2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI029629 2023-07-01 2024-06-30 NI029629 2024-06-30 NI029629 2023-06-30 NI029629 2022-07-01 2023-06-30 NI029629 2023-06-30 NI029629 2022-06-30 NI029629 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 NI029629 core:PlantMachinery 2023-07-01 2024-06-30 NI029629 bus:Director1 2023-07-01 2024-06-30 NI029629 core:LandBuildings 2023-06-30 NI029629 core:PlantMachinery 2023-06-30 NI029629 core:LandBuildings 2024-06-30 NI029629 core:PlantMachinery 2024-06-30 NI029629 core:WithinOneYear 2024-06-30 NI029629 core:WithinOneYear 2023-06-30 NI029629 core:ShareCapital 2024-06-30 NI029629 core:ShareCapital 2023-06-30 NI029629 core:RetainedEarningsAccumulatedLosses 2024-06-30 NI029629 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI029629 core:LandBuildings 2023-07-01 2024-06-30 NI029629 core:LandBuildings 2023-06-30 NI029629 core:PlantMachinery 2023-06-30 NI029629 bus:SmallEntities 2023-07-01 2024-06-30 NI029629 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 NI029629 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI029629 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI029629 bus:FullAccounts 2023-07-01 2024-06-30 NI029629 core:OfficeEquipment 2023-07-01 2024-06-30 NI029629 core:OfficeEquipment 2024-06-30 NI029629 core:OfficeEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: NI029629
Moy Riding School Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Moy Riding School Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
81,077
87,869
Current assets
Stocks
23,760
15,055
Debtors
6
1,592
1,591
Cash at bank and in hand
9,503
40,928
--------
--------
34,855
57,574
Creditors: amounts falling due within one year
7
191,227
207,819
---------
---------
Net current liabilities
156,372
150,245
---------
---------
Total assets less current liabilities
( 75,295)
( 62,376)
--------
--------
Net liabilities
( 75,295)
( 62,376)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 75,297)
( 62,378)
--------
--------
Shareholders deficit
( 75,295)
( 62,376)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Moy Riding School Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 2 October 2024 , and are signed on behalf of the board by:
Desmond Corr
Company registration number: NI029629
Moy Riding School Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 131 Derrycaw Road, Moy, Tyrone, BT71 6NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(d) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property
-
2% straight line
Plant & Machinery
-
20% reducing balance
Office Equipment
-
15% reducing balance
(e) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(f) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(g) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(h) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
220,824
78,281
2,718
301,823
---------
--------
-------
---------
Depreciation
At 1 July 2023
139,980
71,299
2,675
213,954
Charge for the year
5,390
1,396
6
6,792
---------
--------
-------
---------
At 30 June 2024
145,370
72,695
2,681
220,746
---------
--------
-------
---------
Carrying amount
At 30 June 2024
75,454
5,586
37
81,077
---------
--------
-------
---------
At 30 June 2023
80,844
6,982
43
87,869
---------
--------
-------
---------
The buildings are constructed on land which is leased by the shareholders, Desmond and Mary Corr, from the National Trust.
6. Debtors
2024
2023
£
£
Other debtors
1,592
1,591
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,384
7,772
Social security and other taxes
531
622
Other creditors
185,312
199,425
---------
---------
191,227
207,819
---------
---------
8. Related party transactions
The company was under the control of Mr Desmond Corr & Mrs Mary Corr throughout the current and previous year. Mr Desmond Corr & Mrs Mary corr each own 50% of the Share Capital. No transactions with related parties were undertaken such as are required to be disclosed.