Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-0128equestrian company27falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03711116 2023-01-01 2023-12-31 03711116 2022-01-01 2022-12-31 03711116 2023-12-31 03711116 2022-12-31 03711116 c:Director1 2023-01-01 2023-12-31 03711116 d:Buildings 2023-01-01 2023-12-31 03711116 d:Buildings 2023-12-31 03711116 d:Buildings 2022-12-31 03711116 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711116 d:PlantMachinery 2023-01-01 2023-12-31 03711116 d:MotorVehicles 2023-01-01 2023-12-31 03711116 d:FurnitureFittings 2023-01-01 2023-12-31 03711116 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03711116 d:OtherPropertyPlantEquipment 2023-12-31 03711116 d:OtherPropertyPlantEquipment 2022-12-31 03711116 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711116 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03711116 d:Goodwill 2023-01-01 2023-12-31 03711116 d:Goodwill 2023-12-31 03711116 d:Goodwill 2022-12-31 03711116 d:CurrentFinancialInstruments 2023-12-31 03711116 d:CurrentFinancialInstruments 2022-12-31 03711116 d:Non-currentFinancialInstruments 2023-12-31 03711116 d:Non-currentFinancialInstruments 2022-12-31 03711116 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03711116 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03711116 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03711116 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03711116 d:ShareCapital 2023-12-31 03711116 d:ShareCapital 2022-12-31 03711116 d:RetainedEarningsAccumulatedLosses 2023-12-31 03711116 d:RetainedEarningsAccumulatedLosses 2022-12-31 03711116 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03711116 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03711116 d:OtherDeferredTax 2023-12-31 03711116 d:OtherDeferredTax 2022-12-31 03711116 c:FRS102 2023-01-01 2023-12-31 03711116 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03711116 c:FullAccounts 2023-01-01 2023-12-31 03711116 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03711116 2 2023-01-01 2023-12-31 03711116 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 03711116 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03711116









J W EQUESTRIAN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
J W EQUESTRIAN LIMITED
REGISTERED NUMBER: 03711116

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1,015

Tangible assets
 5 
1,535,457
1,560,174

  
1,535,457
1,561,189

Current assets
  

Stocks
  
18,500
16,500

Debtors: amounts falling due within one year
 6 
157,428
26,497

Cash at bank and in hand
 7 
517,737
650,697

  
693,665
693,694

Creditors: amounts falling due within one year
 8 
(528,794)
(404,283)

Net current assets
  
 
 
164,871
 
 
289,411

Total assets less current liabilities
  
1,700,328
1,850,600

Creditors: amounts falling due after more than one year
 9 
(353,528)
(472,486)

Provisions for liabilities
  

Deferred tax
 10 
(12,477)
-

  
 
 
(12,477)
 
 
-

Net assets
  
1,334,323
1,378,114


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,334,223
1,378,014

  
1,334,323
1,378,114


Page 1

 
J W EQUESTRIAN LIMITED
REGISTERED NUMBER: 03711116
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Window
Director

Date: 9 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

J W Equestrian Limited is a company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line basis
Plant and machinery
-
25%
Reducing balance basis
Motor vehicles
-
25%
Reducing balance basis
Fixtures and fittings
-
20%
Reducing balance basis
Other fixed assets
-
25%
Reducing balance basis

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 28).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
15,510



At 31 December 2023

15,510



Amortisation


At 1 January 2023
14,495


Charge for the year on owned assets
1,015



At 31 December 2023

15,510



Net book value



At 31 December 2023
-



At 31 December 2022
1,015



Page 7

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
1,835,664
498,866
2,334,530


Additions
-
9,394
9,394



At 31 December 2023

1,835,664
508,260
2,343,924



Depreciation


At 1 January 2023
336,712
437,644
774,356


Charge for the year on owned assets
17,543
16,568
34,111



At 31 December 2023

354,255
454,212
808,467



Net book value



At 31 December 2023
1,481,409
54,048
1,535,457



At 31 December 2022
1,498,952
61,222
1,560,174


6.


Debtors

2023
2022
£
£


Trade debtors
17,300
10,587

Other debtors
140,128
15,910

157,428
26,497



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
517,737
650,697

517,737
650,697


Page 8

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
86,544
86,544

Other loans
10,447
10,712

Trade creditors
104,140
79,021

Corporation tax
10,302
69,038

Other taxation and social security
36,805
32,870

Other creditors
6,075
122,873

Accruals and deferred income
274,481
3,225

528,794
404,283


The following liabilities were secured:

2023
2022
£
£



Bank loans
86,544
86,544

86,544
86,544

Details of security provided:

The bank loans contain charges against the assets to which they relate. 

Page 9

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
339,646
448,820

Other loans
13,882
23,666

353,528
472,486


The following liabilities were secured:

2023
2022
£
£



Bank loans
339,646
448,820

339,646
448,820

Details of security provided:

The bank loans contain charges against the assets to which they relate. 


10.


Deferred taxation




2023


£






Charged to profit or loss
(12,477)



At end of year
(12,477)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(12,626)
-

Short term timing differences
149
-

(12,477)
-

Page 10

 
J W EQUESTRIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,983 (2022: £55,976). Contributions totalling £772 (2022: £40,916) were payable to the fund at the balance sheet date.

 
Page 11