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Registered number: 12230059
Warwickshire Horseboxes Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Warwickshire Horseboxes Limited for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Warwickshire Horseboxes Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Warwickshire Horseboxes Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Warwickshire Horseboxes Limited and state those matters that we have agreed to state to the director of Warwickshire Horseboxes Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warwickshire Horseboxes Limited and its director as a body for our work or for this report.
It is your duty to ensure that Warwickshire Horseboxes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Warwickshire Horseboxes Limited . You consider that Warwickshire Horseboxes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Warwickshire Horseboxes Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
29 October 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 12230059
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,208 19,964
Investment Properties 5 1,534,598 1,255,000
1,569,806 1,274,964
CURRENT ASSETS
Stocks 6 254,536 222,700
Debtors 7 22,658 69,362
Cash at bank and in hand 24,398 23,778
301,592 315,840
Creditors: Amounts Falling Due Within One Year 8 (715,109 ) (482,353 )
NET CURRENT ASSETS (LIABILITIES) (413,517 ) (166,513 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,156,289 1,108,451
Creditors: Amounts Falling Due After More Than One Year 9 (823,868 ) (840,424 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,802 ) (3,793 )
NET ASSETS 323,619 264,234
CAPITAL AND RESERVES
Called up share capital 11 10 10
Profit and Loss Account 323,609 264,224
SHAREHOLDERS' FUNDS 323,619 264,234
Page 2
Page 3
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The financial statements were approved by the board of directors on 29 October 2024 and were signed on its behalf by:
Mr J A Rose
Director
29 October 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Warwickshire Horseboxes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12230059 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
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:
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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 years 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.
...CONTINUED
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Page 5
2.6. Taxation - continued
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 assets reflect 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: 5 (2023: 4)
5 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 27,237 - 3,835 31,072
Additions 7,452 17,500 - 24,952
As at 31 March 2024 34,689 17,500 3,835 56,024
Depreciation
As at 1 April 2023 10,294 - 814 11,108
Provided during the period 4,879 4,375 454 9,708
As at 31 March 2024 15,173 4,375 1,268 20,816
Net Book Value
As at 31 March 2024 19,516 13,125 2,567 35,208
As at 1 April 2023 16,943 - 3,021 19,964
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 1,255,000
Additions 279,598
As at 31 March 2024 1,534,598
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 1,534,598 1,255,000
6. Stocks
2024 2023
£ £
Stock 254,536 222,700
Page 5
Page 6
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,035 38,550
Other debtors 10,623 30,812
22,658 69,362
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39,095 25,808
Bank loans and overdrafts 16,158 14,078
Other creditors 634,962 411,171
Taxation and social security 24,894 31,296
715,109 482,353
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 823,868 840,424
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 3,793 3,793
Utilised 5,009 5,009
Balance at 31 March 2024 8,802 8,802
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
12. Related Party Transactions
The director of the company received dividends during the year totalling £1,000.
The director of the company has loaned the company money which is interest free and repayable on demand. At the end of the year the outstanding amoounts totalled £529,213 (2023 - £408,431)
Page 6