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Registration number: NI645192

Ferguson Equine Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Ferguson Equine Services Limited

(Registration number: NI645192)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

435

1,860

Tangible assets

5

62,218

72,514

 

62,653

74,374

Current assets

 

Stocks

6

40,555

60,613

Debtors

7

67,990

13,597

Cash at bank and in hand

 

7,848

18,082

 

116,393

92,292

Creditors: Amounts falling due within one year

8

(49,778)

(32,794)

Net current assets

 

66,615

59,498

Total assets less current liabilities

 

129,268

133,872

Creditors: Amounts falling due after more than one year

9

(91,664)

(96,215)

Provisions for liabilities

(10,147)

(12,330)

Net assets

 

27,457

25,327

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

27,357

25,227

Shareholders' funds

 

27,457

25,327

For the financial year ending 30 April 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.

 

Ferguson Equine Services Limited

(Registration number: NI645192)
Balance Sheet as at 30 April 2023

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 31 January 2024
 

.........................................
Mr Paul Ferguson
Director

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 112 Shellinghill Road, Cullybackey, Ballymena, BT43 5QH.

These financial statements were authorised for issue by the director on 31 January 2024.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. 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.

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.

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Paddock

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Plant and machinery

10% reducing balance basis

Office equipment

20% reducing balance basis

Intangible assets

Intangible assets comprise the development costs of the Company's application software. The carrying value of the assets are reviewed at the reporting date for evidence of impairment. Where identified, impairment provision is made and recognised immediately through the profit and loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

20% straight line basis

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Raw material 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. Blood stock is valued at the lower of cost and net realisable value. Cost includes purchase price and directly attributable rearing costs. 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 complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

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.

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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Software development
£

Total
£

Cost or valuation

At 1 May 2022

16,735

16,735

At 30 April 2023

16,735

16,735

Amortisation

At 1 May 2022

14,875

14,875

Amortisation charge

1,425

1,425

At 30 April 2023

16,300

16,300

Carrying amount

At 30 April 2023

435

435

At 30 April 2022

1,860

1,860

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Paddock
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

10,178

2,472

50,171

58,764

121,585

At 30 April 2023

10,178

2,472

50,171

58,764

121,585

Depreciation

At 1 May 2022

4,967

1,400

21,246

21,458

49,071

Charge for the year

1,042

216

5,304

3,734

10,296

At 30 April 2023

6,009

1,616

26,550

25,192

59,367

Carrying amount

At 30 April 2023

4,169

856

23,621

33,572

62,218

At 30 April 2022

5,211

1,072

28,925

37,306

72,514

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Other inventories

40,555

60,613

7

Debtors

2023
£

2022
£

Trade debtors

41,311

8,124

Prepayments

3,600

3,600

Other debtors

23,079

1,873

 

67,990

13,597

8

Creditors

2023
£

2022
£

Loans and borrowings

10,227

15,068

Taxation and social security

13,449

4,002

Accruals and deferred income

26,102

13,724

49,778

32,794

9

Creditors: due after more than one year

2023
£

2022
£

Bank borrowings

34,379

41,120

Director's loan account

57,285

55,095

91,664

96,215

 

Ferguson Equine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100