Seven Barrows Limited 06546556 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of training thoroughbred racehorses Digita Accounts Production Advanced 6.30.9574.0 true true 06546556 2022-08-01 2023-07-31 06546556 2023-07-31 06546556 bus:Director1 1 2023-07-31 06546556 core:RetainedEarningsAccumulatedLosses 2023-07-31 06546556 core:ShareCapital 2023-07-31 06546556 core:CurrentFinancialInstruments 2023-07-31 06546556 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06546556 core:Non-currentFinancialInstruments 2023-07-31 06546556 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 06546556 core:FurnitureFittings 2023-07-31 06546556 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 06546556 core:MotorVehicles 2023-07-31 06546556 core:PlantMachinery 2023-07-31 06546556 bus:SmallEntities 2022-08-01 2023-07-31 06546556 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06546556 bus:FullAccounts 2022-08-01 2023-07-31 06546556 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06546556 bus:RegisteredOffice 2022-08-01 2023-07-31 06546556 bus:Director1 2022-08-01 2023-07-31 06546556 bus:Director1 1 2022-08-01 2023-07-31 06546556 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06546556 core:FurnitureFittings 2022-08-01 2023-07-31 06546556 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 06546556 core:LeaseholdImprovements 2022-08-01 2023-07-31 06546556 core:MotorCars 2022-08-01 2023-07-31 06546556 core:MotorVehicles 2022-08-01 2023-07-31 06546556 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 06546556 core:PlantMachinery 2022-08-01 2023-07-31 06546556 countries:EnglandWales 2022-08-01 2023-07-31 06546556 2022-07-31 06546556 bus:Director1 1 2022-07-31 06546556 core:FurnitureFittings 2022-07-31 06546556 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 06546556 core:MotorVehicles 2022-07-31 06546556 core:PlantMachinery 2022-07-31 06546556 2021-08-01 2022-07-31 06546556 2022-07-31 06546556 bus:Director1 1 2022-07-31 06546556 core:RetainedEarningsAccumulatedLosses 2022-07-31 06546556 core:ShareCapital 2022-07-31 06546556 core:CurrentFinancialInstruments 2022-07-31 06546556 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06546556 core:Non-currentFinancialInstruments 2022-07-31 06546556 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 06546556 core:FurnitureFittings 2022-07-31 06546556 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 06546556 core:MotorVehicles 2022-07-31 06546556 core:PlantMachinery 2022-07-31 06546556 bus:Director1 1 2021-08-01 2022-07-31 06546556 bus:Director1 1 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 06546556

Seven Barrows Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Seven Barrows Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Seven Barrows Limited

(Registration number: 06546556)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

2,365,740

2,396,143

Current assets

 

Stocks

7

479,455

428,938

Debtors

8

483,288

382,895

Cash at bank and in hand

 

19,813

13,453

 

982,556

825,286

Creditors: Amounts falling due within one year

9

(1,212,827)

(979,852)

Net current liabilities

 

(230,271)

(154,566)

Total assets less current liabilities

 

2,135,469

2,241,577

Creditors: Amounts falling due after more than one year

9

(142,715)

-

Provisions for liabilities

-

(33,312)

Net assets

 

1,992,754

2,208,265

Capital and reserves

 

Called up share capital

1,760,001

1,760,001

Profit and loss account

232,753

448,264

Total equity

 

1,992,754

2,208,265

 

Seven Barrows Limited

(Registration number: 06546556)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2024
 

.........................................
N J Henderson
Director

 

Seven Barrows Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Seven Barrows House
Seven Barrows
Lambourn
Berkshire
RG17 8UH

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.

Going concern

The director acknowledges the potential impact of the global coronavirus pandemic and believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook created by the pandemic. The director believes the company has adequate resources to continue in operational existence such that they believe the continued use of the going concern basis to be appropriate.

Revenue recognition

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Seven Barrows Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Property improvements

10% straight line

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

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.

Debtors

Trade debtors are amounts due from customers for racehorse training services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

 

Seven Barrows Limited

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

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Other operating income

2023

2022

£

£

Government grants

-

18,924

-

18,924

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 49 (2022 - 48).

5

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

79,643

87,358

 

Seven Barrows Limited

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

6

Tangible assets

Land and buildings
£

Property improvements
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

2,028,000

495,185

367,510

278,874

3,169,569

Additions

-

31,862

14,628

2,750

49,240

At 31 July 2023

2,028,000

527,047

382,138

281,624

3,218,809

Depreciation

At 1 August 2022

-

277,502

293,978

201,946

773,426

Charge for the year

-

47,786

11,995

19,862

79,643

At 31 July 2023

-

325,288

305,973

221,808

853,069

Carrying amount

At 31 July 2023

2,028,000

201,759

76,165

59,816

2,365,740

At 31 July 2022

2,028,000

217,683

73,532

76,928

2,396,143

Included within the net book value of land and buildings above is £2,028,000 (2022 - £2,028,000) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Forage and bedding

4,186

4,360

Bloodstock

447,534

395,687

Saddlery and tack

27,735

28,891

479,455

428,938

8

Debtors

Current

2023
£

2022
£

Trade debtors

378,695

352,067

Prepayments

8,452

9,245

Other debtors

96,141

21,583

 

483,288

382,895

 

Seven Barrows Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings (see note 10 below)

321,994

389,550

Trade creditors

285,235

121,534

Taxation and social security

19,849

52,270

Other creditors

585,749

416,498

1,212,827

979,852

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

142,715

-

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

36,530

20,928

Bank overdrafts

285,464

368,622

321,994

389,550

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

142,715

-

The company's bank loan and overdraft is secured by way of a fixed and floating charge over the assets of the company.

 

Seven Barrows Limited

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

11

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

N J Henderson

DLA

(81,163)

64,389

(155,051)

(171,825)

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

N J Henderson

DLA

(48,153)

71,720

(104,730)

(81,163)

         
       

 

Other transactions with the director

N J Henderson (director) had a loan account with the company. At the balance sheet date the amount due to N J Henderson was £171,825 (2022: £81,163).