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Registration number: 07609732

Athbah Stud (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Athbah Stud (UK) Ltd

Company Information

Directors

HRH Prince Abdulaziz Bin Ahmad Bin Abdulaziz Al Saud

Mr Saad Omar Al Baiz

Mr Omar Subhi Abdel Karim Shanaa

Mr Salem Al Barraq

Mr Fehaid Airan Al Dossari

Company secretary

Mr Saad Omar Al Baiz

Registered office

23 Woods Mews
London
W1K 7DH

 

Athbah Stud (UK) Ltd

(Registration number: 07609732)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

5

1

-

Current assets

 

Cash at bank and in hand

 

516

56

Creditors: Amounts falling due within one year

6

(152,210)

(149,411)

Net current liabilities

 

(151,694)

(149,355)

Net liabilities

 

(151,693)

(149,355)

Capital and reserves

 

Called up share capital

10

1

1

Other reserves

1,080,823

1,080,823

Retained earnings

(1,232,517)

(1,230,179)

Shareholders' deficit

 

(151,693)

(149,355)

For the financial year ending 31 December 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mr Omar Subhi Abdel Karim Shanaa
Director

 

Athbah Stud (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
23 Woods Mews
London
W1K 7DH

These financial statements were authorised for issue by the Board on 22 November 2023.

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.

Going concern

The ultimate parent company, Athbah Stud Kingdom of Saudi Arabia, which is incorporated in Saudi Arabia, has confirmed that it will continue to provide financial support to Athbah Stud (UK) Limited for a period of 12 months from the date of approval of these financial statements to enable the company to continue to meet its financial obligations as they fall due. The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

The company's functional and presentation currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary
items measured at fair value are measured using the exchange rate when fair value was determined.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Depreciation

Asset class

Depreciation method and rate

Furnitures, fittings and equipment

15% of NBV

 

Athbah Stud (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Motor Vehicles

15% of NBV

Other property plant and equipment

15% of NBV

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

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.

 

Athbah Stud (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Taxation

Tax charged in the profit and loss statement

2022
 £

2021
 £

Current taxation

UK corporation tax

28

18

5

Investments

2022
£

2021
£

Investments in subsidiaries

1

-

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 December 2022

1

 

Athbah Stud (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

28

18

Other creditors

152,182

149,393

152,210

149,411

7

Reserves


Other reserves
This balance relates to the cumulative capital contribution made by the parent company. This is £1,080,823 (2021: £1,080,823).

Profit & loss account
The retained earnings balance is at a deficit of £1,232,517 (2021: £1,230,179). The movement is due to the loss made in the profit and loss statement.

8

Related party transactions

Summary of transactions with parent and directors

The company owed £149,256 (2021 - £148,630) to a director, HRH Prince Abdulaziz bin Ahmed Al Saud. No Margin is charged on these arrangements.

 

Summary of transactions with other related parties

The company provides services to the parent and group companies under common control. As at 31 December 2022, the company owed £2,926 (2021:£763) to another company under common control.

9

Controlling party

The ultimate parent company is Athbah Stud Kingdom of Saudi Arabia incorporated in the Kingdom of Saudi Arabia and is controlled by HRH Prince Abdulaziz Bin Ahmed Bin Abdulaziz Al Saud.

10

Share capital

Allotted, called up and fully paid shares

 

Athbah Stud (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

2022

2021

 

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1