Stable Close Equine Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04873450 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Stable Close Equine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A M Sergeant

Mr M J Morley

SECRETARY:

Mrs A M Sergeant

REGISTERED OFFICE:

Bridgets Farm

Bridgets Lane

Martyr Worthy

Winchester

Hampshire

SO21 1AR

REGISTERED NUMBER:

04873450 (England and Wales)

ACCOUNTANTS:

Butler & Co

Chartered Accountants

Bennett House

The Dean

Alresford

Hampshire

SO24 9BH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

131,622

88,203

131,622

88,203

CURRENT ASSETS

Stocks

20,617

29,375

Debtors

6

169,023

142,654

Cash at bank

90,266

164,080

279,906

336,109

CREDITORS

Amounts falling due within one year

7

110,300

108,718

NET CURRENT ASSETS

169,606

227,391

TOTAL ASSETS LESS CURRENT LIABILITIES

301,228

315,594

CREDITORS

Amounts falling due after more than one year

8

(79,105

)

(49,804

)

PROVISIONS FOR LIABILITIES

9

(20,811

)

(16,224

)

NET ASSETS

201,312

249,566

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

201,310

249,564

SHAREHOLDERS' FUNDS

201,312

249,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 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 24 April 2018 and were signed on its behalf by:

Mrs A M Sergeant - Director

Mr M J Morley - Director

1.	STATUTORY INFORMATION

Stable Close Equine Limited 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 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill represents the amounts paid in connection with the acquisitions of businesses in 2004 and 2006. For

each acquisition the goodwill has been written off over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Fee Goodwill are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

lease.

Pension costs and other post-retirement benefits

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	INTANGIBLE FIXED ASSETS

Fee

Goodwill

Goodwill

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

96,071

14,570

110,641

AMORTISATION

At 1 September 2016

and 31 August 2017

96,071

14,570

110,641

NET BOOK VALUE

At 31 August 2017

-

-

-

At 31 August 2016

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2016

271,393

84,103

25,562

381,058

Additions

59,441

23,760

2,859

86,060

Disposals

(115,320

)

-

(122

)

(115,442

)

At 31 August 2017

215,514

107,863

28,299

351,676

DEPRECIATION

At 1 September 2016

194,040

76,416

22,399

292,855

Charge for year

24,123

15,395

3,042

42,560

Eliminated on disposal

(115,320

)

-

(41

)

(115,361

)

At 31 August 2017

102,843

91,811

25,400

220,054

NET BOOK VALUE

At 31 August 2017

112,671

16,052

2,899

131,622

At 31 August 2016

77,353

7,687

3,163

88,203

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 September 2016

165,265

82,107

247,372

Additions

50,500

23,760

74,260

Disposals

(102,220

)

-

(102,220

)

At 31 August 2017

113,545

105,867

219,412

DEPRECIATION

At 1 September 2016

111,677

75,099

186,776

Charge for year

17,031

14,736

31,767

Eliminated on disposal

(102,220

)

-

(102,220

)

At 31 August 2017

26,488

89,835

116,323

NET BOOK VALUE

At 31 August 2017

87,057

16,032

103,089

At 31 August 2016

53,588

7,008

60,596

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

157,562

132,829

Prepayments

11,461

9,825

169,023

142,654

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

32,106

22,779

Trade creditors

31,025

16,149

Tax

8,973

34,119

Social security and other taxes

1,038

4,251

Pensions

204

197

VAT

21,700

17,497

Directors loan account

13,554

12,126

Accrued expenses

1,700

1,600

110,300

108,718

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

79,105

49,804

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

20,811

16,224

Deferred

tax

£

Balance at 1 September 2016

16,224

Accelerated Capital Allowances

4,587

Balance at 31 August 2017

20,811

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

11.	ULTIMATE CONTROLLING PARTY

During the period under review the company was under the control of Mr M Morley and Mrs A M Sergeant,

both directors of the company.

12.	RELATED PARTY TRANSACTIONS

Mrs A M Sergeant

(Director)

During the year the director provided an interest free, unsecured loan that was repayable on demand. At the

balance sheet date the balance owed to the director was £5,659 (2016: £4,993).

Dividends of £62,626 (2016: £77,626) were paid to the director in the period.

Mr M J Morley

(Director)

During the year the director provided an interest free, unsecured loan that was repayable on demand. At the

balance sheet date the balance owed to the director was £7,895 (2016: £7,132).

Dividends of £62,626 (2016: £77,626) were paid to the director in the period.