Ingliston Equestrian Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC315030 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

INGLISTON EQUESTRIAN CENTRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

Mr P F Fraser

SECRETARY:

Mrs K Fraser

REGISTERED OFFICE:

16 Royal Terrace

Glasgow

G3 7NY

REGISTERED NUMBER:

SC315030 (Scotland)

ACCOUNTANTS:

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

BANKERS:

Handelsbanken

Suite A

3rd Floor

133 Finnieston Street

Glasgow

G3 8HB

FIXED ASSETS

Tangible assets

4

3,752,722

3,811,450

CURRENT ASSETS

Stocks

5

54,331

64,055

Debtors

6

1,522,536

1,345,875

Cash at bank and in hand

57,341

66,848

1,634,208

1,476,778

CREDITORS

Amounts falling due within one year

7

1,013,414

1,041,991

NET CURRENT ASSETS

620,794

434,787

TOTAL ASSETS LESS CURRENT LIABILITIES

4,373,516

4,246,237

CREDITORS

Amounts falling due after more than one year

8

468,904

330,834

PROVISIONS FOR LIABILITIES

10

74,623

76,205

CAPITAL AND RESERVES

Called up share capital

11

7,350,002

7,350,002

Retained earnings

12

(3,520,013

)

(3,510,804

)

SHAREHOLDERS' FUNDS

3,829,989

3,839,198

4,373,516

4,246,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 by the director and authorised for issue on 12 October 2020 and were signed by:

Mr P F Fraser - Director

1.	STATUTORY INFORMATION

Ingliston Equestrian Centre Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset for which the estimates of future

cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than it's carrying amount,

the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which

case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to

apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating

unit) is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does

not exceed the carrying amount that would have been determined had no impairment loss been recognised for the

asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss

is treated as a revaluation surplus.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2018 - 75 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

4,615,419

429,115

1,136,815

129,350

6,310,699

Additions

48,414

2,577

22,246

34,433

107,670

At 31 December 2019

4,663,833

431,692

1,159,061

163,783

6,418,369

DEPRECIATION

At 1 January 2019

1,015,237

317,137

1,047,969

118,906

2,499,249

Charge for year

93,282

28,640

27,773

16,703

166,398

At 31 December 2019

1,108,519

345,777

1,075,742

135,609

2,665,647

NET BOOK VALUE

At 31 December 2019

3,555,314

85,915

83,319

28,174

3,752,722

At 31 December 2018

3,600,182

111,978

88,846

10,444

3,811,450

5.

STOCKS

31.12.19

31.12.18

£

£

Stocks

54,331

64,055

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

9,174

1,371

Other debtors

198,662

273,178

Amounts due by associated companies

1,258,943

1,071,326

Prepayments and accrued income

55,757

-

1,522,536

1,345,875

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts (see note 9)

50,000

50,000

Trade creditors

186,635

212,400

Social security and other taxes

8,269

8,472

VAT

121,133

106,903

Other creditors

8,655

1,835

Amounts due to associated companies

372,241

538,955

Directors' loan accounts

195,737

71,312

Accrued expenses

70,744

52,114

1,013,414

1,041,991

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans (see note 9)

87,500

137,500

Other loans (see note 9)

381,404

193,334

468,904

330,834

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.19

31.12.18

£

£

Amounts falling due within one year or on demand:

Bank loans

50,000

50,000

31.12.19

31.12.18

£

£

Amounts falling due between one and two years:

Bank loans - 1-2 years

50,000

50,000

Other loans - 1-2 years

61,930

41,870

Other Loans 2-5 years

115,485

151,464

Other Loans > 5 years

203,989

-

431,404

243,334

Amounts falling due between two and five years:

Bank loans - 2-5 years

37,500

87,500

10.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

74,623

76,205

Deferred

tax

£

Balance at 1 January 2019

76,205

Credit to Income Statement during year

(1,582

)

Balance at 31 December 2019

74,623

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

2,650,002

Ordinary

£1

2,650,002

2,650,002

4,700,000

C Shares

£1

4,700,000

4,700,000

7,350,002

7,350,002

12.

RESERVES

Retained

earnings

£

At 1 January 2019

(3,510,804

)

Deficit for the year

(9,209

)

At 31 December 2019

(3,520,013

)

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and

31 December 2018:

31.12.19

31.12.18

£

£

Mr P F Fraser

Balance outstanding at start of year

(71,312

)

(4,706,897

)

Amounts advanced

(124,425

)

4,837,232

Amounts repaid

-

(201,647

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(195,737

)

(71,312

)

14.	RELATED PARTY DISCLOSURES

The director's loan includes an amount due to the director and controlling shareholder, Mr P Fraser, at 31

December 2019 of £121,133 (31 December 2018 - £71,312). This amount is interest free and has no fixed

repayment date.

Amounts due by associated companies at 31 December 2019 includes an amount of £77,496 due by Ingliston

Academy Limited, a company under common control (31 December 2018 - due by £61,109).

Amounts due by associated companies at 31 December 2019 includes an amount of £324,507 due by Ingliston

Lodges Limited, a company under common control (31 December 2018 - due to £99,204).

Amounts due by associated companies at 31 December 2019 includes an amount of £237,906 due by Ingliston

Country Club Hotel Limited, a company under common control (31 December 2018 - due by £237,906).

Amounts due to associated companies at 31 December 2019 includes an amount of £619,034 due by Ingliston

Country Club Limited, a company under common control (31 December 2018 - due by £733,674).

Amounts due to associated companies at 31 December 2019 includes an amount of £372,241 due to Ingliston

Events Limited, a company under common control (31 December 2018 - due to £401,114).

Other debtors includes an amount of £198,662 due by Fraser Family Partnership, a limited partnership which is

controlled by Mr P Fraser, the director (31 December 2018 - £202,656).

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Fraser.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Ingliston Equestrian Centre Limited for the year ended 31 December 2019 which comprise the

Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Ingliston Equestrian Centre Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ingliston Equestrian Centre Limited and state those matters that we have agreed to state to the director of Ingliston Equestrian Centre Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Ingliston Equestrian Centre 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 Ingliston Equestrian Centre Limited. You consider that Ingliston Equestrian Centre 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 Ingliston Equestrian Centre 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.

Davidson & Workman

16 Royal Terrace

Glasgow

G3 7NY

12 October 2020