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REGISTERED NUMBER: 04354226 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 July 2023

for

The Open College Of Equine Studies
Company Limited by Guarantee

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Open College Of Equine Studies
Company Limited by Guarantee

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Mrs J P Brega





REGISTERED OFFICE: Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR





BUSINESS ADDRESS: Oaks Meadow
Weathercock Hill
Chevington
Bury St Edmunds
Suffolk
IP29 5RG





REGISTERED NUMBER: 04354226 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Balance Sheet
31 July 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 175,566 156,043
Tangible assets 5 41,262 34,182
216,828 190,225

CURRENT ASSETS
Stocks 40,183 40,183
Debtors 6 781,028 652,309
Cash at bank - 49
821,211 692,541
CREDITORS
Amounts falling due within one year 7 428,378 348,860
NET CURRENT ASSETS 392,833 343,681
TOTAL ASSETS LESS CURRENT LIABILITIES 609,661 533,906

CREDITORS
Amounts falling due after more than one
year

8

(18,333

)

(28,333

)

PROVISIONS FOR LIABILITIES 11 (5,889 ) (5,803 )
NET ASSETS 585,439 499,770

RESERVES
Retained earnings 585,439 499,770
585,439 499,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Balance Sheet - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2024 and were signed by:





Mrs J P Brega - Director


The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

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

1. STATUTORY INFORMATION

The Open College Of Equine Studies is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The company's course fees payable are non-refundable, subject to terms and conditions. Turnover therefore consists of course, examination and related fees excluding value added tax contracted for during the year. The future costs of fulfilling the contracts to expiry has been accrued.

Intangible fixed assets
The intellectual property rights consist of written course and E-learning material which are kept constantly up to date. No amortisation has been charged because the director considers the current valuation exceeds the carrying value. This is a departure from the Companies Act 2006 and Financial Reporting Standard 102, although an impairment will be recognised if the valuation is considered to be below the carrying value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Horses - 10% straight line
Website development - 5 years straight line

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

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 accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Intellectual
property
rights
£   
COST
At 1 August 2022 156,043
Additions 19,523
At 31 July 2023 175,566
NET BOOK VALUE
At 31 July 2023 175,566
At 31 July 2022 156,043

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS - continued

The intellectual property rights consist of written course and E-learning material which are kept constantly up to date. No amortisation has been charged because the director considers the current valuation exceeds the carrying value. This is a departure from the Companies Act 2006 and Financial Reporting Standard 102, although an impairment will be recognised if the valuation is considered to be below the carrying value.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 August 2022 191,344
Additions 15,691
At 31 July 2023 207,035
DEPRECIATION
At 1 August 2022 157,162
Charge for year 8,611
At 31 July 2023 165,773
NET BOOK VALUE
At 31 July 2023 41,262
At 31 July 2022 34,182

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
£   
COST
At 1 August 2022 10,500
Transfer to ownership (10,500 )
At 31 July 2023 -
DEPRECIATION
At 1 August 2022 3,909
Transfer to ownership (3,909 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 6,591

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 378,031 287,249
Other debtors 402,997 365,060
781,028 652,309

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 54,022 56,672
Hire purchase contracts (see note 9) - 729
Trade creditors 22,744 29,057
Taxation and social security 52,969 46,210
Other creditors 298,643 216,192
428,378 348,860

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans 18,333 28,333

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year - 729

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 51,900 38,400

The Open College Of Equine Studies (Registered number: 04354226)
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank overdrafts 44,022 46,672
Hire purchase contracts - 729
44,022 47,401

The bank have security in respect of the monies owed by the company and International College of Equine Studies, a related party of which Mrs J P Brega is a director and shareholder, in the form of debentures that contains both fixed and floating charges.

The hire purchase contracts are secured against the assets acquired.

11. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 5,889 5,803

Deferred
tax
£   
Balance at 1 August 2022 5,803
Provided during year 86
Balance at 31 July 2023 5,889

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
as restated
£    £   
Mrs J P Brega
Balance outstanding at start of year (28,546 ) (18,335 )
Amounts advanced 53,616 32,998
Amounts repaid (17,601 ) (43,209 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,469 (28,546 )

During the year the maximum balance outstanding on the director's loan account was £14,936. Interest has been charged.