British Equestrian Federation - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03174767 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

BRITISH EQUESTRIAN FEDERATION

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs S Fleming

Mrs J V M Hastie

M A Jeffreys

Dr T D G Watson

Mrs J M Shaw

Mrs A C Joyce

M W Mancini

Mrs D J Smith

SECRETARY:

Mrs S L Bunting

REGISTERED OFFICE:

Abbey Park

Stareton

Kenilworth

Warwickshire

CV8 2RH

REGISTERED NUMBER:

03174767 (England and Wales)

SENIOR STATUTORY AUDITOR:

Sarah Wilson FCA MSci

AUDITORS:

Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

BANKERS:

National Westminister Bank Plc

Royal Priors

59 The Parade

Leamington Spa

Warwickshire

CV32 4ZX

FIXED ASSETS

Tangible assets

3

19,390

28,214

CURRENT ASSETS

Stocks

4

84

310

Debtors

5

410,701

114,886

Cash at bank

1,279,086

1,686,607

1,689,871

1,801,803

CREDITORS

Amounts falling due within one year

6

1,395,275

1,526,906

NET CURRENT ASSETS

294,596

274,897

TOTAL ASSETS LESS CURRENT LIABILITIES

313,986

303,111

RESERVES

Income and expenditure account

8

313,986

303,111

313,986

303,111

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 13 September 2017 and were signed on its behalf by:

Mrs J M Shaw - Director

1.	STATUTORY INFORMATION

British Equestrian Federation is a private company, limited by guarantee , 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

reflect any changes arising following the transition to FRS 102.

The company adopted FRS 102 Section 1A "Small Entities" in the current year and both the financial

performance and financial position of the company have remained unchanged as a result of the transition.

The date of transition was 1 January 2015.

Turnover

Turnover represents the fair value of consideration received or receivable and is comprised of grants receivable,

members funding fees, and income from events and goods sold net of value added tax where applicable.

The policies adopted for the recognition of turnover is as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have

transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic

benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in

respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Turnover from the rendering of services, including events, is recognised when services and events are delivered.

Grant income is initially deferred and is recognised as income as expenditure is incurred and associated returns

submitted.

Tangible fixed assets

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

Veterinary equipment

-

25% on cost

Office equipment

-

25% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost

includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the

lease.

Grants

Grants receivable or payable, and of a revenue nature, are credited or charged respectively to the income and

expenditure account in the period to which they relate.

Grants receivable for capital expenditure are credited to deferred income and amortised over the life of the

individual assets.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded

transaction price. Any losses arising from impairment are recognised in the income statement.

3.	TANGIBLE FIXED ASSETS

Fixtures

Veterinary

Office

and

Computer

equipment

equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

43,774

43,591

912

49,293

137,570

Additions

-

-

-

7,649

7,649

Disposals

-

-

-

(2,247

)

(2,247

)

At 31 December 2016

43,774

43,591

912

54,695

142,972

DEPRECIATION

At 1 January 2016

43,774

31,219

912

33,451

109,356

Charge for year

-

6,068

-

10,405

16,473

Eliminated on disposal

-

-

-

(2,247

)

(2,247

)

At 31 December 2016

43,774

37,287

912

41,609

123,582

NET BOOK VALUE

At 31 December 2016

-

6,304

-

13,086

19,390

At 31 December 2015

-

12,372

-

15,842

28,214

4.

STOCKS

2016

2015

£

£

Stocks

84

310

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

372,670

93,135

Other debtors

13,655

9,537

Prepayments

24,376

12,214

410,701

114,886

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

474,206

404,848

Tax

384

423

Social security and other taxes

45,754

45,204

VAT

8,008

3,122

Other creditors

204,021

245,635

Accruals and deferred income

662,902

827,674

1,395,275

1,526,906

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

31,910

31,910

Between one and five years

122,240

124,040

In more than five years

60,220

90,330

214,370

246,280

8.

RESERVES

Income

and

expenditure

account

£

At 1 January 2016

303,111

Surplus for the year

10,875

At 31 December 2016

313,986

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sarah Wilson FCA MSci (Senior Statutory Auditor)

for and on behalf of Harrison Beale & Owen Limited

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees. The scheme and

its assets are held by independent managers. The pension charge represents contributions due from the company

and amounted to £98,934 (2015 - £87,234).

11.	LIMITED BY GUARANTEE

The British Equestrian Federation is a company limited by guarantee not having a share capital. The members

agree on a winding up to contribute a maximum of £1.

12.	CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in

respect of the financial and operating policies of the company.