Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 9801472 Mr Paul Buckner Mrs Louise Buckner iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 9801472 2023-01-31 9801472 2024-01-31 9801472 2023-02-01 2024-01-31 9801472 frs-core:CurrentFinancialInstruments 2024-01-31 9801472 frs-core:Non-currentFinancialInstruments 2024-01-31 9801472 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-31 9801472 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 9801472 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-31 9801472 frs-core:MotorVehicles 2024-01-31 9801472 frs-core:MotorVehicles 2023-02-01 2024-01-31 9801472 frs-core:MotorVehicles 2023-01-31 9801472 frs-core:WithinOneYear 2024-01-31 9801472 frs-core:RevaluationReserve 2023-01-31 9801472 frs-core:RevaluationReserve 2024-01-31 9801472 frs-core:ShareCapital 2024-01-31 9801472 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 9801472 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 9801472 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 9801472 frs-bus:SmallEntities 2023-02-01 2024-01-31 9801472 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 9801472 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 9801472 frs-bus:Director1 2023-02-01 2024-01-31 9801472 frs-bus:Director2 2023-02-01 2024-01-31 9801472 frs-core:Non-currentFinancialInstruments 1 2024-01-31 9801472 frs-countries:EnglandWales 2023-02-01 2024-01-31 9801472 2022-01-31 9801472 2023-01-31 9801472 2022-02-01 2023-01-31 9801472 frs-core:CurrentFinancialInstruments 2023-01-31 9801472 frs-core:Non-currentFinancialInstruments 2023-01-31 9801472 frs-core:WithinOneYear 2023-01-31 9801472 frs-core:RevaluationReserve 2023-01-31 9801472 frs-core:ShareCapital 2023-01-31 9801472 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 9801472 frs-core:Non-currentFinancialInstruments 1 2023-01-31
Registered number: 9801472
Island Riding Centre Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
CDS Accounting Services
26 Wood End Road
Kempston
Beds
MK43 9BB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 9801472
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,863,695 3,904,694
3,863,695 3,904,694
CURRENT ASSETS
Debtors 5 17,809 67,075
Cash at bank and in hand 1,508 2,929
19,317 70,004
Creditors: Amounts Falling Due Within One Year 6 (336,833 ) (416,871 )
NET CURRENT ASSETS (LIABILITIES) (317,516 ) (346,867 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,546,179 3,557,827
Creditors: Amounts Falling Due After More Than One Year 7 (3,140,988 ) (3,127,618 )
NET ASSETS 405,191 430,209
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 10 415,485 415,485
Profit and Loss Account (11,294 ) 13,724
SHAREHOLDERS' FUNDS 405,191 430,209
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For the year ending 31 January 2024 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 Profit and Loss Account.
On behalf of the board
Mr Paul Buckner
Director
21 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Island Riding Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 9801472 . The registered office is Aisthorpe Farm, Staplers Road, Newport, Isle of Wight, PO30 2NB.
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.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Freehold 0% per annum
Motor Vehicles 25% on cost per annum
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 profit and loss account 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 profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Total
£ £ £
Cost
As at 1 February 2023 3,894,569 30,652 3,925,221
Disposals (37,893 ) - (37,893 )
As at 31 January 2024 3,856,676 30,652 3,887,328
Depreciation
As at 1 February 2023 - 20,527 20,527
Provided during the period - 3,106 3,106
As at 31 January 2024 - 23,633 23,633
Net Book Value
As at 31 January 2024 3,856,676 7,019 3,863,695
As at 1 February 2023 3,894,569 10,125 3,904,694
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5. Debtors
2024 2023
£ £
Due within one year
Other debtors 17,809 67,075
17,809 67,075
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 826 5,422
Trade creditors 2,605 2,605
Bank loans and overdrafts 7,620 -
Corporation tax 409 402
Other creditors 294,663 345,859
Accruals and deferred income 500 500
Directors' loan accounts 30,210 62,083
336,833 416,871
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,282,909 1,320,618
Loan from former director 139,079 88,000
Directors loan account 1,719,000 1,719,000
3,140,988 3,127,618
Included within balances due after more than one year is a loan from Mrs Louise Buckner, director of the company, of £1,719,000 (2023 - £1,719,000). This loan is interest free and not repayable within three years. There is also a loan from Mr Thomas Buckner, a former director of the company, of £139,079 (2023 - £88,000). Interest on the loan is charged at 4% above base rate and not repayable within three years.
The Bank loan is secured by a fixed charge in the name of Lloyds Bank plc over the Land and Buildings at the Island Riding Centre and there is a second charge in the name of Heartwood Homes (Isle of Wight) Limited over the remaining Land and Buildings at the Island Riding Centre.
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 826 5,422
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Reserves
Revaluation Reserve
£
As at 1 February 2023 415,485
As at 31 January 2024 415,485
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