Registered number
04833293
Track Right Equestrian Limited
Filleted Accounts
31 March 2024
Track Right Equestrian Limited
Registered number: 04833293
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 52,644 68,664
Current assets
Stocks 257,011 243,674
Debtors 5 9,775 6,796
Cash at bank and in hand 84,290 65,987
351,076 316,457
Creditors: amounts falling due within one year 6 (58,894) (70,853)
Net current assets 292,182 245,604
Total assets less current liabilities 344,826 314,268
Creditors: amounts falling due after more than one year 7 (19,404) (28,541)
Provisions for liabilities (13,161) (12,990)
Net assets 312,261 272,737
Capital and reserves
Called up share capital 100 100
Profit and loss account 312,161 272,637
Shareholders' funds 312,261 272,737
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S J Bartlett
Director
Approved by the board on 3 October 2024
Track Right Equestrian Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% cost and reducing balance
Fixtures, fittings, tools and equipment 25% cost and reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
Amortisation
At 1 April 2023 30,000
At 31 March 2024 30,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 11,381 103,201 109,191 223,773
Additions - 1,887 - 1,887
At 31 March 2024 11,381 105,088 109,191 225,660
Depreciation
At 1 April 2023 11,381 92,597 51,131 155,109
Charge for the year - 3,392 14,515 17,907
At 31 March 2024 11,381 95,989 65,646 173,016
Net book value
At 31 March 2024 - 9,099 43,545 52,644
At 31 March 2023 - 10,604 58,060 68,664
5 Debtors 2024 2023
£ £
Trade debtors 4,873 3,296
Other debtors 4,902 3,500
9,775 6,796
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 8,000 8,000
Trade creditors 19,639 52,330
Taxation and social security costs 31,023 10,354
Other creditors 232 169
58,894 70,853
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,000 24,000
Directors Loan Account 3,404 4,541
19,404 28,541
8 Other information
Track Right Equestrian Limited is a private company limited by shares and incorporated in England. Its registered office is:
Richmond House
38 High Street
Hurstpierpoint
West Sussex
BN6 9RG
Track Right Equestrian Limited 04833293 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mrs S J Bartlett No description of principal activity 04833293 2022-04-01 2023-03-31 04833293 core:WithinOneYear 2023-03-31 04833293 core:AfterOneYear 2023-03-31 04833293 core:ShareCapital 2023-03-31 04833293 core:RetainedEarningsAccumulatedLosses 2023-03-31 04833293 2023-04-01 2024-03-31 04833293 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04833293 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04833293 bus:Director40 2023-04-01 2024-03-31 04833293 1 2023-04-01 2024-03-31 04833293 2 2023-04-01 2024-03-31 04833293 core:LandBuildings 2023-04-01 2024-03-31 04833293 core:PlantMachinery 2023-04-01 2024-03-31 04833293 core:Vehicles 2023-04-01 2024-03-31 04833293 countries:England 2023-04-01 2024-03-31 04833293 bus:FRS102 2023-04-01 2024-03-31 04833293 bus:FilletedAccounts 2023-04-01 2024-03-31 04833293 2024-03-31 04833293 core:WithinOneYear 2024-03-31 04833293 core:AfterOneYear 2024-03-31 04833293 core:ShareCapital 2024-03-31 04833293 core:RetainedEarningsAccumulatedLosses 2024-03-31 04833293 core:Goodwill 2024-03-31 04833293 core:LandBuildings 2024-03-31 04833293 core:PlantMachinery 2024-03-31 04833293 core:Vehicles 2024-03-31 04833293 2023-03-31 04833293 core:Goodwill 2023-03-31 04833293 core:LandBuildings 2023-03-31 04833293 core:PlantMachinery 2023-03-31 04833293 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure