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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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MINSTER ENTERPRISES LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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MINSTER ENTERPRISES LIMITED |
MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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MINSTER ENTERPRISES LIMITED |
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Company Information |
for the year ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
9 Worton Park |
Cassington |
Witney |
Oxfordshire |
OX29 4SX |
MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Minster Enterprises Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Property improvements | - |
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Plant and machinery | - |
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Horseboxes and tractors | - |
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Motor vehicles | - |
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Stocks |
In accordance with Financial Reporting Standard 102, bloodstock has been reclassified from a fixed asset |
investment to stock. |
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Bloodstock encompasses the broodmares, foals and horses in training and is valued using the fair value model, |
with the directors providing an annual valuation of each individual horse held at the year end. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Investments |
Fixed asset investments consists of stallion shares, which entitle the company to a set number of coverings by a |
named stallion, and are stated at the lower of cost and net realisable value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Horseboxes |
Property | Plant and | and | Motor |
improvements | machinery | tractors | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS |
Stallion |
shares |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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MINSTER ENTERPRISES LIMITED (REGISTERED NUMBER: 02103593) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 31st December 2019, Minster Enterprises Limited owed its directors, Mr & Mrs W F H Carson, £336,840 |
(£378,715 in 2018). The loan is interest free and repayable on demand. |
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9. | RELATED PARTY DISCLOSURES |
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The company has rent free use of property and land known as Minster Stud, which is owned by the directors of |
the company. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by its directors, who are also the sole shareholders. |