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REGISTERED NUMBER: 12930180 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

FOR

BELLOWS EQUESTRIAN LIMITED

BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BELLOWS EQUESTRIAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: R Gilbert





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 12930180 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 6,175,279 5,202,149

CURRENT ASSETS
Stocks 4 750,000 750,000
Debtors 5 82,118 44,211
Cash at bank 38,238 35,663
870,356 829,874
CREDITORS
Amounts falling due within one year 6 7,992,633 6,593,779
NET CURRENT LIABILITIES (7,122,277 ) (5,763,905 )
TOTAL ASSETS LESS CURRENT LIABILITIES (946,998 ) (561,756 )

CREDITORS
Amounts falling due after more than one year 7 14,037 -
NET LIABILITIES (961,035 ) (561,756 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (961,135 ) (561,856 )
(961,035 ) (561,756 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by:





R Gilbert - Director


BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Turnover also represents rental income which is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Horses & Horse Equipment - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 10 ) .

3. TANGIBLE FIXED ASSETS
Horses &
Freehold Plant and Horse
property machinery Equipment
£    £    £   
COST
At 1 May 2022 4,993,319 232,351 195,000
Additions 883,002 53,228 251,000
At 30 April 2023 5,876,321 285,579 446,000
DEPRECIATION
At 1 May 2022 154,634 31,453 61,750
Charge for year 103,209 25,344 79,019
At 30 April 2023 257,843 56,797 140,769
NET BOOK VALUE
At 30 April 2023 5,618,478 228,782 305,231
At 30 April 2022 4,838,685 200,898 133,250

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 30,500 7,039 5,458,209
Additions - 4,492 1,191,722
At 30 April 2023 30,500 11,531 6,649,931
DEPRECIATION
At 1 May 2022 7,260 963 256,060
Charge for year 7,625 3,395 218,592
At 30 April 2023 14,885 4,358 474,652
NET BOOK VALUE
At 30 April 2023 15,615 7,173 6,175,279
At 30 April 2022 23,240 6,076 5,202,149

BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 31,195
At 30 April 2023 31,195
DEPRECIATION
Charge for year 1,282
At 30 April 2023 1,282
NET BOOK VALUE
At 30 April 2023 29,913

4. STOCKS
2023 2022
£    £   
Stocks 750,000 750,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 39,974 29,693
Amounts owed by group undertakings 56 -
VAT 17,340 11,192
Accruals 20,825 -
Prepayments 3,923 3,326
82,118 44,211

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 9,358 -
Trade creditors 52,210 3,935
Amounts owed to group undertakings 2,139,621 1,298,382
Social security and other taxes 3,312 6,713
Other creditors 17,922 25,736
Directors' current accounts 5,765,968 5,230,857
Accruals and deferred income 4,241 28,156
Accrued expenses 1 -
7,992,633 6,593,779

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 14,037 -

BELLOWS EQUESTRIAN LIMITED (REGISTERED NUMBER: 12930180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, R Gilbert increased his loan to the company. As at 30 April 2023, the company owed him £5,765,968 (2022: £5,230,857). This balance represented the maximum amount outstanding during the period and the loan is interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

During the year, Gilbert Investments Limited increased its loan to the company. As at 30 April 2023, the company owed Gilbert Investments Limited £2,086,605 (2022: £1,268,382). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

During the year, Gilbert Investments Rentals Limited increased its loan to the company. As at 30 April 2023, the company owed Gilbert Investments Rentals Limited £53,016 (2022: £30,000). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

During the year, Swanage Escapes Limited took a loan to the company. As at 30 April 2023, Bellows Equestrian Limited was owed £56 (2022: £nil). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

10. NET CURRENT LIABILITIES

As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £399,279, and as at the year end the current liabilities exceeded current assets by £946,998.
The validity of this basis depends upon the continued support of the company's director. The director confirms that he will give the required support.

11. ULTIMATE CONTROLLING PARTY

As there is no majority shareholder the company is controlled by the Board.