Company Registration No. 07825428 (England and Wales)
BLAZING SADDLES TOURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
BLAZING SADDLES TOURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLAZING SADDLES TOURING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,138
14,850
Current assets
Debtors
4
234,274
425,360
Cash at bank and in hand
974,691
794,189
1,208,965
1,219,549
Creditors: amounts falling due within one year
5
(287,575)
(815,963)
Net current assets
921,390
403,586
Total assets less current liabilities
932,528
418,436
Provisions for liabilities
(2,116)
(2,970)
Net assets
930,412
415,466
Capital and reserves
Called up share capital
6
50
50
Profit and loss reserves
930,362
415,416
Total equity
930,412
415,466
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
BLAZING SADDLES TOURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2018 and are signed on its behalf by:
Y Philippakis
E Congreave
Director
Director
J Bevan
J Smith
Director
Director
Company Registration No. 07825428
BLAZING SADDLES TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Blazing Saddles Touring Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor, Northumberland House, 303-306 High Holborn, London, WC1V 7JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BLAZING SADDLES TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BLAZING SADDLES TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016: 6)
BLAZING SADDLES TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 November 2016 and 31 October 2017
38,998
Depreciation and impairment
At 1 November 2016
24,148
Depreciation charged in the year
3,712
At 31 October 2017
27,860
Carrying amount
At 31 October 2017
11,138
At 31 October 2016
14,850
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,273
32,908
Other debtors
229,952
392,452
Prepayments and accrued income
3,049
-
234,274
425,360
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
15,225
160,065
Corporation tax
58,755
-
Other taxation and social security
385
194,937
Other creditors
11,157
460,961
Accruals and deferred income
202,053
-
287,575
815,963
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
5,000 of 1p each
50
50
50
50
BLAZING SADDLES TOURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
6
Called up share capital
(Continued)
- 7 -
7
Related party transactions
Foals Partnership
A UK partnership in which all the directors are also partners.
As at the year end the Foals Partnership owed Blazing Saddles Touring Limited £67,452 (2016: £27,073 Debtor) which represents a balance due from the partnership.
Equine Nurseries LLC
A US Limited Liability Corporation in which all the directors are members.
As at the year end Equine Nurseries LLC owed Blazing Saddles Touring Limited £110,079 (2016: £46,114 Debtor). The loan is interest free and repayable on demand.
8
Directors' transactions
Mr Y B E Philippakis
Director and shareholder of the company.
At the year end Blazing Saddles Touring Limited owed Mr Y B E Philippakis £294 (2016: £16,168). The loan is interest free and repayable on demand.
Mr J. Smith
Director and shareholder of the company
At the year end Blazing Saddles Touring Limited owed Mr J Smith £7,505 (2016: £22,007). The loan is interest free and repayable on demand.
Mr E Congreave
Director and shareholder of the company
At the year end Mr E Congreave owed Blazing Saddles Touring Limited £15,654 (2016: £99 CR). The loan was repaid within 9 months of the company's year end, no interest was charged on this loan.
Mr J Bevan
Director and shareholder of the company
At the year end Mr J Bevan owed Blazing Saddles Limited £2,901 (2016: £15,823 CR). The loan was repaid within 9 months of the company's year end, no interest was charged on this loan.
Mr W Gervers
Director and shareholder of the company
At the year end Blazing Saddles Limited owed Mr W. Gervers £3,358 (2016: £19,391CR). The loan is interest free and repayable on demand.
9
Controlling party
The company is controlled by the directors by virtue of their 100% ownership of the company.