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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1,443,423 | 836,882 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 1,281,162 | 235,225 | ||
Total assets less current liabilities | 1,321,806 | 312,694 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Everyday Adventures Limited (registered number:
Mr R W Martineau
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Everyday Adventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 1, 15 Goulton Road, London, E5 8HA.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Everyday Adventures Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements for the year ended 31 December 2019 are the first financial statements that comply with Section 1A of FRS 102, after complying with FRS 105 in previous years. The date of transition is 1 January 2018. No adjustments were required in relation to the transition.
Since the period under review, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the pandemic emerges. At the time of signing the directors do not consider COVID-19 to impact the Company’s ability to continue as a going concern.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and that by monitoring the discretionary expenses, the Company will maintain sufficient working capital to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible assets relate to the website development. The amortisation period is 4 years.
Plant and machinery - 4 years
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | |
£ | £ | |
Cost | ||
At 01 January 2019 |
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At 31 December 2019 |
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Accumulated amortisation | ||
At 01 January 2019 |
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Charge for the financial year |
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At 31 December 2019 |
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Net book value | ||
At 31 December 2019 |
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At 31 December 2018 |
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Plant and machinery | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 January 2019 |
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Additions |
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Disposals | (
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At 31 December 2019 |
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Accumulated depreciation | ||
At 01 January 2019 |
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Charge for the financial year |
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Disposals | (
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At 31 December 2019 |
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Net book value | ||
At 31 December 2019 |
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At 31 December 2018 |
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2019 | 2018 | |
£ | £ | |
Stocks |
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2019 | 2018 | |
£ | £ | |
Trade debtors |
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Other debtors |
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2019 | 2018 | |
£ | £ | |
Trade creditors |
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Other creditors |
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Convertible unsecured loan notes |
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Accruals |
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Other taxation and social security |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2019 | 2018 | |
£ | £ | |
- within one year |
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Remuneration was paid to the directors of £183,828 (2018: £140,976). The directors are the only key management personnel of this company.
Included within debtors is an unsecured loan of £Nil (2018: £1,982) made to a director. This loan was interest-free and was repayable on demand.
During the year, donations of £18,708 (2018: £11,529) and sales of £4,988 (2018: £8,828) were made to Tribe Freedom Foundation, a Charitable Incorporated Organisation which has three directors from the Company on its Board of Trustees.