Registered number
05323628
Frith Manor Equestrian Centre Ltd
Unaudited Filleted Accounts
for the year ended 31 August 2023
Frith Manor Equestrian Centre Ltd
Registered number: 05323628
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 42,000 45,500
Tangible assets 4 27,647 23,599
69,647 69,099
Current assets
Stocks 24,986 19,486
Debtors 5 37,551 25,748
Cash at bank and in hand 29,806 49,791
92,343 95,025
Creditors: amounts falling due within one year 6 (211,904) (199,544)
Net current liabilities (119,561) (104,519)
Net liabilities (49,914) (35,420)
Capital and reserves
Called up share capital 100 100
Profit and loss account (50,014) (35,520)
Shareholders' funds (49,914) (35,420)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C McMillan
Director
Approved by the board on 31 August 2024
Frith Manor Equestrian Centre Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 70,000
At 31 August 2023 70,000
Amortisation
At 1 September 2022 24,500
Provided during the year 3,500
At 31 August 2023 28,000
Net book value
At 31 August 2023 42,000
At 31 August 2022 45,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 50 years.
4 Tangible fixed assets
Land and buildings Fixtures, fittings & equipment Total
£ £ £
Cost
At 1 September 2022 19,450 61,458 80,908
Additions - 7,557 7,557
At 31 August 2023 19,450 69,015 88,465
Depreciation
At 1 September 2022 973 56,336 57,309
Charge for the year 973 2,536 3,509
At 31 August 2023 1,946 58,872 60,818
Net book value
At 31 August 2023 17,504 10,143 27,647
At 31 August 2022 18,477 5,122 23,599
5 Debtors 2023 2022
£ £
Trade debtors 18,803 15,224
Other debtors 18,748 10,524
37,551 25,748
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 211,904 199,544
7 Other information
Frith Manor Equestrian Centre Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Rosedean House
4 Argyle Road
Barnet
EN5 4DX
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