Foxhill Equestrian Limited
Registered number: 03643232
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 12,792 12,792
Tangible assets 4 475,888 467,655
488,680 480,447
Current assets
Debtors 5 4,350 8,860
Cash at bank and in hand 114,347 127,399
118,697 136,259
Creditors: amounts falling due within one year 6 (6,520) (3,018)
Net current assets 112,177 133,241
Net assets 600,857 613,688
Capital and reserves
Called up share capital 870,000 870,000
Profit and loss account (269,143) (256,312)
Shareholder's funds 600,857 613,688
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
L Smith
L Smith
Director
Approved by the board on 30 July 2024
Foxhill Equestrian 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.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Other assets over 10 years
Plant and machinery over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 12,792
At 31 October 2023 12,792
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 12,792
At 31 October 2022 12,792
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Horse Total
£ £ £ £
Cost
At 1 November 2022 747,811 230,940 23,500 1,002,251
Additions - 5,756 20,000 25,756
At 31 October 2023 747,811 236,696 43,500 1,028,007
Depreciation
At 1 November 2022 302,926 229,320 2,350 534,596
Charge for the year 12,706 1,300 3,517 17,523
At 31 October 2023 315,632 230,620 5,867 552,119
Net book value
At 31 October 2023 432,179 6,076 37,633 475,888
At 31 October 2022 444,885 1,620 21,150 467,655
5 Debtors 2023 2022
£ £
Trade debtors 2,044 3,050
Other debtors 2,306 5,810
4,350 8,860
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 5,894 1,195
Other taxes and social security costs 626 512
Other creditors - 1,311
6,520 3,018
7 Controlling party
The company is controlled by L Smith.
8 Other information
Foxhill Equestrian Limited is a private company limited by shares and incorporated in England. Its registered office is:
Staple House
5 Eleanor's Cross
Dunstable
Bedfordshire
LU6 1SU
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