REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2022 |
for |
Beswick Brothers Bloodstock Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2022 |
for |
Beswick Brothers Bloodstock Ltd |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Contents of the Financial Statements |
for the Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Beswick Brothers Bloodstock Ltd |
Company Information |
for the Year Ended 30 November 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Statement of Financial Position |
30 November 2022 |
30/11/22 | 30/11/21 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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. |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Statement of Financial Position - continued |
30 November 2022 |
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 |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Notes to the Financial Statements |
for the Year Ended 30 November 2022 |
1. | Statutory information |
Beswick Brothers Bloodstock Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised exclusive of VAT, upon the transfer of risk when a horse is sold (generally when passport ownership transfers). Prize money is recognised on the race day and sponsorship is recognised dependant on the period or day of sponsor. |
Tangible fixed assets |
Leasehold improvements | - |
Plant and machinery | - |
Inventory |
Inventory comprises bloodstock held for the purpose of training and racing. Such assets are stated at the lower of cost and net realisable value (selling price less costs to sell). Where a write down is identified the value of the stock is reduced and the reduction immediately charged in the profit and loss account. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
2. | Accounting policies - continued |
Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The financial statements have been prepared on the going concern basis of accounting, on the assumption that the directors will continue to provide financial support to enable the company to meet its liabilities, which exceeded its assets at 30 November 2022. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, which are described in the note above. The directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.The only significant estimate or judgement applied is in determining the net realisable value of inventory. The carrying value of inventory held at the balance sheet date was £75,106 (2021 - £112,867). The assessment of net realisable value requires judgement on the perceived market value of horses, which year on year may be materially different depending on performance. Such values can also fluctuate significantly over a relatively short period of time depending upon their performance and that of related bloodstock. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Tangible fixed assets |
Leasehold | Plant and |
improvements | machinery | Totals |
£ | £ | £ |
Cost |
At 1 December 2021 |
Additions |
At 30 November 2022 |
Depreciation |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
Net book value |
At 30 November 2022 |
At 30 November 2021 |
Beswick Brothers Bloodstock Ltd (Registered number: 12324749) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2022 |
5. | Debtors: amounts falling due within one year |
30/11/22 | 30/11/21 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
30/11/22 | 30/11/21 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
7. | Related party disclosures |
The directors have made loans to the company. The balance owed on these loans by the company at 30 November 2022 was £550,060 (2021 - £471,584). The loans are interest free and repayable on demand. |