SFB Equestrian Limited 30/12/2021 iXBRL

SFB EQUESTRIAN LIMITED - Company Information

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Company registration number: 08702112

SFB EQUESTRIAN LIMITED

FINANCIAL STATEMENTS

30 December 2021

SFB EQUESTRIAN LIMITED

STATEMENT OF FINANCIAL POSITION - 30 DECEMBER 2021

________________________________________________________________________________

		2021		2020
	Note	£	£	£	£

Fixed assets
Tangible assets	12	33,813		42,547
		_______		_______
			33,813		42,547

Current assets
Stocks		572,500		513,000
Debtors	6	39,734		15,075
Cash at bank and in hand		11,208		601,788
		_______		_______
		623,442		1,129,863
Creditors: amounts falling due
within one year	7	( 9,921)		( 215,633)
		_______		_______
Net current assets			613,521		914,230
			_______		_______
Total assets less current liabilities			647,334		956,777

Creditors: amounts falling due
after more than one year	8		( 2,470,271)		( 2,667,432)
			_______		_______
Net liabilities			( 1,822,937)		( 1,710,655)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 1,822,938)		( 1,710,656)
			_______		_______
Shareholders deficit			( 1,822,937)		( 1,710,655)
			_______		_______

For the year ending 30 December 2021 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.

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 Section 1A of 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2022 , and are signed on behalf of the board by:

Mr Alan Burnell Ms Deborah Lax

Director Director

Company registration number: 08702112

SFB EQUESTRIAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 30 DECEMBER 2021

______________________________________________________________________________

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Hascombe Farm, Horn Lane, Woodmancote, Henfield, West Sussex, BN5 9SA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Office equipment	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

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 in finance costs 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 4 (2020: 5 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 31 December 2020	148,272	8,982	18,495	3,893	179,642
Additions	26,614	-	-	-	26,614
Disposals	( 71,155)	( 8,982)	( 18,495)	( 3,893)	( 102,525)
	_______	_______	_______	_______	_______
At 30 December 2021	103,731	-	-	-	103,731
	_______	_______	_______	_______	_______
Depreciation
At 31 December 2020	119,724	4,293	10,692	2,385	137,094
Charge for the year	11,272	-	-	-	11,272
Disposals	( 61,078)	( 4,293)	( 10,692)	( 2,385)	( 78,448)
	_______	_______	_______	_______	_______
At 30 December 2021	69,918	-	-	-	69,918
	_______	_______	_______	_______	_______
Carrying amount
At 30 December 2021	33,813	-	-	-	33,813
	_______	_______	_______	_______	_______
At 30 December 2020	28,548	4,689	7,803	1,508	42,548
	_______	_______	_______	_______	_______

6. Debtors

	2021	2020
	£	£
Trade debtors	457	1,075
Other debtors	39,277	14,000
	_______	_______
	39,734	15,075
	_______	_______

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	6,086	4,955
Corporation tax	-	21,558
Social security and other taxes	1,440	187,525
Other creditors	2,395	1,595
	_______	_______
	9,921	215,633
	_______	_______

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	2,470,271	2,667,432
	_______	_______

9. Controlling party

The company is under the control of Mr A Burnell .

10. Going concern

Notwithstanding that the statement of financial position on page 5 shows a deficit of assets at 30 December 2021 due to directors' loans, these financial statements have been prepared on a going concern basis. The directors belive this to be appropriate as have undertaken to continue supportng the company for at least the next twelve months by not seeking repayment of their loans before 30 December 2022.