New England Stud Farm Limited 00872944 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is that of a commercial thoroughbred stud farm. Digita Accounts Production Advanced 6.30.9574.0 true 00872944 2021-01-01 2021-12-31 00872944 2021-12-31 00872944 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2021-12-31 00872944 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2021-12-31 00872944 core:CurrentFinancialInstruments 2021-12-31 00872944 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 00872944 core:FurnitureFittings 2021-12-31 00872944 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 00872944 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 00872944 core:MotorVehicles 2021-12-31 00872944 core:PlantMachinery 2021-12-31 00872944 bus:SmallEntities 2021-01-01 2021-12-31 00872944 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 00872944 bus:FullAccounts 2021-01-01 2021-12-31 00872944 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 00872944 bus:RegisteredOffice 2021-01-01 2021-12-31 00872944 bus:Director1 2021-01-01 2021-12-31 00872944 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00872944 core:FurnitureFittings 2021-01-01 2021-12-31 00872944 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00872944 core:LandBuildings core:ShortLeaseholdAssets 2021-01-01 2021-12-31 00872944 core:LeaseholdImprovements 2021-01-01 2021-12-31 00872944 core:MotorVehicles 2021-01-01 2021-12-31 00872944 core:PlantMachinery 2021-01-01 2021-12-31 00872944 countries:EnglandWales 2021-01-01 2021-12-31 00872944 2020-12-31 00872944 core:FurnitureFittings 2020-12-31 00872944 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 00872944 core:LandBuildings core:ShortLeaseholdAssets 2020-12-31 00872944 core:MotorVehicles 2020-12-31 00872944 core:PlantMachinery 2020-12-31 00872944 2020-01-01 2020-12-31 00872944 2020-12-31 00872944 core:CurrentFinancialInstruments 2020-12-31 00872944 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 00872944 core:FurnitureFittings 2020-12-31 00872944 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 00872944 core:LandBuildings core:ShortLeaseholdAssets 2020-12-31 00872944 core:MotorVehicles 2020-12-31 00872944 core:PlantMachinery 2020-12-31 iso4217:GBP xbrli:pure

Registration number: 00872944

New England Stud Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

New England Stud Farm Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

New England Stud Farm Limited

(Registration number: 00872944)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,324,188

2,402,905

Other financial assets

5

50,457

50,457

 

2,374,645

2,453,362

Current assets

 

Stocks

6

950,657

996,475

Debtors

7

568,867

404,508

Cash at bank and in hand

 

390,896

168,062

 

1,910,420

1,569,045

Creditors: Amounts falling due within one year

8

(876,047)

(855,919)

Net current assets

 

1,034,373

713,126

Total assets less current liabilities

 

3,409,018

3,166,488

Provisions for liabilities

(8,820)

(12,832)

Net assets

 

3,400,198

3,153,656

Capital and reserves

 

Called up share capital

68,000

68,000

Profit and loss account

3,332,198

3,085,656

Shareholders' funds

 

3,400,198

3,153,656

 

New England Stud Farm Limited

(Registration number: 00872944)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 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 4 August 2022 and signed on its behalf by:
 

.........................................
AWA Spiegelberg
Director

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of bloodstock sales, keep fees and recharged expenses, farm income and other income from sales made during the year. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

5% reducing balance

Plant and machinery

10%/25% reducing balance

Fixtures and fittings

25 % reducing balance

Motor vehicles

25 % reducing balance

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.

Stocks

Bloodstock comprises broodmares, yearlings, foals and horses in training which are included at the lower of cost and valuation.

The cost of homebred foals is determined as the cost of the nomination of the stallion utlilised.

Stallion syndicate shares are valued at the lower of cost and net realisable value.

Trade creditors

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2020 - 26).

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Property Improvements
£

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

3,034,665

203,292

18,296

302,960

128,945

3,688,158

Additions

46,895

-

-

-

13,700

60,595

Disposals

-

-

-

-

(10,000)

(10,000)

At 31 December 2021

3,081,560

203,292

18,296

302,960

132,645

3,738,753

Depreciation

At 1 January 2021

1,003,605

-

16,101

186,871

78,676

1,285,253

Charge for the year

101,553

-

548

21,653

14,995

138,749

Eliminated on disposal

-

-

-

-

(9,437)

(9,437)

At 31 December 2021

1,105,158

-

16,649

208,524

84,234

1,414,565

Carrying amount

At 31 December 2021

1,976,402

203,292

1,647

94,436

48,411

2,324,188

At 31 December 2020

2,031,060

203,292

2,195

116,089

50,269

2,402,905

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Other financial assets (current and non-current)

Listed investments
£

Unlisted investments
£

Total
£

Fixed asset investments

Cost or valuation

At 1 January 2021

29,702

20,755

50,457

At 31 December 2021

29,702

20,755

50,457

Impairment

Carrying amount

At 31 December 2021

29,702

20,755

50,457

6

Stocks

2021
£

2020
£

Youngstock

141,772

234,047

Stallion Syndicate shares

332,743

312,691

Horses in training

72,499

91,749

Broodmares

392,643

356,988

Feedstuffs and consumable stores

11,000

1,000

950,657

996,475

7

Debtors

2021
£

2020
£

Trade debtors

517,225

350,931

Prepayments

18,092

18,077

Other debtors

33,550

35,500

568,867

404,508

 

New England Stud Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Loans and borrowings

600,000

600,000

Trade creditors

4,996

2,636

Taxation and social security

221,171

216,119

Other creditors

49,880

37,164

876,047

855,919

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

600,000

600,000