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Registration number: 10378923

Equiperformance Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Equiperformance Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Equiperformance Limited

(Registration number: 10378923)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,340,179

1,355,210

Investments

5

4

4

 

1,340,183

1,355,214

Current assets

 

Stocks

6

94,230

98,684

Debtors

7

5,923

9,006

Cash at bank and in hand

 

-

5,639

 

100,153

113,329

Creditors: Amounts falling due within one year

8

(2,466,918)

(2,312,015)

Net current liabilities

 

(2,366,765)

(2,198,686)

Total assets less current liabilities

 

(1,026,582)

(843,472)

Creditors: Amounts falling due after more than one year

8

(9,710)

(12,620)

Net liabilities

 

(1,036,292)

(856,092)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,036,392)

(856,192)

Shareholders' deficit

 

(1,036,292)

(856,092)

 

Equiperformance Limited

(Registration number: 10378923)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr J L Flint
Director

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Going concern

Equiperformance Limited is in the later stages of developing a world class equine rehabilitation and treatment facility for the elite level sports horses and the directors have committed to provide such funding as will be necessary to enable the company to complete the development and meet its liabilities as they fall due. These accounts have therefore been drawn up on the going concern basis, which assumes the committed financial support of the directors will be forthcoming.

Revenue recognition

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

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

Plant and machinery

10% reducing balance

Tenant's improvements under construction

Not depreciated

Office equipment

20% straight line

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for horse rehabilitation services performed in the ordinary course of business.

Stocks

Bloodstock is stated at the lower of cost and net realisable value.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Tenant's improvements under construction
 £

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

1,217,204

191,032

4,746

1,412,982

Additions

22,051

6,978

-

29,029

Disposals

(24,437)

(7,005)

-

(31,442)

At 30 September 2023

1,214,818

191,005

4,746

1,410,569

Depreciation

At 1 October 2022

-

56,484

1,288

57,772

Charge for the year

-

13,215

949

14,164

Eliminated on disposal

-

(1,546)

-

(1,546)

At 30 September 2023

-

68,153

2,237

70,390

Carrying amount

At 30 September 2023

1,214,818

122,852

2,509

1,340,179

At 30 September 2022

1,217,204

134,548

3,458

1,355,210

5

Investments

2023
£

2022
£

Investments in subsidiaries

4

4

Subsidiaries

£

Cost or valuation

At 1 October 2022

4

Provision

Carrying amount

At 30 September 2023

4

At 30 September 2022

4

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Bloodstock for resale

94,230

98,684

7

Debtors

2023
£

2022
£

Trade debtors

4

-

Prepayments

2,317

7,352

Other debtors

3,602

1,654

5,923

9,006

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

8,448

3,408

Trade creditors

103,014

41,486

Amounts owed to group undertakings

4

4

Taxation and social security

431

1,170

Other creditors

2,355,021

2,265,947

2,466,918

2,312,015

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,710

12,620

 

Equiperformance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,480

3,408

Bank overdrafts

4,968

-

8,448

3,408

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,710

12,620

10

Related party transactions

Other transactions with directors

Mr J L Flint (director) had a loan account with the company. At the balance sheet date the amount due to Mr J L Flint was £2,338,816 (2022 - £2,246,840). The loan is unsecured, interest free and repayable on demand but only on the condition that the company would remain solvent immediately following repayment.

The company conducts its trade from a property it occupies, which is owned by Mr J L Flint.