BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of farriers. 24 September 2024 0 0 08362205 2024-02-29 08362205 2023-02-28 08362205 2022-02-28 08362205 2023-03-01 2024-02-29 08362205 2022-03-01 2023-02-28 08362205 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08362205 uk-curr:PoundSterling 2023-03-01 2024-02-29 08362205 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 08362205 uk-bus:FullAccounts 2023-03-01 2024-02-29 08362205 uk-core:ShareCapital 2024-02-29 08362205 uk-core:ShareCapital 2023-02-28 08362205 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 08362205 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 08362205 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 08362205 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 08362205 uk-bus:FRS102 2023-03-01 2024-02-29 08362205 uk-core:PlantMachinery 2023-03-01 2024-02-29 08362205 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 08362205 uk-core:Vehicles 2023-03-01 2024-02-29 08362205 uk-core:CurrentFinancialInstruments 2024-02-29 08362205 uk-core:CurrentFinancialInstruments 2023-02-28 08362205 uk-core:WithinOneYear 2024-02-29 08362205 uk-core:WithinOneYear 2023-02-28 08362205 uk-core:WithinOneYear 2024-02-29 08362205 uk-core:WithinOneYear 2023-02-28 08362205 uk-core:WithinOneYear 2024-02-29 08362205 uk-core:WithinOneYear 2023-02-28 08362205 uk-core:AfterOneYear 2024-02-29 08362205 uk-core:AfterOneYear 2023-02-28 08362205 uk-core:AfterOneYear 2024-02-29 08362205 uk-core:AfterOneYear 2023-02-28 08362205 uk-core:BetweenOneTwoYears 2024-02-29 08362205 uk-core:BetweenOneTwoYears 2023-02-28 08362205 uk-core:BetweenTwoFiveYears 2024-02-29 08362205 uk-core:BetweenTwoFiveYears 2023-02-28 08362205 uk-core:BetweenOneFiveYears 2024-02-29 08362205 uk-core:BetweenOneFiveYears 2023-02-28 08362205 uk-core:OtherMiscellaneousReserve 2023-02-28 08362205 uk-core:OtherMiscellaneousReserve 2023-03-01 2024-02-29 08362205 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 08362205 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 08362205 uk-core:OtherDeferredTax 2024-02-29 08362205 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 08362205 uk-core:OtherMiscellaneousReserve 2024-02-29 08362205 2023-03-01 2024-02-29 08362205 uk-bus:Director1 2023-03-01 2024-02-29 08362205 uk-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: 08362205
 
 
West Norfolk Farriery Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024



West Norfolk Farriery Limited
Company Registration Number: 08362205
BALANCE SHEET
as at 29 February 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 5 14,903 18,458
───────── ─────────
 
Current Assets
Stocks 6 976 1,003
Debtors 7 6,991 11,748
Cash at bank and in hand 993 3,900
───────── ─────────
8,960 16,651
───────── ─────────
Creditors: amounts falling due within one year 8 (13,798) (11,503)
───────── ─────────
Net Current (Liabilities)/Assets (4,838) 5,148
───────── ─────────
Total Assets less Current Liabilities 10,065 23,606
 
Creditors:
amounts falling due after more than one year 9 (3,833) (9,566)
 
Provisions for liabilities 11 (2,832) (3,507)
───────── ─────────
Net Assets 3,400 10,533
═════════ ═════════
 
Capital and Reserves
Called up share capital 500 500
Retained earnings 2,900 10,033
───────── ─────────
Shareholders' Funds 3,400 10,533
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 24 September 2024
           
           
           
________________________________          
Mr. O E Ridout          
Director          
           



West Norfolk Farriery Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
West Norfolk Farriery Limited is a company limited by shares incorporated in the United Kingdom. 36-38 King Street, King's Lynn, Norfolk, PE301ES, England is the registered office and Selwyn Lodge, High Road, Guyhirn, Wisbeach, Cambridgeshire PE34 4ED is the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is 13 4EDalso the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied and work done by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 15% reducing balance
  Fixtures, fittings & equipment - 25% reducing balance
  Motor vehicles - 25% reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).
       
4. Dividends 2024 2023
  £ £
Dividends on equity shares:
 
Ordinary Shares - Interim paid 20,600 16,500
  ═════════ ═════════
 
Dividends of £9,000 have been voted since the year end.
           
5. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings & vehicles  
    equipment    
  £ £ £ £
Cost or Valuation
At 1 March 2023 7,648 4,724 24,174 36,546
Additions 677 65 - 742
  ───────── ───────── ───────── ─────────
At 29 February 2024 8,325 4,789 24,174 37,288
  ───────── ───────── ───────── ─────────
Depreciation
At 1 March 2023 3,387 1,886 12,815 18,088
Charge for the financial year 732 725 2,840 4,297
  ───────── ───────── ───────── ─────────
At 29 February 2024 4,119 2,611 15,655 22,385
  ───────── ───────── ───────── ─────────
Net book value
At 29 February 2024 4,206 2,178 8,519 14,903
  ═════════ ═════════ ═════════ ═════════
At 28 February 2023 4,261 2,838 11,359 18,458
  ═════════ ═════════ ═════════ ═════════
           
5.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor vehicles 6,783 2,261 9,044 3,015
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 976 1,003
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 105 20
Director's current account (Note 13) 6,550 11,413
Prepayments and accrued income 336 315
  ───────── ─────────
  6,991 11,748
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 2,600 2,600
Net obligations under finance leases
and hire purchase contracts 3,133 3,133
Trade creditors 150 -
Taxation  (Note 10) 5,567 3,534
Accruals 2,348 2,236
  ───────── ─────────
  13,798 11,503
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 3,250 5,850
Finance leases and hire purchase contracts 583 3,716
  ───────── ─────────
  3,833 9,566
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 2,600 2,600
Repayable between one and two years 2,600 2,600
Repayable between two and five years 650 3,250
  ───────── ─────────
  5,850 8,450
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 3,133 3,133
Repayable between one and five years 583 3,716
  ───────── ─────────
  3,716 6,849
  ═════════ ═════════
       
10. Taxation 2024 2023
  £ £
 
Creditors:
Corporation tax 5,567 3,534
  ═════════ ═════════
       
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
  2024 2023
  £ £
 
At financial year start 3,507 3,411
Charged to profit and loss (675) 96
  ───────── ─────────
At financial year end 2,832 3,507
  ═════════ ═════════
           
12. Related party transactions
 
During the year dividends totalling £20,600 were paid to the director, Mr O E Ridout.
   
13. Director's advances, credits and guarantees
 
At the year end the director had a loan balance with the company amounting to £6,550.
Interest has been charged on the loan at a rate of 2.25% per annum when the balance exceeds £10,000.
   
14. Controlling interest
 
The company is under the control of Mr O E Ridout, the sole director and major shareholder.