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Company Registration number: 8432335

Galloping Horse Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Galloping Horse Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Galloping Horse Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,023,566

1,014,922

Current assets

 

Stocks

6

16,574

14,048

Debtors

7

32,864

23,646

Cash at bank and in hand

 

80,349

128,359

 

129,787

166,053

Creditors: Amounts falling due within one year

8

(128,111)

(105,235)

Net current assets

 

1,676

60,818

Total assets less current liabilities

 

1,025,242

1,075,740

Creditors: Amounts falling due after more than one year

8

(405,939)

(1,645,214)

Net assets/(liabilities)

 

619,303

(569,474)

Capital and reserves

 

Called up share capital

2,041,736

717,826

Retained earnings

(1,422,433)

(1,287,300)

Shareholders' funds/(deficit)

 

619,303

(569,474)

 

Galloping Horse Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 8432335

Approved and authorised by the Board on 21 June 2024 and signed on its behalf by:
 

.........................................
Mr R W Thompson
Director

 

Galloping Horse Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
95 Main Road
High Harrington
Workington
CA14 4NQ

These financial statements were authorised for issue by the Board on 21 June 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Galloping Horse Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight line

Fixtures and fittings

25% Straight line

Freehold property

2% Straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Galloping Horse Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 19).

4

LOSS BEFORE TAX

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

70,991

55,168

 

Galloping Horse Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

TANGIBLE ASSETS

Freehold
property
£

Fixtures and
fittings
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,094,663

456,347

2,678

1,553,688

Additions

-

77,334

2,301

79,635

At 31 December 2023

1,094,663

533,681

4,979

1,633,323

Depreciation

At 1 January 2023

162,172

373,916

2,678

538,766

Charge for the year

21,888

48,528

575

70,991

At 31 December 2023

184,060

422,444

3,253

609,757

Carrying amount

At 31 December 2023

910,603

111,237

1,726

1,023,566

At 31 December 2022

932,491

82,431

-

1,014,922

Included within the net book value of land and buildings above is £910,603 (2022 - £932,491) in respect of freehold land and buildings.
 

6

STOCKS

2023
£

2022
£

Stock on hand

16,574

14,048

7

DEBTORS

Current

2023
£

2022
£

Trade debtors

3,676

7,155

Prepayments

4,870

6,771

Other debtors

24,318

9,720

 

32,864

23,646

 

Galloping Horse Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

8,616

11,584

Trade creditors

101,528

77,646

Taxation and social security

1,280

4,353

Accruals and deferred income

9,091

6,748

Other creditors

7,596

4,904

128,111

105,235

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £8,616 (2022 - £11,584).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

155,736

159,991

Directors loan account

250,203

1,485,223

405,939

1,645,214

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £155,736 (2022 - £159,991).