Registered number
08215444
Newton Equine Services Ltd
Filleted Accounts
30 January 2024
Newton Equine Services Ltd
Registered number: 08215444
Balance Sheet
as at 30 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 240,361 302,126
Current assets
Stocks 12,284 11,284
Debtors 4 189,665 251,571
Cash at bank and in hand 39,985 17,090
241,934 279,945
Creditors: amounts falling due within one year 5 (185,507) (234,329)
Net current assets 56,427 45,616
Total assets less current liabilities 296,788 347,742
Creditors: amounts falling due after more than one year 6 (99,560) (141,730)
Net assets 197,228 206,012
Capital and reserves
Called up share capital 100 100
Profit and loss account 197,128 205,912
Shareholders' funds 197,228 206,012
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Wilson
Director
Approved by the board on 23 January 2025
Newton Equine Services Ltd
Notes to the Accounts
for the period from 1 February 2023 to 30 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance
Motor vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 193,667 254,829 800 449,296
Additions - 4,000 - 4,000
Disposals - (89,246) - (89,246)
At 30 January 2024 193,667 169,583 800 364,050
Depreciation
At 1 February 2023 - 146,707 463 147,170
Charge for the period - 17,572 84 17,656
On disposals - (41,137) - (41,137)
At 30 January 2024 - 123,142 547 123,689
Net book value
At 30 January 2024 193,667 46,441 253 240,361
At 31 January 2023 193,667 108,122 337 302,126
4 Debtors 2024 2023
£ £
Trade debtors 105,732 167,268
Amounts owed by group undertakings and undertakings in which the company has a participating interest 80,490 80,490
Other debtors 3,443 3,813
189,665 251,571
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 33,458 33,458
Obligations under finance lease and hire purchase contracts - 16,562
Directors loan 24,408 28,101
Bad debt provision 5,704 5,704
Trade creditors 47,092 62,432
Taxation and social security costs 26,758 44,993
Other creditors 48,087 43,079
185,507 234,329
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 99,560 126,726
Obligations under finance lease and hire purchase contracts - 15,004
99,560 141,730
7 Other information
Newton Equine Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
9 High Street
Wellington
Somerset
TA21 8QT
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