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Registered number: 11694428
S Buxton Equestrian Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 11694428
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 950
Tangible Assets 5 - 25,205
- 26,155
CURRENT ASSETS
Debtors 6 - 1,830
Cash at bank and in hand 39,864 48,274
39,864 50,104
Creditors: Amounts Falling Due Within One Year 7 (39,763 ) (37,571 )
NET CURRENT ASSETS (LIABILITIES) 101 12,533
TOTAL ASSETS LESS CURRENT LIABILITIES 101 38,688
Creditors: Amounts Falling Due After More Than One Year 8 - (16,038 )
NET ASSETS 101 22,650
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 1 22,550
SHAREHOLDERS' FUNDS 101 22,650
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S Buxton
Director
1st August 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 December 2021 100 9,077 9,177
Profit for the year and total comprehensive income - 17,473 17,473
Dividends paid - (4,000) (4,000)
As at 30 November 2022 and 1 December 2022 100 22,550 22,650
Loss for the year and total comprehensive income - (5,730 ) (5,730)
Dividends paid - (16,819) (16,819)
As at 30 November 2023 100 1 101
Page 3
Page 4
Notes to the Financial Statements
1. General Information
S Buxton Equestrian Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11694428 . The registered office is Unit 8, Wheatcroft Business Park Landmere Lane, Edwalton, Nottingham, NG12 4DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the aquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
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4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 4,750
As at 30 November 2023 4,750
Amortisation
As at 1 December 2022 3,800
Provided during the period 950
As at 30 November 2023 4,750
Net Book Value
As at 30 November 2023 -
As at 1 December 2022 950
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 December 2022 10,223 29,221 39,444
Disposals (10,223 ) (29,221 ) (39,444 )
Depreciation
As at 1 December 2022 4,499 9,740 14,239
Provided during the period 905 4,870 5,775
Disposals (5,404 ) (14,610 ) (20,014 )
As at 30 November 2023 - - -
Net Book Value
As at 30 November 2023 - - -
As at 1 December 2022 5,724 19,481 25,205
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 1,830
- 1,830
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Page 6
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts - 5,744
Corporation tax - 9
Other taxes and social security - 317
Other creditors 39,763 31,501
39,763 37,571
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 16,038
- 16,038
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors: £39,763 (2022: £28,358)
The above loan is unsecured, interest free and repayable on demand.
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