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Registration number: 04416281

Premier Equine International Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

(Registration number: 04416281)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

84,543

96,833

Tangible assets

5

1,246,303

1,326,407

 

1,330,846

1,423,240

Current assets

 

Stocks

6

6,140,892

6,103,480

Debtors

7

168,239

245,302

Cash at bank and in hand

 

860,206

346,020

 

7,169,337

6,694,802

Creditors: Amounts falling due within one year

8

(1,922,057)

(2,883,304)

Net current assets

 

5,247,280

3,811,498

Total assets less current liabilities

 

6,578,126

5,234,738

Provisions for liabilities

(6,630)

(30,364)

Net assets

 

6,571,496

5,204,374

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

6,521,496

5,154,374

Shareholders' funds

 

6,571,496

5,204,374

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.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

 

(Registration number: 04416281)
Balance Sheet as at 31 December 2023

.........................................
Miss Rachel Dent
Company secretary and director

.........................................
Mr Clive Davies
Director

 

Notes to the Unaudited 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:
Uplands
East Marsh Road
Goxhill
North Lincolnshire
DN19 7NQ

These financial statements were authorised for issue by the Board on 4 July 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 have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants have been credited to Grants and subsidies within the profit and loss account.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

10% Straight Line

Office Equipment

15% Reducing balance

Computer Equipment

33% Reducing balance

Motor Vehicles

25% Reducing balance

Plant & Machinery

15% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised evenly over its useful life of 15 years

Patents and Licenses

Amortised evenly over their estimated useful life of 15 years

Computer Software

Amortised evenly over its estimated useful life of 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 34 (2022 - 36).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Other intangible assets
£

Total
£

Cost or valuation

At 1 January 2023

16,000

61,543

111,213

188,756

At 31 December 2023

16,000

61,543

111,213

188,756

Amortisation

At 1 January 2023

12,104

60,700

19,119

91,923

Amortisation charge

1,066

103

11,121

12,290

At 31 December 2023

13,170

60,803

30,240

104,213

Carrying amount

At 31 December 2023

2,830

740

80,973

84,543

At 31 December 2022

3,896

843

92,094

96,833

 

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,558,124

267,050

20,250

2,845,424

Additions

142,227

7,994

-

150,221

At 31 December 2023

2,700,351

275,044

20,250

2,995,645

Depreciation

At 1 January 2023

1,305,198

193,655

20,164

1,519,017

Charge for the year

213,366

16,938

21

230,325

At 31 December 2023

1,518,564

210,593

20,185

1,749,342

Carrying amount

At 31 December 2023

1,181,787

64,451

65

1,246,303

At 31 December 2022

1,252,926

73,395

86

1,326,407

Included within the net book value of land and buildings above is £1,181,787 (2022 - £1,252,926) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

6,140,892

6,103,480

7

Debtors

Current

2023
£

2022
£

Trade debtors

118,536

100,946

Prepayments

49,703

47,267

Other debtors

-

97,089

 

168,239

245,302

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

312,962

363,244

Trade creditors

 

866,707

2,180,151

Taxation and social security

 

697,674

300,180

Accruals and deferred income

 

6,468

6,078

Other creditors

 

38,246

33,651

 

1,922,057

2,883,304