Ingliston Equestrian Centre Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC315030 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

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

3,825,684

3,902,976

CURRENT ASSETS

Stocks

5

92,638

84,305

Debtors

6

915,026

730,224

Cash at bank and in hand

73,088

62,108

1,080,752

876,637

CREDITORS

Amounts falling due within one year

7

954,695

1,100,962

NET CURRENT ASSETS/(LIABILITIES)

126,057

(224,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,951,741

3,678,651

CREDITORS

Amounts falling due after more than one year

8

4,954,860

4,789,073

PROVISIONS FOR LIABILITIES

10

728,729

742,387

CAPITAL AND RESERVES

Called up share capital

2,650,002

2,650,002

Retained earnings

11

(4,381,850

)

(4,502,811

)

SHAREHOLDERS' FUNDS

(1,731,848

)

(1,852,809

)

3,951,741

3,678,651

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 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 director on 28 September 2018 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.

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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 75 (2016 - 57 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

4,533,848

318,627

1,120,147

104,545

6,077,167

Additions

30,960

36,623

-

9,148

76,731

At 31 December 2017

4,564,808

355,250

1,120,147

113,693

6,153,898

DEPRECIATION

At 1 January 2017

831,630

254,661

984,422

103,478

2,174,191

Charge for year

91,299

25,149

33,931

3,644

154,023

At 31 December 2017

922,929

279,810

1,018,353

107,122

2,328,214

NET BOOK VALUE

At 31 December 2017

3,641,879

75,440

101,794

6,571

3,825,684

At 31 December 2016

3,702,218

63,966

135,725

1,067

3,902,976

5.

STOCKS

31.12.17

31.12.16

£

£

Stocks

92,638

84,305

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

5,367

9,152

Other debtors

249,069

154,725

Amounts due by associated companies

659,101

564,858

Prepayments and accrued income

1,489

1,489

915,026

730,224

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

176,294

153,757

Tax

-

104

Social security and other taxes

6,086

3,842

VAT

117,051

99,395

Amounts due to associated companies

635,826

824,580

Accrued expenses

19,438

19,284

954,695

1,100,962

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Other loans (see note 9)

247,963

-

Director's Loan

4,706,897

4,789,073

4,954,860

4,789,073

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.17

31.12.16

£

£

Amounts falling due between one and two years:

Other loans - 1-2 years

23,972

-

Other Loans 2-5 years

73,306

-

Other Loans > 5 years

150,685

-

247,963

-

10.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

728,729

742,387

Deferred

tax

£

Balance at 1 January 2017

742,387

Credit to Income Statement during year

(13,658

)

Balance at 31 December 2017

728,729

11.

RESERVES

Retained

earnings

£

At 1 January 2017

(4,502,811

)

Profit for the year

120,961

At 31 December 2017

(4,381,850

)

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and

31 December 2016:

31.12.17

31.12.16

£

£

Mr P F Fraser

Balance outstanding at start of year

(4,789,073

)

(4,945,212

)

Amounts repaid

82,176

156,139

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,706,897

)

(4,789,073

)

The director's loan account is a long term liability and is considered in effect loan capital which is not due and

repayable in the foreseeable future.

The company has adopted the amendment issued in May 2017 by the FRC - Amendment to FRS 102: Directors'

loans - optional relief for small entities. The amendment was effective immediately with retrospective application

available.

13.	RELATED PARTY DISCLOSURES

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

December 2016 of £4,789,073 (31 December 2015 - £4,945,212). This amount is interest free and has no fixed

repayment date.

Amounts due by associated companies at 31 December 2016 includes an amount of £186,413 due by Ingliston

Academy Limited, a company under common control (31 December 2015 - £216,144).

Amounts due by associated companies at 31 December 2016 includes an amount of £140,539 due by Ingliston

Lodges Limited, a company under common control (31 December 2015 - £228,837).

Amounts due by associated companies at 31 December 2016 includes an amount of £237,906 due by Ingliston

Country Club Hotel Limited, a company under common control (31 December 2015 - £232,147).

Amounts due to associated companies at 31 December 2016 includes an amount of £470,528 due to Ingliston

Country Club Limited, a company under common control (31 December 2015 - £1,031,603).

Amounts due to associated companies at 31 December 2016 includes an amount of £354,052 due to Ingliston

Tenerife Limited, a company under common control (31 December 2015 - £102,836).

Other creditors includes an amount of £102,633 due to Fraser Family Partnership, a limited partnership which is

controlled by Mr P Fraser, the director (31 December 2015 - £67,934).

14.	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 2017 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 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

28 September 2018