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Registration number: 07164248

Parwood Equestrian Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Parwood Equestrian Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Parwood Equestrian Limited

(Registration number: 07164248)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

131,031

85,969

Current assets

 

Debtors

5

34,981

18,037

Cash at bank and in hand

 

57,124

18,696

 

92,105

36,733

Creditors: Amounts falling due within one year

6

(71,227)

(59,729)

Net current assets/(liabilities)

 

20,878

(22,996)

Total assets less current liabilities

 

151,909

62,973

Creditors: Amounts falling due after more than one year

6

(24,111)

(747,004)

Net assets/(liabilities)

 

127,798

(684,031)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

127,698

(684,131)

Shareholders' funds/(deficit)

 

127,798

(684,031)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 8 March 2024
 

.........................................
M R Erwich
Director

 

Parwood Equestrian Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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: Westwood Barn, Westwood Lane, Normandy, Guildford, Surrey, GU3 2JE.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the parent undertaking and its director, who has access to external personal financing.

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 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

Parwood Equestrian Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Short leasehold property

10% straight line

Plant and machinery

20% straight line

Fittings, fixtures and equipment

20% reducing balance

Other assets

20% straight line

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Parwood Equestrian Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Other assets
£

Cost or valuation

At 1 April 2022

92,142

55,169

146,569

27,850

Additions

-

24,501

61,079

-

At 31 March 2023

92,142

79,670

207,648

27,850

Depreciation

At 1 April 2022

61,232

42,571

104,108

27,850

Charge for the year

9,216

5,009

26,293

-

At 31 March 2023

70,448

47,580

130,401

27,850

Carrying amount

At 31 March 2023

21,694

32,090

77,247

-

At 31 March 2022

30,910

12,598

42,461

-

Total
£

Cost or valuation

At 1 April 2022

321,730

Additions

85,580

At 31 March 2023

407,310

Depreciation

At 1 April 2022

235,761

Charge for the year

40,518

At 31 March 2023

276,279

Carrying amount

At 31 March 2023

131,031

At 31 March 2022

85,969

Included within the net book value of land and buildings above is £21,694 (2022 - £30,910) in respect of short leasehold land and buildings.
 

 

Parwood Equestrian Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,411

2,962

Amounts owed by related parties

2,056

-

Other debtors

 

30,514

4,246

Prepayments

 

-

10,829

 

34,981

18,037

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans and overdrafts

9,911

-

Trade creditors

34,368

48,254

Taxation and social security

2,571

4,500

Accruals and deferred income

23,950

6,975

Other creditors

427

-

71,227

59,729

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

24,111

42,901

Other non-current financial liabilities

 

-

704,103

 

24,111

747,004


Other non-current financial liabilities are amounts owing to the parent undertaking due after more than five years.

7

Parent and ultimate parent undertaking

The company's immediate parent is Mamex West Limited, incorporated in England and Wales.

 The ultimate parent is Maurits Exploitatiemaatschappij b.v., incorporated in Netherlands. The registered office of this company is Parklaan 34, Nieuwe Werk, Rotterdam Centrum, Rotterdam, 3016 BC.

 The ultimate controlling party is Ansje Grietje Erwich-Toering.

8

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the parent undertaking and its director.