2 2 HI Form Equine Ltd 10981223 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of distributing horse supplements. Digita Accounts Production Advanced 6.30.9574.0 true 10981223 2022-10-01 2023-09-30 10981223 2023-09-30 10981223 core:RetainedEarningsAccumulatedLosses 2023-09-30 10981223 core:ShareCapital 2023-09-30 10981223 core:CurrentFinancialInstruments 2023-09-30 10981223 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 10981223 core:Non-currentFinancialInstruments 2023-09-30 10981223 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 10981223 core:FurnitureFittingsToolsEquipment 2023-09-30 10981223 core:OtherPropertyPlantEquipment 2023-09-30 10981223 bus:SmallEntities 2022-10-01 2023-09-30 10981223 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 10981223 bus:FilletedAccounts 2022-10-01 2023-09-30 10981223 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 10981223 bus:RegisteredOffice 2022-10-01 2023-09-30 10981223 bus:Director1 2022-10-01 2023-09-30 10981223 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10981223 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 10981223 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 10981223 countries:EnglandWales 2022-10-01 2023-09-30 10981223 2022-09-30 10981223 core:FurnitureFittingsToolsEquipment 2022-09-30 10981223 core:OtherPropertyPlantEquipment 2022-09-30 10981223 2021-10-01 2022-09-30 10981223 2022-09-30 10981223 core:RetainedEarningsAccumulatedLosses 2022-09-30 10981223 core:ShareCapital 2022-09-30 10981223 core:CurrentFinancialInstruments 2022-09-30 10981223 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 10981223 core:Non-currentFinancialInstruments 2022-09-30 10981223 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 10981223 core:FurnitureFittingsToolsEquipment 2022-09-30 10981223 core:OtherPropertyPlantEquipment 2022-09-30 xbrli:pure iso4217:GBP

Registration number: 10981223

HI Form Equine Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

HI Form Equine Ltd

(Registration number: 10981223)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

63,837

23,502

Current assets

 

Stocks

5

211,000

201,611

Debtors

6

17,551

7,465

Cash at bank and in hand

 

1,480

731

 

230,031

209,807

Creditors: Amounts falling due within one year

7

(184,793)

(137,497)

Net current assets

 

45,238

72,310

Total assets less current liabilities

 

109,075

95,812

Creditors: Amounts falling due after more than one year

7

(27,809)

(30,730)

Provisions for liabilities

(15,959)

(4,466)

Net assets

 

65,307

60,616

Capital and reserves

 

Called up share capital

2

2

Retained earnings

65,305

60,614

Shareholders' funds

 

65,307

60,616

For the financial year ending 30 September 2023 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 and 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.

 

HI Form Equine Ltd

(Registration number: 10981223)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 10 February 2025 and signed on its behalf by:
 

.........................................
Ms A V Matthews
Director

 

HI Form Equine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fenn Farm
Fenn Street
St Mary Hoo
Rochester
Kent
ME3 8QS
England

These financial statements were authorised for issue by the Board on 10 February 2025.

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 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 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.

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

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.

 

HI Form Equine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises 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.

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.

 

HI Form Equine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

21,947

15,423

37,370

Additions

61,612

-

61,612

At 30 September 2023

83,559

15,423

98,982

Depreciation

At 1 October 2022

6,027

7,841

13,868

Charge for the year

19,382

1,895

21,277

At 30 September 2023

25,409

9,736

35,145

Carrying amount

At 30 September 2023

58,150

5,687

63,837

At 30 September 2022

15,920

7,582

23,502

 

HI Form Equine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Stocks

2023
£

2022
£

Other inventories

211,000

201,611

6

Debtors

Current

2023
£

2022
£

Trade debtors

7,562

-

Other debtors

9,989

7,465

 

17,551

7,465

 

HI Form Equine Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

95,683

57,953

Trade creditors

 

3,579

27

Taxation and social security

 

3,675

30,455

Accruals and deferred income

 

3,350

2,500

Other creditors

 

78,506

46,562

 

184,793

137,497

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

27,809

30,730

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,809

30,730

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Other borrowings

85,683

47,953

95,683

57,953