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COMPANY REGISTRATION NUMBER: 11353749
BD EQUINE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2022
BD EQUINE LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 1 JUNE 2021 TO 31 MARCH 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
BD EQUINE LIMITED
BALANCE SHEET
31 March 2022
31 Mar 22
31 May 21
Note
£
£
Fixed assets
Tangible assets
5
15,300
Current assets
Stocks
6
17,739
18,749
Debtors
7
32,244
Cash at bank and in hand
103,239
------------
------------
120,978
50,993
Creditors: amounts falling due within one year
8
( 95,034)
( 21,162)
------------
------------
Net current assets
25,944
29,831
------------
------------
Total assets less current liabilities
41,244
29,831
Provisions
( 2,907)
------------
------------
Net assets
38,337
29,831
------------
------------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
38,336
29,830
------------
------------
Shareholders funds
38,337
29,831
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 May 2022 , and are signed on behalf of the board by:
B K Dyson
Director
Company registration number: 11353749
BD EQUINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JUNE 2021 TO 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of horses is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs of sale. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2021
Additions
4,400
16,000
20,400
------------
------------
------------
At 31 March 2022
4,400
16,000
20,400
------------
------------
------------
Depreciation
At 1 June 2021
Charge for the period
1,100
4,000
5,100
------------
------------
------------
At 31 March 2022
1,100
4,000
5,100
------------
------------
------------
Carrying amount
At 31 March 2022
3,300
12,000
15,300
------------
------------
------------
At 31 May 2021
------------
------------
------------
6. Stocks
31 Mar 22
31 May 21
£
£
Livestock
17,739
18,749
------------
------------
7. Debtors
31 Mar 22
31 May 21
£
£
Director's loan account
32,244
------------
------------
8. Creditors: amounts falling due within one year
31 Mar 22
31 May 21
£
£
Trade creditors
10,030
Accruals and deferred income
2,750
1,000
Corporation tax
6,888
7,712
Social security and other taxes
23,675
Director's loan account
26,948
Other creditors
24,743
12,450
------------
------------
95,034
21,162
------------
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
31 Mar 22
31 May 21
£
£
Included in provisions
2,907
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 22
31 May 21
£
£
Accelerated capital allowances
2,907
------------
------------
10. Called up share capital
Issued, called up and fully paid
31 Mar 22
31 May 21
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
11. Related party transactions
Included within creditors is an amount of £26,948 (2021: debtor £32,244) in respect of a loan to the company from the director. This loan is unsecured and repayable on demand. Interest is charged on all amounts owed to the company at HMRC's official rate of interest. Other creditors consist of loans provided by a member of the director's family and a company in which the director is a shareholder. These loans are unsecured, repayable on demand and currently interest free.