Ingliston Equestrian Centre Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC315030 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

INGLISTON EQUESTRIAN CENTRE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

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:

Barclays Bank

Aurora Building

120 Bothwell Street

Glasgow

G2 7JS

FIXED ASSETS

Tangible assets

2

3,991,611

4,072,198

CURRENT ASSETS

Stocks

46,339

14,105

Debtors

711,523

653,250

Cash at bank and in hand

91,522

84,204

849,384

751,559

CREDITORS

Amounts falling due within one year

1,480,371

1,454,238

NET CURRENT LIABILITIES

(630,987

)

(702,679

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,360,624

3,369,519

CREDITORS

Amounts falling due after more than one
year

4,945,212

5,256,838

CAPITAL AND RESERVES

Called up share capital

3

2,650,002

Profit and loss account

(4,234,590

)

(4,537,321

)

SHAREHOLDERS' FUNDS

(1,584,588

)

(1,887,319

)

3,360,624

3,369,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 15 April 2016 and were signed by:

Mr P F Fraser - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, 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.

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.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis. The company has the continued financial

support of the director, who is also the sole shareholder, and the company's bankers.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

5,916,435

Additions

91,531

At 31 December 2015

6,007,966

DEPRECIATION

At 1 January 2015

1,844,237

Charge for year

172,118

At 31 December 2015

2,016,355

NET BOOK VALUE

At 31 December 2015

3,991,611

At 31 December 2014

4,072,198

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

2,650,002

Ordinary

£1

2,650,002

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

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

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 2015 which comprise the

Profit and Loss Account, the Balance Sheet, 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/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 the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/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 profit 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

15 April 2016