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Registration number: 00478500

Joel Stud Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Joel Stud Company Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Joel Stud Company Limited

(Registration number: 00478500)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Current assets

 

Debtors

4

-

2,193,205

Cash at bank and in hand

 

2,415,075

239,317

 

2,415,075

2,432,522

Creditors: Amounts falling due within one year

5

(2,368,532)

(2,368,886)

Net assets

 

46,543

63,636

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

44,543

61,636

Shareholders' funds

 

46,543

63,636

For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 August 2022 and signed on its behalf by:
 

.........................................
R A Asquith
Director

 

Joel Stud Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Joel Stud Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4

Debtors

Current

2021
£

2020
£

Other debtors

-

2,193,205

5

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Amount due to a related party (see below)

272,637

272,637

Amounts owed to group undertakings (see below)

2,090,459

2,090,459

Taxation and social security

475

835

Other creditors

4,961

4,955

2,368,532

2,368,886

 

Joel Stud Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

6

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

272,637

272,637

7

Related party transactions

Summary of transactions with parent

Primera Holdings Ltd (parent company) had a loan account with the company during the period. The loan is
unsecured, interest free and repayable on demand but only on the condition that the company will remain
solvent immediately following repayment. At the balance sheet date the balance owed to Primera Holdings Ltd
was £2,075,428 (2020 - £2,075,428).

Summary of transactions with other related parties

The executors of Mrs D M A Brudenell-Bruce had an unsecured, interest free loan with the company during the
year, which is repayable on demand. At the balance sheet date the amount due to the executors of Mrs D M A
Brudenell-Bruce was £72,637 (2020 - £72,637).

The trustees of the Stanhope Joel Settlement Trust had an unsecured, interest free loan with the company
during the year, which is repayable on demand. At the balance sheet date the amount due to the trustees of
the Stanhope Joel Settlement Trust was £200,000 (2020 - £200,000).

8

Parent and ultimate parent undertaking

The company's immediate parent is Primera Holdings Limited, incorporated in the Bahamas.

Primera Holdings Limited is controlled jointly by the executors of Mrs D M A Brudenell-Bruce, who are the ultimate controlling parties. There is no single individual who can, or does, control the company.