Registered number
06117997
Caistor Equestrian Centre Ltd
Report and Accounts
31 March 2023
Caistor Equestrian Centre Ltd
Registered number: 06117997
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,168,956 1,080,057
Current assets
Stocks 5,290 2,690
Debtors 4 2,868 2,120
Cash at bank and in hand 27,672 70,575
35,830 75,385
Creditors: amounts falling due within one year 5 (569,213) (544,653)
Net current liabilities (533,383) (469,268)
Total assets less current liabilities 635,573 610,789
Creditors: amounts falling due after more than one year 6 (384,650) (400,269)
Provisions for liabilities (10,171) (838)
Net assets 240,752 209,682
Capital and reserves
Called up share capital 3 3
Profit and loss account 240,749 209,679
Shareholders' funds 240,752 209,682
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs F M Lintin
Director
Approved by the board on 29 December 2023
Caistor Equestrian Centre Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 0%
Plant and machinery 20% reducing balance
Horses 0%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 26 32
3 Tangible fixed assets
Land and buildings Plant and machinery etc Horses Total
£ £ £ £
Cost
At 1 April 2022 1,055,396 37,342 20,250 1,112,988
Additions 19,876 50,000 20,155 90,031
Disposals - - (250) (250)
At 31 March 2023 1,075,272 87,342 40,155 1,202,769
Depreciation
At 1 April 2022 - 32,931 - 32,931
Charge for the year - 882 - 882
At 31 March 2023 - 33,813 - 33,813
Net book value
At 31 March 2023 1,075,272 53,529 40,155 1,168,956
At 31 March 2022 1,055,396 4,411 20,250 1,080,057
4 Debtors 2023 2022
£ £
Trade debtors 2,868 2,120
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,135 19,874
Trade creditors 5,355 2,378
Taxation and social security costs 32,137 40,922
Other creditors 515,586 481,479
569,213 544,653
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 378,650 394,269
Other creditors 6,000 6,000
384,650 400,269
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 314,110 314,773
Secured bank loans 394,785 414,143
The bank loan is secured by a charge over Moor Farmhouse, Moor Lane, Caistor and contains a negative pledge.
8 Related party transactions
The creditors of the company include £507,800 owed to Mrs F M Lintin, the principle director. Mrs Lintin has confirmed that she will not withdraw her money to the detriment of other creditors.
9 Controlling party
During the year ended 31 March 2023, Mrs F M Lintin, a director, together with members of her close family, controlled the company by virtue of a controlling interest of 100% of the issued ordinary share capital.
10 Other information
Caistor Equestrian Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Moorland View
North Kelsey Road
Caistor
Lincolnshire
LN7 6SF
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