Equine Sense Limited Filleted accounts for Companies House (small and micro)

EQUINE SENSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 9957039

Equine Sense Limited

Filleted Unaudited Financial Statements

for the year ended

31 December 2018

Equine Sense Limited

Financial Statements

for the year ended 31st December 2018

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

Equine Sense Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Equine Sense Limited

for the year ended 31st December 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Equine Sense Limited for the year ended 31st December 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Equine Sense Limited, as a body, in accordance with the terms of our engagement letter dated 14th March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Equine Sense Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Equine Sense Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Equine Sense Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Equine Sense Limited. You consider that Equine Sense Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Equine Sense Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 15 May 2019

Equine Sense Limited

Statement of Financial Position

as at 31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	6		473		526

Current assets

Stocks		108,193	108,880
Debtors	7	7,212	7,447
Cash at bank and in hand		7,436	11,788
		-----------	-----------
		122,841	128,115

Creditors: amounts falling due within one year	8	125,660		130,775
		-----------		-----------
Net current liabilities			2,819		2,660
			-----------		-----------
Total assets less current liabilities			( 2,346)		( 2,134)

Provisions	21	16
	-----------	-----------
Net liabilities	( 2,367)	( 2,150)
	-----------	-----------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		( 2,467)	( 2,250)
		-----------	-----------
Shareholders deficit		( 2,367)	( 2,150)
		-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Equine Sense Limited

Statement of Financial Position (continued)

as at 31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 30 April 2019 , and are signed on behalf of the board by:

D Hildred

Director

Company registration number: 9957039

Equine Sense Limited

Notes to the Financial Statements

for the year ended 31st December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Little Field, Fen Road, Frampton West, Boston, Lincolnshire, PE20 1RZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2017: 5 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2018	2017
	£	£

Current tax:

UK current tax (income)/expense	( 57)	1,550

Deferred tax:

Origination and reversal of timing differences	5	8
	-----------	-----------
Tax on (loss)/profit	( 52)	1,558
	-----------	-----------

6. Tangible assets

	Fixtures and fittings
	£

Cost
At 1st January 2018 and 31st December 2018	649
	-----------
Depreciation
At 1st January 2018	123
Charge for the year	53
	-----------
At 31st December 2018	176
	-----------
Carrying amount
At 31st December 2018	473
	-----------
At 31st December 2017	526
	-----------

7. Debtors

	2018	2017
	£	£

Trade debtors	5,047	5,339
Amounts owed from related parties	2,108	2,108
Corporation tax repayable	57	–
	-----------	-----------
	7,212	7,447
	-----------	-----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	13,189	19,506
Amounts owed to group undertakings	109,006	97,410
Accruals and deferred income	1,500	8,275
Corporation tax	–	1,550
Social security and other taxes	1,965	4,034
	-----------	-----------
	125,660	130,775
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

2018		2017
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	-----------	-----------	-----------	-----------

10. Controlling party

The ultimate parent company is Boston Crop Sprayers Limited which is incorporated in the United Kingdom. The company together with its parent company and fellow subsidiary undertaking together comprise a small group. Hence the company is able to take advantage of the exemption from audit.