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REGISTERED NUMBER: 05847825 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Farriers Choice Limited

Farriers Choice Limited (Registered number: 05847825)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Farriers Choice Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Miss M Bowles
S Handley





SECRETARY: Miss M Bowles





REGISTERED OFFICE: Unit 10
Oaks Drive
Newmarket
Suffolk
CB8 7SX





REGISTERED NUMBER: 05847825 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Farriers Choice Limited (Registered number: 05847825)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 16,989 21,067
16,989 21,067

CURRENT ASSETS
Stocks 190,417 186,068
Debtors 6 122,857 153,272
Cash at bank and in hand 8,602 26,324
321,876 365,664
CREDITORS
Amounts falling due within one year 7 280,569 276,859
NET CURRENT ASSETS 41,307 88,805
TOTAL ASSETS LESS CURRENT LIABILITIES 58,296 109,872

CREDITORS
Amounts falling due after more than one
year

8

(23,274

)

(36,706

)

PROVISIONS FOR LIABILITIES 10 (3,228 ) (4,152 )
NET ASSETS 31,794 69,014

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 31,792 69,012
SHAREHOLDERS' FUNDS 31,794 69,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Farriers Choice Limited (Registered number: 05847825)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Miss M Bowles - Director


Farriers Choice Limited (Registered number: 05847825)

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

1. STATUTORY INFORMATION

Farriers Choice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the company receives the right to receive consideration for services provided,
with adjustments recognised in accrued income where work has been completed that has not been invoiced
until a later period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on reducing balance
Plant and machinery - 33% on reducing balance and 3 years straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
All of the company's financial instruments are considered to be basic. Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Farriers Choice Limited (Registered number: 05847825)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

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 to either 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Farriers Choice Limited (Registered number: 05847825)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 110,000
AMORTISATION
At 1 January 2023
and 31 December 2023 110,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 3,406 51,302 54,708
Additions - 3,650 3,650
Disposals - (3,500 ) (3,500 )
At 31 December 2023 3,406 51,452 54,858
DEPRECIATION
At 1 January 2023 3,106 30,535 33,641
Charge for year 60 7,653 7,713
Eliminated on disposal - (3,485 ) (3,485 )
At 31 December 2023 3,166 34,703 37,869
NET BOOK VALUE
At 31 December 2023 240 16,749 16,989
At 31 December 2022 300 20,767 21,067

Farriers Choice Limited (Registered number: 05847825)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 34,345
DEPRECIATION
At 1 January 2023 16,553
Charge for year 5,871
At 31 December 2023 22,424
NET BOOK VALUE
At 31 December 2023 11,921
At 31 December 2022 17,792

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 117,097 142,483
Other debtors 5,760 10,789
122,857 153,272

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,432 34,560
Hire purchase contracts (see note 9) 3,500 9,937
Trade creditors 217,119 211,034
Taxation and social security 11,747 12,222
Other creditors 5,771 9,106
280,569 276,859

Other creditors includes an amount owed to the directors.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 23,274 33,206
Hire purchase contracts (see note 9) - 3,500
23,274 36,706

Farriers Choice Limited (Registered number: 05847825)

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

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,500 9,937
Between one and five years - 3,500
3,500 13,437

Non-cancellable operating leases
2023 2022
£    £   
Within one year 27,828 22,694
Between one and five years 34,416 42,480
62,244 65,174

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 3,228 4,152

Deferred
tax
£   
Balance at 1 January 2023 4,152
Credit to Income Statement during year (924 )
Balance at 31 December 2023 3,228

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2