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Registration number: 08738725

Prepared for the registrar

Equine Register Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2022 to 31 December 2023

 

Equine Register Limited

(Registration number: 08738725)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 October
2022
£

Fixed assets

 

Intangible assets

4

1,568,633

1,106,199

Tangible assets

5

24,664

20,935

 

1,593,297

1,127,134

Current assets

 

Debtors

6

275,163

319,554

Debtors: Amounts falling due after more than one year

 

64,747

178,391

Cash at bank and in hand

 

84,938

-

 

424,848

497,945

Creditors: Amounts falling due within one year

7

(1,094,036)

(798,125)

Net current liabilities

 

(669,188)

(300,180)

Total assets less current liabilities

 

924,109

826,954

Creditors: Amounts falling due after more than one year

7

(330,279)

(416,137)

Net assets

 

593,830

410,817

Capital and reserves

 

Called up share capital

81

81

Share premium reserve

1,154,383

1,154,383

Profit and loss account

(560,634)

(743,647)

Shareholders' funds

 

593,830

410,817

For the financial period 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 


P Gray
Director

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 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:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

The principal place of business is:
The Threshing Barn Marsden Estate
Rendcomb
Cirencester
GL7 7EX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

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 and after eliminating sales within the company.

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.

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 rates prevailing on the initial transaction dates.

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

Tax

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

The current income 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

Computer and office equipment

25% straight line

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.

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

Trademarks

10% Straight line

Development costs

20/33% Straight line

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

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 period, was as follows:

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

 

5

Tangible assets

Computer and office equipment
 £

Cost

At 1 November 2022

39,165

Additions

11,946

At 31 December 2023

51,111

Depreciation

At 1 November 2022

18,230

Charge for the period

8,217

At 31 December 2023

26,447

Carrying amount

At 31 December 2023

24,664

At 31 October 2022

20,935

 

6

Debtors

31 December 2023
 £

31 October 2022
 £

Trade debtors

2,101

1,648

Amounts owed by related parties

28,247

-

Deferred tax asset

94,429

178,391

Prepayments

52,722

56,600

Corporation tax asset

162,411

261,306

 

339,910

497,945

Less non-current portion

(64,747)

(178,391)

Total current trade and other debtors

275,163

319,554

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

 

7

Creditors

Note

31 December 2023
 £

31 October 2022
 £

Due within one year

 

Loans and borrowings

8

415,206

241,316

Trade creditors

 

81,840

104,761

Amounts due to related parties

10

122,820

-

Social security and other taxes

 

171,598

95,275

Outstanding defined contribution pension costs

 

44,597

19,058

Other creditors

 

91,080

143,677

Accrued expenses

 

166,895

194,038

 

1,094,036

798,125

Note

31 December
2023
£

31 October
2022
£

Due after one year

 

Loans and borrowings

8

330,279

398,558

Other non-current financial liabilities

 

-

17,579

 

330,279

416,137

31 December
2023
£

31 October
2022
£

After more than five years by instalments

-

7,227

-

-

 

8

Loans and borrowings

31 December
2023
£

31 October
2022
£

Current loans and borrowings

Bank borrowings

109,354

169,115

Bank overdrafts

-

1,884

Other borrowings

305,852

70,317

415,206

241,316

31 December
2023
£

31 October
2022
£

Non-current loans and borrowings

Bank borrowings

330,279

398,558

 

Equine Register Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 December 2023

 

9

Deferred tax

Deferred tax assets and liabilities

31 December 2023

Asset
£

Fixed asset timing differences

(196,608)

Losses and other deductions

258,794

Short term timing differences

2,561

64,747

31 October 2022

Asset
£

Fixed asset timing differences

(98,661)

Losses and other deductions

261,468

Short term timing differences

15,584

178,391

 

10

Related party transactions

Summary of transactions with directors

At 31 December 2023, the company owed the director £53,370 (31 October 2022 - £nil) in the form of a director's loan account. Interest was charged at 20% on this balance, and the loan is repayable in under 1 year.

Summary of transactions with parent

At 31 December 2023, the company was owed £28,247 (31 October 2022 - £nil) from Vivaria Global Holdings Limited in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.

Summary of transactions with other related parties

Included within creditors is an unsecured loan of £6,678 (31 October 2022 - £6,678) owed to shareholders of the company. The shareholder loans incur interest of 15-20% and are repayable on demand.

At 31 December 2023, the company owed £122,820 (31 October 2022 - £nil) to Equine Register Canada Limited in the form of an intercompany loan. The loan is unsecured, interest-free and repayable on demand.