Registration number:
Euro Equestrian Trade Ltd
for the Year Ended 31 December 2023
Euro Equestrian Trade Ltd
Contents
Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Euro Equestrian Trade Ltd
(Registration number: 06415091)
Abridged Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
281,254 |
281,254 |
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Retained earnings |
16,179 |
4,288 |
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Shareholders' funds |
297,433 |
285,542 |
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged 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.
Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Audit report
• the inventory quantities held at 31 December 2022 or 31 December 2023
• the inventory valuations at 31 December 2022 or 31 December 2023 (which are based on the directors assessment of the valuations) by using other audit procedures which are independent of the directors. Consequently we were unable to determine whether any adjustments to these amounts was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our qualified opinion.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises 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.
Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 inventory is based on the directors valuations but also include the fact that the directors are experienced in this industry and therefore see themselves as qualified to make this assessment.
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.
Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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2023 |
2022 |
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Fixed asset group loan |
900,565 |
900,227 |
Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Fixed asset group loan
£ |
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Cost or valuation |
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At 1 January 2023 |
900,227 |
Additions |
338 |
At 31 December 2023 |
900,565 |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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5300 Rue Du Pont Des Murgers, La Guicharderie,78610 AUFFARGIS France |
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Subsidiary undertakings |
SARL Euro Equestrian Trade The principal activity of SARL Euro Equestrian Trade is |
Stocks |
2023 |
2022 |
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Other inventories |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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281,254 |
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281,254 |
Euro Equestrian Trade Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Summary of transactions with other related parties
Loans from related parties
2023 |
Parent |
Total |
At start of period |
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Advanced |
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Impairment |
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At end of period |
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2022 |
Parent |
Total |
At start of period |
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At end of period |
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Terms of loans from related parties
year-end was £1,055,136 (2022: £954,666), the loan is subject to 3% interest rate.
Parent and ultimate parent undertaking |
The company's immediate parent is