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REGISTERED NUMBER: SC448460 (Scotland)















Abridged Financial Statements for the Year Ended 31 August 2024

for

Karecole Farm Stables Ltd.

Karecole Farm Stables Ltd. (Registered number: SC448460)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Karecole Farm Stables Ltd.

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mrs K A Abernethy





REGISTERED OFFICE: 14 Rutland Square
Edinburgh
EH1 2BD





REGISTERED NUMBER: SC448460 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Karecole Farm Stables Ltd. (Registered number: SC448460)

Abridged Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,323 43,701

CURRENT ASSETS
Debtors - 4,428
Cash at bank and in hand 15,229 8,913
15,229 13,341
CREDITORS
Amounts falling due within one year 44,165 45,239
NET CURRENT LIABILITIES (28,936 ) (31,898 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,387

11,803

CREDITORS
Amounts falling due after more than one
year

(2,500

)

(5,500

)

PROVISIONS FOR LIABILITIES 5 (823 ) (1,097 )
NET ASSETS 6,064 5,206

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,964 5,106
SHAREHOLDERS' FUNDS 6,064 5,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:




Mrs K A Abernethy - Director


Karecole Farm Stables Ltd. (Registered number: SC448460)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Karecole Farm Stables Ltd. is a private company, limited by shares , registered in Scotland. 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 attributable to the company's principal activity of the provision of livery and boarding for horses.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Tenant's Improvements10%On Cost
Plant and Machinery25%Reducing Balance
Motor Vehicles25%Reducing Balance
Computer Equipment25%Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and payables, loans from banks and other third
parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the
Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the
impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire
or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to
another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Karecole Farm Stables Ltd. (Registered number: SC448460)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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 Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position 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 Statement of Financial Position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

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 shorter.

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

Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 91,213
Additions 300
At 31 August 2024 91,513
DEPRECIATION
At 1 September 2023 47,512
Charge for year 5,678
At 31 August 2024 53,190
NET BOOK VALUE
At 31 August 2024 38,323
At 31 August 2023 43,701

5. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 823 1,097

Karecole Farm Stables Ltd. (Registered number: SC448460)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 1,097
Credit to Income Statement during year (274 )
Balance at 31 August 2024 823

6. DIRECTORS LOAN ACCOUNT

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
Mrs K A Abernethy
Balance outstanding at start of year (7,272 ) (5,860 )
Amounts advanced 31,362 27,788
Amounts repaid (27,200 ) (29,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,110 ) (7,272 )

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 were paid to the director .

Mrs K A Abernethy, director and principal shareholder jointly owns the property from which the company operates. During the period the company paid rent of £3,600 to Mrs K A Abernethy.