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REGISTERED NUMBER: SC221720 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 July 2023


for



Kastelruth Racing and Breeding Limited



Kastelruth Racing and Breeding Limited (Registered number: SC221720)








Contents of the Financial Statements

for the Year Ended 31 July 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





Kastelruth Racing and Breeding Limited



Company Information

for the Year Ended 31 July 2023









DIRECTORS:

D A Brand


P Brand







SECRETARY:

D A Brand







REGISTERED OFFICE:

6 Logie Mill


Beaverbank Business Park


Edinburgh


Lothian


EH7 4HG







REGISTERED NUMBER:

SC221720 (Scotland)







ACCOUNTANTS:

A H & Co Ltd


Chartered Accountants


6 Logie Mill


Edinburgh


Lothian


EH7 4HG



Kastelruth Racing and Breeding Limited (Registered number: SC221720)



Balance Sheet

31 July 2023


31.7.23

31.7.22



Notes

£

£

£

£

FIXED ASSETS

Investments

4

355,226


392,292




CURRENT ASSETS

Stocks

5

16,500


14,500



Cash at bank

4,566


12,551



21,066


27,051



CREDITORS

Amounts falling due within one year

6

719,700


718,578



NET CURRENT LIABILITIES

(698,634

)

(691,527

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(343,408

)

(299,235

)



PROVISIONS FOR LIABILITIES

7

65,568


51,071



NET LIABILITIES

(408,976

)

(350,306

)



CAPITAL AND RESERVES

Called up share capital

8

2


2



Retained earnings

(408,978

)

(350,308

)


SHAREHOLDERS' FUNDS

(408,976

)

(350,306

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.  


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.

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


In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:






D A Brand - Director




Kastelruth Racing and Breeding Limited (Registered number: SC221720)



Notes to the Financial Statements

for the Year Ended 31 July 2023


1.

STATUTORY INFORMATION



Kastelruth Racing and Breeding Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



The financial statements have been prepared on a going concern basis, the acceptability of which is dependent on the continued support of the directors.



Turnover


Turnover includes revenue earned from prize winnings and the sales of biological assets. The company is not registered for value added tax.



Stocks


Stocks consist of biological assets which have been measured at fair value.  Fair value has been calculated based on the directors' valuation, after making due allowances for obsolete and slow moving items.



Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. As the exchange rate did not fluctuate significantly during the year, transactions in foreign currency are translated into sterling at the average exchange rate for the year. Exchange differences are taken into account in arriving at the operating result.


Fixed asset investments


Fixed asset investments comprise investments in quoted equity instruments which are measured at fair value. Changes in fair value are recognised in the profit and loss account.



Exemption from preparing a cash flow statement


Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.



Kastelruth Racing and Breeding Limited (Registered number: SC221720)



Notes to the Financial Statements - continued

for the Year Ended 31 July 2023


2.

ACCOUNTING POLICIES - continued



Provisions


Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.



The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2022 - NIL).


4.

FIXED ASSET INVESTMENTS


31.7.23

31.7.22



£

£


Other investments not loans

355,226


392,292





Additional information is as follows:

Other


investments



£


COST OR VALUATION


At 1 August 2022

376,406




Disposals

(2,121

)



Revaluations

(21,398

)



At 31 July 2023

352,887




NET BOOK VALUE


At 31 July 2023

352,887




At 31 July 2022

376,406





The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the investments at acquisition was £105,463.



Investments (neither listed nor unlisted) were as follows:

31.7.23

31.7.22



£

£


Current account

2,339


15,886




5.

STOCKS


Reconciliation of the carrying amounts of biological assets (horses):

31.7.2331.7.22
££
Opening fair value14,5009,500

Sales in the year(2,215)-
Purchases in the year2,904-
Movements in fair value1,3115,000

Closing fair value 16,50014,500



Kastelruth Racing and Breeding Limited (Registered number: SC221720)



Notes to the Financial Statements - continued

for the Year Ended 31 July 2023


6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.7.23

31.7.22



£

£


Other creditors

719,700


718,578




7.

PROVISIONS FOR LIABILITIES

31.7.23

31.7.22



£

£


Deferred tax

65,568


51,071




Deferred tax



£


Balance at 1 August 2022

51,071




Provided during year

14,497




Balance at 31 July 2023

65,568




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.7.23

31.7.22


value:


£

£


2

Ordinary

£1

2


2




9.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES


At 31 July 2023, the company owed the director £716,814 (2022: £715,829).

10.

RELATED PARTY DISCLOSURES



There were no related party transactions in the year (2022: none).


11.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is D A Brand.