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Just Equine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

Registration number: 04774957

 

Just Equine Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Just Equine Limited

(Registration number: 04774957)
Statement of financial position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

1,652

-

Tangible assets

4

51,087

49,862

 

52,739

49,862

Current assets

 

Stocks

5

215,500

314,540

Debtors

6

137,849

114,873

Cash at bank and in hand

 

371,343

236,719

 

724,692

666,132

Creditors: Amounts falling due within one year

7

(212,190)

(166,109)

Net current assets

 

512,502

500,023

Total assets less current liabilities

 

565,241

549,885

Creditors: Amounts falling due after more than one year

7

(7,780)

(22,195)

Provisions for liabilities

(10,020)

(9,474)

Net assets

 

547,441

518,216

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

547,439

518,214

Shareholders' funds

 

547,441

518,216

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 4 April 2025
 

.........................................
Mr J Rushton
Director

 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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:
Meadow View
Parbrook
Billingshurst
West Sussex
RH14 9ET

These financial statements were authorised for issue by the director on 4 April 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.

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.

Government grants

The entity recognises income from grants at the same time as the underlying expenses. During the period, the entity received grants from the Job Retention Scheme and the Small Business Grants in relation to the Coronavirus pandemic. The Small Business Grant income was recognised at the time that it was received and the income from the Job Retention Scheme was recognised at the same time as the underlying salary expenses.

 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 statement of financial position 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

Furniture, fittings and equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehciles

25% reducing balance

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.

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.

 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 income statement 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 4 (2023 - 5).

 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

71,786

72,849

144,635

Additions

17,266

-

17,266

At 31 October 2024

89,052

72,849

161,901

Depreciation

At 1 November 2023

49,017

45,756

94,773

Charge for the year

9,268

6,773

16,041

At 31 October 2024

58,285

52,529

110,814

Carrying amount

At 31 October 2024

30,767

20,320

51,087

At 31 October 2023

22,769

27,093

49,862

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

215,500

314,540

6

Debtors

Current

2024
£

2023
£

Trade debtors

111,410

114,873

Prepayments

1,429

-

Other debtors

25,010

-

 

137,849

114,873

 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,044

15,044

Trade creditors

 

30,441

17,348

Taxation and social security

 

92,166

98,976

Accruals and deferred income

 

7,148

3,966

Other creditors

 

67,391

30,775

 

212,190

166,109

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,780

22,195

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

Just Equine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,834

15,834

Hire purchase contracts

1,946

6,361

7,780

22,195

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

5,044

5,044

15,044

15,044