Horses For Courses Limited 04000416 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Purchase & Sale of Horses Digita Accounts Production Advanced 6.30.9574.0 true 04000416 2023-04-01 2024-03-31 04000416 2024-03-31 04000416 core:RetainedEarningsAccumulatedLosses 2024-03-31 04000416 core:ShareCapital 2024-03-31 04000416 core:CurrentFinancialInstruments 2024-03-31 04000416 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04000416 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04000416 core:MotorVehicles 2024-03-31 04000416 core:PlantMachinery 2024-03-31 04000416 bus:SmallEntities 2023-04-01 2024-03-31 04000416 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04000416 bus:FullAccounts 2023-04-01 2024-03-31 04000416 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04000416 bus:RegisteredOffice 2023-04-01 2024-03-31 04000416 bus:Director2 2023-04-01 2024-03-31 04000416 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04000416 core:Buildings 2023-04-01 2024-03-31 04000416 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04000416 core:MotorVehicles 2023-04-01 2024-03-31 04000416 core:PlantMachinery 2023-04-01 2024-03-31 04000416 countries:EnglandWales 2023-04-01 2024-03-31 04000416 2023-03-31 04000416 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04000416 core:MotorVehicles 2023-03-31 04000416 core:PlantMachinery 2023-03-31 04000416 2022-04-01 2023-03-31 04000416 2023-03-31 04000416 core:RetainedEarningsAccumulatedLosses 2023-03-31 04000416 core:ShareCapital 2023-03-31 04000416 core:CurrentFinancialInstruments 2023-03-31 04000416 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04000416 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04000416 core:MotorVehicles 2023-03-31 04000416 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04000416

Horses For Courses Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Horses For Courses Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Horses For Courses Limited

(Registration number: 04000416)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

119,657

95,319

Current assets

 

Stocks

5

75,189

68,939

Debtors

6

13,159

21,145

Cash at bank and in hand

 

43,143

162,733

 

131,491

252,817

Creditors: Amounts falling due within one year

7

(31,792)

(95,921)

Net current assets

 

99,699

156,896

Total assets less current liabilities

 

219,356

252,215

Provisions for liabilities

(13,151)

(8,331)

Net assets

 

206,205

243,884

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

206,203

243,882

Shareholders' funds

 

206,205

243,884

For the financial year ending 31 March 2024 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

 

Horses For Courses Limited

(Registration number: 04000416)
Statement of Financial Position as at 31 March 2024

.........................................
M L Doyle
Director

 

Horses For Courses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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: Brooklands, Marsh Lane, Eversley, RG27 0PD.

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 are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of horses and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

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 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Horses For Courses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

25% reducing balance

Motor vehicles

15%/25% reducing balance

Equestrian Arena

2% straight line

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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Horses For Courses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Horses For Courses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Equestrian Arena
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

58,103

10,799

94,575

163,477

Additions

-

21,834

30,000

51,834

Disposals

-

(2,541)

(13,000)

(15,541)

At 31 March 2024

58,103

30,092

111,575

199,770

Depreciation

At 1 April 2023

6,633

5,127

56,398

68,158

Charge for the year

1,029

6,802

16,274

24,105

Eliminated on disposal

-

(2,235)

(9,915)

(12,150)

At 31 March 2024

7,662

9,694

62,757

80,113

Carrying amount

At 31 March 2024

50,441

20,398

48,818

119,657

At 31 March 2023

51,470

5,672

38,177

95,319

Included within the net book value of land and buildings above is £50,441 (2023 - £51,470) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

75,189

68,939

6

Debtors

2024
£

2023
£

Trade debtors

3,576

14,896

Other debtors

4,551

1,245

Prepayments

5,032

5,004

13,159

21,145

 

Horses For Courses Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

8,620

9,403

Trade creditors

 

10,988

3,449

Taxation and social security

 

4,536

42,527

Accruals and deferred income

 

4,542

4,927

Other creditors

 

3,106

35,615

 

31,792

95,921

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

8,620

9,403

9

Related party transactions

At the year end the company owed the directors £621 (2023: £29,276).