Malvern Saddle Company Limited 05112979 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of manufacture and supply of equestrian equipment. Digita Accounts Production Advanced 6.30.9574.0 true 05112979 2023-06-01 2024-05-31 05112979 2024-05-31 05112979 core:RetainedEarningsAccumulatedLosses 2024-05-31 05112979 core:ShareCapital 2024-05-31 05112979 core:CurrentFinancialInstruments 2024-05-31 05112979 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05112979 core:Non-currentFinancialInstruments 2024-05-31 05112979 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 05112979 core:Goodwill 2024-05-31 05112979 core:FurnitureFittingsToolsEquipment 2024-05-31 05112979 bus:SmallEntities 2023-06-01 2024-05-31 05112979 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05112979 bus:FilletedAccounts 2023-06-01 2024-05-31 05112979 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05112979 bus:RegisteredOffice 2023-06-01 2024-05-31 05112979 bus:Director1 2023-06-01 2024-05-31 05112979 bus:Director2 2023-06-01 2024-05-31 05112979 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05112979 core:Goodwill 2023-06-01 2024-05-31 05112979 core:ComputerEquipment 2023-06-01 2024-05-31 05112979 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05112979 core:MotorVehicles 2023-06-01 2024-05-31 05112979 core:PlantMachinery 2023-06-01 2024-05-31 05112979 countries:UnitedKingdom 2023-06-01 2024-05-31 05112979 2023-05-31 05112979 core:Goodwill 2023-05-31 05112979 core:FurnitureFittingsToolsEquipment 2023-05-31 05112979 2022-06-01 2023-05-31 05112979 2023-05-31 05112979 core:RetainedEarningsAccumulatedLosses 2023-05-31 05112979 core:ShareCapital 2023-05-31 05112979 core:CurrentFinancialInstruments 2023-05-31 05112979 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05112979 core:Non-currentFinancialInstruments 2023-05-31 05112979 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05112979 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 05112979

Malvern Saddle Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Malvern Saddle Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Malvern Saddle Company Limited

Company Information

Directors

Mr R G Jenkins

Mrs A C Jenkins

Registered office

12 New Venture Enterprise Park
Park Boulevard
Worcester
WR2 4GD

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Malvern Saddle Company Limited

(Registration number: 05112979)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

17,361

14,973

Current assets

 

Stocks

6

20,000

20,000

Debtors

7

7,384

19,231

Cash at bank and in hand

 

1,213

6,378

 

28,597

45,609

Creditors: Amounts falling due within one year

8

(38,383)

(41,901)

Net current (liabilities)/assets

 

(9,786)

3,708

Total assets less current liabilities

 

7,575

18,681

Creditors: Amounts falling due after more than one year

8

-

(822)

Provisions for liabilities

(4,340)

(3,743)

Net assets

 

3,235

14,116

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,135

14,016

Shareholders' funds

 

3,235

14,116

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

 

Malvern Saddle Company Limited

(Registration number: 05112979)
Balance Sheet as at 31 May 2024

.........................................
Mr R G Jenkins
Director

.........................................
Mrs A C Jenkins
Director

 
     
 

Malvern Saddle Company Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
12 New Venture Enterprise Park
Park Boulevard
Worcester
WR2 4GD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
These financial statements for the period ended 31 May 2017 are the first financial statements that comply with FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Malvern Saddle Company Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill on acquisition of a business (2004) and (2006)

Written off evenly over estimated useful life

 

Malvern Saddle Company Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Malvern Saddle Company Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

23,500

23,500

At 31 May 2024

23,500

23,500

Amortisation

At 1 June 2023

23,500

23,500

At 31 May 2024

23,500

23,500

Carrying amount

At 31 May 2024

-

-

 

Malvern Saddle Company Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

66,481

66,481

Additions

8,173

8,173

At 31 May 2024

74,654

74,654

Depreciation

At 1 June 2023

51,508

51,508

Charge for the year

5,785

5,785

At 31 May 2024

57,293

57,293

Carrying amount

At 31 May 2024

17,361

17,361

At 31 May 2023

14,973

14,973

6

Stocks

2024
£

2023
£

Work in progress

1,000

1,000

Other inventories

19,000

19,000

20,000

20,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

5,599

17,450

Prepayments

110

106

Other debtors

1,675

1,675

 

7,384

19,231

 

Malvern Saddle Company Limited

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,599

5,521

Trade creditors

 

5,407

8,655

Taxation and social security

 

5,062

10,133

Accruals and deferred income

 

2,200

3,251

Other creditors

 

14,115

14,341

 

38,383

41,901

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

822

Current loans and borrowings

2024
£

2023
£

Bank borrowings

822

3,000

Bank overdrafts

10,777

2,521

11,599

5,521