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Registered number: 10474440
Church Equestrian Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Starfish Accounting Ltd
ICAEW
The Bowler Barn
Bartletts Court
Littlewick Green
Berkshire
SL6 3RX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10474440
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 358 -
Tangible Assets 5 25,608 35,701
25,966 35,701
CURRENT ASSETS
Stocks 6 80,514 121,627
Debtors 7 5,081 46,969
Cash at bank and in hand 14,880 66,950
100,475 235,546
Creditors: Amounts Falling Due Within One Year 8 (159,802 ) (228,633 )
NET CURRENT ASSETS (LIABILITIES) (59,327 ) 6,913
TOTAL ASSETS LESS CURRENT LIABILITIES (33,361 ) 42,614
Creditors: Amounts Falling Due After More Than One Year 9 (84,153 ) (93,444 )
NET LIABILITIES (117,514 ) (50,830 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (117,515 ) (50,831 )
SHAREHOLDERS' FUNDS (117,514) (50,830)
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
Mike Church
Director
22/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Church Equestrian Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10474440 . The registered office is 27 Salisbury Road, Haydock Industrial Estate, St Helens, Merseyside, WA11 9XG.
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. Going Concern Disclosure
Although the Balance Sheet is currently negative, the directors have indicated their willingness to support the company for the foreseeable future, a period not anticipated to be less than one year.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
The intangible fixed asset is investment in the development of the company website and registered trademarks and is measured at cost less accumulative amortisation and any accumulative impairment losses.
2.5. 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 25% reducing balance and 5 years straight line
Motor Vehicles Straight line over 5 years
2.6. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2.10. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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2.11. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 7)
4 7
4. Intangible Assets
Other
£
Cost
As at 1 December 2022 2,201
Additions 370
As at 30 November 2023 2,571
Amortisation
As at 1 December 2022 2,201
Provided during the period 12
As at 30 November 2023 2,213
Net Book Value
As at 30 November 2023 358
As at 1 December 2022 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 December 2022 58,925 2,600 61,525
Additions 1,467 - 1,467
As at 30 November 2023 60,392 2,600 62,992
Depreciation
As at 1 December 2022 24,827 997 25,824
Provided during the period 11,040 520 11,560
As at 30 November 2023 35,867 1,517 37,384
Net Book Value
As at 30 November 2023 24,525 1,083 25,608
As at 1 December 2022 34,098 1,603 35,701
6. Stocks
2023 2022
£ £
Stock 80,514 121,627
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Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,983 9,274
Other debtors 3,098 37,695
5,081 46,969
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 63,880 149,766
Bank loans and overdrafts 10,000 10,000
Other loans 39,297 14,667
Other taxes and social security 12,276 397
Other creditors 34,349 53,803
159,802 228,633
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,434 25,000
Other loans 63,719 68,444
84,153 93,444
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 25,776 25,776
Later than one year and not later than five years 27,924 53,700
53,700 79,476
12. Ultimate Controlling Party
The company's ultimate controlling party is one of the directors, Mike Church.
Page 5