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REGISTERED NUMBER: SC441357 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ayr Equestrian Ltd.

Ayr Equestrian Ltd. (Registered number: SC441357)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ayr Equestrian Ltd.

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr K Galbraith
Mrs L Galbraith
Mr E I Galbraith
Miss C A Galbraith





REGISTERED OFFICE: South Mains
Corton Road
Ayr
Ayrshire
KA6 6BY





REGISTERED NUMBER: SC441357 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Ayr Equestrian Ltd. (Registered number: SC441357)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 645,030 599,672
645,030 599,672

CURRENT ASSETS
Stocks 297,470 346,356
Debtors 6 150,831 80,167
Cash at bank and in hand 46,551 21,863
494,852 448,386
CREDITORS
Amounts falling due within one year 7 671,469 563,497
NET CURRENT LIABILITIES (176,617 ) (115,111 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

468,413

484,561

CREDITORS
Amounts falling due after more than one
year

8

(115,387

)

(190,562

)

PROVISIONS FOR LIABILITIES (79,735 ) (54,942 )
NET ASSETS 273,291 239,057

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 273,191 238,957
SHAREHOLDERS' FUNDS 273,291 239,057

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

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

The directors acknowledge their 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.

Ayr Equestrian Ltd. (Registered number: SC441357)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




Mr K Galbraith - Director



Mr E I Galbraith - Director


Ayr Equestrian Ltd. (Registered number: SC441357)

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

1. STATUTORY INFORMATION

Ayr Equestrian 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors monitor the company's financial requirements on a regular basis taking account of current resources and trading performance to ensure that it has sufficient funds to meet commitments as they fall due. This takes account also of bank facilities in place . Having carried out this exercise the directors are satisfied that the accounts may be prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities.Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Goodwill
Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the director's estimate of its useful economic life which is 5 years. Impairment tests on the carrying value of goodwill are undertaken;

- at the end of the first full financial year following acquisition;
- in other period if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Ayr Equestrian Ltd. (Registered number: SC441357)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
New shed - 2% on cost
Website - 33% on cost
Plant and equipment - at variable rates on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles and tractors - 25% on reducing balance and 15% on reducing balance
Computer and office equipment - 25% on cost

Assets under construction are not depreciated.

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.


Ayr Equestrian Ltd. (Registered number: SC441357)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

Ayr Equestrian Ltd. (Registered number: SC441357)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 50,000
AMORTISATION
At 1 April 2023
and 31 March 2024 50,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Assets
under Plant and
New shed Website construction equipment
£    £    £    £   
COST
At 1 April 2023 52,747 69,000 227,794 242,592
Additions - - 4,851 24,900
Disposals - - - -
At 31 March 2024 52,747 69,000 232,645 267,492
DEPRECIATION
At 1 April 2023 2,290 9,583 - 199,224
Charge for year 1,055 23,000 - 18,776
Eliminated on disposal - - - -
At 31 March 2024 3,345 32,583 - 218,000
NET BOOK VALUE
At 31 March 2024 49,402 36,417 232,645 49,492
At 31 March 2023 50,457 59,417 227,794 43,368

Ayr Equestrian Ltd. (Registered number: SC441357)

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
Fixtures vehicles and
and and office
fittings tractors equipment Totals
£    £    £    £   
COST
At 1 April 2023 17,155 526,993 62,556 1,198,837
Additions 4,000 168,583 - 202,334
Disposals - (175,736 ) - (175,736 )
At 31 March 2024 21,155 519,840 62,556 1,225,435
DEPRECIATION
At 1 April 2023 13,669 326,485 47,914 599,165
Charge for year 523 46,406 3,659 93,419
Eliminated on disposal - (112,179 ) - (112,179 )
At 31 March 2024 14,192 260,712 51,573 580,405
NET BOOK VALUE
At 31 March 2024 6,963 259,128 10,983 645,030
At 31 March 2023 3,486 200,508 14,642 599,672

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
and
tractors
£   
COST
At 1 April 2023 53,030
Additions 45,775
At 31 March 2024 98,805
DEPRECIATION
At 1 April 2023 22,372
Charge for year 19,108
At 31 March 2024 41,480
NET BOOK VALUE
At 31 March 2024 57,325
At 31 March 2023 30,658

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 18,131 6,785
Other debtors 132,700 73,382
150,831 80,167

Ayr Equestrian Ltd. (Registered number: SC441357)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 240,901 259,802
Hire purchase contracts (see note 9) 20,155 12,844
Trade creditors 232,451 156,432
Taxation and social security 31,465 64,678
Other creditors 146,497 69,741
671,469 563,497

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 98,000 182,000
Hire purchase contracts (see note 9) 17,387 8,562
115,387 190,562

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 20,155 12,844
Between one and five years 17,387 8,562
37,542 21,406

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 156,901 175,802
Bank loans 182,000 266,000
Hire purchase contracts 37,542 21,406
376,443 463,208

The bank borrowings are secured by way of bond and floating charge , the Enterprise Finance Guarantee Scheme and by the personal guarantee of a director. Interest on all borrowings are at a commercial rate of interest

Obligations under hire purchase contracts are secured over the assets to which they relate and interest is chargeable at a commercial rate.

Ayr Equestrian Ltd. (Registered number: SC441357)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr K Galbraith
Balance outstanding at start of year (879 ) 13,838
Amounts advanced 133,128 104,786
Amounts repaid (111,720 ) (119,503 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,529 (879 )

Mr E I Galbraith
Balance outstanding at start of year 20,000 -
Amounts advanced 61,435 20,000
Amounts repaid (72,850 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,585 20,000

Miss C A Galbraith
Balance outstanding at start of year 20,000 -
Amounts advanced 14,035 20,000
Amounts repaid (20,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,035 20,000

Mrs L Galbraith
Balance outstanding at start of year - -
Amounts advanced 45,199 -
Amounts repaid (35,280 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,919 -

The overdrawn director loan account balances were cleared within 9 months of the year end.

The director loan accounts are interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr K Galbraith by virtue of his 51% shareholding in the company.