Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312022-02-01falseRaising of horses and other equines11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04632386 2022-02-01 2023-01-31 04632386 2021-02-01 2022-01-31 04632386 2023-01-31 04632386 2022-01-31 04632386 c:Director1 2022-02-01 2023-01-31 04632386 d:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 04632386 d:OtherPropertyPlantEquipment 2023-01-31 04632386 d:OtherPropertyPlantEquipment 2022-01-31 04632386 d:CurrentFinancialInstruments 2023-01-31 04632386 d:CurrentFinancialInstruments 2022-01-31 04632386 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 04632386 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 04632386 d:ShareCapital 2023-01-31 04632386 d:ShareCapital 2022-01-31 04632386 d:RetainedEarningsAccumulatedLosses 2023-01-31 04632386 d:RetainedEarningsAccumulatedLosses 2022-01-31 04632386 c:OrdinaryShareClass1 2022-02-01 2023-01-31 04632386 c:OrdinaryShareClass1 2023-01-31 04632386 c:OrdinaryShareClass1 2022-01-31 04632386 c:FRS102 2022-02-01 2023-01-31 04632386 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 04632386 c:FullAccounts 2022-02-01 2023-01-31 04632386 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 04632386 2 2022-02-01 2023-01-31 04632386 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04632386










MILDMAY BLOODSTOCK LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
MILDMAY BLOODSTOCK LIMITED
REGISTERED NUMBER: 04632386

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,134,807
1,187,149

  
1,134,807
1,187,149

Current assets
  

Debtors: amounts falling due within one year
 5 
183,904
116,589

Cash at bank and in hand
 6 
192,851
76,029

  
376,755
192,618

Creditors: amounts falling due within one year
 7 
(1,299,714)
(1,345,299)

Net current liabilities
  
 
 
(922,959)
 
 
(1,152,681)

Total assets less current liabilities
  
211,848
34,468

Net assets
  
211,848
34,468


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
211,846
34,466

  
211,848
34,468


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
MILDMAY BLOODSTOCK LIMITED
REGISTERED NUMBER: 04632386

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr S B Drew
Director

Date: 14 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MILDMAY BLOODSTOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Mildmay Bloodstock Limited is a private company, limited by share capital and incorporated in England and Wales.
The Company's registered office and principal place of business is Larksborough Farm, Newbury Road, Whitchurch, Basingstoke, Hampshire, RG28 7PN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Mildmay Bloodstock Limited has reported a profit for the year of £284,726 (2022: loss of £176,556).  At the balance sheet date, the company had net current liabilities of £892,044 (2022: £1,152,861).  The accounts have been prepared on a going concern basis.  This is substantially based on the continued support of the ultimate owner and the value of the bloodstock held on the balance sheet. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MILDMAY BLOODSTOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.7

Tangible fixed assets

Bloodstock is held as tangible fixed assets.  Bloodstock is not depreciated but is reviewed annually for impairment. 

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
MILDMAY BLOODSTOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
MILDMAY BLOODSTOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Bloodstock

£



Cost or valuation


At 1 February 2022
1,187,149


Additions
277,264


Disposals
(329,606)



At 31 January 2023

1,134,807



Net book value



At 31 January 2023
1,134,807



At 31 January 2022
1,187,149


5.


Debtors

2023
2022
£
£

Trade debtors
38,098
43,848

Other debtors
12,526
8,977

Prepayments and accrued income
121,000
63,764

Deferred taxation
12,280
-

183,904
116,589



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
192,851
76,029

192,851
76,029


Page 6

 
MILDMAY BLOODSTOCK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
158,472
158,727

Accruals
2,288
25,617

Other creditors
1,138,954
1,160,955

1,299,714
1,345,299



8.


Deferred taxation



2023


£



Charged to profit or loss
12,280



At end of year
12,280

The deferred tax asset is made up as follows:

2023
£


Tax losses carried forward
12,280

12,280


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
2
2



Page 7