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Registration number: 11842448

The Four Horseshoes Ltd

Unaudited Filleted Financial Statements

for the Period from 1 August 2022 to 31 December 2022

 

The Four Horseshoes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Four Horseshoes Ltd

Company Information

Directors

Mr K T Lake

Mr A W Moody

Mr R J Wickens

Mr P Osborne

Company secretary

Ms K Peacock

Registered office

The Four Horseshoes
Nursling Street
Nursling
Southampton
Hampshire
SO16 0YA

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

The Four Horseshoes Ltd

(Registration number: 11842448)
Balance Sheet as at 31 December 2022

Note

2022
£

2022
£

Fixed assets

 

Tangible assets

4

294,520

340,336

Current assets

 

Stocks

10,058

11,900

Debtors

5

30,325

25,615

Cash at bank and in hand

 

23,049

9,664

 

63,432

47,179

Creditors: Amounts falling due within one year

6

(657,537)

(619,606)

Net current liabilities

 

(594,105)

(572,427)

Total assets less current liabilities

 

(299,585)

(232,091)

Creditors: Amounts falling due after more than one year

6

(45,209)

(55,132)

Net liabilities

 

(344,794)

(287,223)

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

(344,798)

(287,227)

Shareholders' deficit

 

(344,794)

(287,223)

 

The Four Horseshoes Ltd

(Registration number: 11842448)
Balance Sheet as at 31 December 2022

For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 


Mr K T Lake
Director

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Four Horseshoes
Nursling Street
Nursling
Southampton
Hampshire
SO16 0YA
United Kingdom

These financial statements were authorised for issue by the Board on 28 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The company's year end has been shortened to 31 December as a Director felt this was more in line with similar businesses thereby providing better scope for industry standard comparisons. As such, the current period is only for a 5 month period in comparison to the prior period of 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

 Recognition and measurement
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 24 (2022 - 23).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

580,160

580,160

Additions

2,832

2,832

At 31 December 2022

582,992

582,992

Depreciation

At 1 August 2022

239,824

239,824

Charge for the period

48,648

48,648

At 31 December 2022

288,472

288,472

Carrying amount

At 31 December 2022

294,520

294,520

At 31 July 2022

340,336

340,336

5

Debtors

Current

2022
£

2022
£

Trade debtors

988

-

Prepayments

1,462

-

Other debtors

27,875

25,615

 

30,325

25,615

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2022
£

Due within one year

 

Loans and borrowings

8

25,264

25,868

Trade creditors

 

44,124

32,896

Taxation and social security

 

101,992

56,779

Accruals and deferred income

 

9,566

8,397

Other creditors

 

476,591

495,666

 

657,537

619,606

Creditors: amounts falling due after more than one year

Note

2022
£

2022
£

Due after one year

 

Loans and borrowings

8

45,209

55,132

7

Share capital

Allotted, called up and fully paid shares

 

2022

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

8

Loans and borrowings

2022
£

2022
£

Non-current loans and borrowings

Bank borrowings

27,191

31,878

Hire purchase contracts

18,018

23,254

45,209

55,132

 

The Four Horseshoes Ltd

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 31 December 2022

2022
£

2022
£

Current loans and borrowings

Bank borrowings

11,251

11,252

Hire purchase contracts

14,013

14,616

25,264

25,868

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2022
£

Not later than one year

16,046

12,304

Later than one year and not later than five years

17,383

27,685

33,429

39,989

The amount of non-cancellable operating lease payments recognised as an expense during the period was £6,395 (2022 - £15,348).