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Registration number: 06389186

Prepared for the registrar

Tomlinson Equine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Tomlinson Equine Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Tomlinson Equine Limited

Company Information

Director

E C Tomlinson MRCVS

Registered office

Elmleaze
Westonbirt
Tetbury
Gloucestershire
GL8 8QE

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Tomlinson Equine Limited

(Registration number: 06389186)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

866,881

842,473

Current assets

 

Stocks

32,471

33,341

Debtors

5

281,778

268,034

Cash at bank and in hand

 

7,752

19,298

 

322,001

320,673

Creditors: Amounts falling due within one year

6

(1,369,378)

(1,395,582)

Net current liabilities

 

(1,047,377)

(1,074,909)

Total assets less current liabilities

 

(180,496)

(232,436)

Creditors: Amounts falling due after more than one year

6

(163,179)

(158,389)

Net liabilities

 

(343,675)

(390,825)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(343,676)

(390,826)

Shareholders' deficit

 

(343,675)

(390,825)

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.

Director's 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 director acknowledges her 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 director on 9 September 2024
 


E C Tomlinson MRCVS
Director

 

Tomlinson Equine Limited

Notes to the 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:
Elmleaze
Westonbirt
Tetbury
Gloucestershire
GL8 8QE

 

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 current forecasts and projections, together with the facilities available to the company, 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

No significant judgements have been made by management in preparing these financial statements.

 

Tomlinson Equine Limited

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

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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.

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

Nil / 5 years straight line

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

Intangible assets

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.

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

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Tomlinson Equine Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Tomlinson Equine Limited

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

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 below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

Tomlinson Equine Limited

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

 

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 January 2023

756,521

221,297

51,443

23,326

1,052,587

Additions

-

48,502

1,600

-

50,102

At 31 December 2023

756,521

269,799

53,043

23,326

1,102,689

Depreciation

At 1 January 2023

19,405

149,984

28,538

12,187

210,114

Charge for the year

-

18,644

4,821

2,229

25,694

At 31 December 2023

19,405

168,628

33,359

14,416

235,808

Carrying amount

At 31 December 2023

737,116

101,171

19,684

8,910

866,881

At 31 December 2022

737,116

71,313

22,905

11,139

842,473

 

Tomlinson Equine Limited

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

 

5

Debtors

2023
 £

2022
 £

Trade debtors

212,867

172,121

Other debtors

67,578

91,507

Prepayments

1,333

4,406

 

281,778

268,034

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

1,170,717

1,211,748

Trade creditors

 

83,594

77,089

Social security and other taxes

 

105,712

97,519

Outstanding defined contribution pension costs

 

752

560

Other creditors

 

4,718

4,966

Accrued expenses

 

3,885

3,700

 

1,369,378

1,395,582

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

163,179

158,389

 

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

6,075

-

Other borrowings

1,164,642

1,211,748

1,170,717

1,211,748

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

14,681

-

Other borrowings

148,498

158,389

163,179

158,389

 

Tomlinson Equine Limited

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

 

8

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the director of the company.

At the balance sheet date, the company owed £1,153,993 (2022 - £1,196,708) to the director. There are no fixed repayment terms and no interest is charged on the loan. This amount is included in other borrowings.

 

Summary of transactions with other related parties

At the balance sheet date, Tomlinson Equine Stud, an unincorporated business in which the director is involved, owed £67,578 to the company (2022: £91,507). This amount is included in other debtors.