Registered number
04939157
Prime Stables Limited
Filleted Accounts
31 October 2023
Prime Stables Limited
Registered number: 04939157
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 28,095 18,096
Current assets
Stocks 63,920 61,039
Debtors 4 17,621 10,761
Cash at bank and in hand 451,150 375,315
532,691 447,115
Creditors: amounts falling due within one year 5 (295,493) (267,867)
Net current assets 237,198 179,248
Total assets less current liabilities 265,293 197,344
Creditors: amounts falling due after more than one year 6 (18,681) -
Provisions for liabilities (7,024) (1,921)
Net assets 239,588 195,423
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 238,588 194,423
Shareholders' funds 239,588 195,423
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 Sarah Macey
Director
Approved by the board on 11 July 2024
Prime Stables Limited
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery over 5 years
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.
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.
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 18 14
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 211,661
Additions 15,354
Disposals (86,603)
At 31 October 2023 140,412
Depreciation
At 1 November 2022 193,565
Charge for the year 5,142
On disposals (86,390)
At 31 October 2023 112,317
Net book value
At 31 October 2023 28,095
At 31 October 2022 18,096
4 Debtors 2023 2022
£ £
Trade debtors 4,972 9,472
Other debtors 12,649 1,289
17,621 10,761
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,399 37,500
Trade creditors 81,120 93,824
Taxation and social security costs 96,111 48,951
Directors Loan Account 14,536 21,623
Other creditors 93,327 65,969
295,493 267,867
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,681 -
7 Other information
Prime Stables Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pallinghurt Farm Guildford Road
Rudgwick
Horsham
West Sussex
RH12 3BQ
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