10 false false false false false false false false false true false false true false true true No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 150,385 118,581 xbrli:pure xbrli:shares iso4217:GBP 1066453 2022-08-01 2023-07-31 1066453 2023-07-31 1066453 2022-07-31 1066453 2021-08-01 2022-07-31 1066453 2022-07-31 1066453 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 1066453 core:PlantMachinery 2022-08-01 2023-07-31 1066453 core:FurnitureFittings 2022-08-01 2023-07-31 1066453 core:MotorVehicles 2022-08-01 2023-07-31 1066453 bus:RegisteredOffice 2022-08-01 2023-07-31 1066453 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 1066453 bus:Director1 2022-08-01 2023-07-31 1066453 bus:Director2 2022-08-01 2023-07-31 1066453 bus:Director3 2022-08-01 2023-07-31 1066453 bus:Director4 2022-08-01 2023-07-31 1066453 bus:CompanySecretary1 2022-08-01 2023-07-31 1066453 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 1066453 core:PlantMachinery 2022-07-31 1066453 core:FurnitureFittings 2022-07-31 1066453 core:MotorVehicles 2022-07-31 1066453 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 1066453 core:PlantMachinery 2023-07-31 1066453 core:FurnitureFittings 2023-07-31 1066453 core:MotorVehicles 2023-07-31 1066453 core:WithinOneYear 2023-07-31 1066453 core:WithinOneYear 2022-07-31 1066453 core:AfterOneYear 2023-07-31 1066453 core:AfterOneYear 2022-07-31 1066453 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 1066453 core:RetainedEarningsAccumulatedLosses 2022-07-31 1066453 core:RetainedEarningsAccumulatedLosses 2021-07-31 1066453 core:RetainedEarningsAccumulatedLosses 2023-07-31 1066453 core:RetainedEarningsAccumulatedLosses 2022-07-31 1066453 core:ShareCapital 2023-07-31 1066453 core:ShareCapital 2022-07-31 1066453 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-31 1066453 core:PlantMachinery 2022-07-31 1066453 core:FurnitureFittings 2022-07-31 1066453 core:MotorVehicles 2022-07-31 1066453 bus:SmallEntities 2022-08-01 2023-07-31 1066453 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 1066453 bus:FullAccounts 2022-08-01 2023-07-31 1066453 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 1066453 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 1066453 core:ComputerEquipment 2022-08-01 2023-07-31 1066453 core:ComputerEquipment 2022-07-31 1066453 core:ComputerEquipment 2023-07-31
COMPANY REGISTRATION NUMBER: 1066453
Horse Requisites Newmarket Limited
Unaudited Financial Statements
For the year ended
31 July 2023
Horse Requisites Newmarket Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4 to 5
Notes to the financial statements
6 to 10
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
12
Horse Requisites Newmarket Limited
Officers and Professional Advisers
The board of directors
Mrs E E Waterfall
Mr J B Waterfall
Mr M B Waterfall
Mrs M E Waterfall
Company secretary
Mrs M E Waterfall
Registered office
Black Bear Lane
Newmarket
Suffolk
CB8 0WB
Accountants
Streets Bloodstock
Chartered Accountants
Lushington House
119 High Street
Newmarket
Suffolk
CB8 9AE
Horse Requisites Newmarket Limited
Directors' Report
Year ended 31 July 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 July 2023 .
Directors
The directors who served the company during the year were as follows:
Mrs E E Waterfall
Mr J B Waterfall
Mr M B Waterfall
Mrs M E Waterfall
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 July 2024 and signed on behalf of the board by:
Mrs M E Waterfall
Director
Horse Requisites Newmarket Limited
Statement of Income and Retained Earnings
Year ended 31 July 2023
2023
2022
Note
£
£
Turnover
2,677,432
2,429,487
Cost of sales
1,833,016
1,676,205
------------
------------
Gross profit
844,416
753,282
Distribution costs
80,169
78,662
Administrative expenses
576,543
530,776
Other operating income
833
---------
---------
Operating profit
187,704
144,677
Other interest receivable and similar income
3,093
88
---------
---------
Profit before taxation
5
190,797
144,765
Tax on profit
40,412
26,184
---------
---------
Profit for the financial year and total comprehensive income
150,385
118,581
---------
---------
Dividends paid and payable
( 200,000)
Retained earnings at the start of the year
613,103
494,522
---------
---------
Retained earnings at the end of the year
563,488
613,103
---------
---------
All the activities of the company are from continuing operations.
Horse Requisites Newmarket Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
37,948
24,812
Current assets
Stocks
362,154
381,536
Debtors
7
336,829
353,615
Cash at bank and in hand
337,368
290,719
------------
------------
1,036,351
1,025,870
Creditors: amounts falling due within one year
8
497,076
419,245
------------
------------
Net current assets
539,275
606,625
---------
---------
Total assets less current liabilities
577,223
631,437
Creditors: amounts falling due after more than one year
9
12,735
17,334
---------
---------
Net assets
564,488
614,103
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
563,488
613,103
---------
---------
Shareholders funds
564,488
614,103
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Horse Requisites Newmarket Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr J B Waterfall
Director
Company registration number: 1066453
Horse Requisites Newmarket Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Black Bear Lane, Newmarket, Suffolk, CB8 0WB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Government grants
Income from government grants is presented within other operating income. Government grants are recognised at fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 12 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
25,613
27,965
--------
--------
6. Tangible assets
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2022
23,715
25,856
28,625
92,367
57,041
227,604
Additions
9,500
29,000
249
38,749
Disposals
( 5,818)
( 5,818)
--------
--------
--------
---------
--------
---------
At 31 Jul 2023
23,715
29,538
28,625
121,367
57,290
260,535
--------
--------
--------
---------
--------
---------
Depreciation
At 1 Aug 2022
23,663
24,040
24,924
82,993
47,172
202,792
Charge for the year
52
2,588
2,377
16,628
3,968
25,613
Disposals
( 5,818)
( 5,818)
--------
--------
--------
---------
--------
---------
At 31 Jul 2023
23,715
20,810
27,301
99,621
51,140
222,587
--------
--------
--------
---------
--------
---------
Carrying amount
At 31 Jul 2023
8,728
1,324
21,746
6,150
37,948
--------
--------
--------
---------
--------
---------
At 31 Jul 2022
52
1,816
3,701
9,374
9,869
24,812
--------
--------
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
313,642
325,168
Other debtors
23,187
28,447
---------
---------
336,829
353,615
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,691
4,485
Trade creditors
325,379
297,270
Social security and other taxes
63,682
42,522
Other creditors
96,324
74,968
---------
---------
497,076
419,245
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,735
17,334
--------
--------
10. Directors' advances, credits and guarantees
The company operated a directors loan account throughout the current and previous year. Interest was charged at the HMRC official rate of interest on any balance in excess of £10,000. There were no specific repayment terms.
2023 2022
£ £
Advances 85,275
Repayments 85,275
Horse Requisites Newmarket Limited
Management Information
Year ended 31 July 2023
The following pages do not form part of the financial statements.
Horse Requisites Newmarket Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Horse Requisites Newmarket Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horse Requisites Newmarket Limited for the year ended 31 July 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Horse Requisites Newmarket Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Horse Requisites Newmarket Limited and state those matters that we have agreed to state to you, as a body, in the report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horse Requisites Newmarket Limited and its members, as a body, for our work or for this report.
It is your duty to ensure that Horse Requisites Newmarket Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Horse Requisites Newmarket Limited. You consider that Horse Requisites Newmarket Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Horse Requisites Newmarket Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Streets Bloodstock Chartered Accountants
Lushington House 119 High Street Newmarket Suffolk CB8 9AE
31 July 2024