Badminton Horse Trials Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03270324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

BADMINTON HORSE TRIALS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

The Duke of Beaufort

Mrs J F Tuckwell

SECRETARY:

A E Tucker

REGISTERED OFFICE:

The Estate Office

Badminton

Gloucestershire

GL9 1DD

REGISTERED NUMBER:

03270324 (England and Wales)

ACCOUNTANTS:

Gordon Wood Scott & Partners Limited

Chartered Accountants

Dean House

94 Whiteladies Road

Clifton

Bristol

BS8 2QX

FIXED ASSETS

Tangible assets

4

97,137

90,999

CURRENT ASSETS

Debtors

5

437,090

143,176

Cash at bank

783,763

931,760

1,220,853

1,074,936

CREDITORS

Amounts falling due within one year

6

(612,303

)

(375,116

)

NET CURRENT ASSETS

608,550

699,820

TOTAL ASSETS LESS CURRENT LIABILITIES

705,687

790,819

PROVISIONS FOR LIABILITIES

(14,510

)

(10,841

)

NET ASSETS

691,177

779,978

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

690,177

778,978

SHAREHOLDERS' FUNDS

691,177

779,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 15 February 2021 and were signed on its behalf by:

The Duke of Beaufort - Director

Mrs J F Tuckwell - Director

1.	STATUTORY INFORMATION

Badminton Horse Trials Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors have considered the effects of the current Covid 19 pandemic on the outlook for the business. Whereas the cancellation of the 2020 Badminton Horse Trials was fortunately covered by insurance, the 2021 event will not be covered for cancellation due to Covid 19.

The current intention is to run the 2021 event "behind closed doors".

The company has sufficient financial resources and lines of credit available to meet the needs of the business for 2021, and the directors fully anticipate that the event will be back to normal in 2022 with the return of spectators and tradestands.

Turnover

Turnover represents the fair value of ticket sales, services rendered, and commission/sponsorship income receivable excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants that are received in respect of expenses or losses already incurred are recognised in "other income" within profit and loss in the period when the grant becomes receivable.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

49,378

222,584

28,366

48,653

348,981

Additions

-

45,393

-

1,019

46,412

Disposals

-

(215

)

-

(4,383

)

(4,598

)

At 30 September 2020

49,378

267,762

28,366

45,289

390,795

DEPRECIATION

At 1 October 2019

27,111

176,824

26,949

27,098

257,982

Charge for year

5,567

22,773

354

11,383

40,077

Eliminated on disposal

-

(152

)

-

(4,249

)

(4,401

)

At 30 September 2020

32,678

199,445

27,303

34,232

293,658

NET BOOK VALUE

At 30 September 2020

16,700

68,317

1,063

11,057

97,137

At 30 September 2019

22,267

45,760

1,417

21,555

90,999

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

-

3,172

Other debtors

437,090

140,004

437,090

143,176

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

480,179

248,564

Taxation and social security

8,357

74,114

Other creditors

123,767

52,438

612,303

375,116

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

1,000

Ordinary

£1

1,000

1,000

8.	OTHER FINANCIAL COMMITMENTS

The company had financial commitments at the balance sheet date of £43,709 (2019 - £29,590).

9.	RELATED PARTY DISCLOSURES