Registered Number NI050899
LURGABOY ADVENTURE CENTRE LIMITED
Abbreviated Accounts
31 December 2015
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Called up share capital not paid |
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Fixed assets | |||
Intangible assets |
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Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 3 |
( |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover policy
The turnover shown in the Profit and Loss Account represents revenue derived during the year from the provision of goods and services falling within the company's principal activities.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets depreciation policy
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold property - 10% straight line
Equipment - 25% reducing balance
Fixtures and fittings - 25% reducing balance
Computers - 33.33% straight line
Other accounting policies
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Going concern
The company, having made a loss of £467 in the year ended 31 December 2015 and with net liabilities of £88,928 as at 31 December 2015, faces uncertainties over its ability to operate as a going concern.
In particular, the current economic climate has led to uncertainty over anticipated bookings and maintaining the current levels of income.
The directors have anticipated that in the next twelve months appropriate bookings will be achieved to meet the company's loan repayment requirements. However, the levels of bookings are hard to estimate due to the reduction in corporate customers, with the company becoming more reliant on youth group and public sector bookings.
The financial statements have been prepared on a going concern basis which assumes the company's bankers will continue to provide facilities and its directors will provide appropriate support.
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Cost | |
At 1 January 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2015 |
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Depreciation | |
At 1 January 2015 |
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Charge for the year |
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On disposals |
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At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 4,694 |
At 31 December 2014 | 13,393 |
2015
£ |
2014
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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