Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08985701 Mrs Heather Lewis Mrs Margaret Winham Ms Heather Bell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08985701 2022-12-31 08985701 2023-12-31 08985701 2023-01-01 2023-12-31 08985701 frs-core:Non-currentFinancialInstruments 2023-12-31 08985701 frs-core:PlantMachinery 2023-12-31 08985701 frs-core:PlantMachinery 2023-01-01 2023-12-31 08985701 frs-core:PlantMachinery 2022-12-31 08985701 frs-core:ShareCapital 2023-12-31 08985701 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08985701 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08985701 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08985701 frs-bus:SmallEntities 2023-01-01 2023-12-31 08985701 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08985701 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08985701 frs-bus:Director1 2023-01-01 2023-12-31 08985701 frs-bus:Director2 2023-01-01 2023-12-31 08985701 frs-bus:Director3 2023-01-01 2023-12-31 08985701 frs-countries:EnglandWales 2023-01-01 2023-12-31 08985701 2021-12-31 08985701 2022-12-31 08985701 2022-01-01 2022-12-31 08985701 frs-core:Non-currentFinancialInstruments 2022-12-31 08985701 frs-core:PlantMachinery 2022-01-01 2022-12-31 08985701 frs-core:ShareCapital 2022-12-31 08985701 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
SRC Equestrian Ltd
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of SRC Equestrian Ltd For The Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SRC Equestrian Ltd For The Year Ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of SRC Equestrian Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SRC Equestrian Ltd and state those matters that we have agreed to state to the directors of SRC Equestrian Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SRC Equestrian Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that SRC Equestrian Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of SRC Equestrian Ltd . You consider that SRC Equestrian Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of SRC Equestrian Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
12 September 2024
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
Page 1
Page 2
Statement of Financial Position
Registered number: 08985701
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 76,893 84,471
76,893 84,471
CURRENT ASSETS
Stocks 1,200 1,200
Debtors 22,069 16,337
Cash at bank and in hand 10,598 5,816
33,867 23,353
Creditors: Amounts Falling Due Within One Year (151,655 ) (111,753 )
NET CURRENT ASSETS (LIABILITIES) (117,788 ) (88,400 )
TOTAL ASSETS LESS CURRENT LIABILITIES (40,895 ) (3,929 )
Creditors: Amounts Falling Due After More Than One Year (240 ) (2,343 )
NET LIABILITIES (41,135 ) (6,272 )
CAPITAL AND RESERVES
Called up share capital 5 1 1
Income Statement (41,136 ) (6,273 )
SHAREHOLDERS' FUNDS (41,135) (6,272)
Page 2
Page 3
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Margaret Winham
Director
12 September 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
SRC Equestrian Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08985701 . The registered office is Four Ashes Road, Dorridge, Solihull, West Midlands, B93 8QE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The company is showing net liabilities as at 31 December 2023. The directors consider it appropriate to prepare the financial statements on a going concern basis, as there are no material uncertainties about the company's ability to continue its operations.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Arena, stables and XC field         - Straight line over 20 years
Plant and machinery                    - 15% on cost
Furniture and fixtures                   - 15% on reducing balance           
Jump equipment                          - 15% on reducing balance
Office equipment                          - Straight line over 3 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 10)
10 10
4. Tangible assets
Plant & Machinery etc.
£
Cost
As at 1 January 2023 131,588
Additions 2,778
As at 31 December 2023 134,366
Depreciation
As at 1 January 2023 47,117
Provided during the period 10,356
As at 31 December 2023 57,473
Net Book Value
As at 31 December 2023 76,893
As at 1 January 2023 84,471
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & machinery 25,711 30,443
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
6. Related Party Transactions
As at 31 December 2023, SRC Equestrian Ltd owed Solihull Riding Club £113,375 (2022: £8,783), a club in which certain directors are members of the executive committee.
Page 5